Exploring the Roles of Professional Accountants in Contemporary Organizations

The provided content is a collection of research articles and books related to the role of professional accountants, specifically in management accounting. The papers discuss various topics such as actor-network theory, management accounting from idea to practice, routines in management accounting research, ERP systems and management accounting, barriers to environmental management accounting, strategic management accounting, method triangulation, and paradigms in interpretive management accounting research. These studies highlight the importance of considering the role of professional accountants in organizations and their impact on decision-making processes.

Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 & M1 Explanation on management accounting and essential requirements of different
types of management accounting................................................................................................1
P2 & D1 Different methods used for management accounting reporting...................................3
TASK 2............................................................................................................................................4
P3 Income statements as per marginal and absorption costing...................................................4
M2 Range of management accounting techniques and appropriate financial reporting
documents...................................................................................................................................7
D2 Financial report of Unicorn Grocery.....................................................................................8
TASK 3 ...........................................................................................................................................8
P4: Advantages and Disadvantages of different types of planning tools that is being used for
budgetary control for given situation..........................................................................................8
M3 & D3 Analysis and evaluation of planning tools and their application that is used to
prepare and forecast the budget.................................................................................................10
P5 compare how management accounting methods are utilized by organisations to respond
towards financial issues.............................................................................................................12
M4 Analyse how, in responding to financial problems, management accounting can lead
organisations to sustainable success..........................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Management accounting can be considered as a mix of various techniques of managerial
theories and methods of financial accounting through which an entity can generate a better
output so that they will not get distracted off from their targets which includes better productivity
and supreme leadership in targeted market. The techniques and methods which are there in
management accounting can be utilized to penetrate the targeted market and to enhance revenue
which can be earned by business entity(Baldvinsdottir, Mitchell and Nørreklit, 2010). Financial
resources are very important hence its utilization should be made with proper planning and
effective strategies with collective efforts of managers and accountants. In this report,
organisation which have less than 50 employees in its organisation structure with annual net
turnover less than £500,000 has been taken and Unicorn Grocery is meeting that criteria. It is a
cooperative retail or grocery store which deals sale of grocery products. As it is a workers co-op
hence it is managed and controlled by its member or the owners of it. As it combines various
aspects of business entity which are related with finance, management and accounting
procedures. Through it managers and leaders of cited entity can forecast that how much amount
of investment they require to meet the level of expectations from any project.
TASK 1
P1 & M1 Explanation on management accounting and essential requirements of different types
of management accounting
Management accounting can be explained as a combination of techniques of financial
accounting and principles of management and various theories. Through the methods which are
there in management accounting Unicorn Grocery can utilize its limited funds in way so that
they can give the maximum returns. Through this entity can grow without any loss to revenue
and they can get better development rate(Bennett, Schaltegger and Zvezdov, 2013). Budgeting is
the technique which supports this phenomena as through this they can easily estimate the fact
that what they require for any certain future operation and through which method they can get
the results out of such operations(Busco and Scapens, 2011). They can decide the amount of
input for getting a certain output. Marginal costing techniques provides information regarding
the contribution by deducting variable cost out of the sale proceed and after deducting the fixed
cost which never gets changed due to the change in level of production. Absorption costing
method provides the facts through which over as well as under absorption of certain overheads
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can be identified. There are some other cost analysis process which are there in management
accounting through which any company can make a detailed analysis over the cost structure of
enterprise. Through this evaluation they can control over the expenditure by reducing cost of
goods which are produced by any entity(Christ and Burritt, 2013). Unicorn Grocery and its
managerial team can respond towards uncertainties in a better way if they use these methods
which are discussed above. As through it they can frame better strategies by collecting
informations through research and analysis. This process makes the decisions taken by the
owners and managers more credible and reliable.
Essential requirements of different types of management accounting
There are certain essential requirements of management accounting techniques which
managers have to ensure that they are fulfilled or not. These requirements are mentioned below:
 Traditional accounting techniques: This technique is all about management of cost
structure through allocation of cost associated with total production among different
departments who are accountable for such production(Cinquini and Tenucci, 2010). In
this expenditures are allocated on some reliable basis. It is used by any entity to predict
the future revenue and profits from any process. In this method cause and effect
techniques are used which have inclusion of direct as well as indirect cost. It is generally
used by small and medium sized entities which have less financial resources and small
projects(Contrafatto and Burns, 2013). Hence it is useful for Unicorn Grocery to attain
its objectives and targets through this method.
