Management Accounting INTRODUCTION 1 TASK 11 P1 Management Accounting System and Its Essential Requirement 1 P2 Benefits and Application of Management Accounting System 5 TASK 25 P3 Calculation of Cos

Management accounting INTRODUCTION 1 TASK 11 P1 Management accounting system and their essential requirement 1 P2 Type of management accounting reports and its importance to management 3 M1 Benefits and application of management accounting system4 D1 Critical evaluation of various reporting and accounting system5 TASK 25 P3 Calculation of cost by using appropriate technique 5 M2 Type of accounting techniques 10 D2 Data interpretation 10 TASK 310 P4 Merits and Demerits of using planning tools used in budgetary control 10 M

Management
accounting

INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Management accounting system and their essential requirement..........................................1
P2 Type of management accounting reports and its importance to management.......................3
M1 Benefits and application of management accounting system...............................................4
D1 Critical evaluation of various reporting and accounting system............................................5
TASK 2............................................................................................................................................5
P3 Calculation of cost by using appropriate technique...............................................................5
M2 Type of accounting techniques............................................................................................10
D2 Data interpretation...............................................................................................................10
TASK 3..........................................................................................................................................10
P4 Merits and Demerits of using planning tools used in budgetary control..............................10
M3 Different planning tools and their applications...................................................................12
TASK 4..........................................................................................................................................12
P5 Comparison with other organisation to overcome financial issues......................................12
M4 Management accounting can lead organisation to sustainable success in responding
financial problems.....................................................................................................................14
D3 Planning respond appropriately to resolve financial problem.............................................15
CONCLUSION..............................................................................................................................15
REFRENCES.................................................................................................................................17

INTRODUCTION
Management accounting is also known as cost accounting as well as managerial
accounting. It is the procedure utilise for analysing business cost or operations for preparing
internal financial report and account which help manager within decision making process for
accomplishing business goals. Management accounting help in conducting business activities
within effective manner like planning, organising, staffing, directing and controlling. For
understanding this overall concept medium scale organisation which is named as Cambridge
manufacturing Ltd. This organisation manufacture variety of specialist dietary products as well
as offers nutritional assurance. Respective manufacturing organisation conduct its operation
within United Kingdom. This report will going help in understanding concept of management
accounting, type and their requirement in organisation. Along with this, calculation of cost
through suitable technique has been done and various type of accounting technique will discuss.
Furthermore, merits and demerits of using planning tools in budgetary control will explain as
well majors to overcome financial issues.
TASK 1
P1 Management accounting system and their essential requirement
Management accounting system is related to collecting, analysing and presenting
monetary as well as non-monetary information to its end user according to requirement. It is

crucial part of an organisation because it is implemented in internal system for controlling
organisational activities within proper manner. This system help in keeping financial record and
help in making effective accounts. There are different type of management accounting system
which help in growth of company as well as in building market image.
Difference between Management accounting and financial accounting
Basis Financial Accounting Management Accounting
Meaning It indicates to an accounting
system which make
concentration on the
preparation of financial
statement of a company to
offer financial information to
those parties which shows
interest.
It refer to an accounting
system which provides relvant
information to the managers to
make or design plans, policies
and strategies to operate the
business effectively.
Objective The major purpose of this
accounting system, to provide
financial information to
outsiders.
The objective management
accounting is to assist the
management in planning and
decision making process by
offering detailed information
on various matters.
Time frame Financial statements are
prepared at the end of the
accounting which is usually
one year.
The reports are prepared as the
need and requirements of the
organisation.
Explanation of these accounting system in relation of Cambridge manufacturing Limited
mention below :-
Price optimisation system – Every organisation work with the motive of profit
maximisation so they mainly focus towards price structure of different products. Cambridge
manufacturing limited implement specific system for setting price of their products. But before

