Analysis of Management Accounting and Control Practices

This assignment provides a comprehensive analysis of management accounting and control practices in different contexts. It includes research papers on topics such as environmental management accounting, family-oriented particularistic behavior, management accounting in a lean manufacturing environment, and the role of management accounting systems in intellectual capital development. Additionally, it covers various business practices, including inventory management, operational performance, and energy budget constraints. The assignment also touches on digital management accounting and analogies in the accounting classroom.

MANAGEMENT
ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 (A) Management accounting and essential requirements of its systems...............................1
P2) (B) Financial information.....................................................................................................4
M1) Benefits of management accounting system.......................................................................6
TASK 2............................................................................................................................................7
P3) Income statements using marginal and absorption costing methods....................................7
M2) Reconciliation of profits for financial reporting.................................................................8
TASK 3............................................................................................................................................9
P4) Budget planning and controlling tools..................................................................................9
M3) Planning tools and their usefulness for forecasting budget..............................................13
TASK 4..........................................................................................................................................14
P5) Management accounting reports reducing financial problems of Tech UK Ltd................14
M4) Significance of management accounting for reducing financial problems of Tech Ltd...15
D3) Importance of planning tools for accounting respond appropriately to solving out
financial issues..........................................................................................................................15
CONCLUSION .............................................................................................................................16
REFERENCE ................................................................................................................................17

INDEX OF TABLES
Table 1: Comparison between management and financial accounting............................................2
Table 2: Income statement using marginal costing..........................................................................7
Table 3: Income statement using absorption costing.......................................................................8
Table 4: Reconciliation of profit......................................................................................................8

ILLUSTRATION INDEX
Illustration 1: Stages for preparing budget.....................................................................................12

INTRODUCTION
Management accounting is a multidisciplinary approach used for managing business
operations and increasing effectiveness of any organisation. It includes planning and decision-
making tools like costing, budgeting, investment appraisal for decision making regarding
business operations. This report is based to understand significance of management accounting
for reducing financial issue of Tech (UK) Ltd., it manufactures It provides special charger for
mobile phones and other gadgets for retail outlets in the country. However, being management
accountant of the entity, reports on financial position of organisation can be presented for
decision making and further operations. Including this, difference between financial and
management accounting system as well different costing systems can be described. Moreover,
management accounting reports and their usefulness in decision making process for the entity
will be introduced. Along with this, advantages and drawbacks on different kinds of budgets are
to understood. Similarly, management accounting systems for reducing financial problem of the
organisation is to be understood with the help of this assignment.
TASK 1
P1 (A) Management accounting and essential requirements of its systems
In the case scenario, it has been identified that, there is lack of fund in Tech (UK) Ltd for
its business operations. Therefore, its financial position and other business tools are identified by
which different ideas can be generated to reduce such deficiencies and improving services
(Chenhall and Moers, 2015). However, its systems' essential requirements can be described as
below with understanding comparison between financial and management accounting system:
11 Management accounting vs Financial accounting
Financial accounting deals with management of fund and decisions regarding financial
transactions of Tech Ltd. While, management accounting deals with entire business operations
including fund, inventory, performance of employees and so on. However, under financial
accounting system, decisions are made related to expenditures and revenue on business
operations by analysing financial statements like; profit and loss account, income statement,
balance sheet, cash flow and fund flow etc (Christ and Burritt, 2013). On the other hand, under
management accounting system, recording and reporting of entire business activities is done by
which appropriate decisions are made for upcoming years' so as to manage all business activities
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in long run. Along with this, management accounting is used for internal purposes by managers
and company's employees while, financial accounting is mainly done for stakeholders, bank,
government etc. Some essential comparisons between management and financial accounting can
understand as:
Table 1: Comparison between management and financial accounting
Bases Management Accounting Financial accounting
Purpose For analysing actual
performance of entity and
further decision making on
business operations for
developments..
For recording financial
transactions of the company
and identifying its economic
position.