 There are certain requirements of traditional management accounting through which
they can use such method in their organisational structure. Mostly job order costing is
utilized by companies for some large projects through which they can easily trace the
cost which is associated with such project. Hence it gets easy to trace the cost through
better utilization of traditional costing techniques.
 Lean accounting: It is a general term which is used by any entity when they are required
to make any changes there in their accounting procedure(Dillard and Roslender, 2011).
If there is any change in control measurement and process of management then also lean
accounting techniques are used(Why lean accounting?. 2017).
 The requirement to use lean can be classified in two ways. First one is to apply some
lean accounting methods to the accounting and managerial process of any enterprise.
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The objective behind the implication of lean accounting system in any business entity is
reduce the amount of waste and to free up the capacity of cited entity(Fullerton,
Kennedy and Widener, 2014). It also boost up the speed of process and eliminates the
errors if any there in accounting procedure of cited entity. So that the subordinates can
get a clear idea about the whole process.
P2 & D1 Different methods used for management accounting reporting
There are various methods which are available with Unicorn Grocery which can be used
by its management accountant to carry out accounting procedure of this grocer store company.
Such methods which can be utilized for the task of reporting are mentioned below:
 Financial Planning: cited entity can manage its financial structure through the use of
methods which are mentioned there in management accounting. Through it they can
select the best source of finance which can be used by it in its projects(Håkansson,
Krausand Lind, eds., 2010). Through this managers and owners of enterprise can opt for
those financial sources which can provide more return in comparatively less obligations.
In other words through a proper analysis and evaluation of financial instruments can be
made through which such entity can generate a better revenue by applying them in their
future operations.
 Analysis of financial statement: management accountant requires to analyse and evaluate
the financial statements through which they can take better decisions in respect of
various operations. They can use various techniques which are scientifically approved
and universally accepted. As through using they frame better strategies and they can take
effective decisions as per their financial and non financial requirements.
 Fund Flow analysis: Fund flow analysis can be used by the managerial personnels to
manage the funds of entity so that they can observe and detect that from which sources
they are getting the funds and in which activities they are using these funds(Herbert and
Seal, 2012). So a detailed analysis over it can be helpful for tracing out the momentum
of any entity and to use such funds for getting out the favourable results.
 Cash flow analysis : Cash flow statement is divided into three sections first one consist
of operating activity, second one consist of investing activity and third one consist of
financing activity(Hiebl, 2014). Hence through analysing cash flow statements
management accountant of Unicorn Grocery can easily trace the cash in flow as well as
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cash out flow which are their in business operations, investing and financial process.
They can observe that how much they are getting from their operating activities and how
much they are getting or using in financial or investing activities.
 Ratio analysis : Ratios are actually the mathematical formulas which can be used by the
entity and its cost and management accountant so that they can check out the
profitability and indebtedness are as per the standard ratios(Jansen, 2011). Through it
managers and owners can also identify that whether they are capable of paying out their
debts. Further they can also evaluate that how much they can on their investment in any
project.
TASK 2
P3 Income statements as per marginal and absorption costing
 Absorption costing:It is a managerial accounting cost method which states that how much
cost is entails on manufacturing and providing a service. It includes all the manufacturing
expenses with labour and cost of material. It can be direct cost or indirect cost. Direct
cost on each aspect can be easily identified and calculated whereas indirect cost can not
be easily identified and calculated (Kaplan and Atkinson, 2015). The distribution of all
the expenses incur by each and every department is called as apportionment. These
apportionment further divided into two parts i.e. Primary and secondary :
Primary apportionment can also be said as distribution of overheads. This apportionment
can be distributed on three principles which are:
 Use basis: It is calculated on the basis of use overheads by different departments.
 Survey basis: If adequate amount is not calculated then this method is used(Luft and
Shields, 2010).
 Ability to pay basis: According to this method overheads can be calculated on the basis
of profitability and sales.