setting price of offering company conduct market research for identifying perception of
customers related to particular product and services. The main requirement of this system to
Cambridge manufacturing Ltd is about ascertainment of the price in respect of the demands they
have in market.
Inventory management system - The particular system major part of manufacturing
company to track record and manage stocks within organisation. Mainly manufacturing
organisation can use inventory management system for keeping proper records analysis of stock
on every production level. This method can assist respective manufacturing company within
their activities as well as assist in identifying need of material at different level. This system will
help an organisation to manage their inventory and achieve better better outcomes within given
time period. Respective method will be advantageous for business firm in maintaining proper
stock within proper manner and use resources in production procedure. As a result it can reduce
wastages and help to place next order of goods and services. There are various techniques of
inventory explanation of these are as follows :-
 LIFO – As per this method stock which come last will goes out first. Thus, LIFO is
simply last in first out.
 FIFO – There are stock coming first and sale out first. Thus, it depends that in FIFO
method first in first out take place.
 AVOC – It is calculating cost of inventory on average basis.
Cost accounting system – This accounting system gives direction to organisation by
concentrating on cost and increasing profitability. Cost accounting system involve systematic set
of activities such as understanding, analysing, entering, summarizing cost of goods as well as
services. In relation of Cambridge manufacturing Ltd implement specific system for analysing
variance by comparing within actual as well as estimated cost. Cost accounting system is
generally utilise by Cambridge manufacturing Ltd with the motive of improving their production
level as well as profitability.
Job costing system – This is kind of accounting system which help in analysing
expenditure which occur for particular job. With the assistance of job accounting system detail
information related to cost will be gained which is connected to accounting period. In respective
Cambridge manufacturing Ltd, this costing system is implemented for gaining knowledge about

various assigned job. There are several information which gained through job costing system are
as follows :-
 Direct material – It is part of variable cost that is related to the production unit as well as
track cost of material within particular job.
 Direct labour – In this cost of labour will be track related to specific job and also involve
time card and time sheet.
 Overhead - At the end of every accounting period the total amount of each cost to apply
methodology regarding to allocation.
P2 Type of management accounting reports and its importance to management
There are different type of management accounting report which will be use by
Cambridge Manufacturing Limited for keeping record of every transactions. Management
accounting report will help in taking better decision on the basis of provided information which
help in generating profit for business firm in future. Explanation of these reporting system are
mention below :-
 Cost managerial accounting report – This type of report is design for identifying cost
of amount spent on manufacturing process. Respective reporting system will give full
detail related to amount invested for conducting business activities. Cambridge
manufacturing Ltd. Have to prepare cost managerial accounting report because it help in
controlling cost which affect profitability of company as well as also help in
understanding actual expenditure. So that, optimum utilisation of available resources
method will be use in company.
 Account receivable ageing reports – It is most important tool which help in managing
organisational activities as well account receivable ageing report shows amount which
customer have to pay company. Respective report help Cambridge manufacturing Ltd. In
identifying that finance division is collecting receivable slowly as well as credit policies
also.
 Budget report – Motive behind designing this report is to compare actual budget with
its estimated. Financial data of an organisation are recorded within budget report which
is prepared by expertise. It also assist in identifying level of expenditure within an
organisation. Cambridge manufacturing limited prepare budget report foe ensuring that

resources are allocated within proper manner as well it help in reducing operational cost
and assist in determining availability of sufficient funds.
 Performance report – This report is design on the performance of any particular
activity and help in measuring, evaluating as well as analysing performance of company
and staff members. Performance report help in identifying difference between actual and
standard performance of Cambridge manufacturing limited and also staff working with
them. In addition to this, respective business firm have to make performance report on
regular basis so that present performance will be identified, future forecast will be
conducted as well as difference within actual and baseline will be fined.
M1 Benefits and application of management accounting system
There are several management accounting system which play important role in every type
of business firm. Thus, Cambridge manufacturing Ltd. Will implement several type of
accounting system within their working which are advantageous for them as well as client also.
Advantages of accounting system are as follows :-
Type of accounting system Benefits
Inventory management system  This accounting system is beneficial
for organisation because it help in
identifying how much inventory
exactly required for conducting work.
 Inventory management system will
assist Cambridge manufacturing in
proper planning and also in tracking
inventory.
Cost accounting system  Cost accounting system help
calculating overall cost of various
operations as well as activities.
 Along with this, respective accounting
system will assist Cambridge
manufacturing Ltd. in fixation of prices,
decreasing prices as well as in identify

