Management Accounting Report: Analysis of Prime Furniture

This report provides an overview of management accounting, focusing on its application within Prime Furniture. It defines management accounting, emphasizing its role in internal reporting and decision-making. The report explores various management accounting systems, including cost accounting, inventory management, and job costing, and highlights the importance of managerial accounting reports, such as account receivable aging reports, performance reports, and budget reports. It details the benefits of these systems, particularly in cost control and forecasting, and illustrates how management accounting systems and reports are integrated to enhance operational performance. The conclusion emphasizes the significance of accurate and up-to-date financial data in formulating effective business strategies and the overall value of management accounting in aiding organizational success. The report references a source on management accounting.

Management Accounting

Table of Content
• Introduction
• Management Accounting
• Management Accounting reporting
• Benefits of management accounting system and its application
• How management accounting system and management accounting
report is integrated
• Conclusion
• References

Introduction
Management accounting is defined as application of professional
competencies and skills into development of accounting data in such a
way so that it aids manager of entity in formulating plans and strategies
and controlling its activities. This presentation is based on Prime
Furniture which is leading East London based firm. This PPT covers
definitions of management accounting along with its needs and
accounting reports.

Management Accounting
Management accounting is define as method to analyse cost and
practices of enterprises for formulating internal monetary reports,
records and accounts. This assists the accountant of Prime Furniture to
develop effective decision for attaining organisational objectives. So,
some of the management accounting system are described below:
• Cost accounting system
• Inventory Management Systems
• Job Costing Systems
• Price optimisation system

Management Accounting reporting
Managerial accounting reports are most important part for an
organisation that shows the complete picture the way business is
performing. A comprehensive kind of managerial accounting reports
should be build every quarter to provide holistic view of finance. Here
are the reports prepared by the Prime furnitures that are as follows:
• Account receivable ageing report
• Performance report
• Budget report

Benefits of management accounting system
and its application
The several benefits and their application are described below:
Cost accounting system: This system depends upon computing as well
as managing whole spending. For it, Prime Furniture accountant used
this so that they can able to assume the future cost and try to control on
that expenses which are not required.

How management accounting system and
management accounting report is integrated
In Prime Furniture, its accountant are concern towards increasing
entities performance for it, many management accounting system and
reports are used by them. The main intent of this is to provide relevant
information in relation of enterprises operational performance as well
as effectualness. For example- cost accounting system is applied by its
accountant to segregate many expenses which results from activities.

Conclusion
As per the above presentation, it has been concluded that management
accounting is helpful in getting accurate information for the beneficial
of entities. Moreover, there are various system and reports of
accounting that aids to manage performance of whole firm and others.
In addition to this, it is vital for organisation to keep their data related
to monetary are relevant, accurate and up to date as this assists in
formulating statements.

References
What is Management Accounting?. 2019.
[Online]. Available
through:<https://www.myaccountingcourse.com/
accounting-dictionary/management-accounting>

Thank you