112192 Advanced Management Accounting discusses the various tools which are present within management accounting- financial planning, financial statement analysis, cost accounting, fund flow analysis, cash flow analysis, and management information system. The primary objective of a business organization is to maximize profits and objectives can be achieved with the aid of proper financial planning. Financial planning can act as the best tool which can be instrumental for a business attaining its objectives.
This course elucidates the fact that profit and the loss account and the balance sheet can act as a crucial financial statement and the statements can be analyzed for various periods. This kind of analysis can help managers for understanding the rate of the growth of the business concern. The analysis can be carried out with the help of comparative financial statements and common-size statements. Cost accounting can help to present the cost data in a product-wise and process-wise manner.
The fund flow analysis can help to find out the movement of the fund from that of one period to that of another. This analysis can prove to be of great value that can help to understand whether the fund has been used in the proper manner in comparison to the previous year. The cash flow analysis can help in studying cash from operations perspective and it can help to understand the movement of the cash during the given period. This course code elaborates on how free flow communication in an organization can prove to be essential for the effective functioning of a business organization.
The managers can design a system with the help of which all employees of the organization are able to assess information and they have to be used for discharging the duties and for taking the quality decisions. This course code elaborates on the fact that strategic management accounting can be used for the identification of different approaches which can help to give potential value to management accounting. Strategic management accounting is indicative of future of the management accounting and strategic management accounting can help to answer criticisms in regard to traditional management accounting.
Strategic management accounting refers to a bridge for making connections between strategic management and management accounting. Strategic management accounting can be of value for management accounting and it can move away from the monetary concerns towards multi-dimensional business matters. Strategic management accounting can help to make the management accounting more strategic and it can cause questions for all the individuals in regard to accountancy practice.
Unit Details of 112192 Advanced Management Accounting
Unit details of this course include the following:
Unit Code: 112192
Location: Bruce, Canberra, ACT, Australia
Study Level: Post-graduation level
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112192 task answers elucidate on challenges of management accounting and it involves collection and recording of financial information from various divisions or departments. The cost allocation methods need information in regard to direct materials, manufacturing overhead, and production labor. The information can be said to be needed for the various production departments and management accountants would be responsible for reviewing of information. It can help to ensure that production costs have been allocated in regard to goods and services. It can help to include the non-production costs that can be instrumental in distorting the individual production costs.
Budgeting is a key factor of management accounting and small businesses can make use of budgets for the planning of future expenditures about the operations. The owners carry out the budget planning process annually and it can create challenges for the management accountants for the reviewing of historical financial information. The budgets can help in ensuring that owners and managers have to act in a responsible manner at the time of spending money for improving the operations.
Management accounting does not depend on the individual accounting periods at the time of recording the financial information. It is indicative of continuous accounting processes which have to be managed by owners and employees. The financial information has to be carefully separated for ensuring that timely and valid information has been included within the management reports.
The owners have to consider the implementation of business technology software as an integral part of the management accounting process. The specialty software can help in capturing financial transactions in the electronic medium and it can be sent to the individuals who are responsible for the interpretation of information. The owners have to create the financial reports that can enable the software for the automatic creation of financial reports. This course code discusses public accounting firms which offer the small business owners various crucial resources for the setting up of the management accounting process.
112192 solutions are associated with Canberra Business School which is a leader in providing education to business professionals for the future with the aid of innovative teaching. It is involved in offering diverse modes of experiential learning and the university helps to provide a student-centered curriculum to the students. The guiding principle of Canberra Business School is engaging with business and government in the national and international arena. It makes use of industry engagement that helps the students for receiving a practical business education which provides them with an edge within the employment market.