Management Accounting of Vectair Holdings

Added on - 21 Jul 2020

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UNIT 5 MANAGEMENTACCOUNTING
Executive summaryThe study begins with a brief introduction of management accounting. The description on thediversity of the various management systems is provided in the initial part. The mainrequirements of the management accounting are provided with the various criteria based on thescenario. The study further proceeds with highlighting the techniques involved in the system andan income statement is produced by using the cost analysis strategies.Making proper use of thetools helps to make the analysis of the cost incurred in the Vectair Holdings better therebyidentifying their profit margin.In the later part of the study, the advantages and the drawbacks ofthe planning tools and techniques is explained based on the budget management method andfinally concludes focusing the evaluation of the several sectors of management accounting,which is to be presented to the general manager.As a management Accounting officer, it istherefore a key role to manage the entire accounting process within the Vectair Holdings better.Understanding the benefits of using the proper tools in turn has helped to control the budgetingprocess effectively. Adopting the accounting systems has further helped to carry out the variousmonetary issues related to the Vectair Holdings followed by recommendations for a betteraccounting of the management.
TABLE OF CONTENTSIntroduction.......................................................................................................4TASK 1................................................................................................................4P1 An explanation of management accounting and the key criteria for thedifferent categories of management accounting according to the scenarios....4P2 Demonstration of the several methods used in management accountingand stating the relevant methods that can be utilized in the scenario..............9TASK 2..............................................................................................................11P3 Calculation of the cost by using the strategies of cost analysis in order togenerate a statement of profit.........................................................................11TASK 3..............................................................................................................13P4 Benefits and limitations of the several types of planning tools that can beutilized to control budget for Vectair Holdings...............................................13P5 A brief comparison of the adoption of accounting systems to controlmonetary issues...............................................................................................16Conclusion........................................................................................................18Reference List...................................................................................................19
IntroductionThe management accounting is a significant segment in today’s business. It has several strandsand is used to improvise on the strategies involved in the betterment of Vectair Holdingss. Themanagement accounting deals with the daily management in appropriate planning detaileddecision making, patterning and improving performance strategic systems. In this scenario, anVectair Holdingsof the United Kingdom, the RR Aldens is selected and is further inclined to theeffective features present in the management accounting system. The company has a limited setof employees but known for providing quality services related to meat and butchery products inthe United Kingdom. The company also holds a complex set of channels and supply chainsincluding pubs, restaurants and poultries.TASK 1P1 An explanation of management accounting and the key criteria for the different categories ofmanagement accounting according to the scenariosIn the opinion ofFullertonet al.(2014, p.414), the procedure of business consists of severalcomplex methods, terminologies and techniques irrespective of the types of sectors. It requiresspecific capability to get an in depth understanding of the activities and occurrences. There areseveral kinds of accounting in the business field such as, financial accounting, managerialaccounting, management accounting. In this scenario, the method of the management accountingis involved in enhancing the professional skillets to detect the upcoming requirements,advantages and limitations ofVectair Holdings. The management accounting system works as atactful tool and is necessary for business situations today to cope up with the rapid situationalchanges in business and figure out the solutions to the issues by maintaining a smooth graph.The categories of management accounting system include mainly eight key points, which arefollows:Cost accounting:They are involved with recording all the data followed by an effectiveallocation of all the expenditures that are involved in determining the costs of the products andservices associated with the management of the Vectair Holdings. All the data are properlyarranged to control and carry out the decision making processes by the collected information fora better management. The investments that are made for the Vectair Holdings aim at identifyingthe actual costs thereby determining the final costs of the goods and services. This helps to carryout the analysis of the costs incurred for the Vectair Holdings’s development effectively by
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