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Management Accounting Assignment Solution - Entertainment Ltd

   

Added on  2020-10-05

14 Pages3750 Words460 Views
Management accounting

Table of ContentsINTRODUCTION...........................................................................................................................1Task1................................................................................................................................................1(a) Management accounting reports.............................................................................................2(b) Needed information should be accurate.................................................................................3Task2 ..............................................................................................................................................4Managerial and Absorption costing method................................................................................4Task 3...............................................................................................................................................6Planning tools to control the budget............................................................................................6Task 4 ..............................................................................................................................................8Application of management accounting to solve financial problems .........................................8CONCLUSION................................................................................................................................9REFERENCE.................................................................................................................................11

INTRODUCTIONManagement accounting very important in any organisation because it helps to providevarious information and make further business decisions. The owner of business enterpriseprepares different types of accounts that is used to get financial information. Managementaccounting states various data in order to increase the profitability through managing accounts(Andon, Baxter and Chua, 2015). Excite Entertainment Ltd is UK based company whichorganises promotion concerts and festivals at different location in UK. This report willemphasise on management accounting systems, difference between management accounting andfinancial accounting, accounting reports and calculation of cost by using marginal and absorptioncosting method. Moreover, this report will define planning tools which is used to control thebudget and management accounting that helps to solve the financial problems. Task1Part A(a) Management accounting and financial accounting Financial accountingManagement accountingIt helps to define, analyse, storing andsummarizes the financial information ofenterprise.It helps to take correct or effective businessdecision by managing accounts.This is not based on the managementaccounting.It get help from financial accounts in order tomake correct business decision.Companies are bound to build financialaccounts that provides information about alltransactions.Management accounting does not follow anystatuary compliance.(b) Costing Accounting system: This is also known as product costing system which isused by all industries to get the budget of cost for goods and services. Moreover, by using thissystem an organisation can imagine future profits. Such as Excite Entertainment Ltd apply thissystem to analysis the cost of business activities and control over excess cost (Aryee and et.al.,2015).

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