Select one of well-known service organisations in Australiaa. compare their use of management accounting against financial accountingb. challenges in applying traditional costing system typically...

Management Accounting
Table of Contents
Introduction    1
Analysis    1
Compare the use of management accounting against financial accounting    1
Challenges in applying traditional costing system typically developed for manufacturing firm to this organisation    2
Discuss the contemporary management accounting method may have been applied/could be applied to this organisation    4
Conclusion    4
References    5
Introduction
Accounting is considered to be one of the most important functions of the organisation as this area is linked with providing quantitative information that is mainly undertaken for taking different decisions (Kaplan & Atkinson, 2015). Further, it is a well known fact that different statements are present that are linked with the accounting nature and it undertakes balance sheet, profit and loss account and cash flow statement. Mainly all these financial statements helps a lot in knowing the financial performance of the firm in the market and corrective actions can be taken if firm is not performing efficiently. Proper accounting practices are mainly required in the business due to various reasons such as it helps in evaluating performance, assist in developing budget and monitoring the cash flow etc.
The present study carried out is based on the selected service organisation named Crown Resort. The firm operates in the hospitality sector and it is considered to be one of the largest entertainment and gaming group. The report focuses on analyzing the difference between management and financial accounting, management accounting method that can be used by the firm etc.
Analysis
Compare the use of management accounting against financial accounting
The concept of management and financial accounting differs from each other and in turn it is necessary for Crown Resorts to understand the difference in between two. The main difference in between financial and management accounting is in the form of aggregation. It has been found that financial accounting mainly focuses on the entire business but in case of management accounting focuses on the specific areas such as customer, product line, geographic area etc (Otley, 2016).
Another main difference in between the two concepts is regarding the reporting focus. The main focus of the financial accounting is towards the development of the financial statements and it helps a lot in knowing the financial performance of the firm in the market. On the other hand, in case of management accounting it develops operational report of Crown Resorts and they are mainly distributed within the firm so as to know the operational performance of the firm in the market. Next criteria that can be undertaken for knowing difference is time period. It has been found that financial accounting helps in highlighting the results that have been already achieved by Crown Resorts by conducting its overall operations (Cooper et al. 2017). On the other hand, in case of management accounting it undertakes the future predictions also such as preparation of budgets and conducting forecasts for managing the overall performance of the firm in the market.
Financial accounting helps a lot in the proper valuation of the assets and liabilities of Crown Resorts but on the other hand in case of management accounting it does not allows in valuation but helps in knowing the productivity of the assets over a particular period of time. So, this is another main difference in between the two.
Mainly it has been identified that main focus of financial accounting is on highlighting the profitability position of Crown Resort in the market (Fullerton et al. 2014). Through this it is possible for the firm to know whether its operations are profitable or not. On the other hand, in case of management accounting it focuses on knowing the key issues that are occurring within the firm and the corrective actions can be easily taken in order to deal with the issues in the best possible manner. So, this is also another main difference in between the two concepts.
Considering standard as the another criteria it has been found that in case of financial accounting it is necessary to comply with the different accounting standards but on the other hand in case of management accounting no such standards are adopted for conducting the practices as the data is used for the internal purpose of the business only (Dekker, 2016). No such standards are followed in the management accounting and this is the main reason due to which Crown Resorts can easily conduct its accounting practices in the proper manner.
The system of financial and management...