Management Accounts - Essay Example

Only on StudentShare

Extract of sample
Management Accounts

For example, the cost of labour engaged in a service department can be charged wholly and directly but the canteen expenses of the factory cannot be charged directly and wholly. Its proportionate share will have to be found out. Charging of costs in the former case will be termed as "allocation of costs" whereas in the latter, it will be termed as "apportionment of costs."
Management Accounting is an indispensable tool for any business unit to set budgets. It sets standard costs and actual costs of processes, departments or products and through variance analysis measure the profitability and social use of funds. This assists the management to attract more investors and tap potential funding sources.
The main aim of costing is the providing crucial management information to ascertain costs, proper allocation of costs to a centre of responsibility, cost planning and control. ...Show more

Summary

This report aims at providing costing methods with appropriate procedure of allocation and apportionment cost to understand different costing methods and its deployment in management's decision making process. This will assist the managers of "The Home" to adopt and implement a sound management accounting system that will further give support to them in planning, organising, and controlling their nursing home business.
Author : powlowskijessie
Management Accounts essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Management Accounts"
with a personal 20% discount.
Grab the best paper

Related Essays

Finance and Accounts. Accounting Principles
Stock markets of late are very volatile and investors need to learn through various important concepts before proceeding to invest their hard earned money to ensure satisfactory returns. Many at times there may be possibilities that investors suffer on the back drop of decreased prices after they invest.
22 pages (5500 words) Essay
Finance and accounts
These situations should at least be reduced if they cannot be reduced as a whole. The process of loss reduction involves a complex understanding about the following terminologies:1.CAPM and Arbitrage Pricing Theory 2.Efficient markets hypothesis and Pecking order theory 3.Modigilani and Miller approach and Residual theory
21 pages (5250 words) Essay
Regulation of Solicitors' Trust Accounts
The Legal Profession Act 2007 specifically states that it aims to enhance “the regulation of legal practice on a national basis” (Legal Profession Act 2007). This paper will identify how these acts would improve consumer confidence in the legal services market through the regulation of solicitor’s accounts.
3 pages (750 words) Essay
Accounts Report for JT Engineering
FINANCIAL STATEMENTS OF JT ENGINEERING FOR THE FINANCIAL YEAR 2012 In addition to the above financial information, it is also important to understand various accounting concepts and principles based on which these financial statements are prepared.Gross profit margin is an analyzing tool which assists in identifying how effectively and efficiently the company is utilizing its raw materials, variable cost related to labor and fixed costs such as rent and depreciation of property plant and equipment.
2 pages (500 words) Essay
Accounts Manipulation
Firms may window-dress the financial statements in order to show a rosy picture of their accounts. In such a case, the whole exercise of analyzing the statements becomes useless. Window-dressing is also done to forecast a better picture to shareholders, bankers and financial institutions.
9 pages (2250 words) Essay
Management Accounting Control System
Former one describes the performance of one business that needs to be filed at company's house whereas the purpose of management accounts is to coordinate the planning of one business and making decisions about key areas like stock and sales etc. Management accounts provide the necessary guidance to make timely and meaningful management decisions about a business.
10 pages (2500 words) Essay
Anual Report and Accounts
After having successfully assembled the resources, the company is also required to assure all its stakeholders that it is indeed making good use of the resources in a manner benefitting all the stakeholders. This is considered as one of the important responsibility of the company.
5 pages (1250 words) Essay
Management Accounts
Cost allocation and cost apportionment are the two procedures which describe the identification and allotment of costs to cost
10 pages (2500 words) Essay
A report of 1000 which will require you to produce projected accounts to management by evalueting costs on labour, material and overheads and presenting their results on a cash budget forecast with basic financial statements (income statements and balance
To successfully accomplish this task, it has been estimated that the number of employees that could achieve the desired production level, this report has projected would be 4, plus additional employee being aged in the sales and administration
4 pages (1000 words) Essay
Understanding Company Accounts and reports
In addition, it help the organizations becomes more profitable, more productive and more sustainable. By adopting the environmental accounting and reporting
12 pages (3000 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT