Management Accounting System: Report, Analysis, and Benefits

This report delves into the realm of management accounting, exploring various aspects of accounting systems, reporting, and their benefits. It begins by defining management and its role in business operations, followed by an examination of different types of management accounting, including traditional, lean, and throughput accounting. The report then focuses on management accounting reporting, highlighting the importance of effective financial data management across all departments. It also lists different types of accounting reports such as budget, account receivable, job cost, and inventory reports. The report also touches on the benefits of management accounting, emphasizing the tools managers use to achieve specific goals. Finally, the report concludes by summarizing the importance of management accounting in managing company finances and its overall impact. This report provides a comprehensive overview of management accounting concepts and practices.

Management Accounting
System
Part 1

INTRODUCTION
 Management can be defined as a process in which the
business operations are being managed in an effective
manner and makes sure that their activities are achieved as
well.

Management accounting and its types
 The various types of management accounting are as
follows:-
Traditional accounting
Lean Accounting
Throughput Accounting

Traditional accounting
 This type of accounting is also called as accrual basis of
accounting where the company is required to include all
types of expenses and income which the company has gain
or lost during the financial year.

Lean Accounting
 This method is considered as very different from
traditional accounting system as here the main focus of the
managers is on production of goods and services without
having much waste.

Throughput Accounting
 This management accounting system is being applied to
detach all the issues which are being taken place in the
company. Here the organisation can solely focus on
constraints which are being taken placed because of the
cost of the product

MANAGEMENT ACCOUNTING REPORTING
 It is known that every department of the company is required to
be managed in an effective manner so that they can perform
their best and give good results to the company.
 In every company, accounting can be referred as a process in
which financial data is gathered so as to know that all the
activities are being considered in an effective manner.

Different types of management accounting
 Budget Report
 Account Receivable report
 Job cost Report
 Inventory and manufacturing report

BENEFITS OF MANAGEMENT
ACCOUNTING
 There are various types of tools which are being used by
the managers use to achieve a specific goal.

Critical evaluation
 In UCK Furniture’s, each and every individual of the
company is performing their work so as to attain the
objectives of the company.

CONCLUSION
 From the above report, it can be concluded that
management accounting is considered as one of the most
important process which is being used by the managers for
managing the finance of the company in a proper manner.

REFERENCES
 Bracci, E. and Maran, L., 2012. The role and use of management
accouting systems (MAS) in family firms: a case study. Piccola
Impresa/Small Business. (3).
 Cardoni, A., 2012. Business planning and management accounting in
strategic networks: theoretical development and empirical evidence
from enterprises’ network" agreement". Management Control.