Management Accounting: A Comprehensive Guide for Zylla Limited

This report provides a comprehensive overview of management accounting principles and techniques, specifically tailored for the financial director of Zylla Limited. It explores key concepts like cost accounting, inventory management, and budgetary control, highlighting their applications and benefits for organizational success. The report also delves into the advantages and disadvantages of various planning tools, including activity-based costing, benchmarking, and zero-based budgeting, and how they can be leveraged to address financial challenges and achieve sustainable growth. By understanding these concepts, Zylla Limited can optimize its financial management practices and navigate the complexities of the modern business environment.

Management Accounting

Table of Contents
Introduction:....................................................................................................................................2
Task 1...............................................................................................................................................3
P1: Explain management accounting and give the essential requirements of different types of
management accounting..............................................................................................................3
P2: Types of management reporting:...........................................................................................8
M1: Benefits of management accounting and application for organisational............................9
Task 2:...........................................................................................................................................10
P3: marginal costing and absorption costing.............................................................................10
M2: income calculation under marginal and absorption method:.............................................11
D2: interpretation of data:..........................................................................................................12
Task 3:...........................................................................................................................................13
P4: advantages and disadvantages of planning tools used in the budgetary control.................13
M3: planning tool and applications for forecasting budgets:....................................................16
Task 4.............................................................................................................................................17
P5: How planning tools are adopted in management accounting for financial issues...............17
M4: in respond to financial problems management accounting can lead organisation to
sustainable success.....................................................................................................................18
D3: Critically evaluate the use of planning tool for sustainable success:..................................19
Conclusion:....................................................................................................................................20
References;....................................................................................................................................21

Introduction:
As business conditions are changing rapidly and uncertainty of macro environment factors
increased due to heavy competition and globalisation, management system and techniques work
like a safeguard for the business in order to face financial and managerial problems. Presently
made a report is going to explain, management accounting system and cost measurement
techniques for the understanding of financial director of Zylla Limited so that he can take action
to remove the problems of management system applied within the company. Techniques of
budgetary control and how they are beneficial for business is also going to be described in below
report. Zylla Limited is facing some financial problems and the main reason for these problems
is the improper implementation of management practice. In the current report, these financial
problems and solution for the same are also going to be explained.

Task 1
P1: Explain management accounting and give the essential requirements for different types
of management accounting.
The management system can be described as a group of some methods, techniques, special
information and tasks prescribed for the support of management in actions which are going to be
taken to minimise the losses and maximise the gains (Borker, 2016). It works like a medium
between different finance, cost and other components of financial management.
Following are some objectives of management accounting system:
 It gives assistance in the formulation of strategic planning of future.
 It gives facility of interpretation of business performance and financial information.
 Helpful in the generation of two-way communication and in this way enhance
coordination.
It is the usage of fitting frameworks and thoughts in looking after recorded and foreseen
budgetary records of a substance to help the corporation in setting up plans for practical
economic targets and extraordinarily coming to fruition of sound choices with a view towards
these desires (Richardson, 2017). Management accounting is enough different from financial
accounting and some differences are explained below:
Financial accounting Management accounting
Only monetary information is involved by
the system of financial accounting.
Monetary and Non-financial both type of
information is covered by management
accounting.
Statements under the financial system are
made as per financial year. Like 1 year.
No timeframe fixed for these reports made as
per needs.
It is compulsory to made and used by
external users also (Dražić-Lutilsky, et. al.,
2016).
No statuary obligation and used only by
internal managers.
Specified format is issued for the preparation No specified format issued under

of financial statements. management system.
Scope of management accounting:
(Figure1: Management accounting scope)
(Source: By author, 2018)
Management accounting system is group of several techniques and some of them are as follows:
Cost Accounting System: A system which is considered to measure the costs occurred by an
entity is knows as cost accounting system. It is set of some frameworks, controls, reports and
activities which are utilised to determinate and control the cost of product and services (Alahdal,
et. al., 2016). There are two types of cost accounting system;
Job Costing:
Job costing system is applied to find the cost of unit through compiling the cost of material,
labour and overhead. It is a process which is utilised by the production companies to find the cost

