Questions: 1. Discuss the need for investing in the latest software of management as well as financial accounting in your selected organization, highlighting differences between management accounting and financial accounting. Evaluate the importance of classifying costs on the basis of types, behavior, function and relevance in business decision making, with suitable examples. Discuss the objectives of preparing budgets and provide examples for operational budgets. Explain how standard costs are used for variance analysis and discuss the terms favorable and adverse variances with suitable examples. Need for investment in latest software Information is the life blood of organisational decision making. Management accounting tends to provide information which is used by internal stakeholders for decision making. Management Accounting Assignment![]() Management Accounting Assignment Help. BookMyEssay is a reputed name that is engaged in offering qualitative writing services to the students based across varied parts of the country. Management Accounting Case Study Assignment. A case study is very important for any student pursuing their MBA. It uses the concepts taught in the classroom and implements them on actual business scenarios to study various factors of the business. Management Accounting PdfOn the other hand financial accounting tends to cater to information needs of the external stakeholders. With regards to internal stakeholders, it is imperative that the information provided must be accurate or else the organisational decisions with regards to production, pricing and may be incorrect which could be fatal in the hyper competitive business markets prevailing today (Drury, 2008). Investing in the latest software can offer various advantages to financial accountants and management accountants. Financial accounting and software Financial accounting primary caters to the information needs of the external stakeholders primarily the shareholders. Management Accounting Assignment QuestionsThe accounting software ensures that the accuracy of the information is enhanced. Additionally, it assists in the auditing of the financial information which is presented to the external stakeholders in a timely manner. Besides, through the usage of latest software, detailed information could be provided about the performance of each product and also each of the which may not be possible without the usage of technology. This enables the stakeholders to take prudent decisions with regards to dealings with the company based on detailed accurate information (Brigham & Ehrhardt, 2013). Management accounting and software The management requires constant information so as to take decisions with regards to organisational operational strategy. The use of latest software would aid to a large extent in ensuring that such information is easily available in the manner required by the management. Also, the information standards would be enhanced with detailed analysis available which would improve the overall quality of decision making. Additionally, with the reduction of manual entries, the overall information quality would tremendously improve. Further, the access of information would also tremendously improve along with lowering the overall turnaround time which is pivotal in modern organisations where timely decisions need to be taken (Seal, Garrison and Noreen, 2012). Importance of cost classification The need for cost classification into various subtypes is explained below. • Classification on type In case of manufacturing, the costs incurred are of various types namely for raw material, labour and other manufacturing overheads. It is imperative to distinguish amongst these costs so as to take prudent business decisions. For instance, with regards to manufacturing overhead allocation, techniques such as ABC may be involved and hence it is imperative to distinguish this cost from the other costs. Further, it is also imperative for the company to measure these costs separately so that the savings if any in these aspects can be measured separately. For instance, the impact of purchasing policy and inventory management would be evident in the raw material cost and hence this needs to be measured separately. Additionally, the extent of labour efficiency or any incentives provided to them can be measured through labour cost measurement which is possible only if the cost are segregated in accordance with type (Bhimani et.
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