Management Accounting: A Comprehensive Guide for UK Tech Ltd

This comprehensive report delves into the fundamentals of management accounting, providing a practical guide for UK Tech Ltd to improve its financial performance. It explores key concepts like cost accounting, budgeting, and the balanced scorecard, offering insights into how these tools can be applied to address specific challenges faced by the company. The report also examines the importance of financial reporting and the role of management accounting in achieving sustainable success.

Management Accounting
1

Table of Contents
Introduction:.........................................................................................................................................3
TASK 1................................................................................................................................................4
Introduction:.....................................................................................................................................4
A: Explain management accounting and give the essential requirements for different types of
management accounting...................................................................................................................4
B: Financial reporting:.....................................................................................................................8
M1 & D1..........................................................................................................................................9
TASK 2..............................................................................................................................................10
Explain marginal and absorption costing.......................................................................................10
M2: you will need to accurately apply the techniques and reconcile the profits to produce
appropriate financial reporting document......................................................................................13
D2: you will need to accurately apply and interpret the data for the business activities...............14
TASK 3..............................................................................................................................................15
Introduction:...................................................................................................................................15
A: Different kinds of budgets and their advantages and disadvantages.........................................15
B. The budget preparation process including determination of pricing and different costing
systems that can be used.................................................................................................................17
Budget preparation process covers following steps:......................................................................17
C. The importance of budget as a tool for planning and control purposes....................................18
M3: Analyse the use of planning tools and their application for preparing and forecasting
budgets...........................................................................................................................................19
Conclusion:.....................................................................................................................................19
2

TASK4...............................................................................................................................................20
Explain Balance scorecard.............................................................................................................20
M4: how, in responding to financial problems, management accounting can lead Organizations to
sustainable success.........................................................................................................................22
D3: you will need to evaluate how planning tools for accounting respond appropriately to solving
financial problems to lead to sustainable success..........................................................................24
Conclusion:.........................................................................................................................................25
References..........................................................................................................................................26
3

Introduction:
Availability of information and effective management is a must for every business organization and
it reduces problems and losses and ensures profitability for business operations. UK tech ltd is also
facing the same type of problems and this assignment report is prepared to give basic knowledge of
management system and its fundamental tools which can be used by the manager of the company to
solve above problems. The report explains different tools of management accounting and
management information along with the importance of information system which can be used by
UK tech ltd to control its business activities. The report also denotes the cost management and cost
measurement techniques which can be used by UK tech ltd to control its production cost. To control
the cost, budgeting is a must and useful tool and this report explain the budgeting system and
budget preparation process along with the advantages and disadvantages of budgets. To ensure the
profitability of business operations effective execution of strategy is must and this report also
defines the balanced scorecard approach which can be used by UK tech ltd to ensure the quality of
business operations.
4

TASK 1
Introduction:
In this report, the basic concept of management accounting is explained along with the various
management accounting tools like inventory management and job costing. Different types of
management system reports and importance of information are also explained in this report.
A: Explain management accounting and give the essential requirements for different
types of management accounting.
Management accounting: management accounting is a process which supports managers to
formulate and execute the business strategy so that business can achieve its goals. In other words,
management accounting is a system which includes various techniques and tools to assist the
managers in policy formulation and decision-making by providing appropriate and enough financial
information and data (Anthony, 2018). It generates profit for business organisations by reducing
expenses and fulfils various discloser requirements.
Management system comes with three relevant steps planning, controlling and monitoring to avail
the correct and convenient data to managers of the company so that business can manage in a
profitable manner. UK tech ltd is also facing the problem of availability of information and the
same affects the quality of managerial decisions. The company can adopt management system to
eliminate above problems. Management accounting is different from financial accounting and the
same is explained below:
Table 1 Distinguishing Management Accounting from Financial Accounting.
Reason Management accounting Financial accounting
Basic concept
Management accounting is used to
give correct and convenient
information to managers so that they
can make an appropriate strategy.
Financial accounting is a process used
to generate the financial statement of an
organization to convey the financial
information to related parties.
Reporting No specified format Specified reporting format
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format
Type of
information
Management accounting marks the
monetary and non-monetary
information to assist the decision-
making.
Financial accounting shows the
financial position of the company.
users Management information reports are
used by internal management to
increase the quality of strategy
planning (SINGH, 2018).
Financial statements are used by
external and internal peoples to
determinate the financial situation of
the company. Like investors, creditors
Time-Gap Management reports are prepared
according to the needs (S, 2014).
