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What is managerial accounting?
Let us first brief ourselves with the subject of managerial accounting. It is that branch of accounting which deals with the preparation of weekly or monthly management reports for a business or an organization. These reports are prepared by analyzing the statistics and they provide information about the financial condition of that organization. These reports are addressed to the managers rather than to shareholders. These are studied by the managers and higher authority officials to make decisions about the organization.
Managerial accounting plays the role of an advisor and warns the manager about the upcoming problem in the organization and with the help of these reports; the manager gets an insight about the strategies of profit-making.
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What is the content of managerial accounting reports?
Managerial accounting homework solutions help you in preparing managerial reports. These reports talk about the various parameters of a financial organization like the amount of raw material that is available, cost estimation, production details, revenue generation, profit analysis etc.
Fundamentals of managerial accounting:
For doing business, exchange or transaction takes place. Only those transactions whose monetary value(value in terms of money) can be determined are taken into business consideration.
The type of ownership of an organization determines its organizational form; it can be proprietorship, partnership or co-operative.
Transactions can be entered as single or double entry. When transactions viewed from both the giverâ€™s and receiverâ€™s aspect are merged together into a single entry, it is called single entry system and when transactions are entered from both the receiverâ€™s and the giverâ€™s aspect, it is called double entry system.
A stockholder is a person who is concerned about the organization and takes interest in its working. The investors, the managerial team, the employees etc. are the examples of stockholders. Managerial accounting explains how the stakeholders react to an organizational situation.
Need of managerial accounting:
As we can see, managerial accounting is basically a 3-stage process. The first step is collection of information about the working and operation of an organization, the second stage is analysis of this information and the third stage involves submission of this report to the higher officials, mainly the managers, so that the managers can have a look and work out ways for the effective functioning of the organization.
Managerial accounting homework solutions see to it that you are provided with a comprehensive and detailed solution to your questions.
A discussion on managerial accounting homework solutions will not be effective if we do not talk about the functions of managerial accounting.
Functions of managerial accounting:
Managerial accounting homework solutions not only help you with assignment questions but also provide you with a depth of the subject and its application.
Application of managerial accounting:
Managerial accounting finds use in the field of constraint analysis, trend analysis, transaction analysis, margin analysis, break-even analysis and capital budgeting analysis.
Understanding the obstacles present in a company, and how these obstacles hinder the companyâ€™s ability to earn profit.
Checks if the variance is deviating from the normal variance of the company and finds out the reason for this deviation. Trend analysis reviews the trend-line of a company by checking its expense and returns.
After getting the report of trend analysis, a person of managerial accounting department tries to find the reason for the change in variance by going through every single transaction made by the company, the findings of which are then entered in the managerial reports.
Margin analysis deals with profit calculation.
It examines whether in an organization, fixed assets are required to be acquired and provides help with financial ways of acquiring them. This is capital budgeting analysis.
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