Management Accounting: Techniques and Applications

This document provides an overview of management accounting techniques and their application within Continental Clothing Company Ltd. It discusses different methods used for management accounting reporting, benefits of management accounting systems, and techniques of cost analysis to prepare an income statement using marginal and absorption costs.

Management Accounting

Session: September 2019
Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Different methods used for management accounting reporting.............................................4
M1 Benefits of management accounting systems and their application within Continental
Clothing Company Ltd...........................................................................................................6
Evaluation of how management accounting systems and management accounting reporting is
integrated within organisational processes.............................................................................7
LO 2.................................................................................................................................................7
Application of management accounting techniques and produce appropriate financial
reporting documents.............................................................................................................13
Financial reports that accurately apply and interpret data for a range of business activities13
LO 3...............................................................................................................................................14
Advantages and disadvantages of different types of tools used for budgetary control........14
LO 4...............................................................................................................................................16
Adoption of management accounting systems to respond to financial problems................16
Role of MAS in responding to financial problems that can lead organisations to sustainable
success..................................................................................................................................19
Planning tools used in solving financial problems to lead organisations to sustainable success
..............................................................................................................................................19
CONCLUSION..............................................................................................................................20

INTRODUCTION
Management Accounting is a technique used to analyse different costs and operational
aspects of the business and helps in preparation of financial statements, reporting and recording
different transactions which supports the managers in better decision making to achieve the
goals of the business. This method also helps in making decisions related to competition by
gathering information and processing them which helps top level in deciding he strategies of the
business and evaluate them on timely basis. In this study Continental Clothing Company Ltd.
which is UK's one of the largest manufacture of cloths and has a significant position in clothing
industry. The company has grown to become the world market leading designer and
manufacturer of cloths and offering customers wider range of quality clothing. In this report the
following topics are discussed in detail which includes various techniques used in reporting of
management accounting, methods of cost accounting which are used to make the profit and loss
statement, tools to plan for controlling the budget and the ways in which management accounting
helps in resolving monetary issues. (Angelone and Neopost, 2015).
LO 1
Management accounting and requirement of different types of management accounting systems
Any accounting that helps the corporations in working more effectively can be terms as
Management Accounting. As per one of the well-known institutes, if management accounting is
applied in the companies by the skilled professionals then it can help the top management in
formulating good strategies and policies which can be used for the smooth operations of the
business.
For Continental Clothing Company Ltd. management accounting systems help in analysing costs
associated with production of cloths, determining ways of reducing prices and providing better
products to the customers, measurement of performance which increases efficiency of business
and hence leads to maximisation of profits. Below mentioned are few systems used in
management accounting:
Job costing Technique: It is a method wherein production costs of every product is allocated
with simultaneously keeping watch on the expenses incurred. Continental Clothing Company
Ltd. can make use of this method to calculate the costs related to every product can use this

system to determine the cost of each of its product that it offers to its clients according to their
needs and preferences. As there are lot of differences in the items that are produced, this method
needs a complete segregation of cost for every product and they are also recorded separately. It
gives details regarding the variable costs like direct material which are used. (Gupta, 2017).
Price optimising technique: This method is used to set optimal prices of all kind of products the
company offers. It helps in controlling the price level and also used to find out that what will be
the demand at each price point. Continental Clothing must use this method to set the prices
which are acceptable to different target customers and to see that how will they respond at each
price level. Company can also decide different structures related to pricing like pricing for
promotions, discounts and the market entry pricing. To decide the prices, company make use of
various factors like benchmarking the competitors, the product life cycle of the all the products
and the vision and objectives of the company as a whole.
Cost accounting technique: This method is used to determine the costs for the purpose of
analysis of the profitability of the business, valuation of its inventory and to control the overall
cost. There are two methods under this: Job and Process costing. The first one i.e. Job Costing
helps in identifying the production costs that are attached to each job in the case where the firms
have different products and different manufacturing for all. On the other side, process costs are
those that identify separate costs for every process and can be used where production go through
different processes. Continental Clothing Company Ltd. have an option to choose this method
they can identify the costs of customized products which are designed as per the requirements of
the clients. (Kaplan and Atkinson, 2015).
Inventory management technique: This method helps in the proper maintenance of stock level
and managing them. It helps in better management of inventory while focusing on procurement
and better inventory turnover. Continental Clothing Company Ltd. If uses this method, then they
can effectively manage all their stock levels, can replenish their raw materials on time and can
satisfy their consumers by proper availability of goods on the retail stores. It enables managing
officials to have a physical record of all inventories within the firm.
Different methods used for management accounting reporting
Companies can become extremely efficient and productive if they do proper reporting
and make management accounting reports. These reports can be used to do proper planning, in

