Management Accounting : Zylla Company

Added on - 21 Jul 2020

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Management Accounting
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Management accounting systems and its essential requirement...........................................1P2: Different types of management accounting system reporting.............................................2M1: Benefits of using management accounting system..............................................................4D1: Critical evaluation of accounting reporting system.............................................................4TASK 2............................................................................................................................................4P3: Costing method which are use to determine net profitability...............................................4M2: Analysis of accounting tools and techniques.......................................................................6D2: Critical evaluation of income statements.............................................................................6TASK 3............................................................................................................................................6P4: Advantage and disadvantage of using planning tools in budgetary control.........................6M3: Analysis of planning tools...................................................................................................7D3: Critical analysis of financial issues......................................................................................7TASK 4............................................................................................................................................8P5: Different financial issues that are being faced by company and measure to overcome them.....................................................................................................................................................8M4: Analysis of financial issues.................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONIn context to determine overall profitability of an organisation, it is essential for them tomake use of effective management accounting systems. This seems to be one of the mostimportant aspects of any business enterprises to record their everyday financial transactions intheir respective format of the company. The primary objectives of using such kind of systems isto attain more reliable outcomes by using resources in more effective manner. This particularreport is providing crucial information about various management accounting system andreporting use in “Zylla company”. Certain types of costing approaches use by managers toevaluate net profit generate by company during the time. Advantages and disadvantages of usingplanning tools in budgets are discuss under this project. Comparison about various organisationthose are adopting accounting systems to resolve their financial issues are mentioned in thisreport (Hilton and Platt, 2013).TASK 1P1: Management accounting systems and its essential requirementNowadays, it has been seen that most of the business organisations are searching for aneffective accounting systems that can help in record financial transaction more accurately in theirrespective accounts. The role of management is to evaluate performance of Zylla companythrough using various types of accounting systems so that their current financial positions can bedetermine easily. This will be helpful to analyse growth and sustainability in order to attainoverall aims and objectives of an organisation. There are various crucial activities are beingavailable with an organisation in resepct to determine whether such activities are done in moreaccuate and reliable manner. To manager and control all valuable information, account managersis held responsible for organising best cost controlling method in more effective ways(Wickramasinghe and Alawattage, 2012).Management accounting is an essential process to formulate finaning report and datawhcih consists of contrining more reliable and statistical information whcih are require to makeproper analysis of collected data for an organisation. Henceforth, in order to achieve positivehealth of Zylla internal departments associated with entries, ledgers and budgets that are beingrecorded in more respective manner. This seems to be more primary aspects of accounting databy which managers that would get to determine vital information about total sales earnings,account receivable and all payables done during the time. Effective management operations1
should be helpful in attracting most stakeholder to make capital invested in an organisation forthe purpose of increasing profit for the company.Types of management accounting system:In order to record all necessary information regarding financial transaction which will beincur by company during an accounting period of time are summarise and recorded with thehelp of below mentioned systems:Cost accounting system: according to this particular accounting system, managers caneasily be able to analyse total costs a company has done during the period of time. These types ofcost are directly or indirectly related with production of product and services. The primarymotive of using this system is to examine overall costs of the company so that chances ofprofitability can be enhanced (Parker, 2012).Price optimisation: By the help of this system, manager can be able to determineeffective prices which would increase total interest and overall satisfaction of customers byoffering economical prices for their products. This system assists in evaluation total perceptionof customers regarding all those prices which are being set by Zylla Company for their products.The project manager uses this system to make numerical analysis that would assist indetermining total attitude and behaviour of customers.Job costing system:As per this accounting system, it will be helpful to determine totalcosts which are related for the purpose of completing particular activity. This would be useful todetermine total cost to their customers that are required to implement effective plans for theirupcoming projects. These types of costs are incurred with production of an individual or groupof products manufacture in lot size.Inventory management system: These accounting systems would be useful to trackoverall movement of products that are being used in the business operations by which they canattain their aims and objectives in more quick time. These systems used to record all necessaryinformation regarding stocks through preparing bills, stocks invoices and so on.P2: Different types of management accounting system reportingIn every business organisation, whether related production of retail sectors need to haveperfect accounting reporting systems. This can assists managers to record all crucial informationthat are valuable for making decision more effective in coming time. On the basis of variousreports that are prepared in Zylla Company, they can manage to record data as per their date of2
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