HNBS 305 Management Accounting Project: Reporting and Evaluation

This project provides a comprehensive overview of management accounting, defining its role in organizations and the importance of effective financial management. It explores various management accounting systems, including management information systems, inventory management, and cost accounting systems. The project details different reporting methods and accounting tools, such as job cost reports and budget reports. It emphasizes the benefits of management accounting, including strategic planning, decision-making support, and performance evaluation. The project also evaluates the integration between management accounting systems and reporting, highlighting their interconnectedness for effective organizational operation. The assignment concludes with a discussion of the project's key points and references to relevant literature.

MANAGEMENT
ACCOUTING
[PROJECT-1]

TABLE OF CONTENT
 Introduction
 Management accounting and the essential requirements of different type
of management accounting system
 Various methods used for management accounting reporting
 Evaluate the benefits of management accounting system and their
application within an organisational context
 Captious evaluation about how management accounting system and
reporting is integrated with each other
 Conclusion
 References

INTRODUCTION
Management accounting is known as a process of detecting, measuring
analysing and interpretation of financial and accounting information in
order to maintain effective management and operation. Management
accounting helps to organise the departments of an organisation in
subject to executing the plans and strategies within the organisation.
This report is prepared to define the role and meaning of management
accounting.

MANAGEMNT ACCOUNTING
Business environment is changing rapidly and the change has enhanced
the scope of management accounting in organisational context. It is
required to manage the departments and functions of an
organisations in such a way that organisation could attain desired
aims and objectives. Management accounting helps is used by the
managers, senior management authorities and the managing
departments of an entity.

Management Accounting System
There are some commonly used management accounting system are used
in organisational context such as:
 Management information system
 Inventory management system
 Finance and risk management system
 Price optimisation system
 Job cost system
 Cost accounting system

Various methods used for management
accounting reporting
Reporting is a part of management accounting which helps to analyse the
performance of organisation and the progress of departments in organised
form. Management accoutring reports are prepared by the managers and
accountants of particular departments. It remain essential to monitor the
performance and the progress of organisation in effective manner.
Reporting is considered very crucial part of management accounting. It
requires essential information with accurate figures and data in order to
maintain prepare accurate accounting and managing reports.

Type of Accounting Tools
Various type of accounting tools are used in management accounting
such as:
 Job cost reports
 Inventory reports
 Budget reports
 Performance reports
 Account receivable reports

The benefits of management accounting system and their
application within an organisational context
Management accounting has become an essential requirement for organisations
whether for small and medium size or large organisation. Management
accounting concepts and the rules plays vital role in making strategies and
plans for growth and development. It is essential to analyse the departmental
needs and implement the type of management accounting system within the
organisation. This is one of the most used system which helps to managers
to identify and detect the main reasons which create complex situations in
managing and operating the departments of an organisation.

Continue...
This is a process which assist decision making process and helps
managers in order to determine growth opportunities. Managers and
accountants use the budgetary control techniques, cost evaluation
techniques and performance evaluating techniques. Important
management derisions and strategies are accurately prepared with
the helps of management accounting concepts. It provides a path of
better evaluation and measurement in order to evaluate the
performance and effectiveness of individual functional departments.

Captious evaluation about how management
accounting system and reporting is integrated with
each other
Management accounting reporting is the part of producing essential
information to managers and senior level authorities. This is one of
the essential process which helps the organisation to calculate the
cost of the production and evaluate the performance of an
organisation for effective management and operation. Both the
management accounting system and management accoutring
reporting are integrated each other.

CONCLUSION
This is the first part of the project which defines the management accounting
and various type of management accounting system defined in this
report. Different type of management accounting reporting methods are
used in order to produce effective management reports also illustrated in
this report. Benefits of management accounting system and their
application as per the requirement in organisational context explained in
this context. There is a critical evaluation done to know the integration
between management accounting system and management accounting
reporting.

REFERENCES
Nørreklit, H., 2014. Quality in qualitative management accounting
research. Qualitative Research in Accounting & Management. 11(1).
pp.29-39.
Quinn, M., 2014. Stability and change in management accounting over
time—A century or so of evidence from Guinness. Management
Accounting Research. 25(1). pp.76-92.
Renz, D. O. and Herman, R. D. Eds., 2016. The Jossey-Bass handbook of
nonprofit leadership and management. John Wiley & Sons.
Robalo, R., 2014. Explanations for the gap between management
accounting rules and routines: An institutional approach. Revista de
Contabilidad. 17(1). pp.88-97.