making regulations for the companies and to measure the performance both financially and
operationally. Through these reports, relevant figures and statistics are produced which make
decisions better and help in making better long-term strategies for the organization. This
information is important for internal users that help in making decision making for reducing
costs or directing funds in more beneficial product lines. Continental Clothing Company Ltd.
also prepare various reports that are discussed below:
Budget reports: To measure the performance of the organization, budget reports are very
important. A budget helps a company in forecasting the future sales and expenses which are
going to be incurred based on the historical trends of the companies. It is also helpful in
forecasting unusual circumstances. Budget helps the company in achieving the set targets and
goals set. This report supports Continental Clothing Company Ltd. To meet their revenue targets
in an efficient way. (Karadag, 2015).
Accounts receivable ageing reports: This report gives detail information about each and every
debtor of the organization. It also tells the accounts receivables turnover of the company and the
duration in which they are paying back to the company. Here, the company also gets to know
that whether there is a need to tighten the policies of collection and is very useful in monitoring
the doubtful debtors who keeps on extending the dates of payment. It also identifies the bad
debts of the company and helps in managing the liquidity position of the company. Continental
Clothing Company Ltd. Make use of this report to effectively manage its policies related to
accounts receivables which needs to be monitored on a regular basis.
Job cost report: This report mentions different costs related to every activity or job of the
organisation. This report analyses that which activity is less profitable and where the efforts of
the business can be reduced or eliminated. This also examines the costs related to each project
and the wastage if any is occurring in the project is identified so that project can become very
profitable. Continental Clothing Company Ltd. can use these reports to determine the best
pricing for the products and to decrease the costs for each product to generate revenues. (Maas,
Schaltegger and Crutzen, 2016).
Inventory and manufacturing reports: The main motive of this report is to make inventory
management better and production processes more worthy. The report contents include different
costs related to labour, overhead costs and the unnecessary wastages of stock. It also helps

managers in comparing various manufacturing plants and where they are lacking so that
improvement can be done. This report can help Continental Clothing Company Ltd. for better
management of inventory levels of cloths with controlling manufacturing costs (Maas,
Schaltegger and Crutzen, 2016).
Benefits of management accounting systems and their application within Continental Clothing
Company Ltd.
Management Accounting
Systems
Benefits Application
Job costing - It helps in estimating each
and every cost throughout the
manufacturing process.
-Evaluation of quality of work
done.
This method can be used when
companies have same products
and they can keep watch on its
costs during the manufacturing
process.
Price optimising system -Determine attitude of
customers based on different
prices.
-Maximisation of profits with
best prices.
Can be used to identify prices
for promotions, discounts and
during market entry to gain a
competitive advantage.
Cost accounting system -Measure efficiency in
processes and make
improvements.
-Provides information required
for planning.
-Can help in correct
ascertainment of cost of
products and is easy to
understand and use.
Inventory management system -Improve accuracy of
inventory orders that helps in
saving time and money.
-Can use to achieve effective
and efficient flow of inventory
within the company at the time

