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Management Accounting Assignment - GKL group limited

   

Added on  2020-10-22

19 Pages4560 Words278 Views
MANAGEMENTACCOUNTING
Management Accounting Assignment - GKL group limited_1
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1PART (A)....................................................................................................................................1Management accounting and essential requirement of different accounting method.................1Different methods of management accounting reporting............................................................3Benefits of management accounting systems and their application in organisational context...4Management accounting system and reporting are integrated within the organisational process.....................................................................................................................................................5PART(B).....................................................................................................................................5Calculate costs using appropriate techniques ofcost analysis to prepare an income statement using marginal and absorption costs..................5ANNEX(A).................................................................................................................................6ACTIVITY 2....................................................................................................................................9PART (A)....................................................................................................................................9Advantages and disadvantages of different planning tools of budgetary control.......................9Different planning tools and their application for preparation of budgets................................11PART(B)...................................................................................................................................12Comparison of organisations to solve the financial problem with the use of managementaccounting system.....................................................................................................................12Management accounting in solving financial problems and ultimately lead to organizationalsuccess.......................................................................................................................................13An evaluation of how planning tools for accounting help to solve problems and supportindustry with sustainable success..............................................................................................14CONCLUSION..............................................................................................................................14REFRENCES.................................................................................................................................15
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INTRODUCTIONManagement accounting is considered as a system of accounting that aids in to internalmanagement of the firms. It involves many types of information such as financial and nonfinancial. It examine the activities of business in summarised manner (Arroyo, 2012). Herein, itis crucial to to understand that management accounting is not necessary part of the firms. Itbased upon them they required it or not. For this report the chosen company is GKL grouplimited which delivers civil engineering projects. Its headquarters is in Peterborough,Cambridgeshire, UK. The purpose of this report is to describe the management accounting andnecessary requirements of various kinds of management accounting system as well as itsbenefits. Different methods utilise for management accounting reporting. Preparation of incomestatement by using marginal and absorption costing. Advantage and disadvantages of variouskinds of planning tools utilise for budgetary control. Comparison of how companies are adoptingmanagement accounting system to responds to financial problems are also mentioned in thisreport. ACTIVITY 1PART (A)Management accounting and essential requirement of different accounting methodManagement accounting system internal part of any organisation which can use to measure andanalysing to their process of the management. The system will provide accurate information ontime to facilitate efforts to control cost and measure productivity. With the help of the systemintroducing of new product and identify all rival products after market analysis. It can consist ofdifferent types of techniques and tools that will help to management in decision making processand improve productivity. In the context of GKL group limited can apply these system in orderto manager all activities in effective manner and increase profitability. Price optimization system – The particular system treated as a tool of managementaccounting which can help to set price structure of their different products and services. It cananalysis the perception of customer regarding to their products and services (Baldvinsdottir,Mitchel. and Nørreklit, 2013). After that set price which can suitable for customer and company.It further, set prices of products to get beneficial level in an organisation. The GKL group limitedapply the system to set price of their flats as per market rate. This tool can analysis of price of1
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