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Management Accounting : UCK Furniture

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Added on  2020-10-23

Management Accounting : UCK Furniture

   Added on 2020-10-23

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Table of ContentsINTRODUCTION...........................................................................................................................31.1. Management accounting requirements and its different types of systems......................31.2: Different types of accounting system reporting use by UKC furniture..........................41.3: Benefits of using management accounting system..........................................................61.4: Critical evaluation of accounting reporting system.........................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................92
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INTRODUCTIONManagement accounting helps to provides the financial information of the company. It isthe process of preparing the accounts and management reports which provides the true and fairpicture of the organisation. In this assignment chosen organisation is UCK Furniture. This willassist in effective decision making of overall attainment of the companies aims and objectives. Itis established in United Kingdom. The aim of this presentation is to elaborate the managementaccounting and reporting system that are used within the company. Apart from this, benefits ofusing types of accounting system are covered under this project. evaluation of interlink amongreporting and accounting are mentioned effectively (Kaplan and Atkinson, 2015).1.1. Management accounting requirements and its different types of systemsMeaning: It is important for every organisation to know its financial position. It is theprocess of analysing, evaluating and communicated the financial and accounting information tomanagement of company. It helps to maintain accounts and financial reports of the organisation.Through it management can know about its financial position. It helps to ascertain the amount ofavailable cash, outstanding debts, stock and sales revenue of the organisation. It generatesweekly or monthly reports for the department managers like chief financial officer of thecompany. It helps to UCK Furniture’s to know about its accounting and financial reports. Definition: Management accounting is said to be one of the effective ways of recording,summarizing, communication, planning and evaluating the various facts and records that arementioned in the statements. Manager of UKC furniture uses these information and reports forthe purpose of making effective plan, cost control and other accounting related data for futurebenefits of the group (Hilton and Platt, 2013). There are various types of management accountingsystem which are such as follows:Cost accounting system: Cost accounting system is also known as costing system which is used by the company toascertain the cost of its products. It helps in profitability analysis, cost control and inventoryvaluation. This particular accounting system assist in overall estimation of reliable cost of theirproducts which is produced by the UKC furniture in one financial year. It is essential for UCKFurniture to know the accurate cost of its products which is helpful to determine the price. Thereare two types of cost accounting system which are as follows:3
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