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Management Accounting Assignment - Wahaca Restaurant

   

Added on  2020-10-23

14 Pages4822 Words158 Views
ManagementAccounting

Table of ContentsINTRODUCTION...........................................................................................................................1Essential requirements of different management accounting systems........................................1Methods used in management accounting reports......................................................................3Evaluation of benefits of an accounting system..........................................................................4Evaluation of accounting systems and reporting in integration in organisational process.........5TASK 2............................................................................................................................................5TASK 3............................................................................................................................................7The advantage and disadvantages of different types of planning tools used in budgetarycontrol.........................................................................................................................................7Analyse the use of different planning tools and their application for preparing and forecastingbudgets........................................................................................................................................8Tools used in accounting for solving problems for leading sustainable success........................8TASK 4............................................................................................................................................9Adapting management system in respond to future problems....................................................9Tools for accounting responding on financial issues for sustainable success...........................10CONCLUSION..............................................................................................................................10

INTRODUCTIONManagement accounting is the process of preparing accounts and reports by providingaccurate financial and statistical information required by managers on making day to daydecisions. In this weekly and monthly reports are made by the department managers. The reportsare made on the basis of available cash, sales revenue, outstanding debts, raw material, inventoryetc(Abdelmoneim Mohamed and Jones, 2014). This report is based on Wahaca restaurantfounded on 2007 by Thomasina Miers. They are leading with Mexican-style street food. Thisreport is based on system essentials and benefits with reporting methods. It is made forevaluating system with an integration. The uses of planning tools which are used for controllingand for forecasting budgets in order to resolve financial problems for an achievement ofsustainable success. Their based a preparation of accounting systems by leading organisation forsuccess by solving appropriately. TASK 1 Essential requirements of different management accounting systemsManagement accounting is a process of analysing cost and operations in order to preparereports, records for achieving goals and objectives. They are leading by translating data orinformation in useful form. Wahaca restaurant is preparing this records on day to day operations.These analysis are prepared by creating and evaluating financial statements from externalsources. Their includes margins, constraints, capital budgeting, valuation and costing of productsby Wahaca Restaurant. The systems of accounting define by making decisions in identifyingdifferent ways with a confidential use by managers. These are prepare by having informationsuch as budgeting, product cost analysis, break even charts, trend charts and forecasting. Theirare different accounting system are consider as under.Job costing system: This system involves information of associated costs in production. Thedata is required in order to make useful in determining company's estimation. Cost data isdetermined for products and services of Wahaca restaurant for end results in productionprocesses(Ax and Greve, 2017). Here the estimation is made on the basis on customerspecifications and receipt of customer order. Their having different features are stated below.Here job differs from requirements of various types of materials, methods, skills andtreatment.This system is preparing separate cost sheet in order to certain cost and profit.

Wahaca restaurant is establishing procedure for controlling and reducing costs in aperiod of time.They are determining overhead recovery rates for absorbing overhead fully.Their provide complete value of work in progress in a prescribed time and duration. Wahaca using this system for controlling production.Price Optimization: In this, demand varies with different price levels in form of combining dataof information of costs and level of prices for improving profits. Company is determining onvarious prices and channels in responding to products and services(Bennett and James, 2017).Wahaca restaurant is relating with the prices of customer segment by examining targets onchanging prices from demanding market. Organisation opt this system in order to make growthand achievements by optimise prices on food products. Development of food is consider bycontrolling level and improving customer satisfaction. For example: to make customer attractiontowards a restaurant, it is a vital form to make utilisation of resources. Their requirements areconsider below.They are considering by selecting solution via price planning and optimization.The requirement of optimization is used with the help of technology in making pricingdecision.Their used helps in reducing fears and barriers while making solutions.With the help of precise data it is helpful in using easily.Cost management system: This system consists of formal methods in developing planning andcontrolling by managing activities in either short term and long term. Their providing twochallenges for gaining profits in short-term and improving competition in long term(Fullerton,Kennedy and Widener, 2014). For Wahaca restaurant uses it for managing core of competenciesfor an exploit of opportunities and threats. They are linking with the plans and strategies in aform for achieving organisational performance. Their need or requirements are consider asunder.It is vital for the growth of technology.Wahaca restaurant is running for domestic competition.They takes place in improving services and manufacturing sectors.Inventory management system: It is an ongoing process used for movable goods. Theirincludes placing new order of products and shipping their orders to customers. Here essential

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