Management Accounting: Systems, Reporting, and Income Statement

This report provides an overview of management accounting systems, including their essential requirements and different types. It also explains various methods for management accounting reporting and discusses how to determine an income statement using marginal and absorption costs. The benefits and limitations of different management accounting techniques are also explored. The chosen company for this report is LVS Small Plastic Parts Ltd, a leading plastic injections and moulding firm based in the UK.

Management Accounting
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INTRODUCTION
Now a day, management accounting plays vital role within firm. This involves various
concepts, provisions and aspects which aids them to make effective decisions as well as planning
regarding resource utilisation. Its key tasks are pricing, budgeting and unregulated reporting in
order to ensure the organisational success for longer duration. Moreover, its scope is very wide
as this includes whole kinds of information related to accounting of firm. Also, this is crucial as
it acts as bridge among functions of finances as well as another parts of the enterprises. In
addition to this, it is helpful to control whole entity (Azudin and Mansor, 2018). As per the
scenario, the chosen company for this report is LVS Small Plastic Parts Ltd. It is the fastest
leading plastic injections and moulding firm having headquarters in UK. This report covers the
explanation about management accounting, essential needs of several types of management
accounting system, methods utilised for management accounting reporting and preparation of
income statement using suitable techniques. Also, the advantages and disadvantages of various
kinds of planning tools that is utilised for budgetary control are also mentioned. Apart from this,
organisations are compared on this basis of management accounting system adoption for
responding the financial problems are also discussed in this report.
LO1
P1. Management accounting systems and essential requirements of its different types
Business organisations are utilising the system of management accounting which aids
them to develop the decision efficaciously and efficiently. It is helpful for each and every
managers in managing overall accounts of enterprises as well as information appropriately. This
plays a significant role into firm as it also assists in deciding the product or services price
through including whole information related to costs, marketing aspects as well as profit
(Bedford, 2015). Within LVS Small Plastic Parts Ltd, accountant utilises this to ascertain the
present product life cycle and viability of new goods or services. So, the manager of respective
company facilitates key insights which assists their management team to formulate appropriate
decisions. This particular system supports the decision of firm to facilitate a statistical wealth as
well as fiscal data to administration. Management accounting system is defined as the
systematized ways for evaluating the procedures of business operations as well as aids them to
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observe whole transactions efficaciously. Some of the management accounting system types that
are used by LVS Small Plastic Parts Ltd are discussed below:
Price optimization system:
Pricing is defined as the most crucial aspects that impacts the demands of the business.
This is essential to ascertain the price of the goods efficaciously so that more number of
consumers can get attracted towards company's products or services. Price optimisation system is
considered as the methods to fix the price of various products or services (Boučková, 2015). This
facilitates a bases to examine the price level which can be appropriate for the firm and clients as
well. Moreover, it also provides the path to find the behaviours of consumers at several level of
pricing. With the usages of this particular system LVS Small Plastic Parts Ltd can set the prices
at advantageous level. The respective firm applied this particular management accounting
system. To determine the prices of many product or services related to plastics that assists those
top grab the attention of various consumers.
Inventory management system:
This type of management accounting system aid company to tracks the movements of
many products or services within overall procedures. Moreover, it also useful in checking the
raw material and final goods quantity so that firm can produce and provides services
accordingly. In addition to this, it also facilitates a path to meet the demand of products or
services (Burns, 2014). The significant functions of this particular kinds of management
accounting system to keep the records of overall goods that transfer within warehouses. LVS
Small Plastic Parts Ltd applied the inventory management system in various orders or services.
They use this to check the availability of stock in order to facilitate services like selecting plastic
material for any application, plastic injection moulding and others. Also, it is utilises through
respective company for managing, controlling and overseeing the purchases from the side of
purchasers as well as suppliers. This involves few methods that are explained below:
 FIFO: It is associated with inventory flow by business sectors. This explains that the
items that are purchased first are to be sold initially or used during manufacturing.