Nature of information Financial and non-monetary
data are recorded
Financial transactions
regarding business operations
Legal requirements It is not mandatory for Tech
Ltd to record all business
activities (De and et.al., 2014).
It is essential for accountant to
prepare and maintain financial
statements.
Tools Costing, budgeting, variance
analysis, ratio analysis,
inventory and performance
management reporting are its
main tools.
Profit and loss account,
balance sheet, income
statement, cash-flow, fund-
flow and other financial notes
are maintained and
scrutinised .11 Importance of management accounting as decision making tool
Management accounting tools are significant for planning and decision making for
management of entire business activities using costing, budgeting and other tools (Fullerton,
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Kennedy and Widener, 2013). However, some essential management accounting systems and
their requirements can be understood as follows: Financial accounting system: It includes different components to identify economic
position of Tech Ltd and further decision making to reduce expenditures and increasing
sales revenue. However, accountant of the enterprise prepares and maintains financial
statements by which cost incurred on business operations is identified. Therefore,
different ideas are generated tom increase profitability of the organisation and effective
price determination for providing its services (Grabner and Moers, 2013). Cost accounting system: Under this management accounting system, cost incurred on
each financial transaction of Tech Ltd is recorded. In this process, price on
manufacturing, production and further marketing of services are determined for further
decisions. However, recording of costs incurred on purchasing materials, labour cost and
additional overhead is created by which further decisions are made for managed
production and distribution system (Heizer and Barry, 2013). Thus, cost accounting
system is beneficial for appropriate price determination and managing entire business
operations.
 Performance management system: As management accounting is multidisciplinary
approach, it considers employees' performance and plans for increasing their working
efficiencies. It is linked with analysing employees' contribution in achieving effectiveness
of Tech Ltd and planning for organising training and development program is also
determined through this approach (Hope, 2016).11 Cost accounting systems
Under cost accounting system, cost incurred on business operations is identified in terms
of actual, standard and normal costing. It is recognised that actual cost is determined cost
incurred on business operations actually for purchasing raw materials, labour cost and overhead.
However, standard costing shows price which should be appropriate for business operations
(Ibrahim and Yaya, 2016). Therefore, cost accounting system is linked with production and
distribution of goods and services as well.11 Inventory management system
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In this management accounting system, planning for managing inventory for decision-making
regarding business operations. It is useful for reducing wastages and utilizing its inventories
adequately. In this process, decisions are also made regarding placing goods and maintaining
them efficiently. Therefore, variety of ideas are generated for managing resources affect
productivity and profitability of the enterprise. Moreover, decisions are made regarding
maintaining inventories for production and distribution of goods. It is also beneficial for
reducing wastage and allocating proper resources for the business activities (Ismail and King,
2014).
For inventory management, different software is used as; operations management,
logistics, supply chain management to manage products and services efficiently. In this process,
different ideas are generated for maintenance of production, sales and stock of the enterprise.
Therefore, inventory management system is beneficial for business operations of Tech Ltd
adequately (John, Etim and Ime, 2015).11 Job costing system
Under this management accounting system, cost to be incurred on direct material, labour and
additional overheads are identified. In this process, planning to incurred for manufacturing
process and impacts on price determination. It includes decisions regarding purchasing raw
materials, labour and cost on additional overhead is estimated. Including this, it is linked with
price determination, production and distribution system of Tech Ltd and profitability as well
(Kaplan and Atkinson, 2015). Therefore, planning is created regarding business operations and
price determination to produce charger of mobile phone. Thus, job costing method is crucial for
business operations and appropriate decision.
