Management Accounting: Systems, Techniques, and Reporting

This report provides a deep insight into the various types of management accounting systems and its essentials along with their pros and cons. It throws light on different management accounting reporting with the wide range of MA techniques used by the organization. The advantages and disadvantages of various planning tools that can be used for establishing budgetary control. Also, a comparison has been drawn by analyzing the organizations using different management accounting systems.

Management accounting

TABLE OF CONTENTS
INTRODUCTION......................................................................................................................3
LO1............................................................................................................................................3
P1 Management accounting system and its essential requirements.......................................3
P2 Different methods of MA reporting..................................................................................6
LO2............................................................................................................................................8
P3 Management accounting techniques.................................................................................8
P4- Disadvantages and advantages of varied types of planning tools.................................12
P5- How companies are adapting management accounting systems...................................15
CONCLUSION........................................................................................................................16
REFERENCES.........................................................................................................................17

INTRODUCTION
Management accounting (MA) is the process of providing relevant information and
resources to the management team for decision making. This information is only used by
internal management team which makes it different from the financial accounting. In this,
information is shared by the finance department to the management team. The core aim is to
use this data to order to take accurate decision with respect to planning and controlling the
business activities and strategies. There is no fixed structure or format for doing it. It is done
as per the requirement and there is no statutory requirement to do it. In this report, Creams
Ltd is taken as an organization which sells ice creams, doughnuts, waffles etc. This report
provides a deep insight into the various types of management accounting systems and its
essentials along with their pros and cons. It throws light on different management accounting
reporting with the wide range of MA techniques used by the organization. The advantages
and disadvantages of various planning tools that can be used for establishing budgetary
control. Also, a comparison has been drawn by analysing the organizations using different
management accounting systems.
LO1
P1 Management accounting system and its essential requirements
According to the Institute od Management Accountants, London, MA refers to the
application of various professional skills in the preparation of relevant information which
helps in providing assistance to the management in effectively formulating policies and
planning strategies and implementing control on the same (Management Accounting –
Meaning, Advantages & Functions. 2019).
There are different types of management accounting system which are implemented
by the organizations as per the business requirements. A detailed description of different
management accounting system is given below.
Cost accounting system
The cost accounting system is used by the organizations for estimating cost of the
products produced by it. It is also used for inventory valuation, cost control and profitability
analysis as well.This system works by tracking the material when it goes through different
stages of production process (Datar and Rajan, 2018). For example, when the raw material
moves form one stage to another, the cost accounting system tracks the progress and updates
the same on the computerized system. This system is very helpful for the production manager

as well as cost accountants as it helps them in knowing how much inventory is under each
production stages at a point of time. The essential requirement of cost accounting system is to
properly record the cost of each transaction and it helps in establishing control over cost and
expenditure of the organization.
Benefits:
 It helps in identifying the profitable and non -profitable activities of the business.
 The data provided about the cost associated with different processes assists in future
planning.
 This system also helps in determining the profit or loss of the product periodically.
 Cost accounting system helps in exercising control over the material and other
business supplies.
Application
This system is used in the manufacturing concerns for properly recording all the costs
related to the production.
Inventory management system
It is the system deployed by the organization with the objective to oversee the monitoring
and maintenance of the inventory of the products irrespective of whether those are raw
materials, finished goods or work in progress.This system provides a centralized database
with ability to generate relevant reports, effective management of inventory and also in future
forecasting of the same (Taschner and Charifzadeh, 2016). For big manufacturing companies,
having complex supply chain and processes, this system will be very helpful in managing the
inventory gluts and also times of shortages. This system is very essential for mostly all types
of businesses irrespective of size. This system is very essential as it helps in determining the
right time to place the order and storing and holding cost related to it and it also helps in
identifying what amount to be purchased and at what price which sometimes becomesthe
complex process.
Benefits:
 It helps in avoiding the situation of out of stock or excess stock.
 Better business negotiations with the suppliers and vendors benefiting the
business.

