Management Accounting Practices and Concepts

This management accounting assignment examines fundamental concepts and practices within the field. Students analyze topics such as cost-volume-profit analysis, budgetary control, and the role of strategic management accounting. The assignment utilizes a range of academic sources to demonstrate understanding of these principles and their practical implications for organizational decision-making.

Management Accounting

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Concept of management accounting system and different type of system which is related to
management accounting..............................................................................................................4
P2 Different method which is used in management accounting reporting.................................5
M1 Benefits of management accounting system and their application.......................................7
D1 Critically evaluate the management accounting system.......................................................7
TASK 2............................................................................................................................................8
P3 & M2 Calculation of costs using different techniques...........................................................8
D2 Interpretation of data by using distinct techniques..............................................................11
TASK 3..........................................................................................................................................12
P4 Advantage and disadvantage of different planning tools which is used for budgetary
control.......................................................................................................................................12
M3 Use of different planning tools...........................................................................................13
D3 Evaluation of planning methods..........................................................................................14
P5 Comparison on different organisation that they adapt the management accounting system
to respond financial problems...................................................................................................14
M4 Analysis of management accounting for the sustainable success.......................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................16

INTRODUCTION
Managerial accounting helps every company in managing all the business activities so
that they can not face any issues and by that they can attain the goals and objectives. In each and
every business whether it is large or small having managers who use the management accounting
system. For improving the business appropriate plans should be made. Along with this they have
to organise the resources and control the operations (Baldvinsdottir Mitchell and Nørreklit,
2010). Managers of the firm have to carry out the different activities which includes planning,
directing, motivating as well as controlling. Management accounting is the branch of accounting
which assist in focuses on providing the information or data and this can be used by the internal
users. Managerial accounting along with the financial accounting having the most prominent the
branches of accounting and both deal with processing by using the information which aid in
making the correct decisions (Significance of Management Accounting Techniques in Decision-
making: An Empirical Study on Manufacturing Organizations in Bangladesh. 2011). The present
report is based on Agmet which is a chemical producing company and this business entity having
50 employees. In the below mentioned assignment, different planning tools should be used along
with the advantages and disadvantages of distinct budgetary control has to be discussed.
TASK 1
P1 Concept of management accounting system and different type of system which is related to
management accounting
Management accounting is a system which is concerned with the different accounting
information and that data is useful to the management. Management accounting is a application
of the appropriate tools so that they can make projected and historical economic data of the entity
so that they can assist the administration by establishing or making plans for the reasonable
economic objectives in making the rational decisions as that they can accomplish the goals.
Management accounting may be defined as a aspect of accounting which is concerned with the
efficient management of a business so that they can facilitate having the efficient and opportune
the planning and control (Bennett, Schaltegger and Zvezdov, 2013). Management accounting
satisfies the requirements of the managerial activities so that they can make appropriate business

decision by doing the modification of data. Along with this they staff members of Agmet have to
analyse and interpret the data for the effective planning and on the basis of that effective and
relevant decision can be made. For analysis of data they can use different methods that is
comparative financial statements, common size statements as well as ratio analysis. They have to
facilitate the management control and company employees have to put more efforts so that they
can directed towards the attainment of goals by which they can control the operations of Agmet
more effectively (Busco and Scapens, 2011). The staff members have to use the qualitative
information and supervisor need qualitative information and data which can not be readily
converted into monetary terms. By using the informational needs at the different level of
management which succour in providing the satisfaction to their employees and consumers.
Different type of management accounting system are:
Basis Description
Cost accounting system It is also known as product costing system which is a
framework and used by Agmet so that every manager or leader
can estimate the cost of their products and services which aid
in improving the profitability and probability analysis,
inventory valuation and cost control. They have to estimate the
accurate the cost of products which is critical for the profitable
operations (Christ and Burritt, 2013).
Inventory management system It is a software which is a computer based system so that they
can track the inventory levels, orders, sales as well as
deliveries. It can be used in the manufacturing industry so that
they can create a work order, a bill of materials and other
documents which are related to production.
Throughput system It is a principle based system as well as management
accounting approach which provides the manager to make
effective decision so that they can support information for the
profitability improvements.
Pricing optimisation This system assist in doing the mathematical analysis by
Agmet so that they can determine that how consumers will

