Management Accounting Information
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Transcript of Management Accounting Information
Introduction Management Accounting Types of management accounting information Management accounting as a tool of decision
making Comparison with trend Forecasting New product and service Investment decision Conclusion References [email protected]
Table of contents
Travel and tourism sector is the fastest growing industryin the service sector throughout the world. With the easeof transportation, the growth rate of travel and tourismbusiness is increasing rapidly. With this the scope offinance and funding requirements and their application isalso increasing. The sources of funds, investment in capitalprojects etc. are the crucial decisions for any travel andtourism business. The application of these methods andanalysis and interpretation of financial statements andaccounting information is included in this report.
Introduction
Management Accounting
Management accountingprovides the manager with theaccounting information in orderto make better decision withinthe organization and helps themin building control. It involvespreparing reports and accountsthat provide accurate and timelyfinancial and statisticalinformation to business ownerin decision making. The manageruses accounting information tobuild policies for the company.
Types of management accounting information
Budget repot Financial
statement Variance analyze Job cost report
Budget Report - The budget is a tool used by the management to
control the cost of the production. Budget provides with a roadmap and the set of activity required to attain organization goals. The manager can use it as a tool to compare the performance of the activity with the budget to study the variance and take corrective action.
Financial Statements - The manager of Merlin enterprise can use to financial statement for the purpose of making informed decision for the company on the basis of accounting information. The manager will use the financial statement to perform financial analyze for the purpose of decision making. The manager of Merlin entertainment company can make the decision on the area where future investment can be made on the basis of analyzing of financial information.
Contd.
Variance Analysis - The management of Merlin
Entertainment can use the variance analyze to compute the variation of actual outcome from the targeted outcome. The manager should examine the reason of variance and take appropriate measures to control. The management should consider these variance while preparing future budget.
Job cost report - The manager of Merlin Entertainment can use the job cost report to show the expenses and check the profitability of all the project. With the help of job cost report the manager can find unit which is making higher profit and the unit which are incurring loss.
Contd.
Comparison with the trend Forecasting sales New product and service Investment decision
Management accounting as a tool for decision making
The management of Merlin entertainment can
analyzethe trend by comparing the performance of
variousyear and make the future decision and plan on
the basisof those trends.
Comparison with the Trend
Forecasting
The manager of Merlin Entertainment company can
determine the future demand of the product on the
basis of analyzing the past data. The forecasting should
be done which helps in attaining company vision and
objective.
The Manager of Merlin Entertainment
company can use the accounting information and can take a informed decision on bringing new product.
The management should study the current structure of the business and based on it should introduce new product or service.
New product and service
The Merlin Entertainment company can decide
the areawhere investment should be made for the futureexpansion of business. Through the use of
accountinginformation the manager can make the
estimation of cost and return from the new investment.
Investment decision
It can be concluded that accounting information
helpsThe manager in making the informed decision
related tothe business. The management can use the
informationto create future business policies and goals for thecompany. It also helps in building coordination
betweenthe different activity of the organization.
Conclusion
Wu, C.H., Ho, G.T.S., Lam, C.H.Y., Ip, W.H., Choy, K.L. &
Tse, Y.K. 2016, "An online niche-market tour identification system for the travel and tourism industry", Internet Research, vol. 26, no. 1, pp. 167-185.
Chang, K. 2015, "How travel agency reputation creates recommendation behavior", Industrial Management & Data Systems, vol. 115, no. 2, pp. 332-352.
Lozano, J., Arbulú, I. & Rey-Maquieira, J. 2016, "The Greening Role of Tour Operators", Environmental Management, vol. 57, no. 1, pp. 49-61.
References
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