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Management Accounting and Their Significances : Assignment

   

Added on  2020-07-23

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Management Accounting
Management Accounting and Their Significances : Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................1P1: Information about management accounting and their significances................................1P2: Various method of accounting reporting use in an organisation......................................3M1: Benefits of using management accounting system.........................................................4D1: Critical analysis of accounting and reporting system......................................................5P3: Various costing method used to calculate net profit for the company.............................5M2: Analysis about various types of accounting techniques.................................................8D2: Reconciliation and interpretation of income statements.................................................8SECTION 2......................................................................................................................................8PART A...........................................................................................................................................8P4: Advantage and disadvantage of using planning tools use in budgetary control..............8M3: Analysis of planning tools..............................................................................................9D3: Critical analysis of financial problems............................................................................9PART B............................................................................................................................................9P5: Different types of financial problems and measure to overcome them...........................9M4: Evaluation of financial problem...................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
Management Accounting and Their Significances : Assignment_2
INTRODUCTIONAccounting is an essential aspect for an organisation to record and evaluate various financialtransactions those are being done in a financial period of time. Management use to provide rightdirection to their business so that future aims and objectives can be attain in more quick time.The primary motive of an organisation to make use of all necessary information to record in theirrespective formats by using appropriate accounting systems and reporting methods. This projectis divided into two sections. In the initial parts, vital information about benefits and analysis ofusing both reporting and accounting systems are discussed under this project. While the othersections are examining various costing methods those are use for the calculation of netprofitability for an organisation. Whereas advantage and disadvantage of using planning tools areexplained in more effective manner. Certain analysis related with financial issues and measure toovercome those is mentioned in this project (Burritt and et. al., 2011).SECTION 1P1: Information about management accounting and their significancesNowadays, it has been determine that management is always trying to make use ofappropriate accounting software that would be effective enough to record and analyse financialtransactions that are being done in an accounting period of time. All collected information fromvarious sources are taken into consideration while making preparation of various important datainto their respective set format. The primary motive of account managers of the cited company istaking certain responsibility to keep material accounting data in regards to investors, customersas well as other outside stakeholders. They are helpful for parties to take necessary decision inrespect to get more optimistic outcome in coming time. By the helpful of accounting systemswhich enable managers to targets on an significant aspects that can assist an organization tobring maximum growth opportunities to the company (Chen and et. al., 2011). There are fewbenefits in case manager’s uses to adopt management accounting systems are discussedunderneath:Enhance their overall efficiency: This seems to be utmost important chance of increasingwide range of business activities in regards to attain desire aims and objective within a set periodof time.1
Management Accounting and Their Significances : Assignment_3
Evaluate performance: It assist managers to analyse the overall performance and growthpotential for employees by making comparison with actual results through taking standardoutcomes.Valuable management control: In case company make use of appropriate managementaccounting system, the managers can assist and control their overall expenses those are incurredduring the time of production process so that their overall performances can be management inmore effective manner (Soin and Collier, 2013).Management accountingFinancial AccountingUnder this accounting system that is helpfulin delivering material data with the use ofappropriate accounting policies and strategiesin respect to attain business in effectivemanner.In this particular accounting which isbeneficial in formulation of final accountwith the aim of delivering financialinformation for an organisation as well asoutside parties.This will guide to analyse both financial andnon-financial data about their ongoingbusiness activities.Under this, accountant would be able toanalyse only financial information about thecompany.The primary aims of management accountingare to manage and develop effective decisionthrough delivering crucial data on regularbasis.The basic purpose is to provide financial datato external as well as internal department ofan organisation.According to this report which is prepared tofulfil requirements as useful example to thecompany.It is more necessary form company side toprepare financial records on yearly basis.Types of accounting systemPrice optimisation: According to this particular accounting system which would beuseful for a managers to determine an effective prices for increase interest and value to theirstakeholders and customers at the same point of time. The overall perception of customers caneasily be determined that what they think about different prices of products that are being set byan organisation. Cost accounting system: As per this system, management would be able to collect allnecessary information about cost and expenses that are incur during the time of productionprocess. Its main objective of adopting these kind of systems is to overcome the costs and all2
Management Accounting and Their Significances : Assignment_4

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