Explain the meaning of variance analysis and discuss the most commonly derived variances

You are appointed as the assistant management accountant of a company of your own choice, operating either in the service or manufacturing industry. The main aim of the company is to improve operating efficiency by controlling cost and improving profitability. Your task is to write a report to the Board of Directors that will be discussed in the next board meeting. You are required to: 1. Discuss the importance of management accounting for your selected organisation and differentiate between management accounting and financial accounting. (300 words) 2. Evaluate different classifications of costs (types, behaviour, function and relevance) with examples. (650 words) 3. Explain the meaning of variance analysis and discuss the most commonly derived variances, outlining the problems and limitations. (550 words) 4. Identify different operational budgets and explain the advantages of preparing different operational budgets. (500 words)

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