Management Accounting Report

This report provides a comprehensive analysis of management accounting, covering key concepts, costing techniques, planning tools, and financial issue resolution. It explores the role of management accounting in decision-making, strategic planning, and achieving sustainable business success. The report also includes a case study comparing two organizations, demonstrating the practical application of management accounting principles.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Managerial accounting and management accounting system................................................1
P2 Diverse methods to management accounting reporting.........................................................3
M1 Benefits of management accounting systems and their application with in organisation....5
D1 Integration between management accounting system and management accounting
reporting......................................................................................................................................5
TASK 2............................................................................................................................................5
P3 Preparation of income statements by using cost techniques..................................................5
M2 Application of management accounting techniques to produce financial reporting
documents...................................................................................................................................8
D2 Financial resorts and interpretation of data of business activities.........................................8
TASK 3............................................................................................................................................8
P4 Advantages and disadvantages of type of planning tools used in budgetary control............8
M3 The use of different planning tools and their application for preparing and forecasting
budgets......................................................................................................................................10
D3 Evaluating planning tools for accounting to solve the financial problems to lead
organisation...............................................................................................................................10
TASK 4..........................................................................................................................................10
P5 Compare ways in which organisation use management accounting to respond financial
issues.........................................................................................................................................10
M4 Responding financial problems management accounting to lead towards sustainable
success.......................................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Management accounting is a systematic framework that provides structure of sustaining
financial or non-financial information in well organised manner. Scope and importance of
management accounting is increasing dramatically in small, medium and large business
enterprises. Meaning of management accounting and diverse management accounting system
explained in organisational context. Role of management accounting reports to assist decision
making and interrelation between management accounting system and management accounting
reporting is defined in this context. Profit and loss evaluation by implementing costing
techniques as marginal and absorption done with practical evaluation.
Network Critical Solution Ltd is chosen organisational to assist the project. Various type
of planning tools used in budgetary control process with advantages and disadvantages are
defined in this report. Adaptation and implementation of management accounting system in
organisation to absorb financial challenges and the crisis and comparison subject to organisations
are also defined in this assignment.
TASK 1
P1 Managerial accounting and management accounting system
In every business organisation, it has been analysing that management accounting is one
of the essential part of the company. Organisations need to make use of each techniques
effectively in order to record every accounting transaction more accurately within the set time
period. It is the primary aim of financial manager or accountant to all search for best method or
opportunity that can help to the control their work in proper manner. It is said to be regulated and
established through entrepreneur as they are not standardized process. The manager uses future
data and information not only historical cost for estimating future planning. The total frequency
of preparing financial statements is defined by the company only (Albelda, 2011).
Definition: Management accounting is one of the effective process of formulating
administrative reports and account that is liable to deliver accurate and timely statistical data as
required by the manager. This will assist them to make future decision, whether related with the
short and long term period. This particular report indicates typical amount of available cash,
sales earning and amount of order present in hand within internal level of the department analyse
accordingly (Schaltegger, Zvezdov, 2011).
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Important of management accounting
 Preparation of plan: It has been seen that the current age is said to be planning phase.
For every company, it is essential to make use of every accounting information
effectively so that growth chances can be enhanced. Before taking any plan the manager
used to study and analyse the present and upcoming impacts on the business.
 Easy to make decision: It is essential for the manager to make effective decision on the
basis of all the financial information that is being collected within an organisation. The
management can have decided which plan or rules is positive from the given alternative
to them (Christ, Burritt, 2013).
Types of management accounting system
Cost accounting system
It is said to be the branch of accounting data system which would record, measure and
report data regarding all the cost that Tech (UK) is being investing the production process. The
main purpose of using this system is to ascertain cost and their use in decision making for the
purpose of evaluating performance of the company. There are various types of cost that Tech
(UK) would incurred during production process. Such as: Actual costing: It is the recording of information about the product costs that are based
on various factors such as actual cost of labour and material. It is used to compile the
actual cost incurred to produce one units of products. Standard costing: It is the practise of deducting an expected cost associated with actual
cost in the accounting records and variances. It is basically comparison among the
expected and actual costing.
 Normal costing: It is used to evaluate production of products with the actual labour and
material costs. This method applies actual direct cost to any products as well as standard
overhead rates (Contrafatto, Burns, 2013).