P2) (B) Financial information
11 Management accounting reports
Accountant of Tech Ltd prepare and maintain records of financial transactions affect further
business operations and its profitability. However, different reports are prepared to analyse actual
performance of the enterprise and decision making regarding business activities (Novas, Alves
and Sousas, 2016). Reports are prepared as; budgeting, price optimization and different other
reports which are used for identifying actual business performance and further decision-making
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regarding its operations for organisation's effectiveness. Some essential reports of management
accounting can describe as: Budgetary report: This report is essential to reduce wastage of resources and fund for
production and distribution of goods. In this process, different budgetary reports are
prepared including sales, purchase, cash and capital budgets. Therefore, monetary and
non-economic performance of Tech Ltd is identified on which decisions are made for
management of entire business operations. Including this, various ideas are generated for
reducing expenses and increasing sales revenue of the organisation. Moreover, it is
beneficial for proper management of production and distribution system as well In
addition to this, budget refers as a technique of planning procedure to be followed on for
business activities and effectiveness of the enterprise at higher level (Otto and et.al.,
2013). Therefore, for entire management of business' activities, preparing budget is
significant affect improvement in quality services and making decisions regarding
exchanging goods and implementing planning for further years. Thus, control over excess
of production and wastage of resources can be managed efficiently. Account receivable report: This management accounting report is beneficial for
managing cash flow of Tech Ltd and finding out issues occurred for its cash collection. In
this report, data and accounts are recorded related to cash in hand and proper balance of
production distribution of the enterprise. Moreover, various ideas are generated for
preparing credit policy and maintaining accounts. It impacts on financial position and
non-economic performance of the entity (Quattrone and Paolo, 2016). Therefore, old
debts and credit of the organisation are recognised.
 Costing reports: This report is to record cost incurred for manufacturing, production and
further process of the business organisation. It includes costing for purchasing raw
materials, labour and additional overhead costs for business activities. It is linked with
production and distribution system impact for which decisions are made regarding
business operations. In addition to this, costing for business is identified affect
profitability and management of costs. Along with this, recording of cost on transactions
is created by which management of all activities is created (Tucker, 2016). Apart from
this, costing is of different kinds as; job order, process and other methods for which price
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is determined on goods and services of the enterprise. Therefore, costing method is
essential for productivity and profitability of the organisation for which different ideas
are generated to create balance between its production and distribution system.
Significance of management accounting reports
Preparing and maintaining management accounting reports are needed for effective
business operations and increasing its efficiency. However, actual performance of Tech Ltd is
identified on which decisions are made . Including this, financial and non-economic position of
the enterprise is evaluated for which planning is created to optimum utilization of resources and
fund. It impacts on organisation's effectiveness and decision making to reduce issues and
increasing efficiencies (Chenhall and Moers, 2015).
Moreover, ideas are created to control over excess and reducing wastage of resources and
fund. Similarly, it impacts on production system affect business entity and its operations.
Including this, financial transactions on business operations are determined affect productivity
and profitability for which decisions are made regarding business operations. Along with this, it
is useful for managing entire business operations and increasing its quality services (Christ and
Burritt, 2013). However, by reporting performance of workers, their potential to contribute in
achieving organisation's effectiveness is recognised. Thus, ability and working efficiencies of the
workers are identified for segmenting work among them in the future time. Along with this, it is
useful term for managing all business operations and making decisions to reduce issues and
enhancing efficiencies on larger scale. Therefore, management accounting reports are essential
for further operations and increasing profit level of the enterprise.
M1) Benefits of management accounting system
As management accounting is multidisciplinary approach and works for managing entire
business operations of Tech Ltd. In this regard, variety of ideas are generated for appropriate
decision making regarding business operations and increasing profitability. Moreover, it is able
to create balance between production and distribution system as well demand and supply.
Therefore, management accounting is effective for management of business activities and
improving entity's effectiveness.
