MFRD Managerial Accounting Assignment
Added on 2019-12-03
14 Pages4875 Words144 Views
MFRD
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Principles of costing and Business control systems....................................................................1Information needed to manage financial resources.....................................................................2Regulatory requirements for managing financial resources........................................................3Evaluation of systems for managing financial resources in health and social care organisations.....................................................................................................................................................3TASK 2............................................................................................................................................4Essay...........................................................................................................................................4TASK 3............................................................................................................................................63.1 Ways to manage financial shortfalls.....................................................................................63.2 Actions to be taken for suspected fraud................................................................................73.3 Evaluation of budget monitoring arrangements....................................................................8TASK 4............................................................................................................................................84.1 Information required to make financial decisions.................................................................84.2 Relationship between care services, cost and expenditure....................................................94.3 Impact of financial considerations........................................................................................94.4 Ways to improve services through changes in financial systems.......................................10CONCLUSION..............................................................................................................................10.......................................................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThe markets are unpredictable that presents a number of different scenarios for business.This necessitates for firm to make an advance planning for managing finances so thatunpredictable nature of market can be met in right way. In this purpose, the major need is relatedwith management of financial sources because it is the foremost need for conducting all types ofbusiness activities. The managers of various business firms make decisions and planning so thatright allocation of available funds can be done (Finance and Network, 2013). The present reportis based on management of financial resources and various decisions that are made by theconcerned authorities. The report is focussed on several activities that are undertaken by SillothNursing home for planning the financial management and decisions that are taken accordingly.Further, the said nursing home delivers its services in health care. It is a charity organisation thathas various aims and objectives (Vieira and Teixeira, 2010). Apart from this, they have raisedfunds through different sources that has aided in proper running of nursing home. Further, thereport has talked about the budgets and various expenditures that are made by this organisationand how they managed it in right way.TASK 1EssayPrinciples of costing and Business control systemsThe principles of costing is related with exercising a control over the cost of businesswhere a practice is identified which can aid in decreasing expenditures of company. Resultantly,it will give more profits to organisation. This cost controlling activity initiates with budgetingprocess where owner of company makes a comparison of obtained results with budget made bythem. When the result obtained by them fluctuates more than planned budget, they start makingplans accordingly. This entire planning and comparison gives an overview of the organisation asper the present position so that they can make decisions related to various plans that can becontinued with and for that areas which need some action (Hood, 2013). The cost incurred bycompany include all those factors which they have made in relation to arranging various goodsand services. The companies have different direct and indirect costs. In context of Silloth nursinghome the directs costs are made up of those activities that are identified directly like costincurred on staff, establishment, patients care etc. While indirect cost includes unidentifiable1
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