Inventory management system
This accounting system mainly helps in managing the departments and deriving the
inventory management. Large manufacturing and production organisations needs to manage the
flow of inventories and operating the production process smoothly and effectively. There is
specific procedure is followed subject to organise goods and raw material. Various categories
and sections subject to stocks and inventories are considered in this accounting system. It helps
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to catalysis the small units of inventories as per nature, size and use in production system. EOQ,
ABC system are some common evaluation system which helps in managing the order quantity of
stock with in the organisation.
Job costing system
Job costing is a process of accumulating and gathering the information about the cost
related to specific production process, service and job. This accounting system mainly helps in
managing the cost of different of organisation form different cost centres and section. The
organisations which operates multiple job centres and sections use job costing system. This is
one of the important tool not only bifurcate the cost of each department and section but also
evaluate the profitability at each section. Allocation of cost as direct material, direct expenses
and direct expenses one properly in this accounting system. It is beneficial in terms of
determining the cost of construction and time base contact accounts and cost. The price mainly
derive and cumulate the information more systematic and effective manner (Figge, Hahn, 2013).
Price optimising system
This is the process of determining the prices of products and services by analysing the
customer and client perspective. Maximising the profitability and decreasing the cost of products
and services considered in this accounting system. Fluctuation of price mainly depends upon
demand and requirement of products and services of business. Price of products and services are
raised by seller in proportionate the demand and vice or versa.
P2 Diverse methods to management accounting reporting
In every business organisation, it has been seen that manager always used to record every
data related to finance or non-financial into their respective formats. It is the primary role of
accountant is to be make proper analysis of each and every statement that can lead to analyse
total earning they are getting from overall investments made by various investors or
stakeholders. Reporting is said to be the systematic recording of all data into summaries manner
so that overall cost can easily be determine. There are various sources from which data can be
collected. Some of them are taken from internal as well as external sources. They need to make
use of each information effectively in order to earn healthy return in near future time. in order to
analyse various issues, manager need to make planning for future. As, they need to keep
continuous analysis about the availability of funds to an organisation (Granlund, 2011). There
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are various types of reports which is need to be prepared by the account manager. Some of them
are mentioned underneath:
Budget report: This is the report which is prepared to analyse the performance of various
departments and minimises the cost that will be incurred in future project activities. It is prepared
after estimating the future expenses while considering previous year project cost. This will help
in executing future business activities in more desired way with an optimum utilisation of
resources and minimises cost. It will also more helpful in allocation of duties and cost to
different departments after estimating their future needs and requirements (Henri, Boiral and
Roy, 2016).
Accounts receivable report: Such type of reporting is prepared with an objective of
recovering amount of the debtors whose payments are still pending. This will help management
in formulation of an effective plans to collect unpaid amount with an agreed interest rate. It also
directs the management to re-think about their credit policies so as to prevent company from any
bad-debts. Preparation of such report makes alert to the company not to allow credit to person
who is facing financial crisis so that the company's funds are protected.
Job cost report: This is the report which contains the information regarding the expenses
that will be incurred in producing individual products or group of products so that the production
process will be not disturbed. The management need to first identify which products will bring
profitable result to company and on the basis of which allocate funds to the production process.
Inventory management report: Such reports contains the information about the
availability of inventory that the company have at present in their warehouses. The management
should required to make decisions regarding placing an inventory from their suppliers if any
shortage are found that cannot be meet the market needs. Preparing of such report help company
in reducing storage cost due to ordering inventory whenever they feel shortage while producing
demanded products.
Importance of managerial accounting reports:
Decision making: Having sufficient information about availability of funds and
inventory at present enable management to make an effective budget and suitable plans in order
to execute business activities in desired manner without any interruptions (Herzig, 2012).
Minimises cost: Estimating cost that will be incurred in future project activities help
management in making an effective plans in advance so that all the hurdles are properly
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eliminated which can increased cost. It can be done through having sufficient information which
can be obtained through management accounting reports.
Increase financial returns: Allocating funds to different departments after analysing
their needs and requirements help company in receiving profitable outcomes in near future. For
example, funds provided to provide training to their employees help in getting maximum support
from by them in achieving desired goals and objectives.
M1 Benefits of management accounting systems and their application with in organisation
There are type of management accounting systems are used subject to effective execution
and smooth formation of functions. Benefits of different accounting systems are as follows;
Price optimisation system: This accounting system helps in deciding the price of
products and services by analysing the customer's perspective (Hilton, Platt, 2013).
Inventory management system: Main advantage of this management accounting system
is to provide information about the inventories stock.
Management information system: This accounting system mainly helps to consolidate
and summarise the complex transaction equations in a single format
Job costing system: By implementing this accounting system managers be able to
determine accurate profitability form individual operations, employees performance and
benchmarks are setted by individual reports.
