UNIT 5 Management Accounting : Assignment

Added on - 21 Jul 2020

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UNIT 5 MANAGEMENTACCOUNTING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P.1 Explaining Essential requirements of management accounting and its types..................2P.2 Methods of management accounting reporting for Free Agent.......................................5M.1 Defining benefits of management accounting system and application over Free Agent6D.1 Integration of the management accounting system and reporting for Free Agent..........7P.3 Calculations for various costing techniques for Free Agent............................................8M.2 Benefits of the managements accounting techniques in financial reporting.................10D.2 Financial report to the general manager and providing the necessary information to them..............................................................................................................................................10P.4 Type of planning and budgetary control in Free Agent and their merits and demerits..11M.3 Uses of various planning tools for forecasting the budgets..........................................14D.3 Implementation of planning tools in resolving obstacles..............................................14P.5 Explaining management accounting system respond to financial problems..................16M.4 Resolving financial problems with management accounting helps organisation insustainable success...............................................................................................................16D.4 Sustainable success with the help of planning tools......................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
Illustration IndexIllustration 1: Management accounting system...............................................................................3Illustration 2: Reports......................................................................................................................5Illustration 3: Sales budget example..............................................................................................12Illustration 4: Cash budget example..............................................................................................13
Index of TablesTable 1: Income statement of Free Agent as Marginal costing technique.......................................8Table 2: Income statement of Free Agent on Absorption costing technique...................................9
INTRODUCTIONFinancial stability is the requirement in every firm which in turn helps them in having theadequate business growth and planning. Thus, managerial accounting will help the firm inachieving the adequate financial strength as well as provide various budgetary techniques such ascost budgeting, sales budgeting etc. which in turn fruitful for the decision making. Hence, in thepresent report there will be discussion bade on Free Agent and its internal efficiency. However,this report will also highlight various costing techniques such as absorption and marginal costingcalculation which in turn facilitate the favourable profit results to the firm. Hence, it will alsohelp stakeholders in the organisation to adopt the effective costing techniques which will befruitful for enchanting the revenue gathering.1
Introduction:To have the favourable growth in this rivalry environment, thus there is need toanalyse the internal strength of the organisation. Hence, the management accounting is thetechniques which enables the professionals in the firm to make the adequate decisions as well ascan able to generate adequate solutions to the problems (Turner, 2014). Thus, in context withenhancing the efficiency of business there is need to string the basic operational requirements ofthe entity such as budgets, costs and the revenue from them.P.1 Explaining Essential requirements of management accounting and its typesIn accordance with management accounting methods there has been various kinds oftechniques which in turn helpful for Free Agent managers in context with producing theadequate solutions or innovative ideas to enhance the firm's operational efficiency. Hence, itwill be fruitful for the industry in having the adequate amount of funds for such activities likepurchasing material, managing the company's accounts as well as generating effective solutionsto lower down the expense and the costs of the business (Kerzner, 2013). However, inaccordance with the following diagram we can clearly understand the requirements of themanagements accounting system in organisation as well as the areas of loopholes in firm:2
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