Scenario 30 Marks You are Ms. Amal working as a Finance officer in MAXIF Company. You...

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Scenario 30 Marks You are Ms. Amal working as a Finance officer in MAXIF Company. You are providing both management and financial accounting information to management. During past few months you were holding different responsibilities such as providing cost information to management, forecasting, preparing budgets and preparing weekly and monthly management accounts. Management is expecting you to do some non-management accounting tasks also such as assisting in preparing financial statements and providing guidance regarding financial reporting also. You have informed the management that management and financial accounting tasks are totally different and handling both at the same time is not easy for you. Key Management Team: Directors Mr. Mohammed (Managing Director,) -- He is responsible for all strategic decisions and the company's future direction and growth. Ms. Dana(Finance Director)- She has completed CIMA, she is a qualified accountant. She has worked in different companies before Joining MAXIF. She has more than 6 years' experience in her field. Mr. John (Production Director) – Mr. John is Engineer by profession. He is the part of the management team since the inception of the Company. He has worked in an automobile company before joining MAXIF. You have been asked to write a report to the management: Question 1 4 Marks To understand and discuss the difference between management accounting and Financial accounting. Question 2 4 Marks Information within an organization can be analyzed into three levels. Evaluate three types of information requirement assumed in Anthony's hierarchy strategic, tactical and operational in context with the given scenario of MAXIF. Scenario 30 Marks You are Ms. Amal working as a Finance officer in MAXIF Company. You are providing both management and financial accounting information to management. During past few months you were holding different responsibilities such as providing cost information to management, forecasting, preparing budgets and preparing weekly and monthly management accounts. Management is expecting you to do some non-management accounting tasks also such as assisting in preparing financial statements and providing guidance regarding financial reporting also. You have informed the management that management and financial accounting tasks are totally different and handling both at the same time is not easy for you. Key Management Team: Directors Mr. Mohammed (Managing Director,) -- He is responsible for all strategic decisions and the company's future direction and growth. Ms. Dana(Finance Director)- She has completed CIMA, she is a qualified accountant. She has worked in different companies before Joining MAXIF. She has more than 6 years' experience in her field. Mr. John (Production Director) – Mr. John is Engineer by profession. He is the part of the management team since the inception of the Company. He has worked in an automobile company before joining MAXIF. You have been asked to write a report to the management: Question 1 4 Marks To understand and discuss the difference between management accounting and Financial accounting. Question 2 4 Marks Information within an organization can be analyzed into three levels. Evaluate three types of information requirement assumed in Anthony's hierarchy strategic, tactical and operational in context with the given scenario of MAXIF.

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Answer 1 Management accounting and financial accounting are both different terms as financial accoun... View the full answer