D1 Integration between management accounting system and management accounting reporting
There is a cross relation found in management accounting system and management
accounting reporting to assist the management reporting and analysing the performance of
business. The information and data which are gathered from management accounting system are
gathered subject to make a summarised report to evaluate and assist the functions of business. A
perfect and well organised managements accounting report assist in effective decision making
and strategic planning process (Jacobs, Cuganesan, 2014).
TASK 2
P3 Preparation of income statements by using cost techniques
Marginal costing
In marginal costing costs are separated into two parts variable cost and fixed cost.
Marginal cost is the additive cost of the extra unit which is going to be produced by the
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company. Marginal costing is used to decide the best quantity for the extra unit and also it cost
less to produce the additional unit. Marginal cost is used in management decision making.
Marginal cost is commonly close to average cost. But in huge industries with higher investment
there is marginal cost is comparatively devalued with average cost. Marginal cost is also known
as differential cost or incremental cost or additive cost.
Calculation of net profit by using marginal costing method
Particulars Amount
Sales revenue = (selling price * no. of goods sold = 55 * 600) 33000
Marginal Cost of goods sold: 9600
Production = (units produced * marginal cost per unit = 800 * 16) 12800
closing stock = (closing stock units * marginal cost per unit = 200 * 16) 3200
Contribution 23400
Fixed cost ( 3200+1200+1500 ) 5900
Net profit 17500
Absorption costing
Absorption costing assure that all the costs enclosed in production will be healed from the
gross revenue of the product or service. Absorption costing help companies to uncovering
inefficiencies in supply chain as company desired to check that it is operating with maximum
efficiency. In this method cost per unit stay same if the production units are same but if there is a
modification in production units then cost per unit will also changed, but fixed cost will always
remain constant.
Computation of net income by using absorption costing method:
Particulars Amount
Sales = (selling price * no. of units sold = 55 * 600) 33000
Cost of goods sold = (total expenses per unit * actual sales = 23.375 * 600) 14025
Gross profit 18975
Selling & Administrative expenses = (variable sales overhead * actual sales +
selling and administrative cost = 1 * 600 + 2700) 3300
Net profit/ operating income 15675
Break-even analysis
Break-Even analysis is used to calculate the number of the selling units a company needs
to sell to recover the cost which is engaged in the production. When a company is at the break-
even point the company is neither in loss nor in profit but recovering all the costs. Break-Even
point is affiliated to fixed cost if the fixed cost is low then break-even point will get down and if
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fixed cost is high then break-even will get high. Break-Even analysis is a business instrument
which is used to regulate the profitability and execution of the business or industry.
A. Total number of product sold
Particulars Amount
Sales per unit 40
Variable costs VC = DM + DL 28
Contribution 12
Fixed costs 6000
BEP in units 500
(b): PV ratio: Contribution / sales *100
: 12/40*100=30%
BEP in sales= 500*40
= 20000
(c): The number of products that need to be sold to make profit of 10,000
Desire profit= contribution / contribution per unit
= 16000/12
= 1333.33
Margin of safety
Margin of safety is the variation between the constitutional value of the stock and the
market value of the stock. Margin of safety shows the difference between total sales or actual
sales and break-even sales. Margin of safety demonstrate the level of sales that if the sales is
fewer then the level then company won't be able to gain profits. A company must make sure that
there is a large margin of safety in its storehouse so that workers are not in risk. If the level of
margin of safety is high then there is fewer risk in the business (Johnson, 2013).
(d): The margin of safety if 800 products are sold
Actual sales: 800
BEP sales: 500
MOS: 800-500 /800 * 100: 37.5%
M2 Application of management accounting techniques to produce financial reporting documents
Marginal costing
Marginal cost is the additional cost of the extra unit which is going to manufactured by
the industry. This method is used to decide the quantity and lowest cost of production of the
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additional unit for future production. It always help managers to pass precise judgement for
upcoming period of time. This type of management technique is used to prepare costing sheets
which includes documents such as variable cash flow.
Standard costing
Standard cost is the expenses which are allocated by management of the organisation to
their manufactured products and services. This type of costing helps to predict future demand
and supply for their products. Management reports which can be prepared by using this
technique of management is budgets such as cash budget, production budget etc.
Preparing an income statements reporting documents: It is started by recording gross
sales revenue for the accounting period. All the necessary deductions for sale return and
discounts allowances are then subtracted from the overall gross sales to get total net sales. After
that deduction related with the expenses are done to get overall net profit.
