Got a tricky question? Receive an answer from students like you! Try us!

Managment Accounting - Essay Example

Only on StudentShare
Author : rowezaria

Summary

This paper will discusse management accounting. The present business environment is incessantly changing with the advent of globalisation and increased level of business market competition. Business organisations in this modern day context are required to perform their respective business operations…

Extract of sample
Managment Accounting

This paper descusses from the above discussion, it can be affirmed that the present business scenario is incessantly changing due to gaining momentum of globalisation and prevalence of extreme business market competition. In this changing business market conditions, organisations are required to develop appropriate strategies and plans in order to maintain sustainable growth and performance. The arts sector in England is surrounded with certain threats that include operational inefficiency and ineffective allocation of financial resources within the context of competitive business environment. In this regard, this sector should adopt efficient business models with the objectives of performing in a sustainable way.
In relation to the arts sector of England, it can be viewed there is a lack of income which is generated from the entry tickets due to the provisions of free entry. Free entry of visitors in relation to this sector is often regarded as a blessing for public, but this practical implication has led towards inadequate public funding. In this respect, these organisations are more inclined towards incompetency and inefficient performance in the present competitive business environment.
This report makes a conclusion that management accounting is often viewed to be an important business tool which helps organisations in making better decisions and suitably maintaining financial resources at large. Specially mentioning, the statement of Royce can be identified to hold positive viewpoints about the formation of efficient business models for better management of the arts sector. On the other hand, Taylor holds opposing viewpoints about the need of forming effective business models, as this might increase the complexity of business operations and procedures by a certain degree. ...
Download paper

Related Essays

An overview of the concept of cosmetic accounting
From this research it is clear that cosmetic or creative accounting is a process where accountant use their knowledge about accounting rules to change or manipulate the reported figures of the company’s business accounts. Cosmetic accounting can be describe in different ways like it is referred as the terms of income smoothing , earning management , earning smoothing or somewhere as financial engineering. The term cosmetic accounting is used when ,accepted accounting techniques those are not allow to use as to report financial results of a company, and with the help of creative accounting…
7 pages (1757 words)
Activity-Based Costing: Is It Still Relevant?
This paper analyses important benefits and analyses how activity costing method can be helpful for organisations in their decision making processes, in analysing the profitability of a customer or a product, in improving costing processes and in tracing the cost in a better way. Therefore this article has been helpful in highlighting the important benefits of activity based costing as well as it has been helpful in determining the main benefits of activity based costing method and how people in the organisation feel about this costing system. Though, the questions asked from the respondents…
11 pages (2761 words)
information managment
The article after providing a brief background of the Cloud Computing technology, focuses on its evolutionary path. “This paper examines cloud computing in the context of other major changes in Information Technology (IT) and explores the revolutionary transformations and challenges it brings to IT management.” (Bento and Bento 39). The authors divide the evolution into six phases starting from 1970’s, when the IT systems in organizations got centralized, particularly regarding the financial and accounting information. They further delve into these phases by discussing how advancement in…
5 pages (1255 words)
Accounting Changes
Michael Ramos (2008) professional opined the primary reason for restatement is to present a more realistic picture of the company’s financial statement reports in compliance with the Sarbanes-Oxley Act of 2002 and accounting standards. The company’s plan to restate the financial statements generated a corresponding -35% decline in its sales figure. The company has been desperately using all its collection expertise to force one of its major clients, Sinovel Wind Group, to pay for its long overdue liabilities to American Superconductor. Sinovel is strategically located Chinese company. The…
3 pages (753 words)
accounting
Uniformity will allow for comparisons in the industry as a whole and that will ensure that the best performing entities are noted. The other advantage of uniform accounting is the fact that it will be easier for the relevant authorities to check the books of accounts when it is required. That will reduce any instances of tax evasion or any other crimes that are associated with manipulation of financial records. The inventory accounting method that I would recommend is the use of the average method. The average method is fairer in the setting of the price on the side of the seller and the…
3 pages (753 words)
accounting
During my academic career I have demonstrated that I am a great student. It is important to me to learn as much as I can from the course material, my professor, and my fellow classmates. Doing external research is extremely important to keep up with the latest data and information. The hardest part of being an accountant is complying with deadlines. e) No I do not have a job arranged upon completion of this program. I am still looking for a job. I am seeking a job in accounting or an entry level managerial position. Despite my passion for numbers and accounting I would prefer to work as a…
4 pages (1004 words)
corprate risk managment
Risks can be beneficial if properly managed (Merkhofer, 1987). Fate favors the bold; those who dare to dream and take calculated risks. Without risks, there are no rewards. Every decision in an enterprise is based on risks. The decision to manufacture more goods in anticipation of a sales pitch is a risk, so is the decision to stock particular goods. There is no guarantee that there would-be customers or that the speculative effort will be rewarded, yet enterprises do take these risks and are rewarded for the same. Risk management is an integral part of doing business in any organization. It…
5 pages (1255 words)