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Managerial Accounting Final Report - Essay Example
Finance & Accounting
Pages 6 (1506 words)
Name: Institution: Course: Supervisor: Date: May 18, 2013. Managerial accounting final report Introduction and background information The current competitive corporate environment requires informed decision making to ensure an organization’s competitive advantage and relevance in a market…
This paper offers managerial accounting report based on an entity’s costing accounting data and recommends improvements to the firm. The scope of management accounting incorporates financial accounting concepts, cost accounting concepts, and statistical concepts to develop an understanding of a business environment towards informed managerial decisions. Cost accounting offers data on costs and facilitates analysis for cost control or cost based decisions (Bhattacharyya 2). The management approach’s ability to use existing data for forecasting and planning identifies its significance to management because it aids strategy developments for market dynamism (Mitra 1-27). Incorporation of statistical tools in the management approach also empowers it to determine informed choices for efficient operations because the techniques allows managements to compare environmental factors in a market and to identify the most suitable applications that can guarantee market control and efficient and effective operational processes. The report relies on these aspects to review the firm’s cost and processes (Thukaram 5). ...