HNBS 305 Management Accounting Project Report on UCK Furniture

This project report delves into the crucial role of management accounting within business organizations, specifically focusing on UCK Furniture. It begins with an introduction to management accounting and explores various systems, including cost accounting, inventory management, job costing, and price optimization. The report details different accounting reporting systems, such as performance reports, budget reports, job cost reports, accounts receivable reports, and inventory management reports, highlighting their significance. Furthermore, it evaluates the benefits of utilizing these management accounting systems, emphasizing how they can enhance UCK Furniture's operations and profitability. The report then critically assesses the accounting systems and reporting techniques, emphasizing the importance of continuous evaluation. Finally, it concludes by summarizing the impact of management accounting in determining an organization's overall productivity, supported by references to relevant literature.

Management Accounting
(Project 1)

Covered content
• Introduction
• Various management accounting systems and its essential
requirements
• Different accounting reporting systems
• Benefits of accounting system
• Evaluation of reporting techniques
• Conclusion
• References

Introduction
Management accounting is utmost important part of every
business organisation. This will be crucial for the purpose of
managing their financial transactions which is done in their
everyday transactions. The overall project is delivering
positive outcomes by analyse key aspects those are
associated with the company.

Various management accounting systems
Management accounting mainly known as a simple
procedure of measuring, examine, analysing and
communicating financial data in order to attain “UCK
Furniture” objectives. The other name of this systems is cost
accounting because maximum of accounting transactions are
done and recorded in finance term.

Cost accounting system
It is known as a costing system which is applied by the
corporation to make an estimation of total cost of their
products for stock valuation, profitability evaluation and cost
control management.

Inventory management
This system is used for the purpose of controlling and
overlooking the ordering and storage of elements which
most of the corporation applies in their production of
products and services.

Job costing system
It is refers to the well organise system of allocating
production costs to an individual products or batch of a
product. It is mostly associated if the products processed are
relatively difference from one another.

Price optimisation system
This particular system of application of numerical
evaluation to a corporation is use to determine total
customer perception about a product price which is being set
by an organisation for their furniture.

Various methods which is applied for
management accounting reporting
In order to increase their efficiency, managers always use to
analyse their accounting data and record in more systematic
manner. Reporting is a detail information which consists of
crucial data about various aspects of management
requirements.

Performance report
It is the responsibilities of accountant to apply budget to
make comparison among actual sales and expenses to the
budgeted amounts. The point of difference will be computed
in order to evaluate shaping of new budgets and include
every data those are crucial for the betterment of an
organisation.

Budget report
It is crucial for the departments to work according to their set
aims and objectives. This will help in control extra costs and
expenditure which is making huge impacts on the productivity of
the departments. Budgets are determine through introducing
budgets of prior accounting year and adjusting them to make
better future.

Job Cost reports
It is vital for the company to manage their costs those are done by
the company during the production of their products and services.
It is done through taking every raw material overhead costs,
direct labor and extra costs into consideration those are directly
associated with the production process.