Search

Different Types of Accounting Systems and Reporting

University:

  • Unit No: 5
  • Level: High school
  • Pages: 6 / Words 1410
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 1179
Brief :

Learning outcomes:

LO1 Determine an understanding of management accounting systems.

LO2 Make use of different accounting techniques

LO3Analyse the importance of planning tools used in management accounting

LO4Evaluate different ways through which organisation can management accounting can use to respond to financial problems.

Brief and Guidance:

Learners must read it properly before answering any questions along with references related to scenario addressing different learning outcomes.

Scenario

Part 1

In present business environment of Alpha Ltd. which is field of management accounting is of importance in an organisation because decisions are related to profit maximisation and wealth creation. Business need to keep track on cost-based information as well as s historic general leader produced in financial accounting information.

A good accounting requires responsibility to manage variety of critical management accounting information using management accounting system and techniques such as cost volume profit analysis, budgetary control, cash budget, marginal costing and absorption costing to prepare relevant reports to make decision making.

You are working as a Trainee Management Accountant in medium sized manufacturing company called Alpha Ltd with 50 staff members and turnover of 500000 per annum. It is famous for its pizza company which is founded in 2001 and now looking to expand its franchising business.

Through this process determine the knowledge and understanding of management accounting function and management accounting systems and importance of information to stakeholders. They also require an understanding of planning tools and its importance in organisation to resolve financial problems.

Task 1: (LO1))

  • Define management accounting and discuss the essential requirement of different types of management accounting systems.
  • Discuss methods to be used for management accounting reporting.

Note: You need to evaluate how management accounting system integrated with process and help to achieve higher level of achievements.

Scenario 2

You are hired as Trainee Management Accountant by an organisation. Satisfied with your theoretical knowledge, your line mangers want you to use different management accounting techniques and how it can help Alpha Ltd to resolve the problem.

Task 2 (LO2)

Make an evaluation of your skills by giving appropriate solutions to problems that requires application of Management Accounting Techniques.

Task 3:( LO3& LO4)

As a Trainee Management Accountant in your organisation, determine the issues that are existing in management accounting function such as budgetary and budgeting control, performance indicators and variances to boost the interest in accounting functions.

Make use of various relevant accounting material such as news, bulletins, stakeholders report and YouTube, twitter and other relevant sources. It must be convincing and supported by relevant illustrations and maintain value of organisation. It should include:

  1. Determine the advantages and disadvantages of different types of planning tools used for budgetary control and its use in your chosen organisation.
  2. Contrast how organisation is adaptive to management accounting systems to respond to financial problems and how it helps management accounting lead to have sustainable success.
  3. Determine the role of planning tools in order to respond appropriately in solving financial problems to lead the organisation have sustainable success.

Problem1. Alpha Ltd wants to cost its new pizza which it was introducing in the market in summer 2020. The cost and production information are as follows-

Table1-

Unit Selling Price

8

Unit Variable price

3

Fixed Manufacturing Cost per period

150000

Non-manufacturing Cost per period

50000

In each period budgeted activity is 75000 units. There are no opening inventories at the commencement of Period 1 and production to be carried out in this period. The schedule of sales and Production for each period is given below:

Period

Apr'19

May'19

Jun'19

Jul'19

Aug'19

Sep'19

Sales ('000)

75

60

90

75

70

80

Production ('000)

75

75

75

75

85

70

1.Using the given information in Table 1, calculate unit product cost and produce an income statement under:

  • Variable costing systems
  • Absorption costing system

2.Produce a schedule to reconcile the net operating income under variable and absorption costing system.

Problem 2 a. Alpha Ltd has expanded its operations and started manufacturing

health product. Last month it suffered a loss of 18000. The income statement of month is as follows:

Sales(13500units*40)

540000

Variable costs (13500*28)

378000

Contribution

162000

Less fixed expenses

(180000)

Net operating loss

(18000)

1.Use the table to calculate

  1. BEP in units and in GBP(revenues)
  2. Contribution margin ratio

2b. Alpha Ltd. Is planning to purchase a new machine. It will increase the fixed cost by 236000 and decrease variable expenses by 50%

Compute the CM ratio and breakeven point if the machine is installed.

2c. It expects a sale of 20000 units for next month.