of particular batch (DONIZETT, 2016). When an entity is engaged in the fabrication of unique
products or order based production process.
Process costing: Materials, work and overhead expenses are collected altogether for an entire age
system and are then allocated to solitary advent units. This method capacity outstandingly for
huge introduction continues jogging of doubtful matters, as an instance, an age continues going
for walks of 200000 cars. The value collection process is considered successful and components
of it are able to be electronic.
Some needs of this system for effective implementation:
 A complete record of expenses with proper classification like variable, fixed etc.
 Recording of each expense separately to find the cost of the batch.
 Proper recording of abnormal losses.
Inventory management system:
A management system which is applied to manage the inventory items is known as IMS.
Inventory management system is associated with various processes and not limited to stock
keeping only. It works to control the ordering, purchasing and storing cost of raw and finished
stook (Sindhu, et. al., 2014). In modern businesses, it is applied to a set of software and hardware
which makes it uniform with supply system. In order to maintain the right level of inventory
following method are used:
Economic order quantity:
EOQ may be described as the variety of gadgets that an affiliation should upload to inventory
with each demand to confine the whole charges of stock. Distinctive types of cost which are
connected with stock are holding costs, shortage costs and order costs (Hart, et. al., 2014).
Just-in-time: just in time method is applied only in the case of repetitive production systems. In
this system, good is purchased just before one day of requirement. When items are high valued
just in time is preferable to approach.

Some methods of inventory valuation:
(Figure1: Inventory Valuation Methods)
(Source: By author, 2018)
Some requirements of Inventory system:
 A complete record of stock purchase, stock usage and abnormal losses.
 Relevant controlled recording of purchase returns.
 Use of Uniform valuation methods in every year (Stephen and GUPTE, 2016).
 Controlled physical valuation process to find abnormal losses.
 If a software is applied within an organisation, real-time data recording.

Price optimisation system;
A system which is applied in the analysis of customer reaction towards a different level of
product prices to find the best suitable amount of product. As various substitute products of
every item are available in the market, fixing a suitable level of the sale price is necessary to stay
in the market (Fox, 2014).
Some needs of pricing optimisation system:
 Historical data on sales and prices along with the result reports of past price analysis.
 Level of customer loyalty and product goodwill should be considered during the fixation
of prices.
 A study report on external environmental aspects.

P2: Types of management reporting:
Several reports are made under management reporting system. Zylla limited can prepare various
reports as per business nature and needs of the company. Some reports which are continuously
made by the company are as follows:
Item-wise Cost report:
As sales report denotes only revenues and profits, to understand the cost occurring structure
deeply, item wise cost reports are made under management accounting. Item wise cost reports
isolate, substances and different expenses, as an instance, expenses and licenses in the attitude of
how these utilizations add to extraordinary varieties of profits (Butterfield, 2016). By subtracting
the expenses in line with elegance from the preparations according to order, the company could
see the net benefit consistent with class.
Sales to demand reports:
Sales to demand reports are a combination of sales and demand reports. This report covers
complete information about the revenue structure of company along with demand trend. With the
help of this report, management tries to understand that is sales is per demand trend and, is
company utilising the opportunity of high sales during peak demand or not (Gartenstein, 2018).
Report on efficiency:
There are two types of efficiency reports are made under management reporting. One is
employee efficiency report which is also known as performance report and other is process
proficiency report which is made to measure the quality of business operations. Both reports
measure efficiency to improve the same (Butterfield, 2016).

M1: Benefits of management accounting and application for organisational.
Management accounting applications create numerous advantages for businesses. If an entity
applies these applications effectively, it can gain following benefits:
Strategy foundation:
Management system applications are applied to make strong and market-based strategies for
business so that company can gain its ambitions (Kristandl, et. al., 2014). It delivers the
information about the business and internal situation of the company to support the top
management so that they can make a profitable strategy.
Future based decision-making:
Management accounting applications are applied to make the decisions about future events, on
the basis of information which is given by the analysis report of past year data. In this way, it
helps to make preparation for future to ensure better results in next years.
Expands efficiency:
It contributes to trying higher execution through surveying and differentiating. Organization
accounting makes it extra straightforward to achieve extraordinary effects. This roundabout
goads the delegates to try better execution. Along those traces, they get compensates as
headways (Wiedemann, 2014). Along those strains, corporation accounting roundabout
fabricates the profitability of the affiliation in a sum.
Flexible reporting:
As management accounting not required any specified format for reporting, it improves the
communication within the entity (Kristandl, et. al., 2014). Zylla Limited can apply management
applications to enhance the communication between management employees so that they can
make strategy by considering employee feedback.

