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Assignment on System and Methods of MA reporting

   

Added on  2020-06-06

18 Pages4512 Words59 Views
MANAGEMENTACCOUNTING

TABLE OF CONTENTS

INTRODUCTIONA concept of knowledge in which financial plans are schedules, applied at the workplace,analysed and evaluated is known as management accounting (MA). Businesses consider thisparticular aspect within working environment for making those kinds of decisions which arerelated to internal criteria (Hiebl, 2014). Any kind of external business judgements are needed tomake then MA not works at that condition. For creating broad understanding about MA, HarrodsLimited organisation is taken into consideration. It is one kind of small business enterprise andoperates in retail sector of United Kingdom. The present assignment shows various systems andmethods which are used to take several decisions and complete process of MA reporting.Therefore, management easily able to prepare financial statements for the accounting periodending. In additional to this, profit and loss accounts formulated in the project by using two MAtechniques i.e. marginal as well as absorption costing. Further, some planning tools whichapplied by Harrods Limited in budgetary control systems are explained. At the end of currentstudy, systems which are used to resolve various financial problems in easy at the workplace aredescribed.TASK 1P1 Explaining several systems of ma which are used by Harrods limitedBusiness ReportFrom: Management accounting OfficerTo: General ManagerHarrods LimitedSubject: Systems of management accountingDate: 24th November 2017Introduction : These reports will be considers as Harrods Limited has been used for system of1

management accounting such as how cost accounting should be used to more effectively andefficiently as well as inventory management to help and control the flow of goods formmanufacture to warehoused and facilitate to point of sale, and require the job costing to maintainthe data which is more relevant often operation of the business and price optimisation relates toB2B and B2C. SystemsCost accounting: The process of the systematic recording and analysis of the cost ofmaterial, to improve the utilisation of resources such as manpower, plant and machineryand cash etc. Expenditure is committed or incurred the process of produces of its goodsrelationship with cost centres and cost units. Every job order, service and contractinclude the ascertainment of the cost will appreciate. The cost of production to dealswith distribution and selling the goods (DRURY, 2013). Cost accounting relating to thevarious elements of cost to control and help classification, and ascertainment of cost. Incost accounting the income and expenditure relates the production of goods and servicesto be recorded. The process of costing consists of routine of ascertaining cost byhistorical or conventional costing, marginal costing and standard costing. Further,implementing a system of cost control for labour heads, materials to represent the sourceof economy. Every different department the audit system was organised to makeeffective and efficiently working. Inventory management: In inventory management to guide the flow of goods formmanufactured to go-downs and reflect the point of sale and its is a component of supplychain management. Its refers to the process of storing, ordering and using a companyinventory such as raw materials, components, and finished product (InventoryManagement, 2013). This is such type of asset which will be disposed of in future in theordinary course of the Harrods Limited. Buyers must also determine whether eachproduct purchased will be a basic store item or specially buy. When stock level isrequired to manage within workplace then company goes for determining value of totalinventory. For this particular aspect, basically three kinds of methods available withHarrods Limited which are like LIFO, weighted average as well as FIFO. The concept ofinventory stock it has been manufacturing system to visualize the all work with the2

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