AB_Unit5MA_1586417902.docx - Unit 5: Management Accounting...

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Unit 5: Management AccountingPROJECT BRIEFUnit 5: Management AccountingUnit 5: Management AccountingAims & Objectives of the ProjectThe overall aim of this unit is to introduce the fundamentals of managementaccounting which apply to the wider business environment and the organisationswhich operate within that environment. Students will explore how managementaccounting uses financial data to aid planning decisions, and the monitoring andcontrol of finance within organisations.On successful completion of this unit students will be in a position to presentfinancial statements in a workplace context and be able to assist senior colleaguesUnit 5: Management Accounting Page1of 13
Unit 5: Management Accountingwith financial business planning. In addition, students will have the fundamentalknowledge and skills to progress onto a higher level of study.Learning OutcomesBy the end of this unit a student will be able to:1.Demonstrate an understanding of management accounting systems.2.Apply a range of management accounting techniques.3.Explain the use of planning tools used in management accounting.4.Compare ways in which organisations could use managementaccounting to respond to financial problems.Essential Unit ContentsLO1 Demonstrate an understanding of management accounting systemsIntroduction to management accounting:What is management accounting? Definition of management accounting.What is a management accounting system?Why is it important to integrate these within an organisation?Explore the origin, role and principles of management accounting.The distinction between management and financial accounting.Different types of management accounting systems:Unit 5: Management Accounting Page2of 13
Unit 5: Management AccountingCost-accounting systems, inventory management systems, job-costingsystems and price-optimising systems.Benefits of different types of systems.Presenting financial information:Why information should be relevant to the user, reliable, up to date andaccurate.Why the way in which the information is presented must be understandable.Different types of managerial accounting reports.LO2 Apply a range of management accounting techniquesMicroeconomic techniques:What is meant by cost? Different costs and cost analysis.Cost-volume profit, flexible budgeting and cost variances.Applying absorption and marginal costing.Product costing:Fixed and variable costs, cost allocation.Normal and standard costing, activity-based costing and the role of costing insetting price.Cost of inventory:Definition and meaning of inventory costs and different types of inventorycosts.The benefits of reducing inventory costs to an organisation.Valuation methods.

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Term
Spring
Professor
Mad
Tags
management accountant, Prime Furniture, Junior Management Accountant of Prime Furniture

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