logo

Management Accounting System in Organisational Context

18 Pages3945 Words134 Views
   

Added on  2021-01-01

About This Document

1 P1 Management accounting and essential requirement of management accounting system1 P2 Different methods of management accounting reporting 3 M1 Identify the benefits of management accounting systemandit's application in the organisational context 4 D1 Critically evaluate that how management accounting system or management accounting report linked within organisational process5 PART B. 11 P5 Management accounting system for solving the financial issues.11 M4 Management accounting system to solve the financial issues to achieve sustainable success.13 D3 Planning tools for accounting

Management Accounting System in Organisational Context

   Added on 2021-01-01

ShareRelated Documents
MANAGEMENTACCOUNTING
Management Accounting System in Organisational Context_1
Table of ContentsINTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................1P1 Management accounting and essential requirement of management accounting system......1P2 Different methods of management accounting reporting......................................................3M1 Identify the benefits of management accounting system and it's application in theorganisational context.................................................................................................................4D1 Critically evaluate that how management accounting system or management accountingreport linked within organisational process................................................................................5PART B............................................................................................................................................5Annex (A).......................................................................................................................................5Annex (B)....................................................................................................................................6M2. Application of management accounting techniques............................................................7D2 Financial reports that accurately interpret the business activities.........................................7PART A...........................................................................................................................................8P4 Advantages and disadvantages of different planning tools of budgetary control..................8Annex (c) ..................................................................................................................................10M3 Different planning tools for preparing and forecasting the budgets...................................11PART B..........................................................................................................................................11P5 Management accounting system for solving the financial issues........................................11M4 Management accounting system to solve the financial issues to achieve sustainablesuccess.......................................................................................................................................13D3 Planning tools for accounting to solve the financial issues.................................................13CONCLUSION..............................................................................................................................14REFRENCES.................................................................................................................................15
Management Accounting System in Organisational Context_2
INTRODUCTIONManagement accounting is considered as a organised as well as systematic method whichinvolves the functions like determination, investigation, recording and demonstration of financialdata(Blouin, Martel and Gloaguen, 2013). These data is generally utilise by the managerialpersonnel in order to make effective decisions, plans and control the operations. This aidsorganisational management to perform effectually and execute the whole process as well asactivities such as plan development, maintaining activities and so on. Management accounting isalso the set of activities for accomplishing the objectives of organisation. It assists managerialdepartment to track essential events of business which occur within firm. The chosen companyfor this report is Claxton Engineering Ltd. which is comes under the oil and gas engineeringservices. It headquarters is in Great Yarmouth, England UK. The purpose of this report is toexplain the management accounting and significant needs of management accounting system.Various methods used for management accounting reporting. Costs are calculated with the helpof proper techniques and advantages as well as disadvantages of different planning tools used forbudgetary control. Apart from this companies are compared to how both adapt managementaccounting system to responds financial problems are also mentioned in this report. Activity 1PART A.P1 Management accounting and essential requirement of management accounting systemManagement accounting is refers as a managerial methods that assists firm manager tomanage data of the funds, finances and so on. For this manager utilise financial dat forformulating strategies which assists into the process of decision making process(Bryer, 2013).This is utilise for internal purpose which are further gainful for the company to attain its businessobjectives. Its system is very essential accounting tools for the organisations. It involves bothtypes of data financial as well as non financial which is needed for effectual management of thebusiness. This help Claxton Engineering Limited to collect, process and communicate manymanagerial data which assists in management plan as well as in preparing organisation strategy.It consists different types of another management accounting system that are explained below:1
Management Accounting System in Organisational Context_3
Inventory management system: This is the system which tracks the various product and services movements into wholeprocess. This also assists to check the quantity of raw materials as well as finished productswhich aids the business organisation to perform production or facilitates servicesconsequently(Busco and Quattrone, 2015). Also, it provides a manner to match product andservices demand as well as services. The crucial key functions of inventory management systemis to keep records of whole products which transfer into the warehouse. Claxton EngineeringLimited executes teh system of inventory management into many services and projects. Theyapply it to check the inventory for providing services such as hubs, adaptors and cross overs,conductor centralizers and so on. Price optimisation system:This is considered as a systematic mathematical analysis utilise through businessenterprise for defining how consumers react towards the prices for their products and services byvarious channels. This aids the select the prices which will assists management to accomplishtheir goals. It is the system that intent to facilitate consumer satisfaction at the time of optimisingthe product and services price. Claxton Engineering Limited apply it for ascertaining the price oftheir services that aids them to attract more number of customers. It is essential as this help themto know about customers sensitivity into product pricing.Cost accounting system:This is the systematized manner of figuring the overall products and services costs so thatfirm can examine profit as well as loss upon various goods and services that they are providing.Mostly this system is appropriate for that firm which deals in broad range of goods and services.It is essentials as it ascertain the producing as well as serving cost of all product and services thatare provided by the firm. It is characterised in two different parts first one is job order costingand the second one is process costing system. Claxton Engineering Limited can apply both costaccounting system that are mentioned below:Job order costing system: This is the system which is suitable for service as well asproducts facilitating industries. This includes the job cost sheet, labour and material cashflows to examine many goods and services costs(Cazier, 2015). Also, it perform whenclients provide order for any kinds of services or products that company is serving.2
Management Accounting System in Organisational Context_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Management Accounting Assignment - GKL group limited
|19
|4560
|278

Management Accounting: Avian Limited
|15
|3491
|35

(Solution) Management Accounting System PDF
|21
|5292
|290

Management Accounting - Evolve Consulting
|16
|4089
|410

PART B6 ACTIVITY 1 1 Types of management accounting system
|17
|4183
|457

Management Accounting Assignment - Aston Martin
|19
|4575
|168