Produce financial statements under two scenarios and present your interpretation.

Scenario 1 Assume machine is not installed

Scenario 2 Assume it is installed

2d. Should the company install the new machine? Give recommendations.

Learning outcomes and Assessment criteria

PASS

MERIT

DISTINCTION

LO1 Determine an understanding of management accounting systems.

D1 Determine how management accounting systems and reporting is integrated with organisational processes.

P1 Define management accounting and discuss the essential requirement of different types of management accounting systems.

P2 Discuss methods to be used for management accounting reporting.

M1 Discuss the benefits of management its accounting systems and its application in organisational context.

LO2 Make use of different accounting techniques.

D2 prepare financial reports that appropriately apply and interpret data for different business activities.

P3 Evaluate costs using relevant techniques of cost analysis to produce an income statement using marginal and absorption costs.

M2 Appropriately apply Different management accounting techniques and prepare appropriate financial reporting documents.

LO3Analyse the importance of planning tools used in management accounting

D3 Discuss how planning tools respond in solving financial problems to get organisation attain success.

P4 Determine the advantages and disadvantages of different types of planning tools used for budgetary control and its use in your chosen organisation.

M3 Evaluate the use of different planning tools and its application for preparing and forecasting budgets.

LO4Evaluate different ways through which organisation can management accounting can use to respond to financial problems.

P5 Contrast how organisation is adaptive to management accounting systems to respond to financial problems and how it helps management accounting lead to have sustainable success.

M4Evaluate how responding to financial problem, management accounting can lead organisation to sustainable success.

Download Full Answer
Cite This Work To export references to this Answer, select the desired referencing style below:
Assignment Desk.(2024) Different Types of Accounting Systems and Reporting Retrieved from: https://www.assignmentdesk.co.uk/answers/management-assignment-help/different-types-of-accounting-systems-and-reporting
Copy to Clipboard
Copy to Clipboard
Assignment Desk (2024) Different Types of Accounting Systems and Reporting [Online]. Retrieved from: https://www.assignmentdesk.co.uk/answers/management-assignment-help/different-types-of-accounting-systems-and-reporting
Copy to Clipboard
Assignment Desk Different Types of Accounting Systems and Reporting . (Assignment Desk, 2024) https://www.assignmentdesk.co.uk/answers/management-assignment-help/different-types-of-accounting-systems-and-reporting
Copy to Clipboard
Assignment Desk Different Types of Accounting Systems and Reporting . [Internet]. Assignment Desk.(2024), Retrieved from: https://www.assignmentdesk.co.uk/answers/management-assignment-help/different-types-of-accounting-systems-and-reporting
Copy to Clipboard
Struggling with writing assignments? Take our academic writing services to resolve your problems. We not only provide online assignment help but also various other services like thesis, dissertation, and essay writing services. If you have any doubts about our experts, then we suggest you check our “Samples” before seeking dissertation help from us. Our experts can ease the complexity of your work. All you have to do is ask, “Can you do my assignment?”
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price
USD 6

    Delivered on-time or your money back

    100+ Qualified Writers

    For Best Management Assignment Help

    View All Writers
    FREE Tools

    To Make Your Work Original

    • tools Paraphrasing Tool

      Check your work against paraphrasing & get a free Plagiarism report!

      Check Paraphrasing
    • tools Plagiarism Checker

      Check your work against plagiarism & get a free Plagiarism report!

      Check Plagiarism
    • tools Dissertation Outline Generator

      Quick and Simple Tool to Generate Dissertation Outline Instantly

      Dissertation Outline Generator
    • tools Grammar Checker Tool

      Make your content free of errors in just a few clicks for free!

      Grammar Checker
    • tools Essay Typer

      Generate plagiarism-free essays as per your topic’s requirement!

      Essay Typer
    • tools Thesis Statement Generator

      Generate a Compelling Thesis Statement and Impress Your Professor

      Try Thesis Generator Tool

    Professional Academic Help at Pocket-Friendly Prices!

    Captcha Code refresh

        Estimated Price

        USD 6.32 25% OFF
        Total Price USD 6
        182532+Delivered Orders 4500+PhD Writers 4.8/5Client Rating

         
        AD whatsapp

        Limited Time Offer

        Exclusive Library Membership + FREE Wallet Balance