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    Management Accounting Assignment1

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    Analyse the issues or problems (in a given scenario) using management accounting techniques and tools, and formulate recommended solutions.Required:Work in teams (groups) of 3 (4 with prior approval from your lecturer – if your lecturer has not approved a team of 4 the work you do will not be considered/marked) and write a memorandum (“memo”) to the board of directors (assume the members of the board have varying degrees of accounting knowledge or understanding) and then present your findings addressing the issues noted in the assignment details.Your team presentation will be...

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    The purpose of this memorandum is to throw light on the various issues that crop up or will possess a difficulty while calculating the cost of providing the educational services by the company. As the BOARD is already aware of the fact the challenges faced by the service businesses are way different from that of that of manufacturing industry. The manufacturing industry mainly deals with the tangible items. The good thing about the tangible things is that their value is rarely dependent upon the judgement of the management. The price of the tangible products is fixed by the market on most of the occasions. This provides the management with ready-made sources of data and with the evaluation of this data the management can   determine whatever it wants. The problem with service sector is that it has to deal with the intangibles (Ball et al. 2014). The difference in valuation poses another challenge for the companies operating in this sector. This is because of the fact that in the absence of uniform pricing model or practices the competition is immense as any difference in pricing can get any company the competitive advantage. There is also an additional requirement of making the customers feel the need of the services made available by the company. For example it is easier for the companies to make the customers understand the need of a particular raw material or machinery and how they are going to affect the quality of the product of the company.

    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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