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Sample Assignment on Management Accounting PDF

   

Added on  2020-12-09

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MANAGEMENT ACCOUNTING
Sample Assignment on Management Accounting PDF_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Management Accounting meaning and its requirements......................................................1P 2. Types of Accounting reporting methods .............................................................................3M1. Benefits of Management Accounting system .....................................................................5D1. Evaluation of Accounting system integration and Reporting method ................................5TASK 2............................................................................................................................................6Several Costing methods used for calculating the Net profits ...................................................6M2 Types of accounting tools and techniques used in MA........................................................8D2 Analysis of Data Collected from income statement..............................................................8TASK 3............................................................................................................................................8P4: Advantages and Disadvantages of using planning tools used in budgetary control.............8M3 Analysis of various Planning tool and its application for forecasting..................................9D3 Evaluation of planning tools for responding to financial issues.........................................10TASK4...........................................................................................................................................10P5 Comparison With Other organisation Financial Issues.......................................................10M4 Management accounting leads organizations to achieve sustainable success....................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
Sample Assignment on Management Accounting PDF_2
INTRODUCTIONManagement Accounting means the process of managerial accounting on the basis ofwhich the management decisions are taken. The management decisions pertains the decisionslike devising planning, performance management systems, providing expertise in financialaccounting and reporting these all tasks consists in management accounting which helps inassisting control in formulation and implementation of an organisational strategies and plan(Wickramasinghe and Alawattage, 2012). BCM construction company that is a medium scaleconstruction providing company. This study pertains information about management accounting process and as well astasks pertains in it. Not only this, several patterns or method of costing, calculation of net profitand types of planning tools for the budgetary control process and their advantages anddisadvantages are comprises in study. Also an example to describe briefly, a comparison chart oftwo organisation is also presented in it.TASK 1P1: Management Accounting meaning and its requirementsManagement accounting or managerial accounting is the set of activities like thepreparation of devising planning, providing financial information in form of statements andproviding the reporting of financial data to its internal and external users, useful for them tomake business decisions. It provides the crucial information regarding the financial data in formof final statements in order to to provide them to the management of high level authority ofcompany, so that on the basis of past and present financial information they can make futuredecisions regarding the operations of business. Presentation of financial information pertains theneedful information regarding the revenues or income and expenses incurred during the financialperiod and provide information regarding the Net profit of Net loss, information regarding thecash flows and overall position of the business. this all information helps the management inascertainment of profit by making effective and efficient utilisation of financial and other usefulsources. Although in order to make daily decisions regarding the business operations it isnecessary to have the effective management system and management accounting system forproper or accurate evaluation and analysation of managerial activities. Overall management1
Sample Assignment on Management Accounting PDF_3
accounting is essential part or branch of accounting which required in order to makeascertainment and growth of the business(Van der Stede, 2011)Definition: Management Accounting is also known as cost accounting and managerialaccounting. It is the process which comprises with preparation of internal financial report byanalysing business costs and operations in order to make the reporting of financial informationfor making useful business decisions for achieving desired future goals. Importance of Management Accounting in business Helpful in decision making: under management accounting the proper analysation offinancial information and business operations are made and provided in form ofstatements to internal users(Board of directors, managers etc.) of information. so that themanagement of BCM constructions can make useful business decision quickly on thebasis of past and present business performance report. Helpful in planning: One of most important factor important for business growth that isproper planning and making of proper planning is based on the past and present businessperformance data prepared under management accounting. Helpful in determining future aim: By presenting the past and present year detailsregarding the overall business operations, in form of proper format it is needful andbecomes easy to set the targets or goals for future growth. Types of Management accounting system are : Cost Accounting system: Cost accounting is the branch of management accountingwhich pertains the BCM constructions Ltd. cost of production by assessing the inputcosts incurred in each task of production along with the fixed costs. Cost accounting firstevaluate or measure the costs separately after that compares the input results to output oractual results to aid company management in measuring financial performance.Inventory Management system: Inventory management system engaged with theactivities regarding the Management of stock or inventory. All transactions regarding theinventory or stocks of company like BCM constructions and may be of any other kindand for recording and analysing the inventory transactions, three methods are used for theinventory valuation. That is LIFO(last in first out), FIFO(first in first out) and Weightedaverage cost inventory method. The inventory valuation is related to the production2
Sample Assignment on Management Accounting PDF_4

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