Is increased precision in accounting always desirable Discuss this Essay

Is increased precision in accounting always desirable Discuss this with reference to management accounting techniques such as either costing methods or performance measurement or both - Essay Example managers are supposed to apply appropriate management accounting concepts and technologies in processing historical and forecasted economic data to take necessary decisions for the betterment of the organisation and stakeholders. This paper offers an insight into the management accounting techniques and shows one significant difference between financial and managerial accounting is that the latter emphasises less on the precision of the accounting data. The focus of this report would be to investigate the importance of precision in management accounting techniques. A conclusion has been inferred from the whole analysis part. Management accounting helps the management to carry out the managerial functions with more efficiency. This is done to enhance the profitability of the organisation by gathering the required information from various sources. The process includes gathering required information and analysing them systematically to make the relevant decisions. However, as decision-making becomes more comprehensive and complex, this requires management to re-evaluate all of their strategic options. For example, an organization may now have to decide whether to produce the parts internally or purchase parts produced by others. Using management accounting will provide valuable assistance to the organisations’ management to make decisions in each and every field of activity (Patankar, 2008). Many large companies use activity Activity Based Costing (ABC) today. In the traditional approach, the cost used to be calculated in three steps: accumulate the cost in the production and non production units, allocate the non production units costs to the production departments and allocating the total accumulated cost to the product, service or any other cost objects. In this process, products are also charged for idle capacity or unused resources. Such distortions have been removed in Activity Based Costing, which calculates cost based on cost pools or activity centres.

Pick the topic by your own Essay Example | Topics and Well Written Essays - 1250 words

Pick the topic by your own - Essay Example Most of the time in the writing classes, students encounter various forms of essay genres, and most of them follow under expository, narratives, descriptive, and argumentative approaches. Before pointing out and discussing these elements, it is important to understand first of all what an essay is. The origin of the word essay can be traced back to the French influence on Middle English. In Latin, the word is a form of a verb known as exigent, and it literally meaning is to drive out, while other meanings are to test and examine. Thus, from these meanings, students are able to understand the importance of writing academic essays, which enables them to examine and test their own ideas about a particular topic. Essay writing requires a student to learn various skills that are significant in writing excellent essays. Some of these skills are like persuasion, analysis, close reading, exposition, contrast and comparison, and also clarity. By nature, essays should be written in a way that depicts clarity in direction and purpose, should be interesting, and also should be deliberate. When students understand various essay genres, they are able to familiarize themselves with the process of writing essays, and as a result, they become confident in writing any form of an essay. Essay writing also involves some essential elements that dominate in all kinds of academic writing assignment. Failure to use one or any important element might make the essay inadequate. Some elements are weighed more heavily than others depending on either the assignment, specific course or the academic discipline one is pursuing. These elements include; This part forms the point of the paper, and it gives the purpose of the essay. It gives the main focus of the paper, its significance, originality, and gives a clue of the expected academic audience. The thesis