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Tools & Techniques of Management Accounting

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Tools & Techniques of Management Accounting

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Tools & Techniques of Management Accounting

  1. 1. Tools &Techniques ofTools &Techniques of Management AccountingManagement Accounting
  2. 2. Financial Policy and AccountingFinancial Policy and Accounting • Firmshasto takedecisionsabout sourcesof raising funds. • Issueof sharecapital or raising of loans. • Proportion between sharecapital and loansareto bedecided. • Management accounting providestechniquesfor financial planning.
  3. 3. Analysisof Financial StatementsAnalysisof Financial Statements • Meansto classify and present thefinancial data useful for themanagement. • Financial analysisincludescomparativefinancial statements, ratios, fund flow statements, trend analysisetc.
  4. 4. Historical Cost AccountingHistorical Cost Accounting • Thepriceof an asset on thebalancesheet isbased on itsnominal or actual cost when acquired by the company isknown ashistorical cost accounting. • Actual cost iscompared with standard cost to get an ideaabout performanceof theconcern.
  5. 5. Budgetary ControlBudgetary Control • It isasystem which usesbudgetsasatool for planning and control. • Budgetsfor all departmentsareprepared in advance. • Actual performanceiscompared with thepre- determined targets. • Helpsto assestheperformanceof each and every personsin theorganisation.
  6. 6. Standard CostingStandard Costing • Herecostsaredetermined in advance. • Actual cost arerecorded and compared with the standard costs. • Variancesareanalysed and their reasonsare ascertianed. • It helpsto enhancetheefficiency of theconcern.
  7. 7. Marginal CostingMarginal Costing • Method of costing concerned with changesin costsresulting from changesin thevolumeof production. • It ishelpful for measurement of profitability of different linesof production, different departmentsand divisionsof an enterprise.
  8. 8. Decision AccountingDecision Accounting • Decision making isan important work of management. • It involvesachoicefrom variousalternatives • Management Accounting calculatesfinancial implicationsof each alternativecourseof action and helpsmanagement to select best courseof action
  9. 9. Revaluation AccountingRevaluation Accounting  Also known asReplacement Accounting Batty definesRevaluation accounting as, “ It is used to deno te the metho ds emplo yed fo r o verco ming the pro blems co nnected with fixed asset replacement in a perio d o f rising prices”
  10. 10. Control AccountingControl Accounting • It isnot aseparateaccounting system. • It isthemethodsand proceduresthat are implemented by afirm to help ensurethevalidity and accuracy of itsown financial statements. • In controlling accounting wecan useinternal check, internal audit, statutory audit.
  11. 11. Management Information SystemManagement Information System • It isacomputerized databaseof financial information organized and programmed in such a way that it producesregular reportson operations for every level of management in acompany. • Dataplanning issupplied to management • Feedbacksarerecieved

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