1) Introduction to Management Accounting:
A) Define management accounting in your own words.(60 words).
B) Discuss how management accounting is useful to a business in general and use ONE example to illustrate your point (90 words).
Internal Reports
A) Discuss the differences between internal and external reports, consider who the intended users are and legal requirements in your answer (60 words).
B) Discuss the importance of internal reports and use ONE example to illustrate your point (90 words).
Costing
1) Define areas commonly considered when calculating a cost for a business, you may consider general costs for any project or the costs for a specific project from ONE of the following:
a) New Product b) New Service c) New Member of Staff (60 words)
2) Discuss how costing is useful to a business, you may discuss this in general or regarding a certain department of your choosing (90 words)
Budgets
1) Discuss the advantages and disadvantages of using budgets in a business, you must discuss at least one advantage and one disadvantage in your answer. (60 words).
2) Discuss how costing and budgets interact within the business (90 words)
Variance Analysis
1) Discuss how variance analysis might be useful in ONE of the following areas:
a) Production b) Service c) Staff (60 words)
2) Discuss how costing, budgeting and variance analysis interact within a business, focusing on how each measure affects the other (90 words).
Apply examples and answer the questions;
Your diary entry for this topic should be max 750 words. Each question has a word limit, so please stick to it as best you can;
– You must provide an answer for each question in this entry;
– You must be clear and concise in your answers;
– You are not required to use sources and references in this Entry.
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