StudentShare solutions
Triangle menu

Management accounting and control - Coursework Example

Nobody downloaded yet

Extract of sample
Management accounting and control

This approach was developed by Kaplan and Norton through the development of a set of measures otherwise called by them as “a balance scorecard.” The approach has the ability of giving the managers of organization a fast and quick view of the organization in terms of measures and management of performance information which includes both process and results measures (Swain, Krumwiede and Eaton 1999). The balanced scorecard is compared to the dials and the indicators in an airplane cockpit due to its ability to give comprehensive information simultaneously about the current and the predicted environment needed by managers for effective and efficient management. Information from this approach is ought to be gathered using the four model approach as follows:- in the customers perspectives, the managers are required to know if they are able to satisfy their customers’ needs hence the need for them to respond to the question as to how the customers see them. Secondly, the model will allow the managers to focus on the critical internal operation which enables the organization satisfy the customer needs, this is known as the internal business perspective. Thirdly, the approach gives the innovation and learning perspective which shows the ability of the organization to innovate, improve and learn. ...
Therefore, the balanced scorecard is an organizational framework used in the implementation and management strategy at all the levels of the organization. It does this by linking objectives, initiatives and measures to an organization’s strategy. Hence, the approach can be termed as a strategic management system as opposed to only a measurement system due to its ability to function in both ways (Lipe and Salterio 2000). In addition, the tool enables the organization to be able to clarify their vision and strategy while translating them into action. The full use of the balanced scorecard enables an organization to transform their strategic planning to merely an academic exercise into the nerve center of the organization and its operations through the provision of the overall performance of the organization. This is done through the integration of all the financial measures like ROI, RI and EPS with the other key performance indicators of the organization which are found around the customer’s perspective, internal business processes, organizational growth as well as learning and innovation (Swain, Krumwiede and Eaton 1999). As opposed to Kaplan and Norton, Robert Simons in the explanation of the levers of control and how they can be used in understanding the scope and practice of management control argues that management control systems are formal, information based routines and procedures that are used by managers to maintain and alter patterns in organizational activities (Swain, Krumwiede and Eaton 1999). Hence as compared to the four perspectives in the balanced scorecards, this approach gives us the four levers of control which can be summarized as the control framework used by managers for the ...Show more

Summary

Date Answer 1 Organizations have in the past measured and managed their performance through internal or process performance approaches which have not been in the position of providing the management information they need to measure and mange the organization effectively and efficiently…
Author : jakubowskitamia
Management accounting and control essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the coursework on your topic
"Management accounting and control"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Management Accounting Assesssment
These changes are in the form of corporate strategy, business strategy and even in day to day operations. Before introducing the change, companies conduct in-depth analysis of its strengths as well as weaknesses. They also evaluate the external environment (political, economic, social, technical, legal and environmental) to identify external threats as well as opportunities.
8 pages (2000 words) Coursework
Management Accounting
It states the best in management accounting advise such as how to apply the budgeting process, the impacts of a budget and how to incorporate a budget in an organization. I can use this to illustrate the role played by a budget in management accounting. This book concludes that budgeting is important in managing a business and this is true since it forecasts profitability, costs and thus used for decision making.
10 pages (2500 words) Coursework
SLP2 599
The products are X5, X6 and X7. As the new Vice President of Marketing at the company, it is essential to determine the right pricing and product development strategies to be implemented over the next four years. This paper reviews strategies used by Joe Schome and those adopted to move the company to a better position by 2016.
4 pages (1000 words) Coursework
Management accounting for business decisions Trailer Construct plc
The demand for construction of new trailers has been consistently rising through the five years to 2011, although demand for repair remained consistent throughout the same period. As a result, the company decided to raise its production level, however its policies and practices remained the same.
6 pages (1500 words) Coursework
Management accounting and control (5-8)
As time passes on, the roles of the accountant keeps changing. In addition, they become more diversified enabling the roles of the accountant to be viewed in varied forms of activities. Management accountant hence applies several forms of concepts and practices in the process of budgeting.
15 pages (3750 words) Coursework
Management accounting and control (s-12 -1-4))
This variance from an organisation’s budget is what directs attention to important aspect of budgetary process, the control process. There is need for accountants to explore all variances as a practice of “management by exception” (Bunce et al 1995).In the management of public resources, it is important to adopt a control model that aids the process of good governance.
15 pages (3750 words) Coursework
Management accounting and control (s-12 -5-8))
Finance is all about managing and utilizing the funds of an entity from different angles and to assess them with different provisions organisations have to undertake different decisions in total (V.S.BAGAD, 2008, pp.52). Managing the funds and increasing the shareholder’s equity is not the only provision and lawsuit of an entity but it mainly depends on certain things.
15 pages (3750 words) Coursework
Management account-R12
In accounting, there are several theories which give guidance in understanding certain aspects. In management accounting, there are specific theories; among them is the contingency theory. In management accounting, contingency theory is basically concerned with the situational factors.
18 pages (4500 words) Coursework
Management accounting-Bias Budgets
In most cases, the approval process takes a longer time than preparing and this is because the managers have to decide on prioritizing and the involved discussion between the management team. In fact, the process of approving budget involves the following steps: budget consolation, reviewed by financial staff, reviewed by top management, discussion with division manager, and making the tough decision.
8 pages (2000 words) Coursework
Supervisory management/managerial accounting
It is an activity on the part of management to get things done by others, willingly and not by compulsion. Leadership is the process of influencing subordinates in an organization for the achievement of organizational objectives. It is the mangers' ability to induce employees to perform their tasks confidently and enthusiastically.
8 pages (2000 words) Coursework
Hire a pro to write
a paper 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
Comments (0)
Click to create a comment