Explain management accounting and give the essential requirements of different types of management accounting systems.

Scenario

Prime Furniture, a growing East London based company, is planning to start training course for their new interns in November 2020. You have recently started your role as a “Junior Management accountant” of Prime Furniture. You have been asked to give a presentation for the interns on management accounting. You have been requested to explain management accounting.

In addition you need to identify different types of management accounting systems and discuss essential requirements of each type. You are also expected to explain different methods used for management accounting reporting. Your presentation you will use the examples of the Prime Furniture or your chosen organisation.

You must answer the following:

Explain management accounting and give the essential requirements of different types of management accounting systems.

Explain different methods used for management accounting reporting.

Evaluate the benefits of management accounting systems and their application within an organisational context.

Critically evaluate how management accounting system and management accounting is integrated within the organisational process.

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