Income statement as per Absorption costing
Selling price £35
Unit costs
Direct materials £6
Direct Labour £5
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Variable Production overhead £2
Variable sales overhead £1
Budgeted production for the period is 600 units
Fixed costs for the month are given below
Budgeted cost Actual cost
Production overhead £1,800 £2,000
Administration cost £800 £700
Selling cost £400 £600
Absorption costing
Working 1: Calculate full production cost
Direct material £6
Direct labour £5
Variable cost £3
Fixed cost £5
Total £19
Working 2: calculate value of inventory and production
Opening inventory Production Closing inventory
0 700*19 = £13300 100*19 = £1900
Working 3: under/ over absorbed fixed production overhead
Actual fixed production: £3300
Fixed overhead: £3500
Total £200(over absorbed)
Net profit using absorption costing £ £
Sales 21000
(-) Cost of Sales:
Opening inventory 0
Production 13300
Closing inventory (1900) (11400)
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(Under)/ Over absorbed fixed prod. O/h 200
Gross Profit 9800
Less Expenses
Variable sales 1800
Fixed administration 700
Fixed selling 600 (3100)
Net Profit 6700
 Marginal costing: It is an additional cost which is produced by each and every level of
production. It can also be said as when a firm producing more more unit and sacrifice one
unit for that then it is termed as marginal costing which means the difference which
occurs due to additional unit production (Lukka and Modell, 2010). It can also be termed
as opportunity cost. Marginal cost includes each cost that may change at each level
production and it is not fixed whereas other cost which do not change with production is
called as fixed.
The formula for calculating marginal cost is;
MC=Change in consumption/ change in quantity.
In perfectly competitive market firms decide their production on the basis of marginal
cost and sales(Macintosh and Quattrone, 2010). It helps in determine the changes which are
occur in total production. If marginal cost is higher than price, then this situation is not good for
production.
Income statement as per marginal costing
Income statement as per marginal costing :
Working 1: Calculate variable production cost £
Direct material 6
Direct labour 5
Variable production o/h 3
Variable production cost 14
Working 2: Calculate value of inventory and production
Opening inventory Production Closing inventory
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0 700*14 = 9800 100*14 = 1400
Net profit using marginal costing £ £
Sales 21000
Less Variable costs
Opening inventory 0
Production 9800
Closing inventory (1400) (8400)
Variable sales (1800)
Contribution 10800
Less Fixed costs
Fixed Production overhead 2000
Administration cost 700
Selling cost 600 3300
Net Profit 7500
M2 Range of management accounting techniques and appropriate financial reporting documents
Unicorn Grocery and it managerial team can use various accounting techniques which
can be used by cited entity for its operations. As it has employed less than 50 employees and
they are having its turnover less than £500,000. it can be estimated that the revenue of cited
entity is vary low hence for this type of structure then they require to implement better
accounting techniques which can be used by cited entity to manage its revenue and to enhance its
earning capability so that it can get a major share in the targeted market(Nandan, 2010). Some of
the accounting techniques which can be used by the management accountant for reporting are
mentioned below:
 Cost volume profit analysis: It is way to measure that how change in cost and volume of
production makes any impact over the operating profit of any entity as well as its net
profit(Cost Volume Profit Analysis. 2013). During this analysis entity requires to make
several assumptions which includes that the selling price per unit will remain same. It
includes profit volume ratio which is a general calculation of contribution over the
sales(Pipan and Czarniawska, 2010 ). Which assist the user to calculate the profitability
of the firm. It is one of the most crucial ratios for the computation of operating profit.
Contribution can be find out by reducing the variable cost out of the sales proceed.
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Reliability of cost volume profit analysis is totally depends on the fact that cost of
production will remain fixed during the production process. As in the above given
income statement variable cost is 10200 hence after deducting it from sales i.e. 21000,
contribution will be there which is 10800. Hence here the PV ratio can be figure out by
dividing total contribution by sales = contribution /sales x 100
= 10800/21000 x 100
= 51.42%
 Absorption costing techniques : From the above mentioned statements it can be
ascertained that over absorption of fixed production overhead is 200 and gross profit is
9800. which means gross profit is affected by the over absorption of fixed overhead.