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TASK 2
P3) Income statements using marginal and absorption costing methods
Income statement is financial tool used for analysing economic position of the
organisation. Through analysing this financial statement, expenses incurred and revenue earned
are identified It influences profitability and profit earning capacity of Tech Ltd generates ideas
for business operations. It is prepared by using costing methods which is technique of price
determination and incurred expenses for further business operations. This costing is based on
market position, competitiveness and demand for products and services of the organisation (De
and et.al., 2014). Apart from this, costing is of different kinds as; marginal, absorption, activity
based costing and so on. For analysing income statement through marginal and absorption
costing for Tech Ltd can be understood as follows:
Income statement using marginal costing:
Under this costing method, net profit is evaluated through deducting gross profit with
expenses incurred on variable overhead. Therefore, through preparing income statement, short
term decisions are made regarding business operations for the enterprise (Fullerton, Kennedy and
Widener, 2013). In this regard, income statement in terms of marginal costing for Tech Ltd is
evaluated as:
Table 2: Income statement using marginal costing
Particulars £
Sales 52500
Less: Cost of goods sold (1500*15) 22500
Profit 30000
Variable sales and Admin cost 7875
Variable contribution margin 22125
Less:
Fixed S&A cost 10000
Fixed production overhead cost 15000
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Net profit -2875
Interpretation: It is interpreted that Tech Ltd has incurred 22500 on direct material,
labour cost and variable production overhead on which sales revenue is gained as 52500.
Therefore, gross profit of the organisation is determined as 30000. It is quite effective and
indicates that entity can grow further. However, for evaluating net profit, this profit value is
deducted with cost incurred on variable overhead which is 25000. Therefore, net loss according
to marginal costing method is determined as (-) 2875.
Income statement using absorption costing:
Using this costing method, net income is evaluated by deducting gross profit with total
expenses incurred on fixed and variable overhead. Therefore, it is beneficial for decision making
for long time period operations (Grabner and Moers, 2013). In this regard, income statement
using absorption costing for Tech Ltd is mentioned below:
Table 3: Income statement using absorption costing
Particulars £
Fixed overhead absorbed 15000
Actual fixed production overhead 10000
Over absorbed 5000
Interpretation: it is recognised that for evaluating net profit under absorption costing,
gross profit is deducted with total cost incurred on fixed and variable overhead. However, it is
evaluated that organisation has achieved 15000 on expenditures on total overhead is 10000.
Therefore, net profit of Tech Ltd is determined as 5000 which indicates that entity can plan for
further growth in the future time.
M2) Reconciliation of profits for financial reporting
Table 4: Reconciliation of profit
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Particulars £
Profit under absorption 375
Differences of units: closing inventory 2500
Profit under marginal costing 2875
TASK 3
P4) Budget planning and controlling tools
Budget planning is created for managing business operations and increasing its
efficiencies adequately. However, it is valuable for optimum utilization of resources and fund
affect productivity and profitability of Tech Ltd. Including this, various ideas are identified for
business operations and improving its quality services efficiently (Hope, 2016). However, for
effective control over excess of production and wastage of resources, budget is essential
regarding planning and decision making for the enterprise. For this purpose, different kinds of
budgets are prepared as sales, purchase, cash, capital and others for managing entire business
operations adequately. Therefore, different budgets and their features and drawbacks as well can
be understood as follows:
A) Critical evaluation on different kinds of budgets
Different kinds of budgets are prepared for planning and decision making regarding
business operations of Tech Ltd (Heizer and Barry, 2013). For example; fixed, flexible, cash and
capital budget etc. Therefore, critical evaluation on various budgets can be understood as:
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Fixed budget:
Under this budget process, strategies are implemented as formulated and no change is adopted
according to incurred changes in business operations (Grabnerand Moers, 2013). Therefore,
according to situation, no changes are determined in business activities of Tech Ltd. Its
advantages and drawbacks can be evaluated as:
Advantages:
 All business operations are managed efficiently as targeted for business operations and
tasks are accomplished in proper time.
 It is time saving for reaching out to set target and achieving organisation's effectiveness.
Drawbacks:
On critical evaluation, following drawbacks are mentioned below:
 It is not able to reduce issues and operating business activities according to formulated
plans.
 It indicates challenges for maintaining customers' attraction with services of Tech Ltd.
Flexible budget: According to incurred changes in business operations, planning for
activities get changes affect effectiveness of Tech Ltd (John, Etim and Ime, 2015). However, its
merit and demerits are as follows:
Merits:
 Adequate resources and fund can be allocated for implementing business operations of
Tech Ltd.
