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    MP214 MANAGERIAL ACCOUNTING

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    Activity Based Costing (ABC) has been recommended as an alternative to traditional cost allocation methods due to its ability to provide more accurate costing of products/services. The adoption of ABC has however received a mixed reaction in terms of its adoption by organisations.Assume that you are a group of management accounting trainees working in a manufacturing organisation with multiple products and your supervisor is considering the adoption of ABC in your organisation. You have been asked to prepare a report for your supervisor that meets the following requirements. Undertake resea...

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    ABC recognizes the actual nature of cost comportment and supports in decreasing costs and classifying actions which do not enhance worth to the product. The managers with the adoption of ABC are in a better position to regulate many fixed overhead costs. This is being done by putting a better control over the actions which actually cause these fixed overhead costs (" Advantages and Demerits of Activity Based Costing (ABC)", 2019).

     

    ABC helps the organization to bring correctness and consistency in determining the various costs related to the product. It helps to understand that the cost is caused due to activities and not products. ABC helps to deliver more accurate product costs.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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