Management Accounting For Costs And Control - 1370 Words

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†¦show more content†¦Answer 3 - Cost concepts The statement â€Å"Cost accumulation to determine the cost of goods sold is an example of the control function of management accounting work† is false. cost accumulation suggests the route in which expenses are gathered and identified with specific client, group, employments, request, groups, division and strategy where as a control in management accounting work is identified with the complete method of planning and control of the organization organizing in evaluating the people performance with respects achieving the end objective furthermore in the outlining and working of framework in accomplishing organizational goals. (2016) Answer 4- Manufacturing statement and income statement Normal view: Formula view: Answer 5- Cost concepts I disagree with the statement. Perpetual inventory or continues inventory system describes the method of trading stock where the information on inventory stock and the availability of stock in continues manner. It is made available through bar coding system and lately radio frequency identification (RFID) that allows the computer system to quickly read the inventory information. But this system can be vulnerable sometimes due to overstatement (phantom inventory) or understatement (missing of inventory).(Perpetual Inventory Definition | Investopedia, 2003). It occurs due toShow MoreRelatedEssay about Role of Managerial Accounting1112 Words   |  5 Pagesbusiness costs down which involve internal and external actions. For internal control, the accountant has a responsibility to monitor finances of a company. Other responsibilities include keeping track of liabilities, duties and taxes. Furthermore, analyses of measurement data on creditors or stockholders are also provided by an acc ountant. 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