Unit 5 Management Accounting
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Unit
5 Management Accounting
Unit
5 Management Accounting
Aim
The overall aim of this unit is to introduce the fundamentals of
management
accounting which apply to the wider business environment and the
organizations
which operate within that environment. Students will explore how
management accounting uses financial data to aid planning decisions, and the
monitoring and
control of finance within organizations. On successful completion
of this unit students will be in a position to present financial statements in
a workplace context and be able to assist senior colleagues with financial
business planning. In addition, students will have the fundamental knowledge
and skills to progress onto a higher level of study.
Learning outcomes
On
successful completion of this unit a learner will:
1 Demonstrate an understanding of management accounting systems.
2 Apply a range of management accounting techniques.
3 Explain the use of planning tools used in management
accounting.
4 Compare ways in which organizations could use management
accounting to
Unit 5 Management
Accounting
Unit content
LO1 Demonstrate
an understanding of management accounting systems
Introduction to management
accounting: What is management accounting?
Definition of management accounting. What
is a management accounting system? Why
is it important to integrate these within an organization? Explore the origin, role and
principles of management accounting. The
distinction between management and financial accounting.
Different types of management
accounting systems:
Cost-accounting systems, inventory management systems,
job-costing systems and price-optimising systems. Benefits of different types
of systems.
Presenting financial information:
Why information should be relevant to the user, reliable, up to
date and
accurate. Why the way in which the information is presented must
be understandable.
Different types of managerial
accounting reports.
Unit
5 Management Accounting
LO2 Apply a
range of management accounting techniques
Microeconomic techniques:
What is meant by cost? Different costs and cost analysis. Cost-volume
profit, flexible budgeting and cost variances. Applying absorption and marginal
costing.
Product costings:
Fixed and variable costs, cost allocation. Normal and standard
costing, activity-based costing and the role of costing in setting price.
Cost of inventory:
Definition and meaning of inventory costs and different types of
inventory costs.
The benefits of reducing inventory costs to an organization. Valuation
methods.
Cost variances. Overhead costs.
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Unit 5 Management
Accounting
LO3 Explain the
use of planning tools used in management accounting
Using budgets for planning and
control:
Preparing a budget. Different types of budgets (e.g. capital and
operating). Alternative methods of budgeting. Behavioural implications of
budgets.
Pricing:
Pricing strategies. How do competitors determine their prices? Supply
and demand considerations. Common
costing systems: Actual costing, normal costing and standard costing
systems. How cost systems differ depending on the costing activity: job
costing,
process costing, batch costing and contract costing.
Strategic planning:
Applying PEST, SWOT, balance scorecard or Porter’s Five Forces
analysis to the financial position of an organization.
Unit
5 Management Accounting
LO4 Compare ways
in which organizations could use management
Accounting to respond to financial problems
Identifying financial problems:
Using benchmarks, key performance indicators (financial and
non-financial)
and budgetary targets to identify variances and problems.
Financial governance:
Definitions of financial governance, and how this can be used to
pre-empt or
prevent financial problems. Using financial governance to
monitor strategy.
Management accounting skill sets:
What are the characteristics of an effective management
accountant?
How can these skills be used to prevent and/or deal with
problems?
Effective strategies and systems:
The development of strategies and systems which require
effective and timely
reporting, full disclosure of financial positions and are
responsibly owned and governed.
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