of sale.
Evaluation of how management accounting systems and management accounting reporting is
integrated within organisational processes
The reports prepared in management accounting reflects the current order with the
company, sales revenue, cash in hand, other current assets like debtors or accounts receivable,
stock, current liabilities like accounts payable or creditors and outstanding debts. Some more
information about variance analysis and necessary statistical data are also there which enables
managers in better decision making. Continental Clothing Company Ltd prepare all these reports
for the strategic decisions. Job cost method is useful in making reports related to job costs which
includes calculation of costs, expenses and profitability of every activities happening in the
company. Cost accounting method is helpful in preparing budget report so as to analyse
company performance, control costs and determine actual expenditures incurred in past.
Inventory management system helps in preparing inventory and management report to determine
various costs related to labour, overhead costs and the unnecessary wastages of stock. Price
optimising system helps in determining strategies of pricing of different range of clothing based
on client's preference and need (Mack and Goretzki, 2017).
LO 2
Techniques of cost analysis to prepare an income statement using marginal and absorption costs
for Continental Clothing Company Ltd.
Costs reflects to value which has been put to produce goods and services. It includes all
those costs starting from the procurement of raw materials, labour used, the time and resources
utilised, other fixed and variable costs used to manufacture a product. There are two main
methods used in costing i.e. Absorption and Marginal or variable.
Marginal costing: Marginal costing refers to the method where all the variables costs are fixed
costs are treated separately and are segregated as per product and period costs respectively. Here,
segregation only happens based on variable and fixed and not on the basis of manufacturing and
non-manufacturing costs. It is an easy technique to estimate the costs and net profit and loss and
the changes due to change in the production level. (Maskell, Baggaley and Grasso, 2017).

Absorption costing: This method treats variable and fixed cost as same but it differs or
segregates on the basis of manufacturing and non-manufacturing costs. Here, while calculating
the unit cost, absorption rate is calculated and, in the end, to find out the profit or loss over/under
absorption is calculated.
(a) Cost card
Cost card (Absorption costing)
£/unit
Unit Variable Price 5
COGS Per Unit 5
Absorption cost of product
150000/
75000= 2
Selling price 8
Less- Total cost 5
Gross Profit 3

(b) Profit and loss account:
Particulars Amount (£)
Apr
’19 May ’19
Jun
’19
Jul
’19
Aug
’19
Sep’
19
Sales revenue
6000
00 480000
7200
00
6000
00
5600
00
6400
00
Less: Cost of Sales (WN1)
3750
00 300000
4500
00
3750
00
3500
00
4000
00
Gross Profit
2250
00 180000
2700
00
2250
00
2100
00
2400
00
Less: Non-manufacturing Cost Per period
-
5000
0 -50000
-
5000
0
-
5000
0
-
5000
0
-
5000
0
+/- Over/Under Absorption (WN2) 0 0 0 0
-
2000
0
1000
0
Net Profit/Loss
1750
00 130000
2200
00
1750
00
1400
00
2000
00
WNI
Calculation of Variable cost
Apr
’19 May ’19
Jun
’19
Jul
’19
Aug
’19
Sep’
19
Opening stock 0 0
7500
0 0 0
7500
0
Production cost 3750 375000 3750 3750 4250 3500

00 00 00 00 00
Less closing stock 0 -75000 0 0
-
7500
0
-
2500
0
3750
00 300000
4500
00
3750
00
3500
00
4000
00
WN2
Calculation of Over absorption/ Under absorption
Apr
’19
May
’19 Jun ’19
Jul
’19
Aug
’19
Sep’1
9
Fixed Production Overhead with budgeted
production 150000
15000
0 150000
15000
0
15000
0
15000
0
Fixed Production Overhead with actual
production
-
150000
-
15000
0 -150000
-
15000
0
-
17000
0
-
14000
0
Over/ Under absorption 0 0 0 0
-
20000 10000
(a) Cost card
Cost card (Marginal costing)
£/unit
Unit Variable Price 3
Marginal Cost 3
Selling price 8

Less- Marginal cost 3
Contribution 5
(b) Profit and loss account:
Particulars Amount (£)
Apr
’19
May
’19
Jun
’19 Jul ’19
Aug
’19 Sep’19
Sales revenue
60000
0
48000
0
72000
0
60000
0
56000
0
64000
0
Less: Variable cost
-
22500
0
-
18000
0
-
27000
0
-
22500
0
-
21000
0
-
24000
0
Contribution Margin
37500
0
30000
0
45000
0
37500
0
35000
0
40000
0
Less: Fixed Manufacturing
Overheads
15000
0
15000
0
15000
0
15000
0
15000
0
15000
0
Less: Non-manufacturing Cost Per
period 50000 50000 50000 50000 50000 50000
Net Profit/Loss
17500
0
10000
0
25000
0
17500
0
15000
0
20000
0
WN1
Calculation of Variable Cost

