MANAGERIAL ACCOUNTING ASSIGNMENT HELP
Are you facing troubles in your managerial accounting assignemnts? Our professionals are here to resolve your queries. Managerial Accounting comprises of cost accounting.
MANAGERIAL ACCOUNTING THEORY:
The main purpose for performing managerial accounting activity in an organization is to reduce the level of risks connected to decision making. A complete analysis of accounting helps in figuring out how much a product costs, analyze when your company breaks even. Managerial Accountants and Financial Accountants both provide valuable services to an organization. Managerial Accountants and the Financial Accountants both provide useful information to managers who are responsible for making essential procedural decisions.
WHAT IS THE IMPORTANCE OF MANAGERIAL ACCOUNTING?
It is usually used to give directions to the internal users of information. It is a technique that is utilized in planning and controlling of a business.
Managerial Accounting usually involves making decisions along with making future predictions about cost and expenses. The company also prepares a budget to get an idea about the costs that will incur in the future by the company.
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However managerial accounting is not at all limited to decision making. There are other areas as well. They are Strategy, Performance and Risk Management.
FINANCIAL ACCOUNTING VS MANAGEMENT ACCOUNTING:
There is a general level of misperception that Financial Accounting is same as Management Accounting.
In Financial Accounting you prepare financial statements where as in Management Accounting you prepare operational reports.
In Financial Accounting the reports are prepared at the end of each accounting period whereas in Management Accounting it is upon the discretion of the management when the reports are to be prepared.
Unlike financial accounting, Managerial Accounting is utilized for internal purposes. Whereas Financial accounting is for external users of financial information.
APPLICATION OF MANAGEMENT ACCOUNTING:
PLANNING AND BUDGETING:
Managers are constantly facing questions such as what to sell, how to sell, what must be the cost of the commodity and also regarding management of the cash. Management accounting decides whether to carry out any project, if it is feasible or not.
Managers must make important decisions such as what must be sold, the appropriate product has to be identified which is needed by the customers in the target market. It must be decided through what channels the product must be sold. The appropriate cost of the product must be decided. Cost Accounting has a greater influence on the decision making procedure.
Managers must make decisions regarding what must be sold. Actual results must be contrasted with the budgeted results.
A managerial accountant has a responsibility to evaluate the financial well-being as well as the financial strength of a company. A managerial accountant has the responsibility to make ledger reports.
It helps the managers to identify the expenses that have high level of variance in the previous months.
Relevant Cost Analysis:
It must be determined by the company what needs to be sold and the technique to promote it. This technique is discussed in the relevant cost accounting. It is a technique that is utilized by companies to evaluate whether to discontinue operations or add product lines.
Activity Based Costing Technique:
The companies need to find out what products need to be sold and to whom it must be sold.
Make or Buy Analysis:
Many a times the company comes to a junction where it must decide whether to manufacture or sell some of its component. This makes or buy analysis helps companies to determine whether to manufacture or purchase any product.
Managerial Accounting also takes into account constraints within a production line or the sales procedure.
Managerial Accounting makes use of capital budgeting decisions. Capital Budgeting takes help from managers anticipations. The managers make future predictions and make use of managerial accounting in predicting future costs and inflows to an organization.
WHY ARE STUDENTS IN NEED OF A PROFESSIONAL HELP?
Management cost accounting has always remained a difficult subject for the students. It is a subject with complex level of questions.
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