Management Accounting Techniques and Decision Making

This assignment delves into the crucial role of management accounting techniques in facilitating effective decision-making within organizations. Students are tasked with critically analyzing a selection of research papers that shed light on this topic. The analysis focuses on understanding the contributions of these studies to our comprehension of how management accounting practices influence organizational decisions.

Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Management accounting and its types for Agmet:...........................................................1
P2 Explanation over the different methods used for management accounting reporting.......3
M1 Benefits of management accounting systems and their application within Agmet........4
D1 Management accounting systems and MA reporting is integrated within organisational
processes:................................................................................................................................5
TASK 2............................................................................................................................................6
P3,M2 & D2 Calculation of cost using techniques of absorption and marginal costing........6
TASK 3............................................................................................................................................8
P4 Advantages and disadvantages of different types of planning tools:...............................8
M3 Different planning tools and their application for preparing and forecasting budgets:. 10
D3 Planning tools used for responding financial problems:...............................................11
TASK 4..........................................................................................................................................11
P5 Comparison how organisations are adapting management accounting systems to respond to
financial problems................................................................................................................11
M4 To analyse financial problems, MA can lead to organisations for sustainable success:12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Management accounting can be specified as the method that has the quality of both
financial system and managerial principle therefore this can be said that these principles of
management accounting can be used by the management for decision making process. This
report contains various concepts about the management accounting and its associated techniques.
For instance forecasting and budgeting techniques can be used for making any plan regarding
any future projects. Management can estimate the total expenditure which is to be made on that
specific project further they can also ascertain the revenue that can be earned through this project
(Baldvinsdottir Mitchell and Nørreklit, 2010). This report is based on the case study of Agmet
which is a small business entity which is employing less than 50 employees and having an
annual net turnover of less than £500,000. This means that in this file it has been mentioned that
how small business enterprises having less resources i.e. financial and non financial both, can
achieve their predetermined criteria and goals. Other than this, in this report there have been
mentioned several methods of management accounting which can be used by the cited entity for
the management of their sources in an effective way so that the owners and the managerial
personnels can manage and exploit the available opportunities.
TASK 1
P1 Management accounting and its types for Agmet:
Report
To General manager,
This is to inform you that company is using old management accounting techniques which are
stale now. So, there is a need to replace them all in order to get the competitive advantages in an
effective manner. However, this also been cited that advantages and limitations of MA system
going to be focused over here. A variety of management accounting principles are present
which shall be utilised by an entity for the management and control of its financial and non
financial sources so that these sources can yield positive result in reference of its
operations(Bennett, Schaltegger and Zvezdov, 2013). This can be classified as the bond of two
subjects from different fields out of which one is financial accounting and other one is
management and its principles to manage the work of organisation or it can be said that through
the information from financial accounting and its data managerial personnels can optimize such
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data in the process of decision making(Busco and Scapens, 2011). As through using such
techniques which are supported through some reliable figures then it gets easier for the
management to frame such strategies which can generate better and improved results in
comparison with the techniques which different from the methods of management accounting.
Their are different accounting techniques which can be used by the organisation for carrying on
their organisational activities in a way in which they can utilize their sources for the production
of accurate outcomes as per the desire of their customers and as per the needs of their
organisational structure (Christ and Burritt, 2013). There are various essential requirements in
reference of management accounting. Such essential requirements provide more benefits to the
entity as through this the credibility of information ascertained can be utilized with assurance as
they are credible and reliable. Hence for making financial reporting more appropriate financial
accounting follows the principles of International financial reporting frame work and
management accounting requires to fulfil the requirements which are mentioned below:
 Cost Accounting: It can be termed as a control tool for the changes that are made in the
accounting system and control. Measurement of any quantity or price if changes then
through this technique management can cop up with the such changes. Management
needs to face the situations where there is less resources available and as Agmet is a
small business enterprise hence it requires to maintain its limited financial and non
financial sources in a way so that they can generate the best revenue which is desired by
enterprise and the operations which is carried out by it.
