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Unit 5 Management Accounting - Assignment 2 guidance notes
P4 Explain the advantages and disadvantages of different types of planning tools used for budgetary control.
M3 Analyse the use of different planning tools and their application for preparing and forecasting budgets.
D3 Evaluate how planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success.
Budgeting and Planning Tools
What are the main budgeting and planning tools?
Describe the following tools (for Pass grade – simple explanations are sufficient. For Merit grade – analysis is required – see yellow sections):
Analyse the budgets once complete (briefly for Pass, more detail for Merit)
Analyse the cash budget and give possible reasons for predicted deficits and any cash flow issues throughout that period (briefly for Pass, more detail for Merit)
P5 Compare how organisations are adapting management accounting systems to respond to financial problems.
M4 Analyse how, in responding to financial problems, management accounting can lead organisations to sustainable success.
D3 Evaluate how planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success
a) Identifying financial issues
Explain how organisations identify financial issues and compare the tools used: Variance analysis & KPIs
Carry out calculations on Appendix C:
Analyse the variances and give possible reasons for variances (briefly for Pass, more detail for Merit)
KPIs – why do organisations set these and why are they useful?
Benchmarking – what does this mean? What can they benchmark against?
(Description of these tools is required for Pass grade, more analysis for Merit grade)
b) Financial governance:
What is financial governance? How does it help management accountants monitor the business operations to prevent or pre-empt financial problems?
c) Managerial accounting skill sets:
What would be the features of an efficient and effective managerial accountant? How would these skills be applied to deal with or prevent the problems such as misappropriation of resources meant to grow the business (Vanderbeck and Mitchell, 2016).
d) Effective strategies and systems:
Describe/analyse/evaluate how there needs to be the development of systems and strategies that need timely and effective reporting, full disclosure financial statements, and how these systems are responsibly governed and owned by the organisation.
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