Variable cost
Apr
’19
May
’19
Jun
’19 Jul ’19
Aug
’19 Sep’19
Opening stock 0 45000 0 0 45000
Production cost
22500
0
22500
0
22500
0
22500
0
25500
0
21000
0
Less closing stock 0 -45000 0 0 -45000 -15000
22500
0
18000
0
27000
0
22500
0
21000
0
24000
0
Reconciliation of Net Income under Absorption and Marginal Costing
Apr ’19 May ’19 Jun ’19 Jul ’19 Aug ’19 Sep’19
Net Profit as per Absorption
Costing 175000 130000 220000 175000 140000 200000
+Changes in Opening Stock 0 0 30000 0 0 -30000
- Changes in Closing Stock 0 -30000 0 0 30000 20000
under and over absorption rate - - - - -20000 10000
Net Profit as per Marginal
Costing 175000 100000 250000 175000 150000 200000

Application of management accounting techniques and produce appropriate financial reporting
documents
Continental Clothing Company Ltd. will get benefit is it uses the marginal method to
determine the costs as it will be more useful to the management in making decisions because this
method considers additional costs involved in the manufacture of each unit of the product. Only
variable costs are considered, as product cost and fixed costs are classified as period costs. Here,
all the variable part is treated as product cost and all the fixed part is treated as the period costs
for that period. Under marginal costing, all the variable costs are used to determine the unit cost
for that period and the fixed costs are directly deducted from the contribution to get the net profit
or loss. It also aids in taking pricing decisions, showing true profit of the period, preparing break-
even analysis etc. To prepare financial statements, methods of management accounting can be

used so that accurate documents can help in realising the actual position of the organisation and
its profits can be increased by the managers depending on the documents so prepared (Mishan,
2015).
Financial reports that accurately apply and interpret data for a range of business activities
Various forms of computation are carried out on the grounds of data provided in
assessment. Primarily, under absorption and marginal costs, two income-statements are
compelled. As computation shows that under absorption costs method company's net-profits are
200000, 1400000, 175000, 220000, 130000 and 175000 during month of September to April
respectively. While on other side net-profits through marginal costs method are 200000, 150000,
175000, 250000, 100000 and 175000 throughout the same period. Here main cause of variation
in results of net-profits under both different method is over and under absorption of fixed
production variables.
LO 3
Advantages and disadvantages of different types of tools used for budgetary control
Budget is used to predict the future expenditures and sales for the coming year and is
compiled on a regular basis. It is also re-evaluated very frequently to monitor and alter the
changes if any from time to time. Organisations make use of budget to set the goals and
objectives, to measure the results and to plan for any future circumstances. Budgets are usually
made based on historical trends, past data, economic situations of the nation, etc. (Mohamed,
Kerosi and Tirimba, 2016).
Budgetary control means how well managers utilizes the budgets so that it can benefit to
the organization for that period. They continuously monitor and evaluate the budgets, its costs
and expenditures so that it does not decrease the profitability of the business. Mangers can create
and set their business goals both financially and non-financially, can compare the budgeted and
actual results and finally can alter the performance of its sales team accordingly to meet the
targets. Different kinds of tools for budget control are:
Budget Variance: Budget variance deals with a company's accounting discrepancies. Variance of
the budget means the gap between what was actually forecasted and what is the actual figures.
Continental Clothing Company Ltd. Can use this to find out the gap between expected and