 It also helps the businesses in timely placing the order for the raw materials.
 This system also helps in making forecast about the future trends.
Application
This system is used by Creams Ltd. for effectively managing the inventory of the
business such as waffles, cream, flavours, cone etc.
Job costing
This management accounting system is best suited for situations where goods are
produced as per the specification and order given by the customer for example, the ship
manufacturer will like to know the price of each ship produced (Butterfield, 2016). This
system involves the process of gathering all the relevant information related to cost with a
specific production job. It enables the organization in quoting the price of the product with
areasonable profit. It measures all the direct and indirect cost in connection to the particular
job. It enables the company in taking better and improved decisions with respect to cost. This
method is very essential for the businesses where different products are produced which are
sufficiently different from each other with a significant cost.
Benefits:
 This system provides analysis of various cost which helps in determining the
operational efficiency of the business.
 It records the cost more accurately which facilitates cost control by comparing
budgeted with the actual outcomes.
 It provides the company a basis to estimate the cost of the similar job that may be
taken up in the future which helps in future planning process.
 It also helps in identifying any spoilage or defects in the production process which
enables the manager to take effective steps.
Application
This method will help in Creams Ltd in determining the profits associated with
different jobs carried out by it.
Price optimization system
It is the mathematical program which uses various calculations to determine the price
of the product. It evaluates the change in demand of the product with respect to the change in

the price level. This method also takes into consideration the willingness of the customers to
pay for the particular product (Wang and Wang, 2017). This method determines the price of
the product that helps in achieving the desired objectives along with maximising the profits of
the business. This system is essential for determining the price of the product based on it
demand.
Benefits:
 This system helps in determining the change in the demand with respect to change in
the price level.
 This technique helps in improving the profitability of the business.
 It helps the business in understanding the market pattern which helps in better
decision making.
 It optimizes the entire process which helps in minimising the manual task and reduces
errors.
Application
The price optimization process will help Creams Ltd in taking better business
decisions where it can analyse the pricing of its products.
Difference between Financial and management Accounting
Basis of comparison Management accounting Financial accounting
Aim The management accounting
information is mainly meant
for the internal management
for taking business decisions.
The aim is to provide relevant
information to the outside users
which includes creditors,
investors, financial institutions
etc.
Compliance Management accounting is the
internal report, so they do not
have to compile with any of the
standard.
Financial report at the same
time must compile with many
different standards in real
before showing the result.
Independent audit There is no particular review
prerequisite yet the
management can step up to
take initiative so as to lead an
independent review.
The independent audit is
mandatory for financial
accounting reports in all
countries.
P2 Different methods of MA reporting
MA reports helps the management in proper evaluation of company’s performance.
There are different types of management accounting report which are prepared as per the
requirement of the requirement. Some of them are stated below.

Job costing
It is the tool used by the management in effectively evaluating the project against the
set standards. This report provides an overview of the total cost incurred in a project in
response to the expected revenue yielded. This report helps the management in evaluating the
profitability of the different jobs and optimizing the business operation by focusing on those
jobs which are more profitable instead of wasting time and efforts on those job which are less
profitable.It focusses on tracking the cost associated with the ongoing project. This report
provides an aspect to the management in analysing the expenses in a timely manner so that
actions can be taken before its too late, that is, cost exceeds profits.
Inventory report
This report provides the summary of existing inventory of the business. It provides
complete details about the how much stock is there, which product is selling faster, category
wise performance of the product. It involves complete record keeping of each and every
transaction separately and monitors every movement of inventory. Based on the information
provided in the report, helps the business organizations in making projections about the future
requirements. It also helps in identifying the any wastage of the inventory and highlights the
areas of improvement. Consequently, it leads to optimum utilization of resources.
Operating budget
It is the detailed statement which shows all the estimated operational expenses to be
incurred and revenue to be generated in a particular period. In this report, all the operating
expenses such as raw material, processing cost, administrative expenses are all considered.
This budget report helps in tracking the income and expenses of the company (Li, 2018). It
also helps in implementing control over expenses in order to achieve the desired sales target.
It helps the company in improving its efficiency by operating at the optimum level.This
report provides guidance to the employees for better and efficient planning which helps in
effective functioning of the business performance.This budget is prepared by taking previous
year as the base.
Account receivable aging report
It is the critical tool which is used for managing the cash flow of the business in case
credit is provided to the customers. This report provides the complete breakdown of the
customers remaining balance (MANAGERIAL ACCOUNTING REPORTS. 2020). This report