Generally, financial statements are
prepared annually after the completion
of the financial year.
Legal Needs
There is No legal need for the
Preparation of management
accounting reports.
Preparation of financial statements is
necessary by law.
Monitoring
needs.
As management accounting is used to
generate the internal reports for
management there is no requirement
for auditing and other investigation
activities.
Financial accounting is used to report
the financial position of an organization
and to save the external parties auditing
is required (S, 2014).
Importance of management accounting information as a decision-making tool for department
managers
Management accounting generates different types of information reports which provide useful
information to managers so that they can take quality decisions. As a decision-making tool
management accounting information has following benefits:
Data to analyse: management accounting information provides data about the business operation
so that manager can identify every aspect of business expenses and take decision accordingly
(Freedman, 2018).
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Evaluation of performance and profitability: management information gives details about the
efficiency of every department. Management can use this information to prepare budgets according
to the capacity of the department (Freedman, 2018). On the basis of management information
management can also define the profitability of future projects and take do or not decisions.
Cost accounting system:
Cost accounting is a system of measurement of production expenses. It denotes the material, labour
and overhead costs which are incurred by a business during the normal course of operation. To
determinate the costs following methods can be used:
 Actual costing: Actual costing involves only use actual expenses and does not use any type
of budgeted amounts. It is used to determinate the cost of the product by explaining the
actual cost of material. The actual cost of labour and the actual cost of overheads.
 Normal costing: Normal costing is also a similar costing system which involves Actual
expenses of material and labour and budgeted amounts of overhead to determinate the cost
of the product.
 Standard costing: standard costing is a costing system which is used to determinate the
differences between decided standards and actual results.
Inventory management system:
Inventory management system is a method of managing the current asset ‘Inventory’ and involves
the various steps which are used to control the flow of inventory items (Hamlett, 2018). It controls
the flow of inventory items and assists the process of ordering, purchasing, use for production and
supply to customers. Following techniques are available to manage the inventory:
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Image 1, Techniques of Inventory management system
By Author, 2018
Job costing system:
This system is a cost measurement technique used to determinate the cost of special batches. When
an organization produce product on order basis or produced items is different from each this system
is used to find out the cost of every single product or batch. This system is necessary in the case of
cost-plus contracts.
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Techniques of
Inventory
management
Economic Order quantity
FIFO
method
Just-in-time
LIFO
method

B: Financial reporting:
Different types of managerial accounting reports
Cost reports: cost reports are useful in order to explain the cost of production and other operations.
Mostly cost reports are associated with the production process and give information about the
material, labour and overheads. Other cost reports are prepared according to the nature of the
business organisation (Gartenstein, 2018).
Inventory reports: inventory reports are associated with the management of inventory items. It
involves the information about the wastage, normal loss; storage cost etc. and assists managers to
take decisions about the inventory expenses.
Investment reports: investment reports are prepared to find out the appropriate investment options
so that business can avail maximum profit from funds (Sullivan, 2018). It shows the comparison
between different available options and assists decision-making process.
Budget reports: budget reports are prepared by analysing previous data and making appropriate
estimations (Gartenstein, 2018). These reports are used to compare the standards with actual so that
managers can identify the performances of organisation and take appropriate decisions.
Other reports: management reports are prepared according to the needs of the business so the
manager can prepare sales reports, debt solvency reports, performance reports for better strategic
planning and execution.
Why it is important for the information to be presented in a manner that must be understood.
Presentation of information is also important like availability of information. If information not
presented in an understandable manner, it becomes useless for managers and decisions based on this
information become risky. Wrong understanding of information may affect the continuity of
business or decrease the profitability of the organisation.
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M1 & D1
Control of expenses:
Management accounting tool gives detailed knowledge of the business operations. By applying
management practices UK Ltd can find out the appropriate level of every expense and take steps to
reduce it (Gartenstein, 2018). Control on expenses will directly increase the profitability of the
company.
Different cost report gives information about the expenses which are incurred during the business
operations (Guinea, 2016). Managers can identify extra costs of organizational processes and take
corrective actions.
Evaluation of efficiency:
Efficiency saves cost for business and UK Ltd can check out the efficiency of business operations
and departments. It makes every department manager responsible for his work and thus helps to
improve performance.
Every business process requires efficiency in operations and management reports give the
assistance to maintain the same. These reports avail complete knowledge about the departmental
efficiency so the manager can manage the operations effectively.
