You work as a Management Accounting officer in a small and medium organization operating in either a Manufacturing, Retail, Hospitality or Construction sector with not more than fifty (50) employees and an annual net turnover not exceeding 500,000.

Management accounting plays a key role in organizations today and therefore decision makers in the organization must understand how to create and use good management accounting information. In todays business environment, business wants to track performance information that goes beyond just the cost-based information of historic general ledger systems provided by traditional financial accounting information. Good management accounting involves a responsibility to manage a wide variety of critical management accounting information using management accounting system and management accounting techniques such as cost-volume- profit analysis, marginal costing and absorption costing to produce relevant management report for informed decision making.

This was the summary of the speech delivered by a conference speaker about the role of management accounting and management accounting system in an organization. The General Manager of your organization sees management accounting function as very crucial in providing management information well informed decision making within the organization. Knowing that you are studying management accounting at the HND level, the organization sponsored you to attend this conference. After this conference the General management has asked you (Management Accounting Officer) to write a report to him covering management accounting and management accounting system together with different costing techniques and reporting to enable the organization implement them.

Using the above scenario and in your capacity as Management Accounting Officer in your organisation, continue the word report to the General Manager addressing other issues in management accounting function such as budgeting and budgetary control, performance indicators and variances to bolster his/her interest to make the management accounting function in your organisation a full department rather than a unit. The fact that management accounting system could enable organisations identify financial problems to enable them adopt a strategy to investigate and address them made the General Manager determined to place much importance to establish the department. As Management Accounting Officer, using various relevant management accounting materials such as news bulletin, stakeholder reports, the YouTube, twitter, academic articles, magazine, text books, websites, journals, newspapers, and other relevant resources, your report to the General Manager should be convincing and compelling supported with relevant illustrations that would generate and preserve value for the organisation.

Explain the advantages and disadvantages of different types of planning tools that can be used for budgetary control for the chosen scenario. This should be supported with examples and illustrations. Compare how organisations (Scenario mentioned above) such as yours should adapt management accounting systems to respond to financial problems. This should be supported with examples and illustrations (1000 words). PLEASE NO PLAGIARISM