Task 2:
P3: marginal costing and absorption costing
Absorption costing
Absorption costing is the framework of managerial costing to measure the cost of the product.
This framework charges all expenses to the product or process (S, 2015). In other words, all
expenses which are related to production will be involved in product rate without considering the
nature of expense which may be fixed or variable.
Marginal costing
Marginal costing framework is a cost valuation method which applies a different set of
assumptions to calculate the cost of service and product (Aurora, 2013). This system says that
only variable costs are attributable to the cost of the product and fixed costs should charge on
time because if there is no production, fixed cost will be paid.
Some Key features of marginal and absorption costing:
Absorption costing Marginal costing
All costs are included in the cost of the
product.
Variable expenses are covered in product cost
Oldest method to measure product costs. Used in budgetary control applications to find
accountable contribution.
It is accepted under accounting principles. Accounting principles do not allow this system
to measure the cost (S, 2015).
As only includes variable costs, gives more
specified information about costs.
Combine effect of costs is shown by absorption
system.

M2: income calculation under marginal and absorption method:
Marginal Income
Particulars ₤ March ₤ April
Sales 52500 105000
Less: Material and labour costs 19500 39000
Production Variable overhead cost 3000 6000
Selling variable O.H. 7875 15750
Total expenses 30375 60750
Contribution 22125 44250
Less:
Fixed production overhead 25000 25000
Operating Income -2875 19250
Absorption Income statement
Particulars ₤ March ₤ April
Sales 52500 105000
Production cost 30000 60000
22500 45000
Over/(under) Allocation -5000 1000
Contribution 17500 46000
Less:
Fixed selling expenses 10000 10000
Variable selling expenses 7875 17875 15750 25750
Operating Income -375 20250

Working note: ₤ amount
Material cost 8
Labour cost 5
Production variable O.H. 2
Fixed overhead 5
Unit cost 20
Statement to show under or over absorption of overheads
Note March April
Allocated O.H. 10000 16000
Overhead Occurred 15000 15000
Allocated (under) -5000 1000
D2: interpretation of data:
Profit comparison statement ₤ March ₤ April
Income reported in marginal costing statement -2875 19250
Less:
Difference in Absorption of Fixed production overhead * 2500 1000
Income reported in variable costing statement -375 20250
* Difference in budgeted overheads and actual occurred
(500*5) and (700-500)*5
Variable costing and full costing gives different results because only variable costs are
considered under marginal costing in the determination of product cost. Full costing considers
fixed costs as product cost and it is charged as per volume of units. The same thing clearly
reported in above table. The difference in profit reported by above table is arising due to the
difference in production overheads. As fixed selling overhead is allocated 10000, it is charged
25000 in marginal costing. The difference in the absorption of fixed overhead is the main reason
for the difference in net profits.

Task 3:
P4: advantages and disadvantages of planning tools used in the budgetary control.
Budget: budget can be described as a plan which is utilised to make an estimation of future
income and outgoings. It is made periodic basis and contains complete information about the
future targets.
Budgetary control:
Budgetary manipulate implies how well heads utilize spending intends to screen and control
prices and errands in a given accounting length. All things considered, budgetary manage is a
technique for bosses to set cash associated and execution desires with spending designs, recollect
the real consequences, and change execution, as it is far required.
Some objects of budgetary control:
Budgetary control is a very crucial process as it generates a lot of benefits for a business. Some
objectives of budgetary control are as follows:
Planning:
As budgets are pre-decided plans to run the business correctly, budgetary control techniques are
applied to review and evaluate the efficiency of planned strategy (Mohamed, et. al., 2016). If
managers of company find any discrepancy, they can rectify their estimations and can make a re-
viewed sound strategy.
Cash availability prediction:
As future is uncertain, every company makes cash budgets to find the situation of cash and fund
availability in near future. Budgetary control techniques show recent experience about the cash
availability and on the basis of this information, Zylla limited can predict that how much cash
will be available in future and can make fund allocation and arrangement accordingly.
Resource allotment:

