Management Accounting Essay - Toyota

Added on - 21 Jul 2020

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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting system and essential requirement that used by Toyota.............1P2 Methods used for the management accounting reporting.................................................3TASK 2............................................................................................................................................4P3 Income statements of absorption costing technique and marginal costing technique.......4TASK 3............................................................................................................................................7P4 Advantages and disadvantage of different planning tools...............................................7P5 Compare how organisation will adapt the management accounting system...................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONManagement accounting consist very important role in success of the business andproduce effective results towards the results. In this way, accurate and systematic informationwill be provided to attain long term goals and objectives at workplace. It also helps to providelong term activities that are played in business (Van der Stede, 2015). In this context, Toyotacompany has been selected for the present report that is one of the largest producer of generalmotors. However, in these days, the company facing several issues that impact on the companyoperations and functions. In order to gain the insight information of the present report it coversmanagement accounting that determines several types of system at chosen business environment.Furthermore, it also explains methods that are using to create proper report of the company. Atlast, it provides to take the best project among the several alternatives.TASK 1P1 Management accounting system and essential requirement that used by ToyotaIn order to gain effective information and ascertained it, management accounting consistimportant role in the business. In this way, Toyota need to operate their activities throughdevelop effective functioning in it. Hence, they need to concentrate on getting relevantinformation with costing and accounting information (Christ and Burritt, 2017). It helps to attainshort terms goals that are prepared by the chosen company to solve their day to day operationsproblems. In the process of management accounting system, there are several measurements ofthe company performance will be develop so that they need to implement preparation of thefinancial statement, identify risk, etc. Mainly, there are three elements exists that providesinformation towards the business strategies and ascertain systematic financial status in thecompany. Along with this, it is also helpful parameter that ascertain correct decisions which needto be develop at workplace (Mokhtar, Jusoh and Zulkifli, 2016).Moreover, decisions are taken through different types of the management accountingsystem that used to make corrective measurement at workplace. In this context, financialinformation at Toyota will be carried in the following manner:Traditional cost accounting system:In this type of method, conventional accountingmethod will be used that carried systematic work performance at workplace. It includes indirectand direct cost which included in the traditional accounting system. Hence, it is used to identify1
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