Management students have to deal with various types of assignments and report writing is one of them. MGT510 is one such course that includes managerial practices and theories related to international and global organisations. To write the MGT510 assessment answer, one needs to know in detail about strategic planning, negotiations, management styles, and human resource management in an international organisation.
Managerial accounting is also known as cost accounting. It emphasises on the information received through financial accounting. The reports based on managerial accounting are generally used for planning, organising, decision-making, regulating and measuring the performance. Such reports are being prepared all over the bookkeeping and accounting period as per the requirement.
However, a sample has been attached below:
- Calculate the profit by making a profit and loss statement for Swipe 50 Limited for the month of Feb and March.
- Use absorption and variable costing method to prepare a profit statement.
- Reconcile the Swipe 50 Ltd profit by using absorption costing to variable costing.
- Explain the methods that differ from other methods. Also, explain their importance.
- Suggests three ways to improve Swipes 50 Ltd accounting systems.
The aim of writing the above MGT510 assessment answer is to develop an understanding of managerial accounting processes. You will come to learn the various ways to create pictures of an organisation through accounting methods.
Approach To Be Followed For MGT510: Managerial Accounting Report Writing Assessment
To write the MGT510 Managerial Accounting Report Writing Assessment answer, simply follow the below-given methods:
Step 1: Read the given case scenario completely to understand the requirement.
Step 2: Identify the key components of managerial accounting such as identifying, analysing, measuring, interpreting and communicating.
Step 3: Review and evaluate the practices leading to managerial accounting processes.
Step 4: Explain the importance of variable costing and absorption costing.
Step 6: You must propose ideas through which Swipes 50 Ltd can improve its accounting system. As per the accounting assignment experts, the writers must have the knowledge of accounting standards so that they can identify and analyse which standard to be used.
How to Make A Managerial Accounting Report?
Business owners, managers, and shareholders need managerial accounting reports to get help in the decision-making of a business. The accounting staff is required to make income statements, cash flow statement and balance sheets. Moreover, managers require reports like forecasts, budgets and comparison reports to find out about the business position.
Preparing a Balance Sheet
Creating a balance sheet requires knowledge of the standard accounting equation. The formula is Assets = Liabilities + shareholder’s equity. If the writer is using standard accounting software, they can be able to print the balance sheet for a particular period of time.
There are two columns under the balance sheet, i.e., assets and liability. Assets are written on the left side whereas liabilities go on the right. Underneath assets, including cash, fixed assets, accounts receivable, inventories, etc. And on the other hand, liabilities include accounts payable, note payable, deferred revenue and share holder’s equity.
Creating an Income Statement
The income statement is also prepared as a balance sheet at a regular accounting period. The income statement of a company reports the expenses incurred and the number of profits for a particular period. You can begin with :
- Gross Profit= Revenues – the cost of goods sold
- Operating income = Gross Profit – operating expenses
- Net Income = Operating income + Non-operating items
Maintaining Cash Flow Statement
The cash flow statement is a financial statement which summarises the cash and cash equivalents of a company. The CFS is used to measure the cash positions, generate cash to pay operating expenses and debts.
How to calculate the cash flow statements?
Begin with the current cash balance and add the cash expected to receive within the given time period. This cash could be received from loan proceeds, customers or investors.
After this, subtract the expected cash outflows.
In short, here’s the formula:
Ending cash = Beginning cash + projected inflows – projected outflows
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