 LIFO: This states the last in first out that is utilised to put the accounting value upon
inventory. This methods operates under assumptions that the last purchased item are to be
used or sold first.
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 AVCO (Average cost): It is the methods which is utilised by firm for selling the products
at average cost. This computed through dividing total units numbers at total cost of
products.
Cost accounting system:
It is considered as the systematic ways to figure out the whole costs of products or
services so that company can able to analyses profitability and loss on several products or
services which they are offering (Busco, Caglio and Scapens, 2015). Mainly this particular
system of management accounting system is effective for that organisations that offers huge
range of products. This is categorised into two parts such as job order costing and process
costing system. LVS Small Plastic Parts Ltd can used both system of cost accounting which are
discussed below: Job order costing system: It is defined as the system that is appropriate for firm that
provides products or services. It involves job cots sheet, material as well as labour cash
flows for analysing cost of various products or services. Moreover, this performs when
consumers place order for any products and services which an organisation is offerings.
LVS Small Plastic Parts Ltd can applied this particular system in order to assess their
services as well as aids them to analyse effectively in respect of loss and profit.
 Process costing system: It is defined as the procedures for assigning cost to many units of
outputs. Herein, whole cost of various methods is calculated as well as also considered as
sum total cost of various products or services. LVS Small Plastic Parts Ltd can apply this
particular system of cost accounting so that it can able to approximate the overall
products or services through analysing cost at various manufacturing procedures.
P2. Explain various methods for management accounting reporting
Management accounting reporting is defined as the procedures of presenting the overall
business functions for checking profitability. This reports helps organisation to analyses the level
of effectiveness of their several activities (Hall, 2016). This is prepared for upcoming planning
and it consists firms as well as staff performance. Moreover, it is the base to make decisions for
future policies and plans. LVS Small Plastic Parts Ltd. Prepare many kinds of management
accounting reports which are discussed below:
 Account receivable ageing reports: This report of management accounting aids
company to formulate the list of al those clients who has avail services or purchase
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products in credits. Also, it assists organisation to get knowledge regarding amount which
have to be received from its consumers. In this the date of transactions are entered which
help them to get knowledge about from whom the due amount are to taken. Finance
department of LVS Small Plastic Parts Limited prepare account receivable ageing reports
in order to accumulate the due amount from market for developing effectual plans as well
as policies. In addition to this, this is also helpful to minimise the burden fro
acknowledging transactions which are performed on credit.
 Cost management accounting reports: In this reports overall cost are computed which
incurs during the periods of providing goods as well as services. This is the efficacious
way of examining the whole costs that can be considered as the base for performing the
cost comparison with sold one (Honggowati and et.al, 2017). Moreover, this gives a
framework for developing a comprehensive analysis of cost that are incurred and
obtained amount in context of facilitating or selling products or services. In case the cost
is more than the sold one then this is considered as loss in and if it is less then
profitability. Hence, with the help of it organisation can formulate decisions in respect of
products or services which they are providing in huge amount within marketplace. LVS
Small Plastic Parts Ltd. managers develop this reports for calculating the whole product
or services costs and then examine its loss and profitability.
 Budget reports: This type of management accounting report are usages through the
management department in order to compare the actual performance with the budgeted
one. Mostly this is crucial for the firm's internal administration. It is developed for the
particular time periods as monthly, quarterly and yearly basis. So, the managers of LVS
Small Plastic Parts Ltd. Make this reports for comparing the actual results with budgeted
one. Moreover, it also aids them to analyses that which orders, services and projects is
profitable for respective company and which are not.
 Performance reports: This types of management accounting reports is formulated for
measuring the staff as well as organisations performance. It is essentials for company as
this aids them in examining the business functions which are giving desirable and
efficacious results as well as which do not. Usually reports of performance works
according to the actual results of certain activity with good level. For instance, this is
significant to check the standards of performance as without effective level of standards,
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performance can't be evaluated properly. LVS Small Plastic Parts Ltd. Formulate this
kinds of management accounting reports to evaluate their performance and develop
effectual decisions regarding various products and services that they are offerings. In firm
this is essential because they are providing different plastic materials, manufacturing
facilities, quality management, plastic injection moulding and others as well as their
nature of work.