is very important as it helps the management in identifying the any problem in the company’s
collection process. Apart from this, it also allows manager in identifying the defaulters. Based
on this report, provision is created for defaulters and if any change in the credit policy is
required, the same is also done.
Performance report
This report is prepared for reviewing the performance of the business. It takes into
consideration whole organization including each and every employee separately. In big
organizations, department wise reports are prepared. These reports are very useful for the
organization in order to take strategic business decisions with respect to the future of the
organization (Collis and Hussey, 2017). Based on this report, employees are rewarded for
their commitmenttowards work and the organization and the under performers are either laid
off or dealt in other way. This report provides deep insight about the working condition of the
company based on its performance with respect to the certain criteria. It indicates any flaw in
the system which is restricting it for achieving optimum performance level. Thus, the role of
this report is very essential for any organization in keeping accurate measure of the strategy
for achieving the goals.
Integration of management accounting system and reporting in the organizational
process
The integration of management accounting and reporting will help in effectively
achieving the business targets and objectives. It will assist the organization in managing its
business operation and performance in a systematic manner with the timely availability of
information. It will help in analysing the areas of improvement of the business which will
result into increase in the performance and productivity of the business. This integration will
also help in proper decision making and gives direction to effective planning.
LO2
P3 Management accounting techniques
The management accounting is a system that involves techniques of cost accounting
that is used for recording the transactions and preparing the profit or loss statements for the
company. The various cost associated with management accounting techniques are stated
below.

Fixed cost:It is the cost that remains unchanged at the certain range of output level.
These are those expenses which are required to be paid by the organization. Fixed cost can
create economies of scale which decreases the per unit cost of the product. The organizations
with higher fixed cost are different from those organizations having higher variable cost. This
difference has a huge impact on the financial structure of the business along with pricing and
profits (Manyaeva, Piskunov and Fomin, 2016). In such organizations, the break-even point
is higher and marginal profit is also higher. Even at the zero level of output, the fixed will
remain the same and it cannot be avoided.
Variable cost:These costs are those which varies with the change in the level of
output or sales.The cost increases with the increase in the volume and decreases with the
decrease in volume. It includes direct material and labour, direct expenses, transaction fees,
utility cost etc. At the zero level of production, the variable cost will also be zero.
Real cost: It is the overall actual expenses that is involved in creating the goods and
services with the purpose of sale to the end consumers.For businesses, the real cost of
production of the product mainly includes cost of all tangible resources like material and
labour which is used in production process. The real cost considers opportunity cost and
inflation as well.
Prime cost:It refers to the expenses that are directly related to the production process
such as material, labour and other direct expenses. The combination of all this makes prime
cost.It does not take into consideration any indirect expenses (LIMAREV and et.al, 2019). It
is very important for businesses to calculate prime cost for each product in order to ensure
that they are generating profits.
Total cost: It is sum total of all cost, that is, fixed cost, variable cost and semi variable
cost (Total cost. 2018). For calculating its, all these costs are required to be determined
separately because a product is combination of all these costs.
Average cost: It is the average per unit cost of the product is determined by dividing
total cost of production by the total units produced. In long term, it normalizes the cost per
unit and smooths out the fluctuations which is caused by change in demand seasonally.
Marginal cost:It refers to the change in the cost of production because of producing
an additional unit of the product.It is calculated by dividing change in production by change
in quantity. The purpose of calculating it is to determine the point at which the business can

achieve economies of scale (TUOVILA, 2019). If the marginal cost is below than per unit
price, it means that the organization has the potential to gain higher profits.
Income statement as per Marginal Costing
Particulars Januar
y
Februar
y
Sales Revenue (10000*25) 250000 (5000*25) 125000
Marginal Cost of Sales
Direct Materials (10000*5) 50000 (10000*5) 50000
Direct Labour (10000*3) 30000 (10000*3) 30000
Variable Production Overheads (10000*2) 20000 (10000*2) 20000
100000 100000
Add:
Opening Stock 0 0
Less:
Closing Stock 0 (5000/10000)*100000 50000
100000 50000
Contribution 150000 75000
Fixed production overheads 40000 40000
Fixed selling & admin Overhead 30000 30000
Variable sell. Overhead (10000*3) 30000 (5000*6) 30000
Net Income 50000 -25000
Income statement as per Absorption Costing
Particulars January Februar
y
Sales Revenue (10000*25
)
250000 (5000*25) 125000
Marginal Cost of Sales
Direct Materials (10000*5) 50000 (10000*5) 50000
Direct Labour (10000*3) 30000 (10000*3) 30000
Variable Production Overheads (10000*2) 20000 (10000*2) 20000

