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£69 LO1: Demonstrate an understanding of management accounting systems
Unit number and title: Unit 5, Management Accounting
Assignment Context and Business Scenario: You have been the Management Accountant of Zylla Company for a number of years. It is a large multinational organisation, which has undergone a number of changes over some time, the result of expansion into new markets and locations, restructuring and acquisitions. The Finance Director considers that the existing management accounting system needs to be revamped to make it more relevant to the changes that have occurred.
You are required to review the existing system, and conduct a research on developments in management accounting, with the view to recommending comprehensive changes to Zylla Company management accounting system, and preparing a report of same to the Finance Director for review and onward submission to the Board of Directors.
Your report must consider a number of themes in management accounting. Specifically it must recommend changes that cover the following: 1. Management accounting and management accounting systems, 2. Management accounting techniques for determining costs, 3. Management accounting planning tools, and 4. Response to financial problems using management accounting.
Your report must also provide examples of income statements prepared on the basis of absorption costing and marginal costing. In order to do this, you may use the data attached to this assignment brief, or you may collect your own data for that purpose. These may be presented as appendices appropriately referenced in the body of your report. What you must do
The following tasks are required to be carried out:
LO1: Demonstrate an understanding of management accounting systems
1. Explain management accounting and give the essential requirements of different types of management accounting.
2. Explain different methods used for management accounting reporting.
3 . Evaluate the benefits of management accounting systems and their application within an organisational context.
4 . Provide a critical evaluation of how management accounting systems and management accounting reporting are integrated within organisational processes.
LO2: Apply a range of management accounting techniques.
1. Calculate costs using appropriate techniques of cost analysis to prepare an income statement usingmarginal and absorption costing. (You may use attached data or your own) 2. To achieve, you should apply a range of management accounting techniques and produce appropriate financial reporting documents. 3. Produce financial reports that accurately apply and interpret data for a range of business activities.
LO3: Explain the use of planning tools used in management accounting
1. Explain the advantages and disadvantages of different types of planning tools used in budgetary control
LO4: Compare ways in which organisations could use management accounting to respond to financial problems.
1. Compare how organisations are adapting management accounting systems to respond to financial problems. 2. Analyse how, in responding to financial problems, management accounting can lead organisations to sustainable success. 3. Critically evaluate how planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success.