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To pen an HD grade level MAA262 – Management Accounting – Product Margin – Assessment Solution, the student must have a solid foundation for core management accounting topics such as costing, budgeting and performance management. In addition to this, a student is also expected to have the know-how of accounting management in the contemporary business environment; key cost terms and concepts; traditional and modern costing methods; budgeting; standard costing and variance analysis with the flexible budget; performance evaluation in divisional organisations and the balanced scorecard amongst a few more core topics.
Our subject matter experts are actually experts in all these topics as mentioned earlier and even other core topics. But in case if you would want to go ahead with MAA262 – Management Accounting – Product Margin – Assessment Answer all by yourself, then in this blog, I have discussed a few of the basics, which would be helpful for you to write MAA262 assignment answer.
What do you mean by management accounting?
Management accounting is basically a procedure of forming the company’s goals by knowing to measuring, analysing, understanding and sharing the information to managers. The main focus of management accounting is on all counting aimed at notifying management about functioning corporate metrics. Management accounting makes use of all the details related to production cost or service cost by the organisation. To be precise, budgets are mostly made use in order to quantify the decisions that are planned during operational planning.
While appearing for MAA262 – Management Accounting – Product Margin – Assessment Solution, students often get confused between management accounting and financial accounting. Let me clear the difference. If on the one hand, financial accounting is the collection of accounting data to create financial statements. On the other hand, management accounting is the internal processing used to account for business transactions.
What are the benefits of management accounting?
For effective and smooth business operations, it is vital to prepare a practical plan and execute the same thereafter. Whilst planning, functional budgets are gathered, and accounting details are rearranged as per the department, product, section, etc. for apt planning.
In case, a business is not living up to certain set standards or the planned one, the management can decide to execute the course of action, only if the deviations are controllable. Both standard costings, as well as the budgetary control system, are of great help for the organization in this aspect.
- Service to Customers
Management accounting also helps in improving the service to the clients in a far better and improvised manner.
Under the management accounting system, there is proper organising of things that is inclusive of the scope of authority and responsibility of chief executives. Therefore, it helps in knowing the person who is responsible for what.
To achieve the goals of the organisation in an effective manner, the process of assimilating of various work performed in a firm is done. Perfect coordination amongst production, purchase, finance, personnel, sales and the like departments is required which can be achieved only after preparing budgets and performance reports.
- Improvement of Efficiency
In addition to all above, the management accounting system also helps in kicking away different sorts of wastage, production, defectives and other work. Now, this also helps in improving the efficiency of the workers.
The reports of business operation are periodically prepared and submitted before the top management periodically. Based on the report, the management can find out whom to demote or promote or to reward or penalize. In this way, the employees get motivated.
Under the management accounting system, two-way communication is followed. Modified accounting information and reports regarding performance are sent to top management for decision making.
- Regulation of Business Activities
Proper planning, organizing, coordination and motivation can bring systematic regularity in the business activities.
- Maximization of Profit
Standards are static and assess the actual enactment to find the deviations. If the causes for deviations are sensible, rational and controllable, then appropriate action may be taken, which will further help in maximising the profit.
The tools that accounting management systems make use of are reliable as well at the same time. This process usually makes the accurate and reliable data supplied to management.
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