 It is easy to provide services to customers according to recent market trend and sustaining
place though facing interview for longer time period.
Demerits:
 Estimation on cost and further business operations remain difficult to achieve
effectiveness.
 Estimation on growth rate and income for business entity remains challenging affect its
profitability .
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B) Budget preparation process
For preparing budget, a systematic process is followed on regarding planning and
decision making on business operations of Tech Ltd. It includes price determination and costing
system for operating business activities effectively. With the help of implementing budget
process, all resources and fund can manage efficiently as well effective planning is prepared for
proper management (Novas Alves and Sousa, 2016). However, budget preparation process for
the enterprise to allocate fund and increasing economic position can be identified as follows: Obtaining estimates: At first, estimation on business operations is created in terms of
cost incurred, time consumed on each activity, work segmentation among workers and so
on. However, estimation is done for further activities including investment plan,
allocation and utilization of resources etc. Therefore, planning is created for business
operations including costing and estimating return on investment (Tucker, 2016).
 Coordinating estimations: In this stage, all estimations are coordinated with each other
impacts on business' effectiveness for managing all operations. It impacts on productivity
and profit earning of Tech Ltd. However, proper planning is prepared among different
departments' managers for budget and implementing operations effectively (Quattrone
and Paolo, 2016). Therefore, all goals can achieve systematically in proper time to
increase effectiveness and efficiency of the enterprise effectively.
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 Communicating budget: According to set plans, discussion and sharing of strategies is
done to meet goals and working upon organisation's effectiveness. In this process, budget
planning is communicated by which effective coordination can create among workers as
well positive environment of entity can be created (Budget process, 2016). Implementing budget plan: After communicating budget plan with all workers, actions
are converted into implementation related with effectiveness of Tech Ltd. In this process,
all set strategies are followed on as determined through work among employees and
performing work more efficiently.
 Preparing progress report: In the end, al outcomes are reported through taking feedback
from workers and cost incurred on operations as well time consumed for activities and so
on (Grabner and Moers, 2013). Therefore, progress report is prepared for Tech Ltd by
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Illustration 1: Stages for preparing budget
(Source: Budget process, 2016).

which business activities . Including this, actual and expected position of the organisation
is compared for which different ideas are generated regarding further operations and
increasing its efficiency at higher level.
C) Importance of budget as a tool for planning and controlling
Budget is important management accounting tool beneficial for management of entire business
operations and increasing its efficiencies. However, its significance can be understood with the
help of following tools as mentioned: Optimum utilization of resources: Budget is appropriate for utilizing resources and fund
adequately which impact on productivity and profitability of Tech Ltd. Therefore,
different ideas are generated for managing resources to create balance between
production and distribution system. Thus, preparing budget remain helpful for reducing
wastages and managing all activities systematically (Heizer and Barry, 2013). Systematic planning: Budget is essential for systematic planning procedure and decision-
making impacts on organisation's effectiveness . It includes forecasting and decision
making for implementation and proper management of all operations. Therefore,
effective planning is created regarding business operations and increasing its efficiencies
to improve quality services of the enterprise.
 Pricing strategies: Under budget process, price to be incurred in business operation is
determined which impacted on profitability and financial position of Tech Ltd. In this
regard, strategies are prepared for investment and gaining revenue for the business entity
(Ibrahim and Yaya, 2016). Therefore, proper pricing is estimated for business operations
and enhancing its value at maximum level.
M3) Planning tools and their usefulness for forecasting budget
Above mentioned all planning tools are useful for management of business operations
systematically. In accordance to this, actual idea is generated regarding how much cost is to be
incurred, what quality and quantity of resources are to be used for manufacturing and production
process. Similarly, it is beneficial for appropriate decision making and optimum utilization of
resources and fund for business operations.
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TASK 4
P5) Management accounting reports reducing financial problems of Tech UK Ltd
As identified in the case scenario that for the last year, there is loss of 1.5 million for
business operations of Tech Ltd.