Fixed production overheads 40000 40000
140000 140000
Add:
Opening Stock 0 0
Less:
Closing Stock 0.00 (5000/10000)*140000 70000.00
140000.00 70000.00
Gross profit 110000.00 55000.00
Fixed selling & admin. Overhead 30000 30000
Variable sell. Overhead (10000*3) 30000 (5000*6) 30000
Net Income 50000.00 -5000.00
CALCULATION OF VARIANCES:
i) Material Price Variance = Standard Price - Actual Price
= (Std Price - Actual Price) x Actual Qty)
(£10 - £9.5) * 2200 kg
1100 (Fav)
i) Material Usage Variance = Standard Usage - Actual
Usage
= (Std Qty - Actual Qty) x Std Price)
(2000 kg - 2200 kg) *£10
-2000 (Adv)
i) Labour Rate Variance = Standard Rate - Actual Rate
(Std Rate - Actual Rate) x Actual Hours Worked)
( £ 5 -£ 5.2) * 3400
-680 (Adv)

Labour Efficiency Variance = (standard hours - Actual hours worked)
X Std Rate
(3000 hrs - 3400 hrs) * £5
-2000 (Adv)
From the above it can be said that absorption costing method is a better method in
comparison to marginal costing in terms of usefulness. The profits shown by absorption
costing is more accurate and reliable as it takes into consideration both fixed and variable
cost manufacturing in calculating cost of production.Marginal costing is beneficial for newly
started business but for Creams Ltd. absorption costing is more appropriate.Along with that
absorption costing is recognised by GAAP which is preferred for external reporting
purpose.Also, except material price variance, all other variances are unfavourable to the
company which means that the company was not able to perform well as per the set
standards.
P4- Disadvantages and advantages of varied types of planning tools
There are several kinds of planning tools utilize for budgetary control in organization,
that is beneficial for them.
Zero based budgeting-
It is one of the best approaches of budgeting in which all expenses will be clarified for
each new period. The procedure of zero based budgeting begins from a zero base and all
function within company is analyzed for their costs and needs. It is management accounting
includes preparing and controlling budget from scratch with a zero base. Budgets are then
creating around what is required for upcoming time, instead of whether each budget is lower
or higher than previous one.
Advantages-
Zero based budgeting aid company in allocation of important resources efficiently, as
it does not look at earlier budget number instead looks at actual numbers (Petroia, 2017).
Against traditional budgeting approach that consist some arbitrary changes to previous
budget, this method makes all section relook every item of cash flow and manage their
operation costs. Thus, zero based budgeting considered as method of budgeting whereby all

expenses for new era are calculated on basis of definite expenses that are to be incurred and
not on discrepancy basis which includes juts modifying expenses incurred taking into account
amend in operational action.
Disadvantages-
Zero based budgeting is time consuming method which takes a lot of time more than
traditional approach because accounts section within company need to start from scratch and
plans where business expenses can be cut (Hitz and et.al., 2018). It is very time intensive tool
for a organization to do every period as against incremental budgeting, which is a far easier
approach. When management make overall budget from scratch may need involvement of a
wide number of workers, which is not possible to arrange. Many sections may not have an
time and staff for same.
Cash budgeting-
It is another planning tool especially used for budgetary control, it an estimation of
cash flows for company over a particular period of time. This budget is utilized to assess
whether person has sufficient cash to operate. It details firm cash inflow as well as outflow
throughout a particular budget period such as quarter, month or year. The aim of this tool is
to cater status of organization cash position at any point of period. Expenses and estimated
sales are the most difficult part of this approach. The components of this section include
starting cash balance, disbursements and cash collections.
Advantages-
The advantage of cash budgeting is that it forced to budget better, it forces businesses
and households to budget better than before (Abor, 2017). There are no outs with this kind of
budget, management either make ends meet and live comfortably or they do not suffer
consequences. It is the procedure which needs frequent attention to details, proactive
management and tracking specific spending attitudes to assure that there is always enough
money accessible to take care of every business need. It allow firm to quickly determine
potential deficits, while using cash budgeting. Being cash only does not limit capabilities to
borrow cash from a business perspective. It is much better to borrow to pay taxes or meet a
monthly payroll, particularly when cash shortfall is a temporary problem.
Disadvantages-