Effective allocation of resources is another main object of budgetary control (Ashe-Edmunds,
2018). By the application of budgetary control techniques, managers of Zylla Limited can
understand that which areas require rife funds in future can make allotment accordingly.
Different types of budgets:
Flexible Budgets Fixed budgets
Budgets, in which figures are changed
according to the sales or turnover is known as a
flexible budget. Inflexible budget, amount of
different terms get changed but the percentage
can be remaining same (Stea and Andresen,
2017). For example, if a company reserves
10% amount of sales for advertisement. Then
10% rate will remain same but the amount of
budget will change as per sales.
Budget, in which budgeted amount does not
get changed in any condition is known as a
fixed budget. In this budget, amount of sale can
be changed but the budgeted amount will
remain same. For example, if advertisement
expenses are budgeted 100000 for the period
under fixed budget, Change in the sale will not
impact the advertisement expenses.
Some advantages of budgetary control techniques:
Profitability and control review: effective control of the business process is necessary to get
assured success and profits. Through the analysis of financial information given by budgetary
reports, Zylla management can review their achievements against targets and on the basis of this
review they can improve their control and profitability by taking necessary steps.
Identification of strength and weak spot: Budgetary control technique is allied with recording
and comparing the actual results with planned items (Ashe-Edmunds, 2018). By putting this
comparison in practical, Zylla management can identify strong and weak spots of company’s
management practices and can work remove lacking spots.
Staff motivation and performance: Under the budgetary control techniques Zylla can set personal
targets for every staff to motivate them to achieve a standard level of performance. The company
can announce a monetary reward for excellent workings (Ashe-Edmunds, 2018). By doing this,

Zylla can motivate its staff to perform well which will improve the overall performance of the
company.
Some Limitations of budgetary control:
Over budgeting may harm:
If Zylla set targets which are difficult to achieve, it will affect the overall company and personal
staff performance. If difficult targets are set, it will de-motivate or overpressures the employees
which will become a reason for high employee turnover.
Risk of over effect:
Risk of over effect can be defined as a risk of a barrier to business operations. As budgetary
control needs regular ministering of targets and achievements, sometimes it generates conflict
situation for process managers because results may vary from standards due to change in external
situations (Mohamed, et. al., 2016). To avoid the call from top management about low gains,
process managers gives extra attention to budgets, and other things ignored by them which
sometimes seriously harms the entity.
Lack of flexibility:
Budgets are pre-planned strategies which should be followed by every staff to align their works
with company aims but it reduces the flexibility because junior employees do not have any
freedom to conduct their duty in a different manner. In this way, it reduces the flexibility.

M3: planning tool and applications for forecasting budgets:
Regression Analysis:
Regression analysis can be defined as a method of statistical analysis which is put to use by the
corporate managers to find the relation between two different variable factors. The variables
utilised under Regression analysis can be classified as the dependent variable and independent
variable, and the relationship of these standards is used in investment and finance matters
(Vilamová, et. al., 2015). Zylla Ltd can utilise this system to determinate the relation between
budgeted (dependent variable) and actual figures (independent variable) to make an evaluation of
company workings to take improvement oriented steps.
Budget forecasting:
Forecasting of the budget can be defined as financial analysis process which is applied to
determinate the structure of fund needs of the business so that company managers can allocate
available fund appropriately. It does not include the comparison of real and estimated data and
only assists the authorities to make acceptable estimations so they can make development
oriented diplomacy.
Variance Analysis:
Variance analysis is a very popular technique to evaluate the efficiency of company workings.
Under this application, real results of company operations are inspected against budgeted digits
to see that how much actual performance differs from expected (Pollard, 2014). If there is a
positive difference, reason will be rewarded and in the condition of negative difference, reason
will be punished. In this way, it will help to improve individual employee and overall company
efficiency.

