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SLP 1- Introduction to Managerial Accounting - Essay Example

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Walmart is one of the largest retail outlets' operator, operating approximately ten thousand stores in 27 different countries. The paper emphasize on the role of management accounting in multinational companies. Introduction to Management Accounting Management Accounting Management accounting is a branch of accounting, which collects information about a company's overall management mannerisms and suggests specific measures to promote further reformation. Among other things, the roles of management include planning, controlling, leading, organizing, staffing and decision making. In order to plan and implement any decision management needs a set of data, facts, analysis and reports; management accounting helps them collect it (Drury, 2004). Wal-Mart Inc. is the operator of a large number of stores worldwide. It operates around 27 different countries under three distinct banners. (Walmart Corporate Website, 2012) The role of management at Walmart is more diverse since they need to control multicultural organizations and plan for their future investments. Management accounting plays an important role at multinational organizations like Walmart. Following is the ways through which the management at Walmart utilizes the management accounting concepts: 1. ...
The budgets are then compared to actual performance. (Drury, 2004). This exercise helps management to evaluate the performance of operations and segments. This also helps management in controlling a lot of costs and arriving at favorable

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returns. 3. Standard costs are used to standardize inventory values, which are then compared to actual figures. This exercise is again helpful as it highlights all those products that cost more than standard and help management to make useful strategies to either reduce the costs or discard the product. (Drury, 2004). 4. On a monthly basis, management information system generates useful reports on: a. Inventory quantities and values, determining the overall closing inventory values. (Drury, 2004). These reports are then compared with the stores’ inventory records and differences are investigated and resolved. Inventory reconciliations are also made. b. Costs and expenditure allocations to different departments and processes, based on these reports the cost of goods sold is calculated and verified against the standards; (Drury, 2004). c. Sales reports based on locations, stores, personnel, etc. that helps the management to evaluate the performance of people handling the stores as well as the feasibility and market retail stores in certain locations. It helps management make useful decisions as to opening and closing of stores or expanding business. d. Product wise sales and inventory records that help management identify the segments and products that are most profitable, etc. 5. At Walmart, a decision for the opening or closing of any new store is done assuming the management accounting records.
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Summary

Introduction to Management Accounting University Name: Abstract This paper is about management accounting (also known as cost accounting) and its use in planning and controlling the operations and results at Walmart. Management Accounting strives to fulfill the requirement of management and helps them make critical decisions, rather than following a set standard for reporting to stakeholders…
SLP 1- Introduction to Managerial Accounting
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