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Report on Management Accounting and Systems - Taj Stores

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Added on  2020-06-04

Report on Management Accounting and Systems - Taj Stores

   Added on 2020-06-04

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MANAGEMENTACCOUNTING
Report on Management Accounting and Systems - Taj Stores_1
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2P1. Management accounting systems and essential requirements of its different types .......2P2 Explain various methods for management accounting reporting......................................4TASK 2............................................................................................................................................7P3 Determine income statement by using marginal and absorption costs............................7TASK 3 ........................................................................................................................................10P4 Merits and demerits of different kind of planning tools used for budgetary control......10TASK 4..........................................................................................................................................12P5 Compare how organisations are adopting management accounting systems.................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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From- Management Accounting officerTo- General ManagerSubject- To prepare a report to GM including management accounting and its systems along with various techniques of costing and reporting to explain how organisation will use them 1
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INTRODUCTIONManagement accounting is an activity that includes identification and recording offinancial and non-financial information that are required to make appropriate decision makingregarding operations and investments. There are several problems that are faced by businessconcerns due to alteration in policies of companies and dynamic external conditions. Itemphasises on reducing wasteful activities and enhancing profits of company. Another motive ofthis process is to identify new markets for investing funds in order to generate revenues. Intoday's complex corporate environment, adoption of management accounting is very important.This assists in minimizing certain problems related with cash of enterprise and solving variousissues that are arising in different departments related with utilization of financial resources. Thisreport is about Taj Stores which is a grocery store in the UK. There are various administrationaccounting systems and methods to use accounting reporting that will be covered in thisassignment. These techniques are applied on the process of management accounting. Apart fromthis, there are various tools for planning. In this report, comparison between two organisationswill be done in order to use it in solving financial problems of the firm. TASK 1P1. Management accounting systems and essential requirements of its different types Management accounting system is a process of collecting financial information relatedwith business operations including sales data, changes in stock and cost of raw materials in orderto use this analysis in report. It includes gathering operational information and several costs sothat budgeted expenses could be compared with actual ones. In case of Taj stores, main objectiveof this system is to provide adequate information to managers in order to make sound decisions.This helps in the administration in taking corrective steps regarding enhancement ofmanufacturing time, cost cutting, increasing marketing budget and on hand stock. It is differentfrom financial accounting as this consists of internal systems to evaluate the processes ofmanagement whereas other one deals with information of outside organisations. Severalmanagement accounting systems are as follows: Price optimization system- Pricing is the most important factor that affects demands ofa company. It is required to determine it in an effective manner so that more consumers can beattracted to buy products and services of institution. Pricing optimization system helps in2
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