reality so that they can take corrective action and can predict the future costs and revenues in a
much better way. These assist in establishing effective controlling over different operations by
identifying variances which are barrier in control procedures.
Benefits: Helps managers of Continental Clothing Company Ltd. in creating detail and realistic
budget for future periods. It helps managers by acting as a great tool to examine the costs
incurred by various departments, facilitates in assigning responsibility to make expenses only
according to the estimated budgets (Otley, 2016).
Limitations: The budget variance is analysed much later after quarterly closing and the time gap
may affect remedial actions; if the budgeting is not done considering the detailed analysis of
each factor then it may result in forming an inappropriate budget which may deviate from actual
numbers.
Flexible Budget: Continental Clothing Company Ltd. can make this budget when there are
changes in volume/activity. This budget considers all the expenses and revenues of the current
period and take them as a base to make future changes and estimations of expenses and revenues
as the output changes. It is the best tool in measuring a manger's efficiency. This budget supports
controlling and managing structure by integrating any major changes into annual financial
bugdet.
Benefits: It enables Continental Clothing Company Ltd. to predict the profitability and financials
like sales, revenues, etc. given the current profitability and performance. It enables more accurate
assessment of managerial and organisational performance (Otley, 2016).
Limitations: These kinds of budgets can confuse the manager as there is a requirement of a lot of
planning in this to watch on different expenses and make adjustments in the differences created;
they are also less disciplined as they can be moulded as per requirement which is not possible in
static budgets.
Master Budget: Continental Clothing Company Ltd. can formulate this budget by aggregating
each and every budget produced with the help of lower levels of different functional areas, this
budget also contains financial statements like balance sheet, income statement, cash flows,
forecasts and future plans. This helps the company in decision making regarding all activities of

the company. This budget enables organisation to track and control each and every business
activities by providing detailed information about each processes and task.
Benefits: It helps the inter division coordination of the company and motivates the staff in
planning their department's budgets in advance; it also helps the company in accomplishment of
its goals and objectives.
Limitations: This budget is not easy to modify and is not easy to understand as it includes the
budgets of all the departments; this budget is highly rigid and the divisional staff is forced to
achieve targets despite having practical difficulties in achieving the same.
Use of planning tools and their application for preparing and forecasting budgets.
Organisations uses different kinds of techniques and methods to estimate the budgets and
to make future predictions of different performance measures. These tools help to quantify each
and every factor and make some meaningful data which can be analysed to fulfil expectations of
the future goals and also helps in taking actions which will support the existing position of the
company. This also enables the companies in setting the targets which are realistic and motivates
the employees, also help in doing efficient staffing and provide various information on the
production, liquidity and working capital management and capital structure of the company.
Budget variance can help Continental Clothing Company Ltd. in forecasting future costs and
revenue with complete accuracy by examining the reasons for differences in the incomes and
costs for the present year. It aids in understanding how adverse variations can be reduced.
Flexible budget can be used by the company to more easily update a budget for which revenue or
other activity figures are not finalized. It allows for changes in budget based on unexpected
expenses or fluctuations in income. Master budget is also helpful to the companies in integrating
activities of different departments of the company in formulating an aggregated budget that helps
in making decisions based on overall activities of the company (Petrus and et. al., 2015).
LO 4
Adoption of management accounting systems to respond to financial problems.
Every business need finances to operate its day to day functions like buying the raw
materials, selling of final goods, paying off debts etc. A good financial situation can keep a
business running and enables it to cover all the necessary expenses without worrying about the

source of income. But at times companies face various financial problems that need to be timely
addressed so that they do not lead to financial crisis in the business and its ultimate closure
(Tschopp and Huefner, 2015).
Financial problems: These problems are related to monetary issues faced by a company
when it does not have enough funds to pay off its debts. These problems may arise due to
improper cash flow management, poor accounting practices, unnecessary expenditure,
mispricing of the products, offering too many sales promotion etc. Some of the causes of
financial problems are discussed below:
Mispricing: When the managers of the company are unable to estimate the costs related to
manufacturing of the products and this leads to low pricing of the product and brings loss to the
company.
Offering too many sales promotion: In order to capture a large market, companies sometimes
spend a lot on promotional programs that increases its expenses more than the profits earned by
it and thus leads to financial problems.
The companies can eliminate or reduce its financial problems by adopting any of the following
tools:
Financial Governance: Corporate governance is a set of policies, procedures, or laws that
administer, oversee, or monitor companies. The term includes internal and external factors
affecting the desires of the interested parties of a corporation, including stockholders, clients,
distributors, regulatory agencies and leadership. Common mechanisms which can be described in
corporate governance include plans of actions, success assessment, reporting strategies,
executive compensation strategies, dividend programs, measures to resolve disputes of interests
and direct or indirect agreements between both the business and shareholders.
Key Performance Indicator (KPIs): KPIs are used by the companies to measure the performance
based on some very important aspects. KPIs are chosen by the companies very tactfully as these
play an important role to determine the growth and performance of the companies. It gives
companies some criteria to analyse and based on that company can take various important
decisions. It is helpful to Continental Clothing Company Ltd. as it sets various targets and keeps
track on various parameters. (KPIs). 2019.). Financial KPIs mainly involves profits, costs and fre