respond to the distinctive price of the different products which
help the employees in meeting the objectives and maximising
the operating profit (Cinquini and Tenucci, 2010).
P2 Different method which is used in management accounting reporting
Management accounting is also known as cost accounting which is different from
financial accounting so that the employees of Agmet can make appropriate reports for the
internal stakeholders of the business entity which is opposed to the external stakeholders
(Contrafatt and Burns, 2013). The profit and loss statement also called as income statement
which is having a listing of all the revenues which are generated as well as expenses which is
incurred by a business or department. Different methods are:
Basis Description
Ratio analysis It is a tool which assists in evaluating or analysing the various
aspects of Agmet whether it is operation and financial
performance which includes efficiency, liquidity, profitability
along with the solvency. The trend of these ratio helps in
checking that whether the performance as well as productivity
of company is increasing or deteriorating.
Cash flow analysis This tool or instrument is very helpful for the company as it aid
in assessing the cash inflow and outflows during the specific
period of time. This analysis start which a starting cash balance
and generates a ending balance after doing all accounting
whether for the cash receipts and paid expenses during a period
(Dillard and Roslender, 2011).
Financial statement analysis It is a process of reviewing and analysing the company financial
statements so that they can make better economic decisions.
These statements which include the income statement, balance
sheet, statement of cash flows as well as statement of changes in
equity.
Budget reports This report is a internal report which is used by the management

of Agmet so that they can compare the estimated, budgeted
projections with the actual performance so that they can achieve
the targets within a specified time. A budget report is to be
designed so that they can close the budgeted performance on the
basis of actual performance during an accounting period
(Weißenberger and Angelkort,2011).
M1 Benefits of management accounting system and their application
Management accounting system should be used by the business entity which helps in
attaining maximum benefits that includes the improvement in cash flow so that they can manage
the cash of firm. Another is reduction in operating and non operating expenses which helps in
making the good expenditure by making appropriate budgets. In addition to this, business
decision-making means the employees or managers have to make appropriate decisions for the
business entity so that they can meet their objectives (Fullerton, Kennedy and Widener, 2014).
Next is financial planning and in this manager have to do relevant and proper planning which is
related to finance so that they can make budgets and on the basis of that budget they can make
the spendings along with the earning as these factors helps in improving the performance and
productivity. Moreover, they can use management reporting which aid in preparing and
maintaining the specific accounting report of the distinctive contents that is profit and loss
statement and balance sheet. Along with this they can use different tools and techniques that is
ratio analysis, cost accounting along with the marginal costing and according to that they can
attain success when the employees facing high competition. By using the management functions
they can allot the resources as well as have to use proper process so that they can attain the goals.
The use of management accounting system succour in identifying the needs and on the basis of
that decisions to be made to fulfil that by the involvement of the employees which assist in
maintaining the standards and leading position in the market place (Håkansson, Kraus and Lind
eds., 2010).
D1 Critically evaluate the management accounting system
By using the process of management accounting system employees of Agmet have to do
proper leader and transformation. There are different methods which helps in management
accounting and reporting system in the different areas that is:

Relevant cost analysis: This can be used for evaluating the relevant cost. Here relevant
cost refers to the cost which having a impact on the process of decision making of Agmet and its
administration. Management Accounting as well as reporting which aid in providing the relevant
information related to cost to the employees of Agmet (Herbert and Seal, 2012). Along with this,
it helps the management in making more efficient decision for business enterprise. Variable cost
of the product can be considered as the relevant cost as changes on the basis of change in
quantity and volume of production. Where as fixed cost of merchandise does not change in the
production level as it is not related with the relevant cost.
Activity based costing methods: This method helps Agmet in ascertaining that who will
be the consumers of the company and it also aid in identifying the wants and desires of them.
Activity based costing method helps in making the changes in the activities. Once service user
get known by Agmet or when company is able to identify its more beneficial to end users the
company will than focus the advertising efforts on that customers (Hiebl, 2014).
Make or buy analysis: The supervising of cited enterprise can analyse that what they want
to purchase from outsiders as well as what they can produce in the business entity. If making a
merchandise will proof more costly to the employees of Agmet than in this situation it will be
better for business enterprise to buy it from the outside. While if equipments which are using in
the enterprise is very cheap than the corporation should produce qualitative products.
Utilising the data: The employees as well as managers of Agmet have to use or utilise the
appropriate data so that they can manage all the operational activities. The management
accounting along with the reporting provide the manager necessary and essential information.
Further, by using this information or data they can attain success in future (Ward, 2012).
TASK 2
P3 & M2 Calculation of costs using different techniques
Absorption costing: It is a method which assist in doing the inventory valuation on the
basis of all the manufacturing expenses which are allocated to the cost centres so that they
recognise the total cost of production. It is a traditional method for the ascertainment of cost and
in this both fixed as well as variable cost are related to product cost (Jansen, 2011). There are
different type of absorption costing which includes activity based costing, job costing as well as
process costing.

Income statement on the basis of Absorption costing method:
Selling Price £35
Unit costs
Direct materials £6
Direct Labour £5
Variable Production overhead £2
Variable sales overhead £1
Budgeted production for the period is 600 units
Fixed cost for a month:
Production overhead: In this budgeted cost is £1,800 and Actual cost is £2,000
Administration Cost: In this budgeted cost is £800 and Actual cost is £700
Selling cost: In this budgeted cost is £400 and Actual cost is £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
(-) Cost of Sales:
Opening stock
Manufacturing
Closing stock
(Under)/ Over absorbed fixed prod. O/h
Gross Profit
Less Expenses
Variable sales expenditure
Fixed administration expenses
Fixed selling expenditure
Net Profit
0
13300
(1900)
1800
700
600
21000
(11400)
200
9800
(3100)
6700
Marginal costing: It is also known as variable costing and it is a costing method in which
employees of Agmet have to make appropriate decisions which can be taken regarding the
ascertainment of the total cost as well as determination of the fixed and variable cost so that they
can find the best process and having a impact on profit for the changes in the output units.
Marginal cost refers to the movement in the total cost, due to the production of additional unit of
output (Kaplan and Atkinson, 2015).
Income statement on the basis of Marginal costing method:
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
0 700*14 = 9800 100*14 = 1400

Net profit using marginal costing £ £
Sales
Less Variable costs
Opening stock
Manufacturing
Closing stock
Variable sales
Contribution
Less Fixed costs
Fixed Production expenses
Administration cost expenditure
Selling cost
Net Profit
0
9800
(1400)
2000
700
600
21000
(8400)
(1800)
10800
3300
7500
There are some difference between the marginal and absorption costing which are:
Basis Marginal costing Absorption costing
Meaning A decision making technique so
that they can ascertain the total cost
of production.
Apportionment of total costs to the
cost centre which assist in determining
the total cost of production.
Cost recognition The variable cost is to be
considered as a product cost where
as fixed cost is to be considered as
period cost.
In this fixed cost and variable cost is to
be considered as fixed cost.
Profitability It is measured by profit volume
ratio.
By using the fixed cost, this affects the
profitability of the company.
Cost per unit Variances in the inventory at the
beginning as well as closing stock
does not having a impact in the cost
per unit of output (Lee, 2011).
Variances in the opening along with
the closing stock which affects the cost
per unit.