the profitable or unprofitable activities.
Price optimisation  Price optimisation is the system which
help in identifying reaction of
customers at different price of product
and services.
 It will provide benefits to respective
organisation by time saving, providing
with the market transparency as well as
full control.
Job costing system  Job costing system is advantageous in
calculating cost of each job which is
assigned for different activities.
 Respective costing system will adopt by
Cambridge manufacturing Ltd. For
identifying price of every job.
 Along with this, it also help in examine
the over as well as under recovery of
overheads.
D1 Critical evaluation of various reporting and accounting system
Management accounting system and management accounting report are integrated each
other in order to contribute towards the organisation. As it will help an organisation to prepare
their financial statement in accurate and systematic manner. Cost management accounting
system helps in preparation of cost report of Cambridge manufacturing Ltd. Both management
accounting as well as reporting system are interrelated with each other and help management is
taking effective decision for organisation. With the assistance of an illustration it will be easy to
understand: cost accounting system assist in overall cost incurred within production as well as
other organisational activities. This enable management in preparing budget report because
these are designed in the basis of actual financial position of business firm.

TASK 2
P3 Calculation of cost by using appropriate technique
Cost can be the thing which is measurable in term of money or it can be the amount paid
against product or services to be purchase. It is monetary valuation of resources, efforts,
resources and so on while producing product or services. Every expenses which incur while
production are cost but all cost are not expenses. There are mainly two type of cost i.e., marginal
and absorption cost. Explanation of these are as follows :-
 Marginal costing – The marginal cost of any particular product is its variable cost as
well as marginal production cost is simply sum of direct labour cost, direct material cost,
variable production overhead cost and direct expenses. Thus, if their will be enhancement
in volume of production as well as sale then total variable cost automatically get rise.
Apart from this, marginal costing is also principle costing technique utilise in decision
making process. Respective costing approach allows management attention on changes
that result from decision under consideration.
Income statement under Marginal costing method for month of May & June
Particular May June
(in £) (in £)
Total Sales 50 15000 25000
Less: variable cost
Opening stock - 3200
D.L. 5 2500 1900
D.M. 8 4000 3040
Variable Cost 3 1500 1140
Less: Closing stock -3200 -1280
Total Variable cost 4800 8000

Contribution 10200 17000
Fixed indirect production cost 4000 4000
Selling & Distribution costs 4000 4000
Administrative costs 2000 2000
Sales commission cost 750 1250
N.P. (Net profit) -550 5750
Absorption Cost per unit
Direct Labour cost per unit 5 5
Direct Material cost per unit 8 8
Variable cost per unit 3 3
Marginal Cost per unit 16 16
May June
Opening stock - 200
Produced units 500 380
Sold Units 300 500
Closing stock 200 80
 Absorption Costing – This cost indicates that all manufacturing cost has been assigned
to the unit produced. Absorption cost involve all the cost related to manufacturing of

products which can be variable as well as fixed cost such as direct, overhead which utilise
for evaluating inventory.
Income statement under absorption costing method for month of May & June
Particulars May June
(in £) (in £)
Total sales 50 15000 25000
Less: Cost of Goods sold
Opening stock
D.L. 5 2500 1900
D.M. 8 4000 3040
Variable production cost 3 1500 1140
Fixed indirect production expenditure 4000 4000
Closing stock -4800 2122.4
Total cost of goods sell 7200 7957.6
G.P. (Gross profit) 7800 17042.4
Selling & Distribution expenses 4000 4000
Administrative cost 2000 2000
Sales commission expenditure 750 1250
N.P. (Net profit) 1050 9792.4

