The main objective of unit 14 Advanced Management Accounting is to improve the recognition of the students for accounting management through applications and techniques and their evaluation. This unit focuses on the critical identification of the accounting management methods and the way through which they are utilised to identify the performance of the company. Students will identify the multiple strategies and tools which support performance management and distance-making. Moreover, they will also increase the knowledge of the way through which these techniques impact the behaviour of management throughout the organisation. By recognising the influence of management accounting on the dynamics of organisation the students may get an appreciation for their role in operational control and strategic planning.
The significant emphasis of the unit is on the connection between the value creation and accounting. Students will acquire the way to utilise the data of management accounting for supporting the effective processes of decision-making. They should also certify that decisions contribute to the optimistic objectives of the organisation. In addition, the unit also identify the way through which accounting management may be beneficial as the mechanism control within the organisation and provide the guidance to the behaviours and actions of members towards the strategic goals achievement. Through the examples of the practical world and case studies the students will increase the comprehensive recognition of the way in which these accounting management techniques are applicable in the scenarios of the real world.
By taking the successful knowledge of the unit the students will have the complete procedure of getting equipment for contribution to the value creation in the organisation by well-informed decisions that are supported by the knowledge of Management accounting. It will also contain the foundation of skills and knowledge required to pursue the advanced Management studies in related fields or accountings. Having great skills in these techniques and principles caters for this unit. It will students to get a useful bridge between strategic decision-making and financial data to position themselves for business settings and valuable assets.
Objectives of unit
The main objectives of Unit 14 advanced management accounting are demonstrated below which are designed according to the Pearson set.
- To identify and evaluate the multiple methods of management accounting, recognising the limitations and applications in multiple contexts of business.
- To utilise the tools of management accounting to identify the performance of the organisation and make strategic decision-making.
- To manage the techniques of accounting which has an impact on organisational dynamics and management behaviour.
- To generate the skills for utilising accounting management data to support the creation of value and efficient decision-making in an organisation.
Learning Outcomes
The main idea behind the learning outcomes of Unit 14 advanced management accounting is to make the learners able to get ready for business.
LO1: Analyse the purpose of developing and presenting financial information.
- Financial information users
- It includes senior management investors government and banks
- Development of financial statements
- Critical analysis of the financial information which needs to be developed in statements.
- The financial statement value for supporting the decision-making and financial plan.
- Presentation of the financial information
- Critical analysis of the utilisation of loss and profit of statement cash flow statement trial balance and heat of balance as a way to financial information presentation.
LO2: Evaluate the use of management accounting techniques to support organizational performance.
- Microeconomic techniques
- It includes caused volume profit cost analysis cost variances and flexible budgeting more over considered the managerial and absorption costing.
- Allocation of cost
- Consider theoretical domains with the way through which these are applicable in practice.
- Capital and capital budgeting
- The meaning hidden regarding discussions their use and significance. Techniques included NPV net present value, IRR internal rate of return, DCF discount cash flow and period of payback.
LO3: Analyse actual and standard costs to control and correct variances.
- Accurate cost
- What do they mean?
- Determine its actual cost
- The way through which it is variate from standard or estimated cost
- Standard costs
- Meaning of it
- Standard cost determination and its way
- Estimation of standard cost results in variances
- Variances:
- Analysis of variance as a technique and a concept.
- Positive and negative variances.
- The way through which negative variances can considered as vice and positive versa.
- Correcting and controlling variances
- Integration analysis of variances into the monetary budget throughout the organisation.
- System of reporting for controlling and monitoring variances
- Australia versus schedule variances
LO4: Evaluate how a changing business environment impacts management accounting.
- Business environment with change analysis
- External and internal analysis techniques
- Comparison of analysis outcomes for informing decisions to identify the possible implications for account management.
- Influence of the management accounting systems and business environment
- Technology used to support and enhance procedures and processes.
- The character of communication improvement with the expected diet system of decision-making.
- Change influence on accounting system management.
- Impact termination of various categories of change.
- Decision-making on the way to respond to various categories of change.
- Certifying change acceptance and effective communication.
Assessment criteria
The assessment criteria of the unit 14 advanced management accounting are related to every learning outcome.
LO1: Analyse the purpose of developing and presenting financial information.
- 1.1 Analyse the purpose and presentation of financial information from the perspective of different stakeholders.
- 1.2 Evaluate how and why financial information should be developed and appropriately presented to support financial planning and decision-making.
- 1.3 Critically evaluate financial information supported by effective and appropriate judgements.
LO2: Evaluate the use of management accounting techniques to support organizational performance.
- 2.1 Evaluate the use of different management accounting techniques in application to support organisational performance.
- 2.2 Evaluate the value and importance of a range of management accounting techniques by assessing both advantages and disadvantages.
- 2.3 Critically evaluate the application of different management accounting techniques and variances to support conclusions and recommendations.
LO3: Analyse actual and standard costs to control and correct variances.
- 3.1 Analyse the concept of variance analysis in its importance for organisational budget control.
- 3.2 Analyse actual and standard costs to control and correct variances.
- 3.3 Evaluate the advantages and disadvantages of different types of variances.
LO4: Evaluate how a changing business environment impacts management accounting.
- 4.1 Evaluate how external and internal factors changing the business environment impact management accounting.
- 4.2 Determine the impact of different types of change and the decisions made to respond to these changes.
- 4.3 Critically evaluate the impact of changes and support justified recommendations for future communication and acceptance of change.
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