Classification of
overheads
Fixed and variable Production, administration as well as
selling and distribution.
D2 Interpretation of data by using distinct techniques
The staff members as well as manager of Agmet have to make appropriate financial
reports in a attractive way which assist in making decisions for doing the investments which
accomplish the goals and objectives. Along with this to identify the net profit for doing the
investments on company they can use different tools and techniques that is absorption or
marginal costing which provides the overview of the financial position of the corporation (Van
Helden and et. al., 2010). Moreover, investors having to find the capability of Agmet that they
can do then investment or not in this firm. By doing the calculation of marginal cost by using
appropriate formula net profit is 7500 and contribution is 10800. Further, by using the absorption
costing method net profit is 6700. Along with this by using different instruments net profit is
different from each other.
TASK 3
P4 Advantage and disadvantage of different planning tools which is used for budgetary control
There are different type of planning tools are there so that they can do proper budgetary
control for Agmet. Advantages of budgetary tools which is used for planning:
Coordination: The employees of the company have to make proper budgets so that they
can coordinate the activities across the distinct departments and which assist in maintaining the
link between the activities as well as flow of activities which has to be maintained in Agmet
(Luft and Shields, 2010).
Strategic plans: Budget helps in translating the strategic plans into action. They have to
use specific resources so that they can generate the maximum revenue as well as activities so that
they are required to carry out specific plans.
Records keeping: Budget provides the excellent indicator so that they can maintain the
records of all different activities which assist in attaining the goals and objectives.
Communication: Budgetary instrument aids to communicate with staff members so that
they can make proper budget and communicate in advance with the workers of Agmet and this
assist in future planning of budget.

Resource allocation: Budget improves the allocation of resources as it helps in providing
best and qualitative services to them in the effective and efficient manner. Moreover, on the basis
of budgets appropriate resources to be used by the staff members of Agmet (Lukka and Modell,
2010).
Disadvantages of budgetary tools which is used for planning:
Application: The major obstacle which arise at the time of making plans for the budgets
which applied mechanically as well as rigidly so that estimation can cause the perception of
fairness.
Lack of participation: Estimation helps in demotivating the employees because there is a
lack of participation of staff members of Agmet. If the budgets which are imposed from the top
to the down authority than the workers which assist in not understanding the reason of the
budgetary expenditure so that they can do the proper communication to them.
Competition: Budgets can create the competition by using the different resources as well
as politics of Agmet and this is the main drawback of the formation of budget (Macintosh and
Quattrone, 2010).
Right budget structure: The rigid structure of budget which helps in reducing the
initiative and these should be taken by the employees by making a plan for budget at the lower
levels which aid in making it impossible so that they can obtain money for the new ideas which
are generated.
Coercive: Budget are coercive and although the control is important along with the
necessary, good management assist in controlling and motivate the workforce without restoring
to coercive. Budgets are always bureaucratic means it relates to a government system in which
most of the decisions are taken by the state government rather than the representatives (Nandan,
2010).
M3 Use of different planning tools
 Future Forecasting- Budgetary control is a device which assist in doing the future
estimation of the budgets. Along with this employees of Agmet have to make the budget
in advance.
 Cost Aggregation- The staff members have to minimise the cost by doing distinctive
activities and also by using Work Breakdown structure. Along with this this cost
aggregation method helps to reducing the risk as well as increasing in productivity in

