ACC512 - Management Accounting for Costs & Control Hello this is my assignment please go throught it in this assignment there are 10 questions and each question has different tasks like some questions...

Management Accounting
Student’s Name
Course Name
Date
MANAGEMENT ACCOUNTING        28
Panopticism
Panopticism can be defined as the art of observing the people and putting the fear of observation into the people. It is called a constant visible and unverifiable gaze on people. This concept was developed by Bentham who developed an idea of being watched all the time. He developed a new circular structure of the prison which has tower in middle where the guard can watch at all the prisoners from the vertical blinds without the prisoners know that they are being watched. Michael Foucault used this concept to as the symbol of surveillance and control. This concept is quite relevant to management accounting, management accounting can be said as the field of accounting which focus on different ways to manage the performance of the organization. It is the managing of different costs and aspects which helps in managing the business. Some of the examples of management accounting which can be related to Panopticism includes Budgeting and performance management. With the different tools like Budgets and performance management, the employees feels that they are being watched and evaluated. Example: The budgeting and the performance report of the employees are made on the performance of the employees, so the employees are cautious about their performance as they are being evaluated.
Functions of Management Accounting
Management accounting is the field of accounting which emphasize on the managerial perspective of the organization. It takes into consideration the internal reports and the ways to enhance the performance of the firm. The three major functions of management accounting includes: Planning, Organizing and controlling
Planning: Planning is the function where the company makes different short term or the long term plans which relate to the overall objective of the company. Example: Budgeting, decision to buy or make a product,
Organizing: Organizing is the second function which focus on aligning the things and the functions to achieve the set targets and budgets. Different tools and resources are aligned to organize the things. Example: Reports for different products of the department, deciding whether to eliminate a product or to add the product.
Controlling: Controlling is considered as the function which emphasize on different ways to match the actual results with the planned results like variance analysis. Different control tools help in analyzing the working of the company and matching it up with the expectations.
Checklist
A checklist is the tool which is used to control the actions and it is used as the tool to communicate the risks and controls and track and monitor different control measures. It is considered as one of the ways which fosters and deals with the crisis situation. The checklist can be used as the tool which helps in improving the performance. Van halen’s rider used checklist as the tool to improve on their performance. Van Halen’s contracts with concert promoters contain a clause specifying that a bowl of M&M’s has to be provided backstage, but with every single brown candy removed, upon pain of forfeiture of the show, with full compensation to the band. As the show had become very large the technical error that can happen also increased considerably. So a bowl of M&M was taken with all the checklists and with every cleared checklist the bowl was to be emptied. If Van saw M&M in the bowl it stated that there is some technical error. Thus the checklist was used to...