M1. Benefits of Management Accounting Systems
Management accounting system includes several system like cost accounting, inventory
and others. All these has their own importance. So, their benefits as well as application in LVS
Small Plastic Parts Ltd. Are discussed below:
Management accounting
system
Benefits and application
Inventory management This system of management accounting is advantageous as this
aids them to trace the stock, develop business performance as well
as enhance their effectiveness (Lachmann, Trapp and Trapp,
2017). Through using this particular system, LVS Small Plastic
Parts Ltd can able to get information regarding inventory as well
as track it for the intent to maximise sales.
Price optimization system It is the system which is beneficial to set out the products as well
as services prices which maintain supply an demand equally.
Through usages of such type of management accounting system
LVS Small Plastic Parts Ltd. can able to decide the cost of their
services of injection moulding, selection of plastics and others to
grab the attention of more clients.
Cost accounting It is beneficial to obviate the wastages as well as losses of
manufacturing in order to maximise profitability. Through
applying cost accounting system LVS Small Plastic Parts Ltd can
able to develop the manufacturing procedures, find reason for
profit and loss, maintain affordable products and services cost.
Job order costing This system is advantageous for LVS Small Plastic Parts Ltd to
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allocate cost into separate order or projects as well as ascertain
profit through approximating products costs. Through using such
type of system manager of respective firm can able to examine the
raw material and final product costs in order to to ascertain
profitability.
D1 Critically assess how accounting management systems and reporting are incorporated into
organizational procedures
After the critical evaluation, it can be concluded that system as well as report of
management accounting are integrated with the procedures of company. Through utilising
inventory management and reports, the manager of LVS Small Plastic Parts Ltd can able to trace
inventory which aids into organisational process. So, respective firm usages various management
accounting system like cost accounting, inventory management, cost accounting and other which
are associated with the management decision. Moreover, all the reports and system aids LVS
Small Plastic Parts Ltd to concentrates upon the manufacturing as well as enhance profitability.
Also, it assists to provide information regarding product costs, raw material etc. then then
formulate report for effective operations of the business into company.
LO2
P3 Determine income statement by using marginal and absorption costs
Marginal costing: This is defined as the costing techniques in which marginal cost that
is variable cots is charged to cost units while the fixed cost for the durations is wholly written off
against contribution. Moreover, this is considered as the techniques that is utilise to examine the
information of cost for formulating decisions (Macinati and Anessi-Pessina2014). In this costing
only variable cost are usages for making decisions as well as do not consider the fixed cost
which are assumed with time durations. This help LVS Small Plastic Parts Ltd. To compute total
cost as well as profitability margin through including extra output units.
Benefits Limitations
 Facilitates cost control and comparison
 Assists in short-term planning and
helps in defraying break-even &
profitability chart effectually.
 Creates difficulty in cost segregation as
fixed and variable
 In this, cost comparison of different
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 It is suitable for taking pricing
decisions over the life-cycle of a
product
jobs are highly difficult
 Under marginal costing, determination
regarding degree of variability is highly
difficult in relation to semi-variable
cost.
Absorption costing: It is the approach that is utilised to gather the cost which is related
with the procedures of manufacturing as well as apportion them to single product (Rababa'h,
2014). This approach aids LVS Small Plastic Parts Ltd. To develop effective decisions through
including both non-static and static expenses. Moreover, this is used them to obtain profitability
as this prefer both the costs.