 Job costing system: This is the MA system which is used by the firm in order to make
their business operations so effective. With the help of this, management accountant
can make lower the cost of product by effectively applying the cost cost accounting
technique.
 Inventory management system: this is the system which is used by the firm in order
to control the inventory and other operational expenses so that the firm could attain
business objectives.
 Price optimization system: Under this system, company's management accountant fix
the standard for a product so that the potential consumer is able to buy the product in an
effective manner.
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P2 Explanation over the different methods used for management accounting reporting
 Budget report: Budget report helps every type of business enterprise whether is is small
or big to make an estimation of all the expanses happen in their business and at the same
time allocate the funds according to them. Budget reports helps the enterprise to cut down
the cost of every operation of the enterprise(Hiebl, 2014). Budget help the manager of a
small business enterprise in in analysing the performance of his department. When a
organisation is very big than the budget is made according to the department.
Consultation from all the head of the department is taken and than added in the budget
(Ward, 2012). For achieving better results a proper budget should be made according to
the all needs of the department and proper fund should be allocated to them. Budget
report helps in making optimum utilisation of the fund available to the firm. It analysing
all the needs of the enterprise and then allocate the fund to them. Budget report help the
enterprise in making effective decision.
 Accounts receivables reports: Accounts receivable helps the enterprise in checking all
the activities related to the inflow and outflow of the fund(Jansen, 2011). It helps the
management of the enterprise to do regular changes or some modifications in the
collecting policy of the enterprise to make it more effective and to collect the funds more
faster from the customers. Accounts receivable helps the enterprise in collecting its funds
from the customers at a faster speed and tries that the debtors of the enterprise should not
be converted into bad debts.
 Job cost reports: Job cost is one of the important part of accounting system. It helps in
calculating the profitability generating from each job(Kaplan and Atkinson, 2015). The
main aim of this is to calculate that which job is creating more revenue to the firm or
which job is more profitable, after studying or calculating the profitability related with
each job the managers can give their more attention to the jobs producing more revenue
for the enterprise and at the same time the jobs which are not creating more revenues for
the enterprise can be eliminated by the management of the enterprise .
 Inventory management reporting: Inventory and manufacturing is one of the another
more important component of account reporting(Lee, 2011). The main function of this
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report is to check the inventory of the organisation and at the same time to maintain a
optimum level of stock in the enterprise (Van Helden and et. al., 2010). It is the
responsibility of inventory manager to always maintain a level of inventory which helps
the enterprise in achieving its objectives more easily. Both under and over stock will give
birth problems in the enterprise like if there is a under stock of an inventory than it will
makes enterprise unable to meet the delivery schedules of the customers on the other
hand over stock of inventory will cost more to the enterprise like storage cost and other.
So the level of the inventory should be in an optimum level.
M1 Benefits of management accounting systems and their application within Agmet
Management accounting system provide several benefits to the Agmet. There are certain
principles of management accounting which provides credibility and reliability to the enterprise
then it may be possible for the entity to cover the information in a more appropriate way so that
the stakeholders can make their decisions in a better and improved way. The system of
management accounting helps in effective decision making as through accounting systems
quality information is received. If in the given organisations judgement are taken on the basis of
data presented through this systems much cost can be saved and profitability of an enterprise
will improve. There are certain other advantage of management accounting system which are
sued which are enlisted below:
 Reduction in cost of enterprise: The cost associated with the production and other
activities can be explained as the cost which is there in production of any goods and
services(Fullerton, Kennedy and Widener, 2014). Business owners mostly use
management accounting techniques for the cost control and cost reduction.
 Improvement in cash flow: Through using cost accounting techniques the cash flow of
Agmet can be improved easily (Håkansson, Kraus and Lind eds., 2010).
 Improvement in fun flow: Through management accounting techniques the fund flow of
any enterprise can be managed in a way in which they have control over such flow of
funds.
 Assist in business decision making: Techniques of management accounting can assist any
entity for the decision making process as they have some credible information related
with the accounting data and they can apply managerial principles over it further through
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this they can apply various various methods through which they can take decision inn
favour of organisation (Herbert and Seal, 2012).
