Report on Management Accounting Practices for Prime Furniture's Growth

This report provides a comprehensive analysis of management accounting practices at Prime Furniture, a growing East London company. It covers various costing methods, including marginal and absorption costing, and their application in calculating costs and preparing income statements. The report also examines different planning tools used for budgetary control, outlining their advantages and drawbacks. Furthermore, it explores how companies, like Prime Furniture, are adopting management accounting systems to address financial issues, including the evaluation of profit variations. The report incorporates cost analysis techniques, such as cost-volume-profit analysis and activity-based costing, to inform pricing strategies and minimize inventory costs. Additionally, the report includes discussions on budgeting, behavioral implications, and the utilization of PEST and SWOT analyses to assess the company's external and internal environments, respectively, alongside the application of a balanced scorecard for performance evaluation.