Explain the use of planning tools used in management accounting

Discuss

Using budgets for planning and control:

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Preparing a budget.

Different types of budgets (e.g. capital and operating).

Alternative methods of budgeting.

Behavioural implications of budgets.

 

Pricing:

Pricing strategies.

How do competitors determine their prices?

Supply and demand considerations.

 

Common costing systems:

Actual costing, normal costing and standard costing systems.

How cost systems differ depending on the costing activity: job costing, process costing, batch costing and contract costing.

 

Strategic planning