Demonstrate advanced understanding of management accounting in the contemporary business...

Question

Demonstrate advanced understanding of management accounting in the contemporary business environment. b. Analyse business problems, apply management accounting techniques and critically evaluate appropriate approaches to the generation of financial information for decision making. c. Apply management accounting practices and theories to research, analyse and solve business and management problems. d. Research, evaluate and prepare business reports which communicate and present financial solutions on management issues in writing. e. Adapt knowledge to new situations to develop flexible approaches to problem solving. f. Assist management decisions by appraising, integrating and prioritising appropriate financial management information to aid decision making.
	
Document Preview: Melbourne Institute of Technology Pty Ltd 
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Assessment Details and Submission Guidelines 
Course Name  Master of Professional Accounting 
Unit Code MA620 
Unit Title Advanced Management Accounting   
Assessment Type Group Assignment -  Trimester 2, 2017 
Assessment Title Assessment 3 - Group Report 
Purpose of the The purpose of this assignment is to assess the following Learning 
assessment  Outcomes: 
a. Demonstrate advanced understanding of management accounting in the 
contemporary business environment. 
b. Analyse business problems, apply management accounting techniques 
and critically evaluate appropriate approaches to the generation of 
financial information for decision making. 
c. Apply management accounting practices and theories to research, 
analyse and solve business and management problems. 
d. Research, evaluate and prepare business reports which communicate 
and present financial solutions on management issues in writing. 
e. Adapt knowledge to new situations to develop flexible approaches to 
problem solving. 
f. Assist management decisions by appraising, integrating and prioritising 
appropriate financial management information to aid decision making. 
Weight: 25%  
Total Marks: 100 
Release Date:  Week 3  
Due Date: Week 10  
Submission ? Group size: This assignment should be completed in groups of four.  
Guidelines:  
? All work must be submitted via Turnitin by the due date along with a 
completed Assignment Cover Page.  
? The assignment must be in Ms Word format, 1.5 spacing, 11-pt Calibri 
(Body) font and 2 cm margins on all four sides of your page with 
appropriate section headings.   
? Reference sources must be cited in the text of the report, and listed 
appropriately at the end in a reference list using APA referencing style. 
Extension: 
? If an extension of time to submit work is required, a Special 
Consideration Application must be submitted directly to the School's 
Administration...

David · Accepted Answer

Management Accounting    1     
 
Running Head: MANAGEMENT ACCOUNTING
Management Accounting
    Management Accounting    2     
 
Table of Contents 
Introduction ................................................................................................................................................... 3 
Literature Review .......................................................................................................................................... 3 
Conclusion .................................................................................................................................................... 9 
References ................................................................................................................................................... 10 
Appendix 1 .................................................................................................................................................. 12
    Management Accounting    3     
 
Introduction 
After the globalization, management accounting has expanded its concept and it is 
focused towards the resource management along with financial statements. It is necessary that 
management accounting plays an important role in maintaining the competitive advantage of the 
company and achieving the corporate objectives (Langfield-Smith, Thorne & Hilton, 2015). In 
the research study, the researcher has focused towards the critical analysis of changes in the 
focus of management accounting practices in the 21
st
 century in Australia. In addition to this, 
they have also explained these statements on the basis of some examples and analyzed some 
strategies. 
Literature Review 
According to Macintosh & Quattrone, (2010), management accounting is the concept 
which is mainly focused towards providing managed the financial statements of the 
organizations. Management accounting can be termed as the provision of financial data and its 
usefulness in the organization for the development of the business. Initially, it is mainly 
concerned with the process of preparing management reports and accounts that provide the 
financial and statistical information to the managers of the company, which is helpful for them in 
taking a day to day and short-term business decision. With the support of Macintosh & 
Quattrone, (2010), Needles, Powers & Crosson, (2010) have explained that nowadays 
management accounting has expanded its role and its importance in the business activities. 
It is identified that companies use management accounting process in the resource 
management of the company. On the basis of management accounting, the company can be able 
to identify its present financial position and accordingly they can make plans for managing the 
    Management Accounting    4     
 
resource within the organization. Due to the rapid competition in the market, it is necessary for 
the companies to make optimum utilization of resources. Therefore, financial resources are 
necessary to buy the other resources in the organization. Proper management of financial 
resources can be done by the use of management accounting. In the views of Briscoe, Schuler & 
Tarique, (2012), earlier in the period of 1990, people mainly use management accounting for the 
purpose of preparing financial statements. It is identified that the role of management accounting 
is limited with focusing towards the financial activities of the organization. They are mainly 
concerned with the preparation of budgets, financial schemes etc. 
Due to the rapid changes in external environment, it is important for the companies to 
expand its role. Now, companies are using management accounting for creating customer values 
and shareholder wealth in the company. The financial statement of the company reveals the 
position of the companies in the market. Therefore, it is the role of managers that they have to 
manage the accounts in such a manner that they will create high customer value. At the same 
time, shareholder wealth can also be maintained through customer value, because accounting 
managers have to allocate the resources in such a manner that they can maintain the wealth of its 
stakeholders. D'Annunzio-Green, Maxwell & Watson, (2004) has stated that traditional 
management accounting has been viewed as the bean counting activity, but after global crises, 
accounting has expanded its area and it is focused towards the sharp changes and regulations to 
the professional standards. It is identified that management plays an active role in the acquisition 
and provision of information to the business. 
This is helpful for the companies to take active decisions for the business. In addition to 
this, for the modern business operating the globalized marketplace, management accounting is 
moving towards the resource management by using and applying the process analysis tools. 
    Management Accounting    5     
 
Some of these tools are activity based costing, cost management techniques, and life cycle 
costing. According to Dowling, Festing & Engle (2008),

Demonstrate advanced understanding of management accounting in the contemporary business environment. b. Analyse business problems, apply management accounting techniques and critically evaluate...

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