Balance sheet report: This particular statements of financial position report documents
are corporation assets, liabilities and stockholders’ equity as the final instant of the data provided
in their respective headings.
D2 Financial resorts and interpretation of data of business activities
Marginal profit for the company is 15675 and absorption profit for the company is 17500.
Company has to sale 500 units to reach at the level of BEP and the sales revenue to recover the
cost are 20000 the company has to earn 20000 to heal the cost. If company is willing to earn a
profit of 10000 then company have to sale 1333.33 units.
TASK 3
P4 Advantages and disadvantages of type of planning tools used in budgetary control
Budgetary control is a management control system which assist to compare actual income
and expenditure with budgeted income and expenditure. It is used to control the cost, prepare the
budget, coordination among departments and performing upon the outcome to maximize profits.
It is the planning to control whole business. It is defined as how well managers can utilize the
allotted budget for all the tasks (RKlychova, Faskhutdinova, Sadrieva, 2014).
Cash budget: It is known as one of the effective cash receipts and disbursements done by
the company during the period of time. By the help of this, proper flow of cash inflows and
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outflows for a business over a particular period of time. This budget is basically used to assess,
whether the entity is having sufficient cash to operate.
Advantages: This particular tools assist, whether cash balances could remain sufficient to
fulfil regular obligation and minimise liquidity as well as cash balances needs.
Disadvantages: Cash inflows cannot equate to profit. It would be resulting from overall
security deposits, fines and sale sof capital assets that are necessarily represent reliable ongoing
sources of earning. Once, the recovery period gets completed the chances of cash balances can
also be not calculated for the period.
Uses: This tools can assist in avoiding a shortage of cash at the time which a company
encounters a high number of expenses.
Forecasting tool
Forecasting tools analyses financial condition of a company, current position of the
company and how a company is going to result in future. It is based on assumptions not on real
data. This tool form early predictions accordant to the current and foregone data.
Advantages: Forecasting tools provide relevant information that can help to take
upcoming decisions and predict the future condition of organisation. This tool is useful in
determining the future conditions of the business.
Disadvantages: Not possible to forecast the actual or accurate information it is totally
based on anticipated data.
A decision which is taken on mistaken forecasted report can harm the company.
Contingency tool
Contingency tool integrates definite risk factors into the budgeting process to help a
business to be ready for possible contingencies. This tool is used to achieve executive goals of
the industry.
Advantages: Contingency tools help to bring down risk of uncertainties, used to form
cohesiveness in the work of company. These tools also help to increase credit accessibility for
the business for an extended period (Katas, 2014).
Disadvantages: Contingency tools are unstable not retroactive. If there is no risk
happened in future, then the money and time invested in this whole process will be wasted.
Scenario tool
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Scenario tools are used to assist management to take appropriate decisions. This tool is
very helpful for the managers to pass judgement of alternative views of what may occur in
business in future day. Scenario tools are used to analyse that what can occur in future, what will
be the outcome of schemes and ideas on business. It helps the company to deal with the
unpredicted risks. This tool is useful in formulation of future plans so that it would be facilitative
for the company to accomplish predetermined goals.
Advantages: Scenario tools are very important for planning of extended period of time
and helpful in taking decisions for future perspective. Facilitative in identifying the risk factor
that can occur in future. This tool is really crucial for manager to pass precise conclusion.
Disadvantage: This budgetary control tool required high level of skills and execution of
this tool is time consuming. The cost which is involved in use of this tool is very advanced, every
company is not able to bear that advanced cost for any type of analysis (Lambert, Sponem,
2012).
M3 The use of different planning tools and their application for preparing and forecasting
budgets
Planning tools are the techniques which helps in ascertaining variances in order to plan
for future events. Cash budget is a planning tool which applied in the organisations to predict
future cash inflow and outflow for the organisation. Another planning tool which is scenario tool
helps a company such as Network Critical Solution to develop variety of future possible
possibilities (Lee, 2011).
D3 Evaluating planning tools for accounting to solve the financial problems to lead organisation
It has been discovered that Network Critical Solution is confronting different budgetary
issues, for example, quality, compensation and stock cost. To accomplish long terms targets of
affiliation it is required to manage these issues. Association need to utilize few instruments
possibilities devices, situation devices and anticipating tools. Forecasting apparatuses are utilized
by association to fuse unimportant effort and Conflicts of enthusiasm of Network Critical
Solution organization by estimation of future costs and expenses. KPI will help this relationship
by picking all the key regions which can understand advantage which will at last help them in
managing their money related issues.