Absorption Cost per unit
Direct labour cost per unit 5 5
Direct material cost per unit 8 8
Variable cost per unit 3 3
Fixed indirect production expenses per unit 8 10.53
Total Absorption Cost per unit 24 26.53
May June
Opening stock - 200
Units produced 500 380
Sold units 300 500
Closing stock 200 80
From the above practical it has been interpreted that the net profit in marginal costing is
lower than the net profit of absorption costing that is -550 and 1050.
Cambridge manufacturing Ltd. Can utilise marginal costing method because it show
more revenue within financial statement which result in attracting large number of share holders.
Whereas, respective organisation can use absorption costing method also because it will help
them in getting actual information related to organisation financial position.
Material cost variances:
Given information is as follows-
Standard price(SP)- £10 @ per kilograms

Actual price (AP)- £ 9.5 @ per kilograms (20900/2200)
Actual quantity (AQ)- 2200 Kilograms
Standard quantity(SQ)- 1000 Kilograms
Material price variance (MPV)= (SP-AP) * AQ
(10-9.5)* 2200= £1100 F
Material usage variance (MUV)= (SQ-AQ)*SP
(1000-2200)*10= £12000 A
Material cost variance (MCV)= Standard material cost- actual material cost
Valuation of closing stock using LIFO
Date Reference Purchase Issues Balance (Inventory)
Units £/Units £ Total Units £/Units £ Total Units £/Units £ Total
05/01 Previous balance
(inventory) 40 3.00 120.00
05/12 40 3.00 120.00
Bought 25 units
at £ 3.60 each 20 3.60 72. 20 3.60 72.00
05/15 20 3.60 72.
Issued 36 units 16 3.00 48. 24 3.00 72.00
05/20 24 3.00 72.00
Bought 20 units
at £ 3.75 each 20 3.75 75. 20 3.75 75.00
05/23 Issued 10 units 10 3.75 37.5 24 3.00 72.00
10 3.75 37.50
05/27 9 3.75 33.75
Issued 25 units 25 3.00 75.00
05/30 Issued 5 units 5 3.00 15.00 4 3.75 15.00

Valuation of closing stock by using weighted average method:
05/01 Previous balance
(inventory) 40 3.0000 120.0000
05/12 Bought 25 units at £
3.60 each 25 3.60 90. 65 3.2308 210.0000
05/15 Issued 36 units 36 3.2308 116.307
7 29 3.2308 93.6923
05/20 Bought 20 units at £
3.75 each 20 3.75 75. 49 3.4427 168.6923
05/23 Issued 10 units 10 3.4427 34.4270 39 3.4427 134.2653
05/27 Issued 25 units 25 3.4427 86.0675 14 3.4427 48.1978
05/30 Issued 5 units 5 3.44 17.2135 9 3.4427 30.9843
M2 Type of accounting techniques
Management accounting is most essential tool with the help of which financial reports and
statements can be created (Quinn and Jackson, 2014). Thus, it is essential for organisation to
prepare financial documents such as balance sheet. P&L etc. that can help them to perform their
financial operations in organisation structure. With the help of this accounting tools organisation
can be further able to maintained financial reports. Cambridge manufacturing Limited with the
help of financial statements can able to maintain their financial status and statements with the
help of which they can facilitate therefore the operations in a smooth manner.
D2 Data interpretation
Data interpretation is termed as a process in which interpretation of numerical data is done
that has been together analyse and presented with the help of this and conclusion and
implications of findings can be done. With the help of best effective form of data interpretation
company can effectively able to analyse long searches in a cognised and easy understandable
manner. In addition, with this collected data and can further help to gain better knowledge of the
process and performances in a short and faster manner. it is a cost effective method with the help
of which anticipating needs with trend identifications are done.

