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Management Accounting Assignment Solution - Doc

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Added on  2020-10-05

Management Accounting Assignment Solution - Doc

   Added on 2020-10-05

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MANAGEMENTACCOUNTING
Management Accounting Assignment Solution - Doc_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Types of management accounting systems and its essential needs......................................1P2: Types of management accounting reports as well as its importance to management..........4M1: Benefits as well as application of management accounting systems...................................5D1: Critical evaluation of different reporting as well as accounting system..............................6TASK 2............................................................................................................................................7P3: Calculation of cost using an Effective techniques................................................................7M2: Different types of accounting techniques............................................................................9D2: Data interpretation................................................................................................................9TASK 3..........................................................................................................................................10P4: Advantages and disadvantage of various planning tools used for budgetary control.........10M3: Use of different planning tools and their applications.......................................................11TASK 4..........................................................................................................................................11P5. Comparison how organisation are adapting management accounting system to resolvefinancial problems.....................................................................................................................11M4. Role of management accounting in analysing financial problems....................................12D3. Evaluation of planning tool for respond financial problem...............................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
Management Accounting Assignment Solution - Doc_2
Management Accounting Assignment Solution - Doc_3
INTRODUCTIONManagement Accounting plays a very crucial role in the overall growth as well asdevelopment of business in the longer run. A business concern plays while conducting itsbusiness activities has to incur various transactions and those have to be managed by themanagers as well accountants in an effective way. This is only possible when there are properaccounting policies as well as standards that will be followed. Management accounting involvespreparing financial statements for the purpose of analysis as to where the business is heading andwhat necessary improvements can be made within the same. If company will be having rightkind of information regarding financial performance, it will allow the organisation to grow andprosper more then its competitors that exist and hence will provide an edge over the others(Agyemang and Broadbent, 2015).The current report is based on Sollatek Ltd. which concerns with providing electric aswell as electronic equipments for giving power control and voltage solution. The report willthrow some light on the various management accounting and costing policies followed by thecompany and its effect on business decisions.TASK 1P1: Types of management accounting systems and its essential needsDefinition of Management AccountingManagement accounting is basically the provision of financial data that will allow a manager tobring useful information to formulate and efficient plan as well as policies so that an edge can begained and competitive rivalry can be maintained over longer period of time.Difference between management accounting and financial accountingBasisManagement accountingFinancial accountingMeaningManagement accounting isbasically recording andanalysing data for the purposeof internal use. It is mostlyused by the management of thecompany to frame a particulardecision and to makeThis kind of accounting isconcerned with preparingvarious kinds of financialreports that will portray thefinancial performance of theorganisation and is usuallyused by the external users like1
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