Management Accounting Systems & Techniques Assignment

Added on - Dec 2020

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Management AccountingSystems & Techniques
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and its different types................................................................1P2 Methods for management accounting Reporting..............................................................3M1 Benefits of management accounting systems and their application................................4D1 Management accounting systems and management accounting reporting is integrated..4TASK 2............................................................................................................................................4P3 Cost calculations to prepare an income statement...........................................................4M2 A range of management accounting techniques..............................................................8D2 Analysis and Interpretation of data...................................................................................9TASK 3............................................................................................................................................9P4 Advantages and disadvantages of different types of planning tools for budgetary control9M3 Analyse different planning tools and their application for preparing and forecastingbudgets..................................................................................................................................11TASK 4..........................................................................................................................................11P5 Comparison on how small companies adapt management accounting system to resolvefinancial problems................................................................................................................11M4 Analysis on how management accounting lead to sustainable success.........................13D3 Evaluation of how planning tools respond to solve financial problems.........................14CONCLUSION..............................................................................................................................14
INTRODUCTIONManagement accounting is considered as main function of business under which managerprepares different reports. It provides detailed information related to operational activity which isfurther used for effective planning and controlling major decisions of business(Schaltegger andBurritt, 2017). Therefore, this concept is equally important for small and large organizations as ithelps in monitoring and managing entire performance of business. The present report will makea critical discussion on importance of management accounting and its different methods like joborder costing for a company.Blue Sky Intermodal Ltd is taken for this purpose, which is a small international marinecontainer leasing company of UK. It offers different kind of services like leasing, financing,trading, portfolio management and more. Under thisassignment, an explanation on variousmanagerial accounting reports such as inventory, budget, job cost and more is made.Furthermore, concept of various planning tools for budgetary controls also highlighted. Otherthan this, on the basis of marginal and absorption costing methods, an income statement isprepared for this company. At last, a comparison is made to reflect how management accountinghelps in responding from financial issues.TASK 1P1 Management accounting and its different typesManagement accountingcan be stated as a process of making reports and informationby which a company can analyse current state of business. It provides essential information tomanagers of an enterprise, that helps in formulating polices, decision-making process and day-to-day operations. Moreover, management accounting plays vital role in business that helps inforecasting the future performance and cash flows, taking short-term and long-term decisions,identifying variances and rate of return as well(Klemstine and Maher,2014). Blue SkyIntermodal Ltd is a small organization of UK and deals in transportation & Logistics sector.This firm was founded in 2003 and its business line include wide range of services related totransportation. Therefore, it is necessary for managers of this enterprise to prepare essentialreports and information in regular manner. This would help in formulating plans related tobudget and managing accounts as well in appropriate manner.1
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