Cash budgeting limits spending power of organization that may be not beneficial for
business as it create barrier for success and growth (Mubashar and Tariq, 2019). It may also
cause distortion, cash budgeting do not equate to profit. It resulting from security deposits,
sale of capital assets, fines or any other one off, non-sustainable action do not essentially
represent reliable ongoing source of revenue. Cash budgeting are subject to manipulation, for
example making an wide payout a day or two before end of time, instead of a day or two after
begin of next era, may be misleading.
Capital budgeting-
It is the procedure that company can uses to identify which proposed fixed asset
purchases it will accept and help to control budgetary. Capital budgeting is used to form a
quantitative view of each proposed fixed asset investment, thereby providing a rational basis
for making a right decision. There are number of approaches commonly used to examine
fixed resources under a formal capital budgeting system. The more essential ones are net
present value analysis, constraint, and avoidance analysis as well as payback period. It also
considered a planning procedure utilized to determine whether company long term
investment such as replacement of technologies or machinery.
Advantages-
Capital budgeting aid firm to comprehend different risks included in an investment
chances and how these risks will affect returns of company (Nkundabayanga, Tauringana and
Muhwezi, 2018). It also helps them to estimate which investment option will yield the best
possible return. This planning tool is widely used for long term investment opportunities
whose tenure is more than a period and fetches returns over many subsequent years. These
asset chances could be for new machinery or construction of a new building. It helps firm to
make long term strategic investments, to make an informed decision about an asset taking
into consideration all possible options.
Disadvantages-
The con of this planning tool is that it takes a long term to make decision and is
majorly irreversible in nature. Capital budgeting still remains introspective as risk elements
and discounting factor remain subjective to management perception (De Jager, 2017). Wrong
capital budgeting judgment taken can be impact on long term productivity as well as

productivity of firm and hence it require to be done with care by professionals who
comprehends project in effective manner.
P5- How companies are adapting management accounting systems
Balance score card- It included product innovation, quality control, time to market
and technology ability (Akkermans and Van Oorschot, 2018). It is one of the best
management systems and strategic planning that companies can uses to communicate what
they are trying to complete. It put pressure on company to design key performance indicators
for their different strategic objectives. This system caters a powerful framework for
communicating and building strategy. It is visualized in strategy maps which forces
management to think about effect and cause relationships. It permits manager to look at firm
from four essential perspectives.
KPI-Along with above management accounting systems, Argos can use key
performance indicators to solve or response their issues in better way. Organization can use
this system as to evaluate their success and growth as well as business practices in meeting
objectives for performance. It aid users by permitting them to manage & measure target and
aims of organization. With the help of KPI system, firm track business performance which
make them able to determine the financial and other management related issues. Organization
keep right applicant within their business to kept up to date with key performance indicator
performance. KPI especially developed to deal with problems and issues surrounding
analyzing, tracking and reporting on key performance indicators (Hanington and Martin,
2019). Enabling energy and time to be channel ultimately and strategically improving
performance. It helps to provide a effective and systematic method to KPI reports.
Variance analysis- It is one of the effective and valuable system, can be use in Argos
to assist within managing budgets by controlling as well as keeping budgets versus actual
costs. Variance between real costs and planned will lead to adjusting strategies, aims and
objectives of company. This management accounting system can help firm by an efficient
budgeting activity as administration needs to have lower deviations from planned budgets.
Benchmarking- It is another effective management accounting system that is
beneficial for company. Instead of KPIs and other management accounting systems, Argos
can use benchmarking to respond financial issues and other problems within their business.
By comparing their performance and management activities with other organization in same
sector, company improves their functions in effective manner. With the help of this system

firm can analyze issues by comparing with other and then determine area where problems
arise. Benchmarking gives company an opportunity to obtain independent perspective about
how well they perform as compared to other organizations in same sector.
TESCO Argos
Organization adapts specific management
accounting systems such as Balanced
scorecard to respond to their financial issues.
It does not look only at financial measures of
firm success. It takes into consideration
measures of consumers satisfaction and how
better organization is meeting strategic aims.
TESCO can use this system that helps to
manage their financial issues as well as take
decision in context of same. Company
manage their accounts and financial activities
by using balance scorecard as it help to solve
problems in effective manner. It considered
as strategic performance management
method or tool created to aid business to
track their performance over time to allow