D2 Financial report of Unicorn Grocery
Financial reports should be made in a way so that it can present a better information in
front of its users so that they can take some effective decisions for investing in some financial
instruments of any company. As well as it also provide a brief view of overall financial position
of entity so that they can get a clear view of entities financial position and its capability to attain
any objective which have been decided by it(Quinn, 2011). Net profit as per marginal costing is
7500 and contribution is 10800 and net profit as per absorption costing technique is 6700 hence
it can be observed that there is difference in net profit from both the methods. Because in
marginal costing variable cost which is related with the production are apportioned entirely. Only
variable cost is included in the cost which are related with products. While when income
statement has been prepared by following absorption costing method then all the cost are
absorbed on a certain basis. One another reason of the difference between the figure of net profit
is that both variable and fixed overheads are apportioned on some pre decided basis.
TASK 3
P4: Advantages and Disadvantages of different types of planning tools that is being used for
budgetary control for given situation.
There are two types of control that is financial control and budgetary control in
management accounting (Renz, 2016). Budget is the statement that is used for forecasting
expenses over a project. By using this Unicorn Grocery and the team of management can decide
that how much fund needs to be invested on a particular project. Budgetary control assist a
department of a particular entity to coordinate with one another .
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Various budgetary tools are as follows:- Master Budget : It is a comprehensive extension by which it can be interpreted that in
which way mentioned entity wants to conduct the operation of business for budgeted
period(Sánchez-Rodríguez and Spraakman, 2012). Master Budget get support from
budgeted income statement, cash budget, and budgeted statement . Operational Budget : It deals with expenses and revenue that are related with activities of
operation. Profit from sales is considered as expenses and revenues which occurred in
this as operating expenses. Cash Flow Budget : This budget is actually prepared so that the flow of cash that arises
during the operation activities of business can be managed in appropriate way. It is also
prepared to get information regarding sales and expenses shortfall. Financial Budget : It gives a detailed overview of how Unicorn Grocery acquire funds
and where and how they apply these funds. It also gives information about profits from
business activities and return from capital expenditure(Setthasakko, 2010). Officer of
Management accounting Unicorn Grocery can manage investment and assets of Unicorn
Grocery by maintaining financial budget.
 Static Budget : It contains those elements which are not modified according to sales
level. Amount associated with overheads shows type of static budget. There are certain
departments in Unicorn Grocery which have fixed budget still such departments head
needs to form strategies so that department expenses should not go over the budget.
Advantages and Disadvantages of different types of planning tools that are used in
Unicorn Grocery budgetary control are mentioned below :
Advantages Disadvantages
 Budgetary controls planning tool can
support officers of management
accounting for strategies preparation
related to operations in future.
 It helps in coordination among various
of Unicorn Grocery. Planning tools of
budgetary control planning tools helps
 Budgetary controls planning tool can
put a pressure on Unicorn Grocery
employees, as it gives target to the
employees but problem stands when
those targets are not achieved.
 Budgetary control planning tools helps
in allocation of resources, and therefore
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departments of Unicorn Grocery to
communicate different facts and figures
with one another that can affect
operation of mentioned entity.
 By planning tools Unicorn Grocery has
made system by which employees can
know about their responsibility (Shah,
Malik and Malik, 2011).
 These tools helps in involvement of
each employee during budget
preparation and therefore the
employees of Unicorn Grocery gets
motivated.
 It also helps in performance appraisal
of employees of Unicorn Grocery.
it is possible to have improper
allocation of resources that may create
dispute among different departments of
Unicorn Grocery.
 If targets will not get achieved,
everyone will blame each other, and
hence it will cause dispute.
 It is possible that budget may involve
high cost which is being prepared by
managers of Unicorn Grocery.
M3 & D3 Analysis and evaluation of planning tools and their application that is used to prepare
and forecast the budget.
Various tools are given by management accounting that helps in supporting mentioned
entity and its administration to solve various problems that may affect day to day operations of
Unicorn Grocery. It is shown below that how management accounting techniques are used by the
administration of Unicorn Grocery: Based on financial accounting: If the data given in financial management is used by the
officers of management accounting than the management will become easier(Talha, Raja
and Seetharaman, 2010). Various methods that are used by Unicorn Grocery
administration team for taking appropriate decisions against different difficulties that can
affect the development of Unicorn Grocery are mentioned below:1. Ratio Analysis : Ratio analysis to analyse figures and facts of financial statement are
used by administration of mentioned entity, and these can be used to take and forecast
decision.