Benefits Limitations
 Helps in tracking profitability in an
appropriate manner
 Provides business organization with
realistic cost of product referring both
fixed and variable overheads
 Suitable for the firms having constant
demand for products
 Not suitable while business unit is
planning to do comparison of product
lines
 Absorption costing method does not
help in improving operational
efficiency aspects
Profitability statement under absorption and marginal costing method is enumerated below:
Marginal costing
Calculation of cost per unit
Particulars Figures (in £)
Prime expense for each product 4
Variable manufacturing costs each product 2
Total marginal cost per unit 6
Computation of closing stock and COGS
Particulars units
Per unit
price
Figures (in
£)
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Opening stock 500 6 3000
Add: Purchases 10000 6 60000
Less Closing stock 2500 6 15000
COGS 48000
Income statement
Particulars units
Per unit
price
Figures (in
£)
Sales 8000 15 120000
less
: Variable cost /COGS 48000
GP 72000
less
:
Budgeted fixed production overheads per
month 40000
NP 32000
Absorption costing
Assessment of cost per unit
Particulars Figures (in £)
Prime Cost for each product 4
Non-static manufacturing costs each product 2
Budgeted static manufacturing expenses 4
Total absorption expense each product 10
Computation of closing stock and COGS
Particulars units Per unit
price
Figures (in
£)
Stock at beginning of
year 500 10 5000
Add: Purchases 10000 10 100000
Less Stock at end of year 2500 10 25000
COGS 80000
Profitability statement
Particulars units Per unit
price
Figures (in
£)
Sales 8000 15 120000
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less: COGS 80000
GP / NP 40000
M2. Use of varied of management accounting approaches and developing suitable financial
reporting documents.
Techniques of MA is beneficial for the company as same help manager to formulate
documents of the financial reports as well as maintain the products and services cost within
business concern (Salterio, 2015). Techniques like marginal and absorption states whole cost of
company and then ascertain net profits into company. It is the accountability to accomplish many
data connected to accounting as well as maximise productivity. Both techniques are useful for
LVS Small Plastic Parts Ltd. Like their accountant can prepare appropriate management reports
through evaluating revenues as well as expenditures which aids in making decisions. Also, this
assists in enhancing production and sales in respective organisation.
D2 Developing report which provide data for varied venture tasks
Financial reports is defined as the annual report that is formulated through manager when
year comes to end for to provide information about profitability and losses from respective
enterprises. Major objective of this is to utilise appropriate system of management accounting as
well as develop financial reports which aids in performing the activities efficaciously. LVS
Small Plastic Parts Ltd. Plastic and injection moulding firm plastic materials, injection moulding
etc. to their clients. Respective firm income statement states that in May the net loss is -550 and
in June the net profit is 5750 by using marginal costing techniques. Whereas while using
absorption costing method the net profit in May is -630 and in June is 6550. So it is analysed that
net profit or loss is more while utilising absorption costing method.
LO3
P4 Advantage and disadvantage of variety of planning tools employed in respect to budgetary
control
Budget is simply defined as the approximation of cost that raises into firm while
producing products as well as selling that. This describes the performance of business that
depends upon budget. This is formulated through managers after analysing performance as well
as with the assistance of prior budget. Within LVS Small Plastic Parts Ltd., their manager set
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budget for its products and services after examining performance as well as through utilising last
budget. Firm develops many budgets for assessing the actual performance of the organisation in
a year. Planning tools are defined as the equipment that is utilised for controlling excess budget
as well as making profitable Company. This assists LVS Small Plastic Parts Ltd. In maintaining
profit as well as productivity in sector. The respective firm can some planning tools which are
discussed below:
Operating budget: This is defined as the annual budget of the business functions that is
formulated through managers for estimating the total value of resources in order to do the
activities in effectual manner (Sands and et. Al, 2015). Moreover, it is the financial plans that
assists to meet with organisation's debt obligations as well as sustain growth with fixed time
durations. This initiates with incomes and then represent whole kinds of expenditures. This
particular budget prefer variable cost which fluctuate with sales such as manufacturing labour
cost, raw materials etc. Within LVS Small Plastic Parts Ltd, manager utilises operating budget
which involves fixed cost like plastic material, moulding machines and many others. Advantage: This assists LVS Small Plastic Parts Ltd. In allocating amount fro short
duration and also for long term objectives. Moreover, this is also useful to allocate
resources which provides a financial freedom to enterprises and enhance ability of the
business to gaining profitability.