Task 4
P5: How planning tools are adopted in management accounting for financial issues.
Management accounting has a feature that it works life a safeguard for business and prevents
financial problems. For this purpose, management accounting includes several tools and some of
them are as follows:
Activity-based costing with absorption:
Absorption costing framework is utilised to measure the cost of the product by including fixed
and variable expenses. In this way, it shows the cost of the product on the basis of all expenses.
Activity-based costing system defines the structure of cost on the basis of activities which are
responsible for the absorption of funds (Kannaiah, 2015). In this way, both methods help to
identify and classified costs in more correct and clear way so that business can control their
superfluous expenditure.
Benchmarking with ratio analysis;
Benchmarks are those standards which are assumed as best in the industry and used to measure
the individual performance. It can be internal or external and differ from entity to entity. By
using the benchmarking system, Zylla Limited can identify standards which are targeted to
achieve by the company and on the basis of these targets company will company its performance
with applied industry standards. Additionally, financial ratios are used to measure the
performance of the company on the basis of some financial standards (Attiany, 2014). For
example, to measure the liquidity, the company can use current assets ratio. In this way, both
these method gives help to improve performance which is the main reason for financial issues.
Zero-based budgeting with Incremental budgeting system:
ZBB and incremental budgeting are complete methods to manage and measure the businesses
process. In ZBB, budgets are made from start level which means that budget only includes
current year data and no historical data is used in the budgeting process. By applying this
technique, Zylla can understand results of the current year clearly and take action for the
mistakes. In another hand, incremental budgeting is related to historical data and during the
budgeting process, past year data is used as a base which is helpful to identify those factors

which are continuously affecting the profitability of the company. In this way, effective
application of both methods is helpful to ensure prevent financial problems.

M4: in responding to financial problems management accounting can lead the organisation
to sustainable success.
Benchmarking:
Benchmarking is a popular medium to evaluate the efficiency of company activities against the
several available external and internal benchmarks. Through the use of benchmarks Zylla limited
can identify those business fields which require extra heed for development (Samans, et. al.,
2015). Improvement in weak areas will reflect in increased liquidity and help to resolve financial
issues.
Activity Based Costing:
Activity Based Costing is an accounting framework used for apportioning really the extent of
benefits consumed and overhead prices caused to make an issue or corporation in view of regard
together with works out (Kannaiah, 2015). In ABC costing framework, indirect costs are charged
to those activities which are real reasons for their generation. In this way, it gives more
significant and transparent view about the cost allocation.
Financial governance:
Financial governance is a framework which is made by a set of rules issued by the legal authority
to govern the financial activities of corporate entities to give assurance to external investors that
company is managing financial matters in a legal manner and their capital will not be demised
due to unethical acts of management (Ratnovski, et. al., 2014). Financial governance not only
works like a legal safeguard for investors, it assures the sound management of financial matters
to prevents from financial problems, which may arise due to unethical acts of top authorities.

D3: Critically evaluate the use of planning tool for sustainable success:
In order to gain a sustainable and gainful position, planning tools are very cooperative for
modern businesses. Zylla Limited can also gain viable success by using these tools in the
following manner;
Financing resources:
As management accounting is supportive to improve the process execution and information
reporting, it improves the quality of financial and other statements, which are made by the
company to take loans from external resources (Matambele, 2014). On the basis of these
statements, finance provider can clearly evaluate the situation of the company so the company
will get finance quickly.
Sound cost control:
The tool of management planning involves various applications to identify and control the costs
at well-suited level (Al-Sayyed, 2015). If costs are controlled, it will improve the gainfulness of
business and also reduce the financial problems, and the same will be helpful in gaining sustain
growth.
Coordination in sub-divisions:
Zylla Limited is a multinational company and several branch offices are operated by the
company. In order to gain a sustainable success, the company should apply management tools in
a good way because it improves communication between sub-divisions (Matambele, 2014). The
reporting system of management accounting is helpful for a departmental manager to understand
the expectations of other associated department and in this way, it improves coordination.

Conclusion:
In the light of benefits given by the management system to businesses, it can be said that
management applications and tools are work like a caring hand for the modern companies. If a
company which have a number of branch offices applies management practices in a good way,
not only it will help in decision-making but also will help to achieve targets. In existing review,
management practices are explained for the finance head of Zylla limited so that he can use it to
improve the internal management of the company. Some budgetary control techniques and
merits of budgetary control techniques are also described in above review which concludes that
the limitations of the budgetary system are not so valuable against the benefits given by
budgetary control system. In the end, financial issues of Zylla ltd and use of planning tools to
resolve these financial issues is also explained in this review and finance chief of Zylla can apply
these recommendations to remove the problems which exist in the company.

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