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2. Cash and fund flow analysis : Officers of management accounting of Unicorn Grocery
use these tools to manage funds. Because there may be problem of finance availability
with Unicorn Grocery and its management.3. Analysis by means of comparative financial statements : Better strategies and decisions
can be made by mentioned entity if they will compare figures of one period with another
period through which research can be done on any deviation so that their reasons can be
find out accordingly(Vaivio and Sirén, 2010). Based on cost accounting: Management of cost is the serious issue in every organisation.
Therefore mentioned company should manage their structure of cost to produce cost
effective products.
1. Marginal cost : Problems that are related with cost can be solved by using the concepts
of marginal cost techniques. Unicorn Grocery's administration team using method of
analysis of cost volume profit beneath marginal costing.
2. Cost Variance analysis : Difference between real and forecasted figures is called
variances. These variances needs to be managed accordingly as they are both negative
and positive(van der Meer-Kooistra and Vosselman, 2012). Unicorn Grocery is using this
method to get over from such negative variances.
 Basis of future information: Various management accounting techniques are being used
by Unicorn Grocery as it is a very normal issue for any company to face different
problems related with projects of future. Entity needs to identify different returns that can
be made out from activities and projects of future and they should also analyse different
aspects that can affect projects of future and their effect on growth of organisation.
Unicorn Grocery can use different techniques so as to maintain projects of future, these
are:-
1. Monitory control
2. Budgets and estimation
P5 compare how management accounting methods are utilized by organisations to respond
towards financial issues
Management accounting system and its techniques can be useful in responding towards
various financial and non financial issues. It also provide entity a base to achieve sustainable
development(Van Helden and et. al., 2010). In case there is any heavy loss then the firm which
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are not opting for management accounting techniques will not be able to make quick and
efficient decisions but on the other hand Unicorn Grocery can make a quick step towards it
further they can also make some provisions against these uncertainties a comparison between
two companies which are using management techniques for responding towards the financial
problem is mentioned below :
Unicorn Grocery Agmet
 Cited entity is using budgetary control
techniques to control over the future
affairs. As they can ascertain the total
investment which is required by them
in any particular future project.
 Variance analysis is used to find orb
detect the elements due to which there
is any diversion in actual and standard
data(Weißenberger and Angelkort,
2011). Through it they can remove such
factor because of which they are not
getting the positive output.
 Cited entity is also using capital
budgeting techniques of it to ensure
that they are having an optimum capital
structure which can provide better
returns to it without heavy obligations
against any financial instrument.
 Agmet is also using certain specific
budgets for deciding the total amount
of investment in them and what will be
the return which organisation can get
out of it.
 Agmet uses management accounting
techniques for the selection of optimum
capital structure so that managers and
owners of it can get the actual results
which they want through employing
their cost effective financial sources in
their operations.
M4 Analyse how, in responding to financial problems, management accounting can lead
organisations to sustainable success
Sustainable development in reference of Unicorn Grocery can be defined as the way to
utilize the resources through which they can get their required results without jeopardizing their
future projects and requirements(Significance of Management Accounting Techniques in
Decision-making: An Empirical Study on Manufacturing Organizations in Bangladesh. 2011).
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Hence if they will use the methods of management accounting then it will be possible for them to
cop up with the need of every single project which they are running. Hence they should make
research over the market scenario so that managers can identify the elements which are causing
harm to their strategies which are framed by top level management of cited entity(Ward, 2012).
Sustainable success is very helpful for entity as through it cited firm can grow continuously
without any break in growth rate. Through considering sustainable development in decision
making management accountant of Unicorn Grocery can allocate its funds to various activities
and task as per their requirements. Hence it can be observed that, proficiencies which are used as
per cost accounting can ensure sustainability of it. As well as firm can also attain target of
sustainable development.
CONCLUSION
From the above mentioned facts and figures it can be ascertained that financial
management and management accounting techniques can be helpful in managing any entity's
financial and non financial resources. Hence in case of Unicorn Grocery which is small and
medium enterprise which is having less than 50 employees working in the organisation and
having a turnover of less than £ 500000 hence it gets important for it to manage its financial
resources in a way so that they can get desirable results. Further it is helpful in achievement of
sustainable development and consistency.
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