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Scope of Management Accounting: PDF

   

Added on  2021-02-20

15 Pages4317 Words96 Views
MANAGEMENTACCOUNTING
Scope of Management Accounting: PDF_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Explaining the meaning of management accounting system and its essential requirement...3Different methods of management accounting reporting.......................................................4Evaluating the benefits of the management accounting systems and its application in theorganisation............................................................................................................................5Critical evaluation of integration management accounting system and reporting inorganizational processes.........................................................................................................6TASK 2............................................................................................................................................6Calculations as per absorption and marginal costing techniques...........................................6TASK 3............................................................................................................................................9Presenting the advantages and disadvantages of the different types of planing tools inbudgetary control....................................................................................................................9Analysis of the use of different planning tools and their application in preparing andforecasting of budgets...........................................................................................................10TASK 4..........................................................................................................................................11Comparison of how organisations are adapting the management accounting systems torespond to financial problems by KEF.................................................................................11Presenting an explanation that dealing with financial problem through managementaccounting system leads KEF to sustainable growth...........................................................12Evaluation of the planning tools to be used to respond to financial problem......................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
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Scope of Management Accounting: PDF_3
INTRODUCTIONManagement accounting is an analytical tool that is used by the business organization asan application of the knowledge and skill in the preparation of accounting information in aspecific manner to assist the management of the business in formulating policies and controllingand panning the operations of the business. The scope of management accounting is vast and itsassist the business in the decision-making process through use of financial as well as statisticalinformation. In the present report the management of KEF is presented with the meanings anduse of the various types of management accounting system and their pros and cons. With thismanagement accounting reporting are also explained For the new product launched calculationsare presented on the basis of absorption and marginal costing techniques. KEF is presented withapplication of planning tools to respond to the financial problems and can lead to substantialdevelopment.TASK 1Explaining the meaning of management accounting system and its essential requirement.Management accounting:As per the definition given by the cost and management accountants of London,management accounting means the application of the professional knowledge and skill forpreparation of the accounting information in such way which assist the business management intaking business decision and make policies, plan and control the operations of the business. Thisincludes the concepts and the methods which are essential for effective planning for selecting thebest alternative business action and controlling through evaluating and interpreting the businessperformance (What Is a Management Accounting System, 2019). The management accountingsystem and reports are integral part of the management accounting and it looks in to the eventswhile happens in and around the organisation along with considering the requirements of thebusiness. The data are elevated and gives estimated figures over which decisions can be based.The different types of management accounting systems are:Inventory management systems:The inventory management system can be defined as the system for managing thecurrent system. This system looks at maintaining the optimal level of inventory with the businessand evaluate the requirement of stocks for procurement of the required production of the units toreach the optimal and budgeted level of sales. In manages an effective control over the inventory
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