cash flow while non financial KPIs includes employee relationships, supply chain effectiveness,
brands, relationships, corporate reputation, patents, innovative, organisation's culture etc.
Benchmarking: Benchmarking means taking competitors as your base and then compare with it
to measure your company's performance. It gives the new ways of improving and also opens the
eyes of business that where they are standing in this competitive era. Continental Clothing
Company Ltd. can use this strategy so as to assess it's performance in comparison to other
similar businesses. Under it management first identifies key aspects of business which can be
used by them as standard and then based on their experience and skills they set targeted figures
for such selected standards.
A comparison between Continental Clothing Company Ltd. and it's rivalry firm
Basis Continental Clothing Company
Ltd.
Net Optics Ltd.
Financial
problems
The company is facing a problem of
mispricing of clothing products it
provides to its customers based on
The company is facing a financial
problem because it is over
spending on sales promotion

their needs and preferences. This
leads to loss to company as the
managers are incompetent to price
their products properly.
which are increasing its expenses
compared to its overall income.
Tools used The company should use financial
governance to reduce its financial
problems which would help it to track
its financial transactions and
strategically analyse and evaluate
financial data of the company and
make decisions accordingly.
The company can use
benchmarking as a tool to reduce
its financial problems which
would help it to compare the
amount of money it needs to spend
on sales promotion by setting a
base for comparison where it
needs to reach.
Management
Accounting system
The company can use cost accounting
system so as to accurately determine
the price of tailored products it
provides to its customers by
identifying cost, expenses and
profitability of each and every
activities of the company.
The company can use job costing
system in which manufacturing
cost of each individual product is
assigned while keeping a track on
expenses incurred which gives an
idea to managers to allocate
appropriate funds to promotion.
Role of MAS in responding to financial problems that can lead organisations to sustainable
success
MAS is helpful in identifying various problems which an organization is facing
financially and it also helps ion better decision making so that goals can be achieved optimally.
Continental Clothing Company Ltd. can solve its financial problems by adopting appropriate
accounting systems for example the company is facing financial problem due to mispricing of
the products it provides to the customers, therefore, it can use cost accounting to accurately
examine the costs incurred in building the product and accordingly pricing the same (Williams
and Dobelman, 2017).

Planning tools used in solving financial problems to lead organisations to sustainable success
Along with using appropriate MAS, good tools which will help in planning are also
required so that organizations can resolve their monetary problems efficiently. Continental
Clothing Company Ltd. Is facing the problem of mispricing of the products that it provides to the
customers based on their needs and preferences. This can be solved by using financial
governance in strategically analysing its financial information before making managerial
decisions. It also helps in establishment of financial controls and policies. The budgeting process
gets improved by using financial governance which helps in allocating of appropriate amount of
funds that are required for all the activities of the organisation (Ye, Yang and Tan, 2015).
CONCLUSION
It can now be concluded that companies can make use of MAS for their sustainable
success. Proper reports have to be made by the management from time to time so as to analyse
it's growth towards achieving its goals. The techniques which are used to analyse the costs can be
adopted by the organisation i.e. variable and absorption costing which are the best methods to be
implemented in the companies that will help in determining the net profit and loss for the period
after taking into account all the costs. Budgets are a helpful tool which can be prepared by the
organisations so as to allocate an appropriate amount to each department and set a comparison
basis as to how much was estimated and much was actually incurred.

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