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You are appointed as the management accountant of a company which has diversified activities in both sectors; services and manufacturing. Company intend to increase its profitability through cost controlling and pricing strategies. As a management accountant, you need to assist the board of directors in making informed decisions.
Your task is to write a report to the Board of Directors that will be discussed in the next board meeting.
You are required to:
1. Discuss the need for investing in the latest software of management accounting as well as financial accounting in your selected organisation, highlighting differences between management accounting and financial accounting. (300 words)
2. Evaluate the importance of classifying costs on the basis of types, behaviour, function and relevance in business decision making, with suitable examples. (500 words)
3. Discuss the objectives of preparing budgets and provide examples for operational budgets. (650 words)
4. Explain how standard costs are used for variance analysis and discuss the terms favourable and adverse variances with suitable examples.