Management Accounting of Bizdaq
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Added on 2020-07-23
Management Accounting of Bizdaq
Added on 2020-07-23
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ManagementAccounting
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting system.............................................................................................1P2 Method of management accounting reporting........................................................................4TASK 2............................................................................................................................................7P3 Difference between income statement made through marginal and absorption costing........7TASK 3..........................................................................................................................................11P4 Advantages and disadvantages of planning tools which are used for budgetary control.....11P5 Adopting management accounting systems for responding financial troubles....................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONManagement accounting is stated to be the process which is concerned with variousregulations related to accounting data. It is a very effective tool for managers to get all themonetary information and take decisions. it is a field that provides provisions to the company forall the transactions (financial and non-financial) and aid managers in formally informing higherauthorities. Managerial accounting is completely focused on boosting the revenues of companyby enhancing efficiency and finding new avenues to get investment (Ahmad and MohamedZabri, 2012). In the beginning of industrial age, companies were highly mismanaged whichforced them to close down even in late 80’s they were not able to cope up with themismanagement of funds. This is when management accounting came as it provided vision tocompanies as how they can strategically manage their monetary assets and use them properly. This report is based on Bizdaq which is a sales management company. They are based inLondon and was founded in 2015. The company has a staff of 14 individuals with an annualturnover of 1 million pound. It contracts with other firms as to manage their sales and otheroperations. This project will state about different types of management accounting system thatare needed by company to manage itself (Aminbakhsh, Gunduz and Sonmez, 2013). Incomestatement will be prepared while using absorption and marginal costing. As well as differencebetween them will be stated. Other aspects like planning tools and integration of managerialaccounting system will be described in the end. TASK 1P1 Management accounting systemFrom: Management accounting officerTo: General manager of BizdaqSub: Management accounting systemThis description is based on the concepts and ways management accounting systems are used byorganisation. Different types of accounting systems will be discussed in the following report,such as, inventory management system, Expense optimisation, Job costing and cost accountingsystem.Management accounting system:It is a system that is concerned with boosting financial knowledge so that decision making1
process, performance and planning system as well as implementation methods can be improved(Burritt, Schaltegger and Zvezdov, 2011). This accounting system specialises in providing amethod for reporting regarding financial reporting as well as controlling management supportwhile formulating strategies. The diagram used below will state about distinctive types of management accounting systemsthat are used by different organisations:2Management Accounting systemPriceOptimisationJob CostingCostAccounting SystemInventory managementSystem
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