Management Accounting For Costs And Control

1370 Words Aug 22nd, 2016 6 Pages
ACC512
Management Accounting for Costs & Control

Assessment Item 1
Midhun Ramachandran
Student ID: 11594000
Class: Wednesday 9am-12pm
Lecture - Dhanushka Wijayakantha

Answer 1- Management accounting
The three elements that drive or influence management accounting work are:
Compliance- It refers to the need to fulfil both external regulations as well as reporting requirements. Accounting personnel’s need to furnish proper recognition of expenses and revenues, and estimate assets and liabilities. Management accountants sketch and operate cost accounting system that determines inventories by affix costs to product.
Control- It refers to entire procedure of planning and control. Management accountants create thorough spending budget and outlining operational arrangements, by evaluating the financial consequences of longer term investment ventures. It would help to use and conversion of resources and meet organisational plans. This element would enhance both financial and non financial activities of the organisation.
Competitive support- It enhances firms competitiveness through provision of financial services to management crew. It would increase value of the organisation through reinforce line and process management accountants and improve decision making. (Fatseas & Williams, 2009)
Answer 2- Control
Control is the way toward observing, measuring, assessing and amending real results to guarantee that a business venture 's objectives and arrangements are…
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