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Management Accounting Contents of an Organisation

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Added on  2020-06-05

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Management Accounting Contents 2 INTRODUCTION 1 TASK 11 P1: Explanation of management accounting and their essential needs in an organisation 1 P2: Different types of management accounting reporting system 3 M1: Benefits of management accounting system 4 D1: Critical evaluation of accounting reporting system5 TASK 25 P3: Various costing methods used to calculate net profit for the company 5 M2: Analysis of accounting tools and techniques 7 D2: Analysis of income statements7 TASK 37 P4: Merits and demerits of various planning

Management Accounting Contents of an Organisation

   Added on 2020-06-05

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CONTENTSContents...........................................................................................................................................2INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Explanation of management accounting and their essential needs in an organisation....1P2: Different types of management accounting reporting system..........................................3M1: Benefits of management accounting system...................................................................4D1: Critical evaluation of accounting reporting system.........................................................5TASK 2............................................................................................................................................5P3: Various costing methods used to calculate net profit for the company...........................5M2: Analysis of accounting tools and techniques..................................................................7D2: Analysis of income statements.......................................................................................7TASK 3............................................................................................................................................7P4: Merits and demerits of various planning tools used in budgetary control.......................7M3: Analysis of planning tools and their application............................................................9TASK 4............................................................................................................................................9P5: Different measure to overcome financial problems.........................................................9M4: Evaluation of financial issues.......................................................................................10D3: Critical analysis of various financial problems.............................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONThis project is all about discussing crucial information about management accounting whichis more valuable concern for every organisation. It has been seen that managers of Zyllacompany is always in search of crucial aspects that are effective enough for the company toattain their aims and objectives those are being set for the future. It would guide them to takenecessary actions regarding right options which will responsible for generating maximum profitfor the company. This project is discussing vital matters those are related with types ofmanagement accounting and reporting system. Apart from this, to analyse total net profit for thecompany various costing methods is being taken into consideration. By the help of merits anddemerits of using planning tools are equally responsible for attain future goals for anorganisation. Although, comparison by using management accounting systems in respect to otherindustries to determine financial issues those are affecting the performance during the period oftime. All information are analyse to reach a certain targets those are set of an organisation arediscussed under this report (Figge and Hahn, 2013).TASK 1P1: Explanation of management accounting and their essential needs in an organisationNowadays, it has been seen that most of the companies are trying to make use ofappropriate accounting systems those are responsible for recording valuable transaction those areincurred during a financial period. It is the primary responsibility of project managers to alwayssearch for all those aspects those is helpful or beneficial for an organisation to attain their aimsand objectives in more effective manner. This can only be possible in case Zylla Company canmake proper allocation of resources in right ways. Through this, they are related with achievingmaximum earning with maximum selling of products and services (Thompson, Gilbert andHernandez, 2012). Definition: As per the institute of IMA (Institute of management accountants:Management accounting is said to be an effective profession that consists of partnering inadministration decision making, devising strategies and providing expertise financial reporting.This will be considering more reliable for an organisation to attain future aims and objectivesthose are set by Zylla company management team. This would aims of formulating management1
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reports and statements that provide reliable and timely statistical data those are needed bymanagers to make every day as well as short term objectives.There are various types of significance of using management accounting systems:Effective decision making: It is said to be utmost important aspects for an organisationto attain future aims and objectives in case Zylla Company can make appropriate decision forfuture. All data will be essential enough to attain upcoming growth and sustainability throughusing resources in proper manner.Enhance productivity: Another important point is to be taken into account is relatedwith production capability. It will be useful in increasing overall productivity of an organisation.There are different types of accounting systems which will be helpful for Zylla Companyis mentioned underneath:Cost accounting system: It is said to be an effective framework that is being used by anorganisation to predict the cost for their goods for the purpose of attaining profitability analysis.Estimation regarding reliable and accurate costs of products is effectively profitable in operationsdepartment of an organisation (Shah, Malik and Malik, 2011). There are various types of costswhich are needed to be taken into consideration during the use of production process. It isconsists of actual, standard and normal costing those are equally utilise in manufacturing ofproducts.Inventory management system: It refers as utmost important accounting system whichis useful to measure, track and analyse stock position of the company. All essential aspects thoseare associated with inventory maintaining and controlling of different stock those are being keptby an organisation during end of accounting period. There are various stock techniques that arerelated with them are FIFO and LIFO.Price optimisation system: It is essential tools which is used as numerical evaluation byan organisation in order to determine customers thinking and perception that what they willrespond to various prices for all those products and services that are being offered by thecompany. This will be effectively reliable to examine prices that the company used to analysewill be more reliable to attain their objectives which is to increase operating profit for ZyllaCompany (Chang, 2013).Job costing system: It is known as effective system which is effectively associated withassigning production costs to an individual goods or group of products. Basically, job order2
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