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Difference between Management and Financial Accounting - EverJoy enterprises

University: UK college of Business and computing

  • Unit No: 4
  • Level: High school
  • Pages: 20 / Words 5013
  • Paper Type: Assignment
  • Course Code: H/508/0489
  • Downloads: 104
Organization Selected : EverJoy enterprises
Question :

This assessment covers below-mentioned questions:

  1. Explain the management accounting system.
  2. Elaborate on the range of management accounting techniques.
  3. Provide the planning tools used in accounting.
  4. Evaluate all the financial problems and work in management.
Answer :

INTRODUCTION

Management accounting is the term which is used in decision making to managers with the provision of financial and non-financial accounting. It is used by management of the organisation for the internal purpose. In this report chosen organisation is EverJoy enterprises who deals in leisure and entertainment industry in UK. This report is divided into three tasks. Under first task management accounting system is to be analysed in which difference is to be provided between management accounting and financial accounting.

Meaning of cost accounting system, inventory management system, job costing system, types of management accounting reports, and need for sound accounting system is to be discussed. Further, in this report evaluation of budgeting in enterprise as planning and problem solving is to be discussed. Further, in this report evaluation of financial governance in enterprise is going to analyse.

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TASK 1

a. Difference between management accounting and financial accounting

BASIS

FINANCIAL ACCOUNTING

MANAGEMENT ACCOUNTING

aggregation

To find result of entire business financial accounting is used.

To find results at more detailed level, such as, product profit, product line, etc. Management accounting used.

Efficiency

Financial accounting deals with profitability report of the business.

To fix specific problems' management accounting used in organisation.

Standards

To make report under financial accounting various accounting standards is to be comply.

In this compiling of various standards is not necessary in organisation.

Time period

Financial accounting statements generally prepared at the end of accounting period.

Management accounting statements prepared with the needs

valuation

Under financial accounting, proper valuation of assets and liabilities are to be addresses which includes impairments, revaluations etc.

Under management accounting focus of valuation is only on the managerial productivity.

Orientation

Financial accounting is historical orientation under which results are interpreted by already achieved results of the organisation.

Management accounting is the future orientation. It forecasts future budgets of the organisation.

Necessity

Financial accounting statements are compulsorily to prepared in the organisation.

Management accounting statements prepared with the need of managers of the organisation.

Methods

To prepare financial accounting double entry system is used by organisation.

Double entry systems is not used in preparing management accounting statements.

Measurements

To prepare financial accounting statements, monetary transactions are only recorded of the organisation.

To prepare management accounting statements non monetary events are recorded such as competition, technical changes, change in the value of money etc.

Evaluation

To overcome with the limitation of cost accounting financial accounting statements are used.

For panning and controlling in organisation management accounting used positive cost a

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