Save 56% on Assignment Crafted by Human Writers

OFFER! Save 56% on Assignment Crafted by Human Writers

Search
Listening..

K/601/0941 Unit 4 Management Accounting BTEC (HND) Travel and Tourism

University:

  • Unit No: 0
  • Level: High school
  • Pages: 4 / Words 876
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 1239

Table of Content

  1. Introduction
  2. Task 1

Introduction

Management accounting is the process of preparing management reports and accounts that provide accurate and timely financial as well as statistical information required by managers. It is the necessary for the company to manage the functions in a better manner. Management accounting is the overall scenario which helps company to make financial accounting system. Present report will be based on management accounting of Tech UK limited who is produce special charger for mobile telephone and other carry on gadgets for retail outlets in the UK. This report will be based on how company manages their financial resources in a productive manner. Through they enhance the better opportunity growth. Further, assignment will discuss about essential requirements of management accounting system which help to distinguish management accounting information as a decision making tool for department managers. It will explain about the importance of cost accounting system as well. Inventory management systems, job costing. Moreover, it will describe the essential aspects of management accounting system.

Experts Are Listening! Have doubts about academic writing? Clear all of them in a minute! Call the experts and get your answers immediately! Dial Now!Contact Us

Task 1

P1. Explaining management accounting and essential requirements of management accounting system.

Management accounting system is the basic and necessary system to manage the company’s financial resources in a systematic manner. Focus of financial accounting is on the preparing information for external parties such as stockholders, public regulators and lenders. Besides, management accounting system is based on some essential principles which help company to develop the reports for internal and confidential use by managers for decision making and identifying ways to run company efficiently (Ax and Greve,  2017). Moreover, it enables Tech UK limited to make product costing, trend analysis and forecasting as well as market constraints.

Distinguishing Management Accounting from financial accounting

Similarities: Both; financial and management accounting system are the part of accounting information system. Accounting systems enable company to analyze its financial statements and take the suitable decision making approach. Another similarities between both of them is they are economic events are dealt in both system accounts. Financial accounting has given more new challenges and opportunities to adopt new portfolio of investment (Bromwich and Scapens, 2016). Besides, management accounting is the system that manages those systems on certain principles. Besides, another similarities between management accounting and financial accounting is both the terms are equally concerned with financial statements, revenues, expenses, assets, liabilities and cash flow (Fayard, 2015). Both determining and measured of costs for different accounting periods and even for different departments and sections.

Differences:

Basis

Financial Accounting

Management Accounting

Accounting Method

Financial accounting follows the double entry accounting method while entering the business transactions such as transactions, summarizing, recording, etc (Fullerton, Kennedy and Widener, 2014).

Management accounting system only manages the system. It is not based on any double entry system.

Accounting Principles

Financial accounting system adopts Generally Accepted Accounting Principles (GAAP)

(GAAP) is not important for management accounti

Download Full Sample
Often times, students feel unable to work on assignments and think, “Who will do my assignment?” By providing "Sample" on various subjects, we are trying to help them understand all the intricacies of writing. We have the most qualified and skilled assignment writers who can provide the best assignment writing services, essay writing services, dissertation writing services, and more at the most affordable rates. Place your order now for surprising discounts.
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price
USD 7.13

    Delivered on-time or your money back

    100+ Qualified Writers

    For Best Management Assignment Help

    expert name
    1434 - Completed Orders
    Audrey Johnson View Profile Master's in Religion studies UK Hire Me
    expert name
    1452 - Completed Orders
    Louisa Robinson View Profile Ph.D. in Computer Applications USA Hire Me
    expert name
    1534 - Completed Orders
    Garry Homme View Profile Ph.D holder in Strategy Management UK Hire Me
    expert name
    1149 - Completed Orders
    Albert Thompson View Profile Master's in Production & Industrial Management USA Hire Me
    View All Writers
    FREE Tools

    To Make Your Work Original

    • tools Paraphrasing Tool

      Easy to Use Paraphrasing Tool to Simplify Complex Academic Writing

      Check Paraphrasing
    • tools Plagiarism Checker

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

      Check Plagiarism
    • tools Reference Generator

      Get citations & references in your document in the desired style!

      Generate References
    • 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
    • Dissertation Outline Generator

      Get Structured Outline by Professionals for Your Dissertation

      Check Dissertation
    • Thesis Statement Generator

      Create the perfect thesis statement in just few minutes!

      Generate Thesis
    • AI Essay Writer

      Get a well-researched and quality essay effortlessly in a few seconds.

      AI Essay Writer
    GAH whatsapp

    Limited Time Offer

    Exclusive Library Membership + FREE Wallet Balance