Management Accounting Information Samples †MyAssignmenthelp.com

Question: Discuss about the Management Accounting Information. Answer: Need for management accounting information Key managerial personnel seek for essentialmanagement accounting information to control their operation effectively. The information mainly sought by respective employees is: Retail Outlet: these are responsible for carrying out everyday activities. Moreover, it is essential for them to supervise their teams and ensure cost reduction and profit enhancement. Its prime focus is into areas such as sales target, breakeven analysis, cost target, performance account and customer feedback as well as its satisfaction. Marketing Managers: they serve to provide organization with proper budgets ensuring adequate planning and strategies (Wild and Shaw, 2013). It is important that they make appropriate cost estimation and overall expenses incurred to keep a vigilant check on positive business status. They are also responsible for maintaining accounts receivables. They require utmost data regarding the running machinery and tools, demands and needs, market positioning and review as well as feedback of customer. Designing Team: such persons are considered important for recognizing the market trends and opportunities. They are thus required to be updated and well informed about the technologies associated with their business. Herein it is inclined towards cost analysis, reporting of productivity, designing policies and practice models. Management and contract negotiation manager: Such a person holds responsibility for maintaining, negotiations and controlling effective contracts (Kaplan and Atkinson, 2015). They are required for cautiously managing the contract creation, its implementation confirming that it helps in extracting maximum profits and minimum risks. The crucial tasks performed by these managers are ascertaining financial rations and statements, Costs fluctuations and planning and forecasting. Strategic Planning System Planning is a process, which involves strategic thinking and arrangement of activities in a manner that it leads organization towards accomplishment of goals and objectives. Mainly there are two forms of planning objective i.e., Strategic Objective meant for long term Operational; objective meant for everyday activities. Objectives are established with an aim to get it accomplished in a specified period of time. The next stage is implementing of strategies, which are ways to accomplish the set objectives. They apparently includes all strategic decisions such as business form, competitive strategies, market competitions. The Significance of planning system is: It helps in attaining competitive edge over others. It has the potential to directly impact on the success of an organization (Horngren and et.al. 2013). It incorporates understanding of budgets, comprehensive plan and competitive measures. It helps in accomplishing the short run financial requirements and needs for dealing with other short-term assets and liabilities. Uses of managementaccounting information in enhancing overall planning function are: Planning requires management information for effective decision making. The managementaccounting information gathered is based on both internal as well as external source and thus it helps in guarding them (DRURY, 2013). The planning worth is dependent on management accounting information as it encompasses great flexibility. The assessment of previous as well as the current management accounting information assists organization in formation of future planning. References DRURY, C. M., 2013. Management and cost accounting. Springer. Horngren, C.T. and et.al. 2013. Introduction to management accounting. Pearson Higher Ed. Kaplan, R. S. and Atkinson, A. A., 2015. Advanced management accounting. PHI Learning. Wild, J. and Shaw, K. 2013. Managerial accounting. McGraw-Hill Higher Education.