Management Accounting Report: Analysis for Prime Furniture Company

This report provides a comprehensive analysis of management accounting for Prime Furniture, an East London-based company specializing in furniture sales. The report begins with an introduction to management accounting, outlining its role in financial data interpretation for effective managerial decision-making. It details the requirements of different accounting systems, including cost accounting and inventory management, and how Prime Furniture utilizes these systems. Various methods of management accounting reporting, such as budget reports, are discussed, along with the benefits of employing such systems, including improved market awareness and risk management. The report evaluates the integration of management accounting within the company, emphasizing its role in driving profitable results and sustainable decision-making. The conclusion reiterates the importance of management accounting in managing sales and profits, summarizing the key aspects discussed, and referencing relevant academic sources.

Management Accounting

Table of contents
■ Introduction
■ Management accounting and requirements of types of accounting systems
■ Methods used for management accounting reporting
■ Benefits of management accounting systems and applications
■ Evaluation of management accounting system and management accounting is
integrated in company
■ Conclusion
■ References

Introduction
Management accounting is generally referred to
operation which is implemented in order to measure,
determining, communicate as well as interpretation
of proper financial data in which it will be easier for
manager to carry out their company goes along with
target which is associated to finance. This Report is
based on management accounting of prime furniture
which is a growing East London based company
deals in selling out furniture products and their
planning to start their training course for their new
interns.

Management accounting and requirements of types
of accounting systems
Management accounting is basically defining to be a management of financial
associated information which could be used in company so that better investment
could be lead for having effectual returns of company. There are various tools as
well as techniques which are used by prime furniture so that their capability in order
to make sustain decision making in different stages of working could be carried.
■ Cost accounting system: As in this system where management is carried in order
to make assurance which is related to implementation of adequate tools that is
proper in control along with having access of cost and overhead for
implementing different systematic work.

Continue..
Inventory management system: It is
considered to be a system in which
management has worked in order to assure
about maintaining inventory control in
company. As for this management of prime
furniture operates in order to keep a maintain
of proper balance among needs of furniture
products as well as inventory control so that
needed production could be carried on
constant basis.

Methods used for management accounting reporting
Management accounting reporting is said to be a basic factor that is effectual range of
analysis as well as interpretation which is carried for achieving information in a proper
way. For this management of prime furniture could be sure for improving their market
attentiveness as well as analysis with an effectual interpretation of requirement as well as
desire so that profit credibility along with risk management could be controlled. There are
various kinds of Management accounting reporting which are as follows:
■ Budget reports: As this is considered to be a report which is implemented in order to
maintain different budget which is carried in company like production budget, cash
budget as well as master budget.

Benefits of management accounting systems and
applications
A system which is related to Management accounting is considered
to be generally different benefits as well as capability of company
for taking out effectual usage of cost as well as achievement of
profit which is carried on timely manner. It is also being
contributed according to reduction of overhead number so that
prime furniture as well as its management could be able to make
proper support of inventory management along with they could be
able to analyse about needs of market place as well as
manufacturers of furniture products according to their dependency.

Evaluation of management accounting system and
management accounting is integrated in company
In support of Management accounting system
along with reporting integrated type of result is
perceived through you needed range of input which
is perceived for increasing profitable results. In
relation to prime furniture company could ensure
that they could take beneficial and advantages
decisions for having their higher sustainability that
is to be obtained with their attentiveness of
furniture products.

Conclusion
It has been concluded from above presentation that Management accounting is said to
be an essential component that creates and capability in order to manage as well as
controlled various selling along with profits standardised operations in a proper manner.
As this presentation explains about Management accounting along with its needs with
different kinds of accounting methods. As it is necessary to use various methods which
are used for management accounting reporting along with its States about advantage
which is required for management accounting and its application with an evaluation of
different systems that are integrated in company.

References
■ Asjanti, L., Fitriasari, N. and Djamhuri, A., 2021. Redesigning Clinical Pathway of
Elective Caesarean Section Using Activity-Based-Costing Reduce Exposure to
COVID-19. Journal of Accounting and Strategic Finance .4 (1). pp.71-90.
■ Chiapello, E. and Gilbert, P., 2021. 10. La gestion comme technologie économique.
■ Hermawati, L. and Murtanto, M., 2021. The influence of fraud triangle upon the
existence of financial statement fraud. Indonesian Management and Accounting
Research .18 (2). pp.155-185.

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