Strategy planning and implementation:
Management accounting system assists managers in the decision-making process. In the relation of
UK Tech Ltd, managers can make a highly appropriate strategy so that business can achieve its
aims.
Management system involves the various budgeting tools which are very useful in budgeting
process (Ghanbari and Vaseli, 2015). These budgeted reports are used by managers to set out the
best strategy as per the organisational process.
Conclusion:
This report concludes that management accounting system is very useful for UK tech ltd and by
using this; the company can manage its operations in a curative manner to incur the higher profits.
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TASK 2
Explain marginal and absorption costing.
Cost: cost is an amount which is paid by someone to get something. In the relation of business
organization, cost involves all the expenses which are paid to acquire some rights or produce a
product. On the basis of nature, then the cost can be divided into following categories:
 Fixed cost
 Variable cost
 Semi-variable cost
Determination of cost is very important to find out the appropriate price and corrects profit. Cost
volume profit (CPV) is another tool to manage and control the costs. In this method, manager
determinates the relation between cots and profits and its impact on profits.
Absorption costing: a costing system which involves all production expenses in the cost of
production without considering their fixed or variable nature is called absorption costing. It is also
known as full costing and all manufacturing expenses all charged on per unit cost.
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Table 2 Income statement:
Particular's Amount £
Sales (35*1500) 52500
Cost of Sold units
Opening Inventory NIL
ADD: the cost of Production 2000*20 40000
LESS: Closing Inventory 500*20 10000
Total Cost Of Sold units 30000
Contribution 22500
(Under) / Over Absorption of
overheads Nil
Variable selling and distribution
expense 7875
Fix Selling and distribution expenses 10000
Total selling and distribution expenses 17875
NET Profit 4625
Marginal costing: marginal costing system is a cost determination system which includes only
variable production expenses the cost of production and fixed manufacturing expenses are charged
over the period. In this method, factory cost of the product varies according to the production
volume and for this reason; it is also known as variable costing.
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Table 3 Income statement:
Particular's Amount £
Sales (35*1500) 52500
Cost of production
Opening Inventory NIL
ADD: the cost of Production 30000
LESS: Closing Inventory 7500
ADD:
Variable selling and distribution expenses 7875
Total Cost of Sold units 30375
Contribution 22125
LESS:
Fixed Production Overhead 15000
Fix spelling and distribution expense 10000 25000
NET Profit -2875
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M2: you will need to accurately apply the techniques and reconcile the profits to
produce appropriate financial reporting document.
Table 4 financial reporting document
Income reconciliation statement Amount £
Profit/(Loss)under Marginal Costing -2875
Difference arise due to Over/(Under) Absorption 0
ADD: Difference of Fix cost of production 7500
Profit under Absorption costing 4625
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D2: you will need to accurately apply and interpret the data for the business activities.
Above two cost determination methods follow different rules to calculate the cost of production and
profits like marginal costing involves only variable expenses as the production cost but absorption
costing involves fix and variable bot expenses as the cost of the product. In above case of Tech
(UK) ltd., statement of marginal income shows a loss of £ 2875 and statement of absorption costing
reports profit of £ 7500. This difference incurred due to the balance of closing stock and if there are
no closing inventories both method reports the same profit.
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TASK 3
Introduction:
This report explains the budgeting system and benefits of the budget along with the limitations.
Budgets are very useful for enterprises and this report denotes the same along with the budget
preparation process.
A: Different kinds of budgets and their advantages and disadvantages.
Budget plays a very important role in management because they assist the manager in estimation
and decision-making. Budgets are prepared on the basis of historical experience and data and
appropriate estimations. An organization can make several types of the budget according to the
needs. Some of them are explained below:
Capital budget: capital budget covers all the transactions which are related to the capital assets and
liabilities and supports managers to calculate the cost of capital projects (Shpak, 2018). Capital
asset and liabilities cover Purchase of building, the loan from the bank, or purchase of machinery.
The advantage of capital budgets:
 Assistance in crucial decisions because capital budget covers the long-term projects.
 Appropriate capital budget generates long-term profits for business.
The disadvantage of capital budgets:
 Complex information and hard to prepare.
 Wrong estimation of the capital budget may affect the sustainability of the business.
Operating budget: operating budget contains information about the all future expenses and
incomes (Shpak, 2018). This budget shows the day to day performance of business operations and
gives information about every expense and revenue.
The advantage of operating budget:
 It helps to manage possible expenses to continue business operations.
