Demonstrate an understanding of management accounting system

Reference no: EM132511119 , Length: word count:3000

Learning Outcome 1: Demonstrate an understanding of management accounting system
Learning Outcome 2: Apply a range of management accounting techniques.
Learning Outcome 3: Explain the use of planning tools used in management accounting.
Learning Outcome 4: Compare ways in which organisations could use management accounting to respond to financial problems.

Scenario:
You have joined an accounting firm as a trainee accountant. Your responsibility in training involves conducting workshops and providing information for managers, business owners and prospective business owners about the application of management accounting systems and techniques in decision making. The first of a series of training and workshops for the year is coming up and you have doughnuts, been given a three Section task as below to carried out for a medium sized client Vent named Creams Ltd who sell ice creams, doughnuts, waffles etc. you can choose any other medium sized organization of your choice including your workplace if it is a medium-sized organization.

Section 1- Demonstration of an understanding of management accounting systems
In demonstrating your understanding of management accounting systems, you are to prepare and submit a report Critically Evaluating how management accounting systems and management accounting reporting is integrated within organisational processes.

Guidance
The report must evidence an Explanation of management accounting as well as the essential requirements of different
types of management accounting systems and the different methods used for management accounting reporting.
Also, the clients will get a better understanding of management accounting systems and its application by including in your report an Evaluation of the benefits of management accounting systems and their application within an organisational context using an organisation of your choice.

Section 2 - Application of a range of Management Accounting Techniques
The second Section of the workshop is a practical session where participants are tested on the application of a range of management Accounting Techniques using given sets of data. As Section of your preparation for this section, you are to produce Financial Reports that Accurately Apply and Interpret data for a range of business activities to be presented in worksheet format as exemplars for the participants using the data provided below of Creams Ltd.

Section 3 The use of planning tools in management accounting and the ways in which management accounting can be used to respond to financial problems in organizations.

The third Section of the workshop aims at providing participants with an understanding of planning tools used in management accounting and also to equip them with understanding on comparisons of way how organizations could use management accounting to respond to financial problems. In preparation for this section, you are to prepare and submit a business report. Evaluating how planning tools for accounting respond appropriately to solving financial problems leading organizations to sustainable success.

Guidance.
To enhance their understanding, the report must evidence an Explanation of the advantages and disadvantages of different types of planning tools used for budgetary control. Evidence of a further Analysis of the use of different planning tools and their Application for preparing budgets and forecasts is also recommended.

The report must also evidence a Comparison of how organisations are adapting management accounting systems to respond to financial problems using at least two organisations of your choice as a case study. An Analysis of how, in responding to financial problems, management accounting can lead organisations to sustainable success should corm Section of the discussion in this section.

The information required for this section of the workshop will require you to research latest news and academic articles to find out how different types of organisations use management accounting systems to respond to financial problems.

Guide to Command Verbs
Explain: Apply reasoning to account for how something is or to show understanding of underpinning concepts; responses could include examples to support the reasons
Evaluate: Examine strengths and weaknesses, arguments for and against and/or similarities and differences: Judge the evidence from the different perspectives and make a valid conclusion or reasoned judgment
Critically Evaluate: This is a development of 'evaluate' where the candidate debates the validity of claims from the opposing views and produces a convincing argument to support the conclusion or judgement
Analyse: Break the subject or complex situations into separate parts and examine each Section in detail; identify the main issues and show how the main ideas are related to practice and why they are important; reference to current research i or theory may support the analysis
Compare: Identify the main factors relating to two or more Items/situations or aspects of a subject that is enendoct explain the similarities, differences, advantages and disadvantages

Attachment:- UNIT5_Task.zip

Reference no: EM132511119

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