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TASK 4
P5 Compare ways in which organisation use management accounting to respond financial issues
Management accounting techniques are used for execution of accounting data or
information. It plays an important role in decision making and fulfil the needs of the
management to accomplish the objectives of the business.
Financial issues can be resolved without any delays by using financial planning, cost
accounting, analysis of financial statements ration analysis etc. non-financial (key performance
indicators), budgetary targets, statistical techniques and benchmarking and many more
management accounting techniques.
Following are some important techniques used in removing financial issues:
Ratio Analysis: It is used for examining and comparing of data contained in
organisation's financial statements. Company can measure its short term and long term solvency,
liquidity, profitability and efficiency ratio. It also shows company's financial position in the end
of accounting period.
Benchmarking Analysis: It's objective is to comparing company's existing performance
within company, other company and adopting best practices to improve their performance. This
technique is conducted in terms of quality of product and services, efficiency in measuring
financial and operational processes and performance (Mistry, Sharma, Low, 2014).
Key Performance Indicators: This technique is used to identify how an organisation
effectively works for achieving its strategic business goals. It is a group of values against which
company's measure and these group of measures are known as indicators. Quantitative facts and
qualitative values are the two types of measurement for KPI.
Management information system: MIS works on company's information and
technology system which is used in controlling, analysing, evaluating business problem and
work on their solution. In order to collect various information related to past, present and future,
MIS consists of software such as databases, people management, decision support system,
hardware resources of a system and many more which helps in efficiently working of business.
Statistical techniques: This technique is used to make the data more meaningful and
presentable such that it helps in decision making. Statistical quality control, time series data,
correlation and regression, index number, etc. are the techniques which are useful to
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management accountants for making management reports more meaningful and also used for
future guidance.
Revaluation accounting: This technique defines as maintaining and preserving of the
capital of the company. It shows the impact on accounts in prices variation on preparation of
financial statement.
Decision making: It is necessary to choosing best among the different alternatives
available for conducting a particular task, for this decision making technique is used. For
example, in cost estimation selection of best from marginal costing, absorption costing, capital
budgeting, differential costing techniques to achieve maximum profit for organisation.
Organisation in nowadays is facing difficulty in adapting their strategies, business models
and practices to deal with financial challenges, while creating financial success as well as value
to their shareholders. There are number or ways management accountant can guide their
company towards sustainable business success:
 Identification of the environmental and social trends that will make impacts on the
company’s overall ability to create value and time.
 Sustainable business challenges to the company planning, model and performance as well
as licence to operate.
 Application of management accounting tools and techniques such as scenario planning of
natural resources availability, carbon foot-printing can also assist integrate sustainability
matters into their overall decision making.
There are some tools that are mentioned in the above, all of them are equally responsible
for resolving financial issues. Such as key performance indicators are used in order to measure
the performance of the company by comparing the last two-year financial position. Balance
scorecard is another important tools that can help in setting overall benchmark in comparison to
other company.
Comparison between the Network critical solutions and AZIO
Network critical solutions AZIO
This manufacturing company deals in
network access technology. There is a
practice of tracking and controlling of stock
order is the major problem for organisation.
AZIO deals in electronics keyboards
manufacturing company. It uses management
information system for dealing with financial
issues regarding identification of data. MIS
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Company should follow the inventory
management technique properly which
reduced various costs with proper utilisation
of inventory.
helps in maintaining data in databases
management system.
M4 Responding financial problems management accounting to lead towards sustainable success
Management accounting system additionally resolve the finance related organization
issues and conflicts for resolving the issues. Benchmarking, KPI are some estimation procedures
used by associations and relationship for convincing evaluation of budgetary issues. These are
advantageous for reasonable advancement and change of association and manufacture the
practical structure of organisation. Management bookkeeping causes directors to settle the issues
and conflicts related to organization issues (Morden, 2016).
CONCLUSION
Above report summarise the concept of management accounting and management
accounting system in order to manage the accounting and financial information of business.
Demonstration of various management accounting system and the reporting methods used to
incorporate financial information defined in this context. Cost accounting techniques are a Type
of planning tools used in budgetary control process illustrated to assist decision making and
strategic planning. The major role of management accounting system to absorb the challenges in
planning and forecasting also summarised in this report. It is summarised that management
accounting system helps to resolve the financial issues and conflicts by comparison between two
organisations.
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