Article on Management accounting Assignment
Added on 2021-02-19
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Managementaccounting
Table of ContentsManagement accounting..................................................................................................................1INTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P1: Management accounting and types of management accounting system and itsrequirements...........................................................................................................................1P2: various methods used for management accounting reporting..........................................3M1. Evaluation of benefits of various management accounting systems..............................4D1 Management accounting system and management accounting reporting are integratedwith organisation process.......................................................................................................4TASK 2............................................................................................................................................4P3 Prepare income statement by using marginal & absorption costing techniques...............4M2 Management accounting techniques and financial reporting documents........................8D2 Financial reports which applies to interpret business activities.......................................9TASK 3............................................................................................................................................9P4 Advantages and Disadvantage of using different types of planning tools........................9M3 Use of different planning tools and their application for preparing and forecasting thebudget...................................................................................................................................11TASK 4..........................................................................................................................................11P5 Comparison of organisation to solve the financial problem through implementmanagement accounting system...........................................................................................11M4 Management accounting system can lead to the sustainable success for solving thefinancial issues......................................................................................................................13
D3 Planning tools for accounting respond accurately to solve the financial issues that leads tothe sustainable success.........................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONManagement accounting is the procedure of preparing management accounts and writtenreport that furnish correct statistical and financial data required by administrator to make regulardecisions. In simple words processing of the financial information and convert into usefulinformation that will useful for managers to take decisions. Management accounting facilitateseffective short term and long term planning. Management accountant formulate or prepare all thereports and statements of a company and he is also responsible for the decisions of theorganisation that is taken by analysing all that financial reports and statements. In thisassignment report Nero limited is taken which is a UK based company that engaged in financialservices. They work with the aim of providing effective consultancy to their clients in terms offinancial matters. It has a client base of 50 small and medium sized business. In this presentreport many methods has been covered that are used in management accounting reporting, alsofind out the cost using different method and process of cost analysis by preparing incomestatement using absorption and marginal costs, also discuss various planning tools and budgetarycontrol and their advantages and disadvantages and done comparison that at the time of financialproblems how organisation adapting management accounting to respond.Task 1P1: Management accounting and types of management accounting system and its requirements.As per institute of cost and management accountants management accounting isformulation of accounting information by using skills and knowledge in such a way that helpmanagement in the preparation of policies and in the planning and controlling of businessactivity. Likewise, as per American accounting association management accounting consider theverity of idea and methods which are essential for impressive planning for choosing amongalternate business actions and for control through the appraisal and reading of performance(Arnaboldi, Lapsley and Steccolini, 2015). Nero limited required support from management accounting because it helps informulating reports for a company. It is also facilitate effective decision-making and increaseefficiency as well as profitability of the company by analysing the financial reports of theorganisation. Company required various management accounting system are as follows:-1
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