 Disadvantage: The main disadvantage of this particular planning tools, it is too time
consuming.
Cash budget: This kinds of planning tool is mostly utilised through managers for knowing
the firm's outflow as well as inflow during particular durations like monthly, quarterly and
yearly. The main aim of this is to facilitate the status of organisation's cash position at point of
time. Within LVS Small Plastic Parts Ltd., manager utilises cash budget to obtain outflows as
well as inflows for the aim of formulating business decisions. In case company do not utilise this
budget then they cannot able to obtain the inflows and outflows of cash effectively. Also, this
aids them to meet the objectives of the company that is decided through administration (Cash
budget. 2019). Advantages: This assists LVS Small Plastic Parts Ltd to concentrate upon financial
position through focusing on seasonal fluctuations within expenses as well as sales.
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 Disadvantages: It is difficult for LVS Small Plastic Parts Ltd. To make budget as this
prefer overall cash or financial data.
M3 Examine utility of diverse planning tools their use for developing and forecasting budgets
Company utilises numerous kinds of planning techniques for budgetary control like
master budget, cash budget and others which aids them to set upcoming plans to maintain
profitability (Schaltegger, Etxeberria and Ortas, 2017). Through using all these tools LVS Small
Plastic Parts Ltd. can able to approximate budgets as well as make plans consequently. Major
task of this is to evaluate the tools as per the target as well as forecast the budget ahead.
Moreover, the manager of respective firm also use this to evaluate the performance of the
business and then formulate plans which aids them to maintain profitability. Hence, all these
planning tools are helpful to develop future plan as well as operate their business efficaciously.
TASK 4
P5 Ways in which company adopt MA systems
Financial issues is defined as the circumstances in which firm faces the problems
regarding money for operating the enterprises effectively. This is essential for company to
overcome from it through developing plans as well a utilising proper system of management
accounting. So, some of the financial problems faced through LVS Small Plastic Parts Ltd are
discussed below:
 Less payment on credits: When buyer buy products from sellers at credit then firm faces
this particular issues which effects the business negatively. LVS Small Plastic Parts Ltd.
Is a manufacturing company who mostly deals in credit transactions. During the period of
receiving payment this do not receive full payment as well as receive minimum payment
because of it faces financial issues. As their profitability margin get minimised.
 High spending and low income: It is the other problem that is faced through company
while operating the whole its enterprises (Taylor and Scapens, 2016). This raise when
firm expenses more money as well as obtain less income then this have to face financial
issues. Management of LVS Small Plastic Parts Ltd. Can face this issues as it spends
more on injection mouldings and so on but in case number of clients is less than they can
face this types of problems.
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There are various tools that is utilised for addressing financial issues that are mentioned
below:
 KPI: This tool is utilised through firm for measuring financial as well as non-financial
organisational performance then develop decisions (Thomas, 2016). This is associated
with the external and internal performance of LVS Small Plastic Parts Ltd. As their
manager gather information both monetary and non-monetary in order to evaluate such
performance. Moreover, this aids formulate quick decisions after evaluation. This is
utilised to resolve the financial issues such as less payments on credits through examining
monetary as well as non-monetary performance that are operating through firm.
 Benchmarking: This tool is also utilised through firm for highlighting the financial
issues that raise while running enterprises. It sis and efficacious tools that can be applied
through LVS Small Plastic Parts Ltd. For facing financial issues. The manager of
respective company examine the marketplace as well as compare with another firm to
find issues as well as obtain solution of that issues. This aids them to resolve the
problems of high spending and low income through comparing with another one which
suggest that how an firm have to do investment.
