Assignment Description Managerial Accounting plays very important role in business in adding value. This role has been changing since its inception. It has been evolved in its current roles through a...

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Assignment Description Managerial Accounting plays very important role in business in adding value. This role has been changing since its inception. It has been evolved in its current roles through a long journey proving its worth in the managerial decisions. It is no more confined only with its traditional budgetary role. It is now providing much more important decision inputs in setting business strategies particularly in the consistently changing business environments. Required: You are required to explain the following in your report: 1. Given an in-depth analysis on the traditional and contemporary roles of the Managerial Accounting. 2. Explain the roles of management accountants in an organization. 3. Examine the use of contemporary management accounting tools to help business in taking strategic decisions particularly in the changing environment. This assignment must be written/structured in the form of a ‘business report’. That is, it must have a/an; (a) Executive summary (between 100 words). (b) Introduction. (c) Body that addresses all the requirements – see above 1-3. (d) Conclusion that sums up the mains issues of this assignment. (e) Reference list containing all cited works. (f) Proper English Grammar, appearance, format, etc. At least 2 recognized journal articles should be cited in addition to the text and other recommended books mentioned in the UD. Langfield-Smith, K., Smith, D., Andon, P., Hilton, R., & Thorne, H. (2018). Management Accounting: Information for Creating and Managing Value 8e. McGraw-Hill Higher Education (Australia) North Ryde NSW.
Answered Same DayMay 14, 2021

Answer To: Assignment Description Managerial Accounting plays very important role in business in adding value....

Harshit answered on May 15 2021
144 Votes
EXECUTIVE SUMMARY
In the traditional managerial accounting the main focus was to derive the cost of the product which were divided into labour and material along with the calculation of variance in the cost and how those cost could be controlled. Wi
th the passage of time the managerial accounting developed few modern management techniques which help the organisation to make strategic decisions in the business and look beyond the financial performance of the company and focus on development of the non financial factors which indirectly may have use contribution in the organisation. In the following assignment we will analyse the comparison between the traditional and contemporary managerial accounting methods along with the role of Management Accountants and how the modern Management Accounting tools are used in the business environment today.
    Sr. No.
    Contents
    Page No.
    1
    Introduction
    3
    2.
    In-Depth Analysis of the Traditional And Contemporary Roles of the Managerial Accounting
    4-5
    3.
    Role of Management Accountants in an Organization
    6-7
    4.
    Use of Contemporary Management Accounting Tools
    8
    5.
    Conclusion
    9
    6.
    References
    10
INTRODUCTION
Managerial accounting is one of the most important factors for a proper operating of an organisation. The role of managerial accounting starts from the very Inception of the organisation where in the planning and decision making regarding the product is made. Managerial accounting not only focuses on the cost structure of the organisation but also focuses on how the pricing of the product should be made so that the revenue of the organisation can be maximized. The managerial decisions taken by the Management Accountants help the business to run its operations in such a course so that the objectives of the organisation can be achieved.
IN-DEPTH ANALYSIS OF THE TRADITIONAL AND CONTEMPORARY ROLES OF THE MANAGERIAL ACCOUNTING
Under the traditional Management Accounting the main focus of the organisation is in cost control with the specific recognition for variance analysis which includes the evaluation of forecast outcomes with real outcomes. In the traditional Management Accounting the product cost included only the two important things which were labour and material costs. Eventually when the other indirect cost were also included in the total cost of the product it was taken as a certain percentage of the labour cost. Therefore the administrative and the selling cost were included...
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