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Critically analyse the relationships between accounting information and management decisions. .Critically appraise the information needs of management from a controlling point of view with the application of budgeting, costing and pricing concepts. .Critically evaluate absorption, marginal and ABC costing and autonomously apply them to real life business situations. In order to tailor this report for the Hungarian market. The following issues are to be addressed in your report:
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· Description of the industry. Using Porter’s 5 Forces Framework, describe the industry and critically evaluate the current position of the industry in the Hungarian economy.
· Accounting Information. For the company, evaluate the probable current state of development of their management accounting information system using the development continuum discussed in class. If financial accounting data is available, provide a concise financial analysis of the company using ratio analysis.
· Costing strategies. Analyse at least two potential costing strategies suitable for companies operating in the industry. After taking into account your company- and industry-specific knowledge, provide a recommendation to management for the optimal costing strategy. Be sure to include a discussion of the costs and benefits of the recommended system.
· Budgeting and control systems. Complete a desktop review of current industry best practices in budgeting and management control systems. Critically evaluate the application of these best practices for your company. · Performance management. Complete a desktop review of current industry best practices in area of performance management with a particular emphasis on the identification of the Key Performance Indicators (KPI’s) commonly used in the industry. Critically evaluate the alternatives and make a recommendation to management of the optimal solution for the company. The use of academic sources and a critical approach in the evaluation is a must