Agmet. The cost which is related to work package they are having a higher level of WBS
and ultimately for the entire project (Pipan and Czarniawska, 2010).
 Reserve Analysis- It is a technique which assist in reviewing the project management
plan so that they can identify the risk factor which are involved in it. Cost estimation plan
includes contingency reserves which aid in maintaining the cost uncertainty.
 Expert Judgement – Project manager is responsible for monitoring along with the
controlling of the project work. Along with this it helps in making judgement of manager
so that they can find out the performance level of staff members and on the basis of that
they can be evaluated and necessary actions can be taken to improve the performance
level and this will be solved from the judgement as well as decision of expertise in
budgeting as well as particularly in the area of interest (van der Meer-Kooistra and
Vosselman, 2012).
 Historical Relationship - It means including the data from past references or from the
distinct projects in which cost are known from the similar operating activities.
 Funding Limit Reconciliation- The expenditure of fund should be reconciled with any
funding limits on the commitments of the fund for the projects which are undertaken
(Quinn, 2011).
D3 Evaluation of planning methods
The success of any organization will depends on its functioning as well as procedure
which they are using or following in the Agmet and the co-ordination between different activities
as well as employees of the organization (Talha, Raja and Seetharaman, 2010). The skill and
competence level of staff members who are working in the organization how effectively and
efficiently they are using the resources of organization for long term success of the organization.
Helping organization have to use the updated technology by using the different new
software as well as applications. The process which assist in involving the certain phases from
planning, evaluating, monitoring along with the control of the business activities in the
organization. Problem solving enhances the area of interest of the employees because employees
feel satisfied that is someone in the organization to solve their problems (Renz, 2016). They have
to provide the appropriate and relevant tools so that they can facilitate the participation of
partnership with the different stakeholders of Agmet in the public as well as private sector
through dialogues and priority setting.

P5 Comparison on different organisation that they adapt the management accounting system to
respond financial problems
Management accounting system and its several techniques are useful in responding the
various financial along with the non-financial issues. It provides Agmet a base for the sustainable
development or improvements so that the resources of the business entity can be secured for the
future use (Why lean accounting?. 2017). Along with this there is efficiency in the economy so
that economy can sustain for the long run in the organisation. The comparison study between the
two company which are using the management technique to respond to the financial problems
are:
Agmet Unicorn Grocery
This technique is used to control the future
affairs of budgeting these are used to specific
investment plans for future.
It can also be used to compare the differences
between the standard and the actual data
required by the organisation and helps to detect
the problems.
Cited entity is using capital budgetary
technique to make sure that they are having
optimum capital structure and that can provide
them better returns without any heavy
obligations against any financial instrument
used in the organisation (Vaivio and Sirén,
2010).
This technique is used to specify the total am
mount required to be invest in a project by the
organisation (Cost Volume Profit Analysis.
2013).
It is a type of technique which shows the
maximum capital requirement a manager can
use in the actual results which they want
through employing their cost effective and
efficient financial resources in their operations.
It focuses on the overall results which an
organisation can get by the specific types of the
budget.
M4 Analysis of management accounting for the sustainable success
Sustainable success refers to achieve the success so that they can focus on the different
factors like human resources and many other. Agmet can never achieve success unless it does on
give proper attention to the needs and wants of the staff members of Agmet. It can be said that
they have to achieve success by using all the key elements which assist in contributing to the
success which is to be given proper attention by the management (Sánchez-Rodríguez and

Spraakman, 2012). All the needs as well as wants of its human resource should be well served by
every enterprise because the dissatisfy employee will leave Agmet and because of this the
enterprise can face the problem of stability and this will affect the goodwill of the enterprise.
Management accounting assist Agmet in several ways for accomplishing the growth by giving
information about all the activities of the enterprise (Shah, Malikand Malik, 2011). By knowing
all the data about all the operational activities of the department and the management can make
necessary changes in them like after knowing that the current collecting policy of enterprise is
not useful or there are many hurdles in that process than the management can try to tighten the
credit collecting policy and at the same time can do some modifications in that same applies on
the other activities of the organisation (Setthasakko, 2010). By collecting all the regarding all the
activities of the enterprise the management can do the necessary changes for achieving better
and good results with minimum cost.
CONCLUSION
From the above report it has been interpreted that managers of Agmet have to use
appropriate tools and techniques so that investors can make relevant decisions and by that they
can make investment. To find the net profit, distinct techniques can be used by them. The
employees of the company have to make appropriate financial reports but in a attractive way so
that investors of the business can not face any obstacles to make investments. They can use
different methods for planning which is related to budgetary control which accomplish the goals
and objectives. Agmet can use financial along with the non financial resources so that they can
attain success.
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