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Application of Management Accounting

Application of Management Accounting

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Published by: dooymax on May 26, 2011
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PREPARED BY:
Benjamin Elisha SaweD61/61708/2010
Lecturer: Mr. Karanja & Mr. GichanaManagement Accounting – DAC 503march 2011
 
Contents
Contents ................................................................................................................. 1Historical Background ............................................................................................. 2Strategic Partners and Clients ................................................................................ 4 TNS has a partnership with UNICEF, which for over 60 years has been theworld’s leading children charity, working on the ground in 156 countries andterritories to help children survive and thrive, from early childhood throughadolescence, among other partners include:- ................................................ 4Introduction ............................................................................................................ 4Basic Management Accounting Concepts ............................................................... 4Planning .............................................................................................................. 4Directing and Motivating ..................................................................................... 4Controlling ........................................................................................................... 5What is meant by Cost? ...................................................................................... 5Cost Objects ........................................................................................................ 5Analysis of Costs, Volume and Pricing to Increase Profitability – C.V.P .................. 5Cost drivers and cost-behavior ............................................................................ 5Cost Management Systems ................................................................................... 6 Types of Management Accounting Systems ........................................................ 6Activity Based Costing ........................................................................................ 6Relevant Information for Special Decisions ............................................................ 6Budgets and Preparing the Master Budget ............................................................. 8 The Planning Process .......................................................................................... 8Coordination ........................................................................................................ 8Corrective Action ................................................................................................. 8 Types of Budgets ................................................................................................ 9 The Master Budget .............................................................................................. 9Assumptions and predictions underlying the master budget ............................ 15Zero-base budgeting ......................................................................................... 15 The Role of Budgets for Cost Control and Performance Evaluation ................... 16Management Control Systems and Responsibility Accounting .............................16Managerial accountants role in managerial control..........................................16Controlling and measurement of financial performance ...................................16Performance Evaluation ....................................................................................... 17Evaluating Investment Center ........................................................................... 17Strategic Performance Measurement: The balance Scorecard ............................ 17Long term strategic performance ..................................................................... 18Balanced Scorecard .......................................................................................... 18References ........................................................................................................ 19
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Historical Background
Managerial accounting is concerned with providing information to managers- that is, to thosewho are inside an organization and who direct and control its operations. Managerialaccounting can be contrasted with financial accounting, which is concerned with providinginformation to stockholders, creditors and others who are outside an organizationManagerial accounting information includes:
A)
Information on the costs of an organization’s products and services. For Example,managers can use product costs to guide the setting of selling prices. In addition, these product costs are used for inventory valuation and income determination
B)
Budgets. A budget is a quantitative expression of a plan.
C)
Performance reports: These reports often consist of comparisons of budgets withactual results. The deviations of actual results from budget are called variancesD) Other information which assist managers in their planning and control activities.Examples are information on revenues of an organization’s products and services,sales back logs, unit quantities and demands on capacity resourceIn the present day management function, a manager should undertake several duties is anorganisation which includes: planning, controlling, decision making, communication,coordination etc. Management accounting as a discipline should provide the manager withtools that will facilitate their core functions.Taylor Nelson Sofres (TNS) Ltd is the world's largest custommarket researchspecialist. It has offices in more than 80 countries acrossAfrica,Americas,Asia Pacific, Europeand the Middle East.It is also a global leader in customer  stakeholder management  research and the biggest provider of online market information in the world. The firm was acquired byWPP Group, the world's largestadvertising company. TNS boasts a powerful global network. It separates its worldwide operations into four maindivisions:  North America,Europe, Asia Pacificandemerging markets. On 7 January 2011, the largest custom research agency in West and Central Africa, Researchand Marketing Services Ltd (RMS)became part of TNS after TNS acquired a majority stakein RMS. The acquisition of a majority stake in RMS follows an affiliation agreement signedin March 2010 with RMS and an investment by WPP in RMS in August 2010. Theacquisition of RMS added Nigeria, Senegal, Cameroon, Ivory Coast and Ghana to TNS’existing African network covering South Africa, Kenya, Tanzania, Uganda, Egypt andMorocco
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