TASK 3
P4 Merits and Demerits of using planning tools used in budgetary control
Budgetary control can be used by directors in order to control and screen activities which
are related to expenses in a particular accounting duration. With the help of this strategy
Cambridge manufacturing can effectively able to figure out future financial requirements with
the help of which they can further prepare their budgetary plans. With the help of this senior
level directors can effectively able to overlook and execute activity towards organisational
benefits. Along with this, with the help of different perspective supervisors of Cambridge
manufacturers can able to set budgetary as well as non-financial aim in order to effectively
control their financial exercises. Mentioned below there are different planning tools are you fine
along with advantages and disadvantages:
Forecasting tool
With the help of this accounting tool organisation can able to effectively anticipate their
upcoming circumstances as well as events in order to examine trend in a particular time duration.
Main purpose of forecasting tool is to evaluate results and planning that are based on past data.
With the help of this tool Cambridge manufacture directors can effectively able to analyse and
guide future prospective needs and requirements with the help of breaking down of fiscal reports.
Mentioned below there are some disadvantages and advantages and context of forecasting tool.
Advantages:
 With the help of forecasting tool Cambridge manufacturing Limited can effectively able
to increase profit capabilities with the help of defining better management.
 In addition, with this company can also able to provide the customers, related budgetary
reports with the help of which company can able to gain customer loyalty.
Disadvantages:
 The data that are collected by directors of Cambridge manufacturing organisation from
different definitions cannot be termed as an appropriate in order to make systems and
future activities.
Contingency tool
Contingency planning act as a most essential element with the help of which organisation
can effectively able to build numerous systems plans in order to overcome issues that emerge in
workplace (Nitzl, 2016). With the help of contingency tool Cambridge manufacturing can

effectively able to evaluate different types of threats that can be related to inadequate
circumstances within company. With the help of this approach company can effectively able to
deal with different types of complications while recording transactions on daily basis.
Advantages:
 With the help of this tool Cambridge manufacturing Limited can effectively able to Limit
order of danger and other form of disappointment by making appropriate backup plans.
Disadvantages:
 There are large amount of expenses that can be occurred in the period of accepting
procedure and further approval from supervisor.
M3 Different planning tools and their applications
There are different types of planning tools that can be considered by organisation managers in
order to effectively accomplish their goals and objectives certain tools are define below.
Forecasting this is the tool with the help of which organisation can effectively able to
predict their future happenings and can formulate Strategies and plans as per according to them
in order to gain more developmental opportunities.
Contingency planning in this different types of alternative course of actions are
evaluated it helps in organisation to implement a different set of plan when the original one
proves to be inadequate due to change in circumstances.
Scenario planning it is termed as a long-term vision in which an organisation identifies
different types of alternative in context with future scenarios and possibilities that can occur in
future.
Benchmarking with the help of this tool organisation can able to evaluate their internal
as well as external comparisons of performances with the help of which they can able to improve
their future set of perspectives (Otley and Emmanuel, 2013).
Staff planners these are the individual who holds the responsibilities to lead and control
the planning function thus, with the help of this tool organisation can effectively able to co-
ordinate their overall functioning.
With the help of all the planning tools Cambridge manufacturing Limited can effectively
able to accomplish their roles and responsibilities in a well-defined manner. Further it lead
towards facilitates organisation to accomplish their desired set of objectives within a proper set

of time frames this effectively help them to gain more developmental opportunities and further
drive organisation towards success.
TASK 4
P5 Comparison with other organisation to overcome financial issues
Basis of Difference Cambridge manufacturing Ltd Brightstar Financial Limited
Problem Main issues that has been faced by
Cambridge manufacturing Limited
is related to in appropriate
management of funds. In addition,
with this organisational revenue
ratio is less as compared to
expenses. All these issued towards
creating instructive impacts upon
organisational working thus
Cambridge manufacturing Limited
is faces numerous forms of issues
which is linked with inadequate
funds along with lack of working
capital that lead towards and
fulfilment of company desirability
to meet their expense.
The major problem of
Brightstar financial Limited
from which the company goes
through is risk management of
cash flow. In addition with this
it has been determined that
company is lacking behind in
developing of strategies that
are related to decreasing a
certain risk elements.
Approach It is essential for Cambridge
manufacturing limited to overcome
all these problems in best effective
manner as to conduct organisational
functioning they can further take
the advantage of key performance
with the help of developing
different types of effectual
In order to overcome these
issues brightstar financial
Limited is required to take
advantage of bench marking as
to develop reports that is
linked with risk management.
Along with the development of
strategies in order to

