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Management Accounting Systems That Improve Business Operations And Accountability

Task: Learners need to have read carefully the instructions before attempting any of the questions. The assignment is to be addressed with reference to the scenario addressing all learning outcomes. The learners will be assessed through the written report submitted by them addressing the Pass, Merit and Distinction criteria. Contribution: 100% of the module. Scenario 1: Management accounting plays a key role in organizations today and therefore decision makers in the organization must understand how to create and use good management accounting information. In today’s business environment, business wants to track performance information that goes beyond just the cost-based information of historic general ledger systems provided by traditional financial accounting information. Good management accounting involves responsibility to manage a wide variety of critical management accounting information using management accounting system and management accounting techniques such as cost-volume- profit (break- even) analysis, budgetary control, cash budget, marginal costing and absorption costing to produce relevant management reports for informed decision making. You are applying to work as a Trainee Management Accountant in a medium sized financial consultancy organization that has a client base of 50 small and medium sized business. The organization serves clients operating in a variety of sectors such as Manufacturing, Retail, Hospitality or Construction and provides them with the crucial information they need for managerial decision-making. As part of the selection process, you are required to write a report demonstrating your knowledge and understanding of the management accounting function and management accounting systems as well as the importance of presenting information to internal stakeholders such as the management. They also want to see your understanding of planning tools and how planning tools help organisations to resolve their financial problems. Guidance: In completing the report, you must explain what is management accounting and the requirements of different types of management accounting systems. Also explain the different methods used for management accounting reporting. Furthermore, your report must evaluate the usefulness of using management accounting systems and its application in an organization. The report must critically evaluate how management accounting systems and management accounting reporting are integrated within your chosen organization. The second part of your report must explain the advantages and disadvantages of various planning tools used in budgetary control and analyse their use and application for preparing and forecasting budgets. You must also be able to evaluate how planning tools in accounting help the organization to respond appropriately to solving financial problems leading to sustainable success for organizations. Scenario 2: Based on your report in relation to scenario 1 the firm has now hired you as a Trainee Management Accountant. Your line manager now wishes to assess your ability to apply a number of management accounting techniques and how organisations can apply management accounting as a solution to resolve financial problems.

Subject Name: Accounting

Level: Undergraduate

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