D1 Management accounting systems and its reporting is integrated within organisational
processes:
In the process of management accounting system, the employees of the company have to
do proper learning as well as transformation(Luft and Shields, 2010). They have to do the
interaction between the accounting system as well as they have to take initiative for the
implementation of Six Sigma. Along with this system of accounting helps in managing the
changes which needs to be done in Agmet. It helps in doing the continuous process of the
transformation so that they can infuse the organisational culture with the financial and non
financial metrics of accountability. To attain the sustainable success in the organisation,
employees have to use the appropriate strategies, models along with the practices so that they
provide proper response to the social and environmental challenges and on the basis of this they
can create a financial success as well as values for the shareholders. The staff members along
with the managers have to develop Key Performance Indicator have to provide appropriate
support so that they can accomplish the strategic and sustainable goals. Implementation of
accounting systems will help in developing efficiency in the workforce as their work will be
assessed on the basis of data received.
TASK 2
P3,M2 & D2 Calculation of cost using techniques of absorption and marginal costing
Selling price per unit £35
Unit costs
Direct materials cost £6
Direct Labour cost £5
Variable Production overhead expenditures £2
Variable sales overhead expenditures £1
Budgeted production for the period is 600 units
Fixed costs for the month are given below
Standard cost Actual cost
Production overhead expenditure £1,800 £2,000
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Administration cost £800 £700
Selling cost £400 £600
Income statement Under the method of absorption costing
Particulars Amount Amount
Sales
Less: Cost of Sales:
Opening inventory
Production
Closing inventory
(Under)/ Over absorbed fixed prod. O/h
Gross Profit
Less Expenses
Variable sales
Fixed administration
Fixed selling
Net Profit
Nil
13300
(1900)
1800
700
600
21000
(11400)
200
9800
(3100)
6700
Working Note 1: Calculate full production cost
Direct material £6
Direct labour £5
Variable cost £3
Fixed cost £5
Total £19
Working Note 2: calculate value of inventory and production
Opening inventory Production Closing inventory
0 700*19 = £13300 100*19 = £1900
Working Note 3: under/ over absorbed fixed production overhead
Actual fixed production: £3300
Fixed overhead: £3500
Total £200(over absorbed)
Calculation of net profit under marginal costing system
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Income statements under marginal costing system
Particulars Amount Amount
Sales
Less:Variable costs
Opening inventory
Production
Closing inventory
Variable sales
Contribution
Less:Fixed costs
Fixed Production overhead
Administration cost
Selling cost
Net Profit
Nil
9800
(1400)
2000
700
600
21000
(8400)
(1800)
10800
(3300)
7500
Working Note 1: Calculate variable production cost £
Direct material 6
Direct labour 5
Variable production O/H 3
Variable production cost 14
Working Note 2: Calculate value of inventory and production
Opening inventory Production Closing inventory
0 700*14 = 9800 100*14 = 1400
TASK 3
P4 Advantages and disadvantages of different types of planning tools:
Budget is the main tool which is used by the company in order to forecast the future
earnings and spendings for a particular set of period. However, this also has been cited that these
planning tools are used within the business in order to make their business operations effective.
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Cash budget: This is the budget which is used by the firm in order to assess the actual cash
inflows and cash outflows in order to make their business operations effective for a particular
period of time.
Capital expenditure budget: Under this budget, capital related expenditures are recorded in
order to make their business operations effective and optimize the resources.
Cost plus pricing budget: Under this planning tool, cost plus pricing budget is taken so that the
company would frame cost plus pricing strategy in an effective manner for a particular set of
period.
Master Budget: The easiest way to forecast the performance of the business is to create a
master budget based on the recent performance of the company. The financial document provide
a one time references of how the business will be doing in the coming year based on the future
Forecasting techniques (Quinn, 2011). Master budget helps to discuss the key factors and
anticipate the performance of the new product and the services. It is basically the aggregation of
all the lower budgets produced by a company various functional area and also includes budgeted
financial statement, cash forecast and a financing plan and master budget is mainly presented in
monthly or quarterly format and usually covers a company entire fiscal policy.