LVS Small Plastic Parts Ltd. TPG
 The firm is facing the problems of less
payment on credit and high expenses
and low income. This problem can be
identified with the help of
benchmarking tools through comparing
with another one.
 For resolving this issues they used cost
accounting system which aids them to
maintain the raw material cost as well
as another equipment’s. This assists
them to do the business activities
efficaciously.
 It is facing money related issues as their
profitability are minimising regularly as
firm is receiving less payment. This
issues get identified through KPI tools
which aids respective firm to get
knowledge about debtors as well as
monetary and non-monetary
performance.
 This issues can be solved with the
assistance price optimisation system
which set products price and also
helpful to concentrate upon their
problems.
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M4
As per the above-mentioned information, it have been analysed that MA is must be used
by the company as this aids them in identifying, examining, collecting as well as controlling the
activities of business within company. It is useful for firm as this provides accurate as well as fair
representation of accounting transactions through evaluating it. Within LVS Small Plastic Parts
Ltd, managers applied management accounting for understanding the financial issues while
operating the business as well as develop appropriate decisions which assists them for the
organisational success. Both LVS Small plastic limited and TPG are facing same problem as not
receiving payment on time. LVS Small plastic is using benchmarking system in order to evaluate
its performance. Under this business firm compare previous year average payments received
time period with current one and identify if more time is taken to receive payment. If on analysis
it is identified that more time is taken then corrective action is taken by the business firm. On
other hand, TPG use KPI under which it set time period within which payment must be received
and compared with actual days and evaluate performance. If results are not in line to expectation
then actions are taken to handle situation. Thus, it can be said that both firms are following
different approach.
D3 Way in which planning tools in respect to relevant field work in proper manner to handle
financial problems.
Planning tools are so much essential that are used through firm in order to prepare
budgets as well as formulate effective decisions. Organisation's manager applied these tools as
per the circumstances as well as objectives (Van der Stede, 2015). Within LVS Small Plastic
Parts Ltd., managers are focused to provide products and services with the assistance of
management accounting. It identify financial issues that are raise into company as well as utilises
planning tools for resolving that issues. For this, LVS Small Plastic Parts Ltd. Facing unmatched
cash flow as financial issues during business operations. For solving such problems manager can
cash budget as well as cost accounting system which assists in obtaining whole information
regarding overall expenditure and revenue. As a result, this can leads towards sustainable
organisational success.
Table 1Calculation of BEP
Fixed cost 120000
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Variable cost per
unit 10
Sales price 40
Profit target 90000
BEP 4000
Firm need to sale 4000 units of the product so that entire cost can be covered.
Table 2Units need to be sold to achieve target profit
Price 50
Units 5300
Sales 265000
Fixed cost 120000
Variable cost 53000
Total cost 173000
Profit 92000
In order to achieve profit of £90000 firm need to sold 5300 units valued at £50 per unit. It is
assumed that firm produce plastic pipes used in manufacturing plants. Cost of each pipe is
assumed £50.
It is advised to the sales team that it can give discount to the customers and by doing so
sales of the product can be increased. It is also advised to the production team that it must
evaluate production related operations and by doing so unproductive activities must be
eliminated so that cost can be reduced and profit can be increased.
CONCLUSION
On basis of entire analysis and discussion it is deduced that MA is utilised by almost all
size of firm in order to operate their business smoothly as well as perform their activities in
simple manner. This aids in identifying, classifying, observing and controlling the information of
enterprise for attaining the organisational objectives effectively. Moreover, there are some
management accounting system such as inventory management system, cost accounting system
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and others are helpful to organise the mechanism to accumulate business related financial data,
inventory moves and so on. Also, there are few management accounting reports such as budget
reports, account receivable report etc. are used to plan, regulate, measure performance and so on.
Apart from this some planning tool such as zero based budget, master budget and many more are
applied to responds the financial problems effectively as well as appropriately.
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