Management Accounting

 

Scenario:
You are working as a newly qualified Management Accountant for a
medium-sized enterprise in the manufacturing sector (choose an
organisation of your choice/or preferably your own place of work).
You have been asked to produce a report on management accounting.
Your report needs to be clear, concise and accurate based on the
following broad areas of management accounting.
∑ Demonstrate an understanding of management accounting systems.
∑ Apply a range of management accounting techniques.
∑ Explain the use of planning tools used in management accounting.
∑ Compare ways in which organisations could use management
accounting to respond to financial problems.

Sample Solution

Management Accounting

The process of creating organization goals by identifying, measuring, analyzing, interpreting and communicating information to managers is called management or managerial accounting. Management accounting focuses on all accounting aimed at informing management about operational business metrics. It uses information relating to costs of products or services purchased by the company. Internal management accounting systems are used to provide critical information to management to be used in operational business decision-making. A manufacturing company might use these systems to help in the costing and managing of their process. A hospital might use management accounting systems to assist them in insurance billing and other in-house requirements.

people define and evaluate themselves in terms of the groups to which they belong (Hogg & Abrams, 2001). It has been defined as “that part of an individual’s self-concept which derives from his/her knowledge of his/her membership of a social group (or groups) together with the value and emotional significance attached to that membership” (Tajfel, 1981). Social identity is conceptualized as having three main dimensions namely, cognitive centrality (importance of being a group member); ingroup affect (positive feelings associated with group membership); and ingroup ties (perceptions of bonding, belongingness and similarity with other group members) (Cameron, 2004).
In the studies, the participants were encouraged to reflect on how they felt about their team, team mates and the sports club environment in general (Bruner et al., 2014; Rutten et al., 2008). They also used hypothetical scenarios to identify if the participants had engaged in that kind of prosocial or antisocial behaviour towards teammates or opponents (Bruner et al., 2014). In addition, they also indicated the normative expectations, manners, communication, and possibilities for participation in the team (Rutten et al.,2008).
The findings of these studies confirmed the important role teammates and the team atmosphere in shaping behaviours of athletes. Athletes who reported deeper feelings and attachment with being in their team reportedly engaged more frequently in prosocial behaviours toward their teammates such as offering constructive feedback or encouraging (Bruner et al., 2014). These findings were in line with the Social identity theory. In addition, the perceptions of how well the team functions and works collectively toward its goals (i.e., task cohesion) and sociomoral reasoning was found to be a significant factor that could explain the influence of team-membership on prosocial behaviour toward teammates and antisocial behaviour toward teammates and opponents (Bruner et al., 2014; Rutten et al., 2007).
However a surprising finding in contrary to previous studies was that young athl

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