UCk Furniture Management Accounting System and Reporting Analysis

This report provides an overview of management accounting, focusing on its importance in recording, summarizing, and evaluating financial transactions. It introduces the concept of management accounting as a vital procedure for identifying, measuring, and evaluating accounting data to aid decision-making and achieve organizational objectives. The report outlines different types of accounting systems, including cost accounting and price optimization systems. It also discusses various reporting systems such as performance reports and inventory management reports, highlighting their significance in analyzing profitability and efficiency. The benefits of using accounting systems, such as determining total costs and managing inventory, are also explored. Furthermore, the report emphasizes the integration of accounting and reporting systems, concluding that management accounting is crucial for recording financial transactions and supporting future decision-making. References are included for further study.

MANAGEMENT
ACCOUNTING
PART 1

Covered content
• Introduction
• Types of accounting system
• Various reporting system
• Benefits of using accounting system
• Integration of both accounting and reporting system
• Conclusion
• References

INTRODUCTION
In the present scenario, it has been seen that maximum
number of business organisation are looking for an
effective system that can help them to record, summarise
and evaluate their financial transaction in its respective
manner. The primary motive behind doing so is to attain
all their aims and objectives that can help them to receive
short and long term objectives.

Concept
Management accounting is said to be vital procedure of
identifying, summarising, measuring and evaluating every
accounting data those are related with collected judgements
and make decision in respect to the company. It has been
observed that UCK primary motive behind using different
types of management accounting system is to provide
valuable ideas about the use with overall growth and
sustainability during the period of time.

Types of accounting system
• There are various types of management accounting system which
would be crucial to keep entries of journal as well as complex
information into its respective format. Some of them are
mentioned below:
• Cost accounting system: It refers as one of the most valuable
framework that can be helpful for UCK Furniture Company in
estimating the entire cost for their products in respect to inventory
valuation, financial stability analysis and managing extra costs.

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Price optimisation system: It is simply related with the
utilisation of customer perception about the evaluation of
cost price that is set by UCK furniture for their products.
It can easily be valuable to determine the correct ways
that can satisfy the overall objectives which would
enhance all the operating associated gain that are attain
during the period of time.

Various types of reporting system
In accordance with the analysing overall profitability and efficiency
of the company, it is crucial to determine the reports of the
company. It is said to be one of the valuable branch of accounting
that is associated with the confidently numerical data that can show
proper utilisation of management resources of an organisation.
These reports are basically formulated through using scientific as
well as mathematical method that can arrive at certain accounting
cost that are related with valuable decision making.

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• There are various types of reporting system is mentioned
under this report. Some of them are discussed below:
• Performance report: It is one of the most effective reports
that are formulated with the motive of analysing the UCK
financial performance of the company. These are produced
with the help of taking financial information from the last
year financial statements in comparison of this year.

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• Inventory management report: These are specifically
known as the overall control of development of the data
regarding the overall opening and closing stock those are
kept through UCK furniture during the period of time.

Benefits of using accounting system
There are different beneficial for attainment of business aims that are
helpful in future planning of the operations. These are equally
significantly crucial for the overall business management of the
company.
• Cost accounting is more valuable for UCK furniture in respect to
determine total cost as well as expense that are incurred during the
production process.
• Inventory management used to record all essential requirements those
related with opening and closing stock of the company.

Integration of reporting and accounting
system
• In relation to the overall valuation of the use of accounting data
and information those are related with the finance company
need to make use of effective system and report.
• As the accounting system can be utilise with the motive of
recording essential financial transaction that are collected for
the first time. while reports are made on the base of the detail
information which are presented in front of the investors to
make valuable decision regarding the capital investments.

Conclusion
From the above presentation, it has been concluded that
management accounting is more reliable aspects for an
organisation. It can assist in overall recording of financial
transaction that is collected during the period of time. This can
be determine with the help of using accounting system and
reporting methods those primary base of making future
decision in near future time.

References
Parker, L. D., 2012. Qualitative management accounting research:
Assessing deliverables and relevance. Critical perspectives on
accounting. 23(1), pp.54-70.
Burritt, R.L., Schaltegger, S. and Zvezdov, D., 2011. Carbon
management accounting: explaining practice in leading German
companies. Australian Accounting Review, 21(1), pp.80-98.
Banerjee, B., 2012. Financial policy and management accounting.
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