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Management Accounting (MA) - Assignment

   

Added on  2020-07-22

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Management Accounting
Management Accounting (MA) - Assignment_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P-1 Management accounting (MA) and its different types.........................................................1P-2 Various methods of MA reporting.......................................................................................3P-3 Calculation of marginal costs and absorption costs..............................................................5P-4 Different budgeting tools with their pros and cons..............................................................7P-5 Adoption of accounting system in organisation.................................................................10M-1 Benefits of MA within an organisation.............................................................................12M-2 MA techniques and its benefits.........................................................................................12M-3 Different planning tools and their applications.................................................................13M-4 How financial problems and MA leads to success............................................................13CONCLUSION:.............................................................................................................................14REFERENCES:.............................................................................................................................15
Management Accounting (MA) - Assignment_2
INTRODUCTIONManagement accounting (MA) plays a very crucial role in every big, medium and smallorganization. A concept of knowledge in which financial plans are schedules, applied at theworkplace, analysed and evaluated is known as management accounting (MA). It controls,manages and communicate goals and objectives to the overall organization. Businesses considerthis particular aspect within working environment for making those kinds of decisions which arerelated to internal criteria. It helps in maintaining and evaluating the financial performance bypreparing plans and budgets for specific time period. The present assignment shows varioussystem and methods which are used to take several decisions and complete process of MAreport. This report will show the requirements in preparing different types of MA systems. Inadditional to this, profit and loss accounts formulated in the project by using two MA techniquesi.e. marginal as well as absorption costing. Also the pros and cons of different planning tools forpreparing budgetary control. At the end of current study it shows the effect of organization inadopting the MA system to survive and respond to their financial problems.For undertaking this report the organisation selected is Harrods Limited Company. Thecited firm is small and medium enterprise and belongs to retail sector. Thus, this report will helpin developing a relevant management accounting system for the cited establishment.P-1 Management accounting (MA) and its different typesBusiness ReportFrom – Management Accounting officerTo- General manager Harrods Limited CompanySubject- Management accounting systemIntroduction- This report gives a brief description of cost accounting should be used inHarrods Limited as it will help in control the flow of goods from manufacture to warehouse. Asa management accounting officer of Harrods Limited Company it is required that the companyuses cost accounting MA system.
Management Accounting (MA) - Assignment_3
Management accounting systemThe key difference between managerial and finance accounting is that managerialaccounting helps managers to take decisions within the organization while financial accountinghelps in providing information to outside parties. MA is the process of preparing accountingreports that provide timely and accurate financial information required by managers to takedaily decisions. These reports identify, measure, analyse, intercept and communicate theorganization goals. MA can be done by various techniques like margin analysis, constraintanalysis, capital budgeting, trend analysis, product costing and lean financial modelling.Different types of MA:Price optimisation:- This system helps to determine the prices of different products. Itis an analysis in which the company determines how customers will respond to thedifferent prices of their products. By using this the company can meet its objectives ofmaximising profits (Williams,, 2014).This strategy helps the company to know howmuch business it can obtain by changing the price of its products. It is an importantcomponent of overall price management which is crucial in determining profitability. Itcan be used to estimate the elasticity of demand.Cost accounting:-Itis a technique of classifying and recording the cost incurred forproducing the product. It includes the ascertainment of cost of every process, service orunit. It deals with the selling and distribution of products along with cost of production.It also helps in controlling the cost by managing the overheads and wages that has beenincurred on the products. These cost relates to sales and profitability of the business.Job costing: It involves the accumulation of costs of material, labour and overhead for aspecific product or batch. It is generally used in batch processing where the company isengaged in production of different kind of products. The company gets the costs of aparticular product and its overall sales and profit (Renz, 2016).The company is able toidentify its low profit area and then take actions regarding improvements in that area.Inventory management: It is a process of ordering and storing or raw materials,
Management Accounting (MA) - Assignment_4

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