Balance Score Card (BSC approach): This approach is used for managing business
operations of the enterprise is BSC approach in which entire business operations are identified
including finance, resources, production, demand for services provided by entity and so on
(Tucker, 2016). Therefore, issues occurred during business operations are analysed for which
decisions are made to reduce them and increasing its efficiencies. However, strategic plans are
implemented for business activities and utilizing resources and fund systematically. Likewise,
balance between production and distribution of goods and services, income and expenditure,
expected and actual position of the enterprise is determined. Thus, various ideas are generated
for balancing and effectiveness of the entity.
Benchmarking: Cloudreach Ltd uses benchmarking approach for analysing its market
position by which different ideas are created for decision-making regarding productivity (Tucker,
2016). In this process, comparison of organisation's performance with others is created for
business operations and sustaining its position for longer time period. Therefore, various ideas
are generated to increase effectiveness of organisation and increasing its performance.
Key performance indicator (KPI): This approach is related to analysing financial and
non-economic performance of Tech Ltd. In this process, financial statements and records of
other business operations are analysed. Therefore, different ideas are generated regarding proper
balance between production and distribution system as well increasing sales revenue of the
enterprise.
Budgetary targets: Under this approach of management accounting, entire business
operations of Tech Ltd are identified. On which, strategic planning is created regarding effective
balances and increasing efficiency of the organisation. Therefore, financial problem of the entity
can reduced also different factors are analysed for budgeting and allocating fund effectively.
Financial governance: For reducing financial problem of the entity, it can take aid from
government. However, effective fund can be allocated for further business operations and
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increasing its efficiency. Thus, financial governance is appropriate to reduce economic issue of
the organisation as well helpful to enhance profit level efficiently.
Therefore, Tech Ltd and Cloudreach both uses different approaches for reducing financial
problems and increasing its efficiencies. In addition to this, business operations can be managed
efficiently for its effectiveness and profitability(Otto and et.al., 2013). Including this,
benchmarking is also appropriate to reduce financial problems and further increasing its profit
level. Therefore, BSC approach and benchmarking are effective tool for organisation's financial
management of the entity and decision making for further years efficiently.
M4) Significance of management accounting for reducing financial problems of Tech Ltd
It is recognised that different approaches of management accounting are used for
reducing economic issues of Tech Ltd. For example; Balance Score Card approach,
Benchmarking, KPI and so on. However, actual financial position of the entity is identified as
well different ideas are created for reducing the issue and increasing its revenue at maximum
level. Including this, it is effective for decreasing expenditures and increasing revenue of the
entity effectively. Thus, management accounting approaches are useful for decreasing monetary
issues and effective management of its business operations.
It is recognised that using management accounting is helpful for reducing financial
problem occurred in Tech Ltd. It is done by taking aid from government as of corporate
governance for business operations and implementing plans. Likewise, management by
objectives as setting targets and meeting them through analysing actual position reasons behind
financial issue. Similarly, responsibility accounting is also beneficial for allocating fund
effectively for the enterprise and operating business activities effectively.
D3) Importance of planning tools for accounting respond appropriately to solving out financial
issues
Planning tools are budgeting and others are important for managing entire business
operations of Tech Ltd. In accordance to this, actual business performance of the organisation is
analysed on which variety of planning are created regarding improving quality services of the
enterprise. Along with this, economic issues of the entity can also be overcome affect further
business operations and their implementations. Therefore, planning tools are beneficial for
proper strategies and managing business activities of the enterprise systematically.
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CONCLUSION
With the help of this report, it is concluded that management accounting is crucial
approach for managing entire business operations of Tech Ltd. In this regard, management
accounting tools such as costing and budgeting has been understood which affect decision
making for organisation's effectiveness. However, marginal and absorption costing methods for
income statement is evaluated shows financial position of the entity. Moreover, critical
evaluation on different types of budgets is determined affect planning and decision making.
Therefore, significance of management accounting approach is understood regarding further
implementation and managing entire business operations.
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