 Financial accountability
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The disadvantage of operating budget:
 Require continuing changes according to the business situations.
 Accurate estimation of every possible expense is hard.
Cash flow budget: cash flow budget shows the possible in and out a flow of cash and helps to
manage the cash needs of business (Shpak, 2018). It considers various factors like debtors and
creditors to ensure that company has enough cash to continue its operations.
The advantage of Cash flow budget:
 Helps to maintain sufficient balance of cash so business can face its daily obligations.
 It ensures better use of cash resources so the company can invest its extra cash in productive
options.
Disadvantages of Cash flow budget:
 Accurate estimation of inflow and outflow is a very crucial process.
 Non-financial factor also affects the requirement of cash but cash flow budget is silent about
this (McIntosh, 2017).
Sales budget: sales budget is prepared to describe the sales and factors which affect it. This budget
uncovers the various aspects which are liable for variance in sales level. The manager can take
action for adverse results and improve the revenue.
The advantage of Sales budget;
 Sales budget shows the possible revenues along with the reasons for variances and the same
help to manage the sales strategy as per company’s ability.
 It denotes the future resources which are required to improve the sales level. The company
can manage these resources (Kokemuller, 2017).
Disadvantages of Sales budget:
 Sales budgets cover the forecasting of sales figures and it depends on the sales departments.
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B. The budget preparation process including determination of pricing and different
costing systems that can be used.
Budget preparation process covers following steps:
 Collection of data: to prepare a budget historical data is must to analyse the previous
performance. Historical data covers information about expenses, sales and other factors.
 Forecasting: in this step, the manager makes appropriate estimations for each factor and
allocates available resources to every department as per needs.
 Convey the ideas: in this step, top management communicates the budget to departmental
managers and asks them for their review. After considering their advice a final budget is
prepared by management.
 Execution of budget plans: execution of budget is the very important step and requires
the high level of focus.
 Monitoring: after the execution of budgeted plans regular monitoring is must so that
manager can make appropriate changes in the budget if required.
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C. The importance of budget as a tool for planning and control purposes.
In order to manage the business operations budget are very important and useful. Some benefits of
budgets are as below:
 Strategy planning: budget assists strategy planning process and gives deep knowledge about the
future business operations (Ho, 2014). On the basis of this information and forecast managers
can make an appropriate strategy.
 Budget denotes standard target for every department and presents a report about the actual
achievements. On the basis of this comparison, managers can take steps to improve the
efficiency.
 A budget helps to control the cost by providing periodic cost reports. Pre-estimation of
expenditure saves cost for enterprises.
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M3: Analyse the use of planning tools and their application for preparing and
forecasting budgets.
Various planning tools are available for preparing the budgets some of them are as follows:
Swot analysis: swot analysis is used to determinate the strengths and weakness of a business
organisation so that business can avail the benefit of future opportunities and take defensive action
for threats. In this way, swot examines the internal and external environment of the business
organization. By using this method, management can prepare a budget which will be integrated
with the strengths of business and reduces the impact of possible threats.
Pest analysis: Pest analysis is used to determinate the external environment of business. In this
method, manager exams the external environmental factors like political, legal, social to find out the
impact of these factors on business enterprises (Gupta, 2013). With the help of this approach, the
manager can make budgets according to environmental changes and minimise the impact of adverse
changes.
Variance analysis: variance analysis is very important to find out the shortage areas of business
operations (Acar, 2015). It compares standard performance with actual performance and tries to
find out the reasons behind it. The manager can make budgets after eliminating adverse factors.
Conclusion:
Above reports proves that budgets are very important for an organization and plays a very useful
role in the management process. An appropriate estimation is a must for effective budgeting and it
avails the sustainable success of the business organization.
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TASK4
Explain Balance scorecard.
Definition: balance scorecard is measurement tool and it ensures the integrity of the business
process and business aims. It improves the internal efficiency of the company by considering
various aspects of internal management so that business can achieve its goals (Klepacki, 2015). It
also works on the strategy of the company and integrates it with the vision and mission of the
company.
Balance scorecard is depended on the following four components:
Image2, four basic components of Balance Scorecard
Source: By Author, 2018
In the case of UK tech ltd: auditor company suggests balance scorecard approach for the company
because UK tech ltd reports a loss in last financial year and the same is arise due to inappropriate
strategy planning and execution. By using balanced scorecard approach, UK tech ltd can manage
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Client Economic
cahnges
Internal
business
funcations
Improvement
and
understnading

its business operations in a sound manner and identify the internal functions which are liable for a
short performance. This approach will be helpful for the company in following ways:
 Improved Execution of planned strategy: loss denotes the inappropriate planning and
strategy execution and this can be eliminated by using balanced scorecard because this
system creates integration between operations and plans (Pietrzak, 2015).
