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Question: You work as a Management Accounting officer in a small and medium organization operating in either a Manufacturing, Retail, Hospitality or Construction sector with not more than fifty (50) employees and an annual net turnover not exceeding £500,000.
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 a responsibility to manage a wide variety of critical management accounting information using management accounting system and management accounting techniques such as cost-volume- profit analysis, marginal costing and absorption costing to produce relevant management report for informed decision making.
This was the summary of the speech delivered by a conference speaker about the role of management accounting and management accounting system in an organization. The General Manager of your organization sees management accounting function as very crucial in providing management information well informed decision making within the organization. Knowing that you are studying management accounting at the HND level, the organization sponsored you to attend this conference. After this conference the General management has asked you (Management Accounting Officer) to write a report to him covering management accounting and management accounting system together with different costing techniques and reporting to enable the organization implement them.
Explain management accounting and give the essential requirements of different types of management accounting systems to the chosen scenario giving examples. Explain different methods used for management accounting reporting that can also be used for the chosen scenario. (1000 words).
Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually.
The ABCD partnership has four partners. How much is includible in each partner's gross income for the year as the result of the distribution
A company has installed a piece of machinery for a total of $76,000. In its third month of operation, repairs of $1,300 had to be made on the machine. This $1,300 would be:
your parents will retire in 23 years. they currently have 240000 and they think they will need 1600000 at retirement.
General Motors Corporation has accounts receivable and notes receivable. How should the receivables be reported on the balance sheet?
Distinguish between the following pairs of terms in not more than five lines for each pair. You can use examples to illustrate your answer.
The rationale for the chosen statistical procedure and results of the statistical procedure, including effect size and power
Provide an example of a direct cost and indirect cost from your workplace or an organization with which you are familiar. What is the difference? Explain your answer.
Tennison Corporation has two major business segments-Consumer and Commercial. Data for the segment and for the company for May appear below: In addition, common fixed expenses totaled $371,000 and were allocated as follows:
on march 1 2011 joe miles purchased a suit at calvins fine apparel store. the suit cost 250 and joe used his calvin
MCO Leather Goods manufactures leather purses. Prepare direct labor budgets for September and October
Plate glass, k= 1.35W/m*K, initiallly at 850K, is cooled by blowing air past both surfaces with an effective surface coeffiicent of 5 W/m^2*K. It is necessary, in order that the glass not crack, to limit the maximum temp gradient in the glass to 1..
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