strategies. With the help of this they
can effectively able to complete
their competitors along with
managing working capital of
company in best effective manner
(Bennett and James, 2017).
effectively manage
organisational working capital
as to decrease the level of
competition against their
Rivals.
Similarity: Cambridge manufacturing Ltd and Brightstar Financial Limited has one thing
in common and that is their financial issue which are resolved management accounting systems
and techniques which benchmarking, KPI and variance analysis.
M4 Management accounting can lead organisation to sustainable success in responding financial
problems
Management Accounting approach it is one of the best effective accounting technique with
the help of which resolutions of problems can be effectively done that occurred in an
organisation. Management Accounting approach offer exact and required information to
managers along with employees in context of using organisational resources in best effective
measure (Kokubu and Kitada, 2015). With the help of Management Accounting approach
Cambridge manufacturing Limited can effectively able to solve the issues which is related to
financial problems and can take advantage of right techniques mentioned below some of them
are described:
High performance indicator with the help of this organisation can effectively able to
determine their performance as compared with their competitors in order to achieve their short
term and long term goals. With the help of key performance indicators Cambridge manufacturing
Limited can put their estimate focus on functioning of business processes. This is one of the best
important tool with the help of which organisation can effectively able to measure their progress
and can further develop requires strategic targets that is required to be obtained. With the help of
this technique present company can effectively able to develop and compare their organisational
standards and progress along with past performances in order to gain future growth prospect.
Bench marking this is one of the most essential technique that can be undertaken by
Organisation in order to measure their performance against a competitor. In this company are
required to compare their Organisation on the basis of programs quality and measure in order to

evaluate for the improvements and alterations. With the help of this approach Cambridge
manufacturing Limited can evaluate further required improvements in order to reduce the gap
and evaluate day to day organisational performances.
D3 Planning respond appropriately to resolve financial problem
Financial planning effectively aids a business organisation to collect, manage, monitor and
control their operations that are related with financial information’s. With the help of this they
can easily able to challenge financial issues and can effectively considered future prospectus. In
context with Cambridge manufacturing Limited managers by considering financial planning as
an important aspect can effectively able to accomplish goals and objectives in a well-defined
manner. Thus, it becomes essential for an organisation to develop Strategies and policies with the
help of which they can effectively able to persuade financial planning that can further help them
to increase their organisational sustainability (Adler, 2013). In addition, with this it is essential
for an organisation to redefine their plans which is related to analysing past performances and
financial transactions that has been already made in best effective manner. As with the help of
this organisation can able to evaluate future opportunities that can further aid an organisation to
overcome risk and challenges and gain new Heights. Planning also allow organisation to conduct
their business in a cost effective manner with the help of which company can able to manage
their money and can retain sound money management. All this effectively aid an organisation to
conduct their business operations in a well-defined manner. Benchmarking and high performance
indicator are some tool are beneficial for managing the financial issues of the company. With the
help of benchmarking, they can measure the financial position against their competitors. With
the help of high performance indicator, firms can monitor their performance in order to attain
their short term and long term aims and objectives. This tool is effective to them because with
the help of it, they can make concentration on the functions of business processes.
CONCLUSION
As per the above mentioned report it has been concluded that, management accounting is
one of the most crucial factor in organisations that help company to effectively accomplish their
desired set of objectives and targets. There is different type of elements that are included in
management system such as cost accounting system, price Optimisation, system job costing

system and inventory management system. With the help of all the systems an organisation can
effectively able to achieve their goals and objectives in best effective manner. In this report
different type of techniques are covered that can be considered by an organisation as to frame
their income statements. In addition, with this number of planning tools such as forecasting tool,
flexible planning and contingency planning concepts are covered in this report that can help an
organisation to accomplish their roles in best effective manner and evaluate issues in order to
challenge them. Further there are number of approaches such as benchmarking and API has been
discussed that can help an organisation to resolve the issues that is linked with financial
problems and can further attain sustainable success.

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