 Improvement in performance: this system helps managers to manage the business process as
per the aims of the company. Integration of process and aims increase the performance level
company and indirectly leads to profit.
Activity-based costing: activity-based costing methods are used to control the costs by allocating
overhead expenses on the basis of their usage. It is suitable for that organisation which produces
various types of products by using different types of machines (Kannaiah, 2015). It is a highly
logical method and allocates overhead on the basis of their real usage.
Comparison: UK tech Ltd. can use both methods to manage its business activities but balance
scorecard is more useful for the company as per the financial situation of the company. This method
creates amalgamation between company goals and business operations and improves the financial
situation of the company.
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M4: how, in responding to financial problems, management accounting can lead
Organizations to sustainable success.
In order to manage the day to the daily business operations various type of problems are faced by an
organization. Some of them are
 Funding problems: funds are necessary for every business operation and selection of a right
source of fund is a crucial decision. Management accounting system provides support in this
election process.
 Performance and inventory wastage problems: short performance and abnormal wastage
create the extra cost for business and it can be eliminated by using management techniques.
To solve above problems following tools are available:
Key performance indicators: KPI is a group of key parameters which is used to compare the
performance and efficiency of organization on the basis of some financial and non-financial
parameters (Coast and Hart, 2015). It also denotes the financial position of a company.
Some financial key parameters:
 Sales to asset ratio
 Net profit margin ratio
 Current asset ratio
 Debt to equity ratio
Some non-financial key parameters:
 Employee efficiency
 Stores at prime location
 Brand value among customers.
 Competitive situation.
Benchmarks: benchmarks deal with the standards of the industry. In other words, benchmark
compares quality and efficiency of a business process with applicable industry standards. On the
basis of this comparison, a business process can be managed according to the market situation and it
also reduces the negative impact of adverse changes.
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Benchmarks can be classified into following categories:
 Internal benchmarks: it makes a comparison between internal department, groups and
teams (Corrigan, 2015).
 External benchmarks: it makes a comparison between a business organization and
applicable industry standards.
 Process benchmarks
 performance matrix benchmarks
 Strategic benchmarks.
Financial governance: financial governance or corporate governance shows the responsibility of
management towards their investors and external parties (Tshipa, 2017). It is a set of rules which is
applicable to every business organization according to the nature of that organization. Financial
governance can be divided into two parts:
Internal Financial governance: Internally applicable rules of the company.
External financial governance: rules imposed by the government, market regulation.
Financial governance denotes the liability of directors and boards for their external parties which
are affected by their decisions.
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D3: you will need to evaluate how planning tools for accounting respond appropriately
to solving financial problems to lead to sustainable success.
Management planning tools assist management in the decision-making process and generate various
types of benefits for the business organization so business can achieve its target of sustainable
success. Some benefits are:
Strategy planning: management tools give a base to plan according to the capacity and aims of the
company (Chuna, 2017). Strong planning generates efficiency which is necessary for sustainable
success.
Management of resources: planning tools ensures sound management of available funds within
the organization and better use of funds increases long-term profits for the company (Acar, 2015).
Risk management: planning tool gives various types of comparison reports and techniques which
denote all type of possible risk of business decisions. Identification of risk is the first step of risk
control process.
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Conclusion:
In this assessment, different perspectives of the accounting and management are discussed. The
assessment was isolated into four segments and each learning outcome talked about in brief and
comprehended by me. The distinction among the management accounting is understood against
financial accounting. This assessment comprehended the significance of accounting management in
basic leadership. Also, this report comprehended the diverse accounting frameworks related to cost
like standard, actual, etc. Inventory administration and costing framework of the job are
additionally talked about in depth. This assessment likewise incorporates detail talk about the
money related data like kind of reports in administration bookkeeping. From this appraisal, many
significant characteristics of management accounting are figured out like, how to set up the income
articulations including minimal and absorption costing strategy.
This assessment comprehended the financial plans, advantages and dangers. The evaluation helped
me in setting up the budget arranging planning tools and the significance of these tools. Lastly, in
this report another idea which is balanced scorecard method. This finishes up the report and
learnings.
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