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Accounting management is the process that identifies, measures, analyses, interprets and communicates information with the aim of achieving the goals of an organization. This branch is also known as managerial accounting or cost accounting. It involves preparation of management accounts and reports for providing timely and accurate statistical and financial information that the managers need for making short term and daily decisions.
When our experts help students do my accounting management homework, they explain how accounting management covers all the fields of accounting that are aimed at informing the management of business operation metrics. In this field, the accountants use information about the cost of services and products bought by the company. Budgets are also used extensively for quantitatively expressing the plan of operation of business. Performance reports are utilized for noting the deviations of real result from the budget.
Managerial accounting or accounting management is quite different from financial accounting. In case of financial accounting, the annual reports are produced mainly for the external stakeholders. On the other hand, with accounting management, weekly or monthly reports are generated for the internal audience of the organization, such as the chief executive officer and department managers. Generally, these reports show the cash available, state of accounts receivable and accounts payable, sales revenue generated, outstanding debts, inventory and raw material.
When you avail the services of myhomeworkhelp.com to do my accounting management assignment, you will learn that cost is the most primary element of this field. In order to complete your assignments properly and have a better knowledge on the subject, you need to have a clear understanding of the concept of costs. Cost is the money incurred during production of goods and services. Different types of costs are incurred in businesses.
There are three elements of cost, namely labour, material and overhead cost. Material cost is the cost incurred during purchase of material. Labour cost is related to the cost of hiring and paying employees who are involved in the process of production. Overhead cost are the indirect costs incurred during production, such as logistic expenses. Unit cost of production can be calculated by adding these three costs.
There are different types of department within an organization, such as HR, marketing and finance department. Each department have their own function and expenses. As you will learn when you avail our help to do my accounting and finance management homework, examples of different function costs include sales, expense for employee hiring and interest expenses.
Cost can be categorized into direct cost and indirect cost based on its nature. Direct costs are the expenses that are related directly to the process of production, such as purchase of raw material. On the other hand, indirect costs are the ones which are not related directly to production, such as expense for transportation. The entire cost can be calculated by adding the direct and indirect cost.
Another classification of cost you need to know to do my accounting management assignment is its categorization based on behaviour. There are three categories- fixed cost, variable cost and semi-variable cost. Fixed costs are the ones that never change when there is a change in the output level. For example, purchase of land. On the other hand, variable cost continues to change when there is a variance in the produced units. For example, labour cost. Semi-variable costs are partly fixed and partly variable.
For judging the effectiveness of accounting management and cost control methods, some parameters are used. These are called performance indicators. Some performance indicators you will learn about when you take our expert’s assistance to do my accounting management homework include:
This refers to the sales that a company makes over a certain period of time. This is the parameter used for measuring the performance of a company when a change brought about in the organization has a direct effect on company sales. If the firm’s revenue elevates, then it can be considered that the organization implemented fruitful management accounting measures.
Sometimes, the management of a firm apply cost cutting techniques for reducing cost of production. If the implementation of these measures is done properly, the cost of production is reduced to an extent. This results in the firm experiencing profitability.
Customer satisfaction is another parameter used by managerial accountants for measuring the performance of the firm. A company needs to ensure that it is offering its product or service as per the requirement of its customers.
This is another performance indicator that our experts will explain to you will helping you do my accounting management assignment. Whether or not a company reaches its financial and managerial objectives measures the extent of improvements in a specific variable.
Budgeting is also a vital activity in accounting management. Different methods of budgeting used by organizations include:
The present year revenue and sales figures are considered in this form of budgeting. The firm collects data about its present year sales and then forecasts the trends that could possibly exist in upcoming year. The budget for next fiscal year is then drafted based on these trends.
Old values are not used in this form of budgeting. In this method, preparation of budget is done through identification of all business activities. Resources are then allocated for creating the budget.
With this method, the high cost factors are calculated first. Them the low-cost factors are determined.
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