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Management Accounting (performance indication, product and service costing, budgeting)
Finance & Accounting
Pages 12 (3012 words)
MANAGEMENT ACCOUNTING Table of Contents Introduction 3 Dealing with Performance Indication 3 Dealing with Product and Service Costing 5 System of Incremental Budgeting 7 Potential Problems in Current Approaches 7 Incremental Budgeting 7 Zero-based Budgeting 8 Resource-restricted Budgeting: 9 Effective Alternative Approaches in Operational and Strategic Management 10 Conclusion 11 References 12 Introduction Management Accounting as the name suggests is the process of accounting for the effectiveness and efficiency of both the staff as well as the allocation of the available resources and their uses.
Product and service costing analysis will clear out the unnecessary costs that are being incurred by the institution thus taking corrective actions for the same. Through the estimation of the incremental budgeting we can assess as to the implementation of the same is required or not thereby suggesting other budgetary procedure which may or may not be implemented by the institution based on the present circumstances. The University of Newland has therefore adopted measures through the mode of financial tools like return on capital employed, incremental budgeting, standard costing and various other cost restricting tools in order to increase the profit margin of the organisation. These tools would also help them in setting a probable standard for themselves so that any deviation from the same could be anticipated beforehand. ...
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