There are some advantages and disadvantages as well that can come across by the firm in
order to make operations effective. Some of the advantages of planning tools are:
 Coordination-Budgets coordinate the activities across different department and this
helps to keep a link between the activities and thus the flow of activities is maintained in
the organisation.
 Strategic Plans: Budget translate the strategic plans into action (Nandan, 2010). They
specify the resources used in the organisation the revenues generated and the activities
required to carry out the specific plans for the coming years.
 Records Keeping: Budgets provides an excellent indicator of keeping the records of all
the activities taking place in the organisation and these record helps to keep a track on the
overall activities of the organisation.
 Communication: Budgetary tools helps to communicate with the employees so that the
budget can be communicated in advance with the employees of the organisation and this
helps in future planning of budget.
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 Resource Allocation: Budget improves resource allocation because the resources are
efficiently and effectively utilised because all the request are clarified and justified.
While on the other hand, this has been argued that these planning tools sometimes,
creates drawbacks as well that is produced in the firm. Some of the drawbacks are mentioned
hereunder:
 Application: The leading issue arises at the time of planning of budgets and when they
are applied practically as rigid and thud budget can cause perception of fairness.
 Lack of Participation: System of budgeting can develop negative feelings among the
employees as there is lack of participation of employees and if the budgets are forcefully
implemented from the top to the down authority than the employees will find it difficult
to follow budgetary expenditure and thus these expenditure will not be communicated to
them(Pipan and Czarniawska, 2010).
 Competition: Budgets can create competition of the resources and the politics of the
organisation and thus it is the main drawback of budget formation(van der Meer-Kooistra
and Vosselman, 2012).
 Rigid Budget Structure: The rigid structure of the budget reduces the initiative that
management takes to plan a program at the lower levels that makes it difficult to obtain
money for the new ideas generated.
 Coercive: Budget are coercive and although the control is important,good management
should able to control 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
M3 Different planning tools and their application for preparing and forecasting budgets:
There are various planning tools which can be used by the firm in order to assess the firm
forecasted budgets. These are the under mentioned technique that can be used by the firm in
order to frame budget. These are:
 Real Time Projection Technique: This technique projects the annual performance using
the data as it occurs it allow us to see the data more accurately according to the projects
and the years on which the data has been collected (Talha, Raja and Seetharaman, 2010).
Example: Using the sales figures of the first four month a person might be more
accurately project year end totals than the statistical master budget.
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 Overhead Projection: the cost of producing an extra unit of output is known as overhead
cost and it accurately counts the profits on each projects that are made in addition to the
cost of the project the overheads must be considered as a part of selling expenses(Renz,
2016).All the overhead cost are identified such as rent, insurance, utilities, phone, office
staff and marketing to define the total overhead cost to the company and the procedure to
calculate the overhead cost is we divide the total number of the units produce to
determine the overhead cost per unit(Why lean accounting?. 2017).
 Multiple Scenarios:This technique is used to project the different types of sales activity
and the different prices that will affect the budget (Vaivio and Sirén, 2010). The team
members anticipate on the recent project and find out the market conditions to create a
new project. This will make a person aware about the place where the adjustments have
to be made to make the budgets accurate adjust according to the sales to reflect the prices
of the product .This will help us to know the project sales,profit and margin changes.
Example: If three different types of sales are used in the organisation than the budget will be
made according to the sales technique which is used to make the budget.
D3 Planning tools used for responding financial problems:
Planning tools that leads to organisation success means that the organisation should
sustain its policies for future growth and development of the organisation(Sánchez-Rodríguez
and Spraakman, 2012). It should be preserved so that it does not hampers the resources of the
organisation and maintain its sustainability for the long term. It should promote the
understanding of how effects made at the local level can improve the quality of environment, the
economy and the quality of the citizens. Increase insight in strategies for climate change adaption
and mitigation of the economy. Enhance appreciation of the project environment and create
value. Planning to think about the ways to integrate sustainability development principles in the
municipal policy process and assess design smart action plans (Significance of Management
Accounting Techniques in Decision-making: An Empirical Study on Manufacturing
Organizations in Bangladesh, 2011). Provide tools to enables for participation of the partnership
with various stakeholders of the company in the public and the private sector via dialogues and
priority setting.
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TASK 4
P5 Comparison how organisations are adapting management accounting systems to respond to
financial problems
MA system and its various tools are helpful for acting in various financial and non-
financial issues (Setthasakko, 2010). It renders the entity a platform for the sustainable
development so the resources can be secured for the future use. Thus, they could get the
efficiency in the economy in order to make the economy sustainable for long run in the
organisation.
There are certain tools which can be used by the firm in order to address financial problems
culture in a most effective manner. Some of them are as follows:
Key performance indicator: This helps the firm to assess the performance of financial
information so that these business can run for a long time. With the help of this, company would
able to measure quantifiable value which is used by the firm in order to assess the success of a
firm, employee.
Benchmarking: This is the tool which is used by the firm in order to assess the financial
problems. With the help of benchmarking, compare its operational performance metrics to
industry best practices from other firms or industry. So that they could get to know the real
problems which arise in the business and also make certain treatments in order to make their
business operations effective.
The comparison study between the two company which are implementing the management
technique to respond to the financial problems are:
Unicorn Grocery Agmet
This tool is implemented to regulate 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
This technique is implemented to point out the
total amount needs to be invested in a project
by the firm.
It is a kind of method which demonstrates the
optimum capital requirement a manager could
implement under the actual outcome which
they want through employing their cost
effective and efficient financial resources in
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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.
their operations.
It focuses on the overall results which an
organisation can get by the specific types of the
budget.
M4 Analyse financial problems, MA can lead to organisations for sustainable success:
Sustainable development can be helpful in getting positive results continuously(Shah,
Malikand Malik, 2011). Sustainable development is all about making possible efforts in
completion of present project without compromising over the requirements of future projects.
Sustainability can only be achieved by the cited entity in case where the management accounting
principles have been positively applied over the process of the entity (Cost Volume Profit
Analysis. 2013). By using the different performance improvement techniques the results can be
raised as efficiency of an individual increases when they are provided with standards. If all the
discussed indicators are used in the specific manner than sustainable growth can be experienced
at the work place.
CONCLUSION
It is concluded from the above mentioned assignment that management accounting is the
process through which whole financial data is get recorded and helps in making the clear a
picture of the business. It helps in analyse the deviation which occur ion the business during an
accounting year. Along with the whole year profit or loss. For this purpose many statements are
used in this concern like balance sheet, income statement etc. these methods are generally used
to calculate the net profit of the business so that they can invest in the systematic manner. Hence,
such methods are important for an organisation to find out the balance of the accounting year.
Along with that another important pointy which is discussed in this report is the costing
method. Costing is the total cost which is incur on the product or service during its
manufacturing. There are two major types of cost absorption cost and managerial cost.
Absorption cost means the total cost which is incur on the finished good which include direct
cost, labour cost and both the cost and how it is effective for the business where as on the other
hand marginal cost means the difference between the per unit consumption.
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Why lean accounting?. 2017. [Online]. Available
through :<http://www.ame.org/target/articles/2016/why-lean-accounting>. [Accessed on
30th March 2017].
Cost Volume Profit Analysis. 2013. [Online]. Available through
:<http://accountingexplained.com/managerial/cvp-analysis/>. [Accessed on 30th March
2017].
Significance of Management Accounting Techniques in Decision-making: An Empirical Study on
Manufacturing Organizations in Bangladesh. 2011. [Online]. Available through
:<https://pdfs.semanticscholar.org/007d/bdfd7e299156cadf2097bf160d77be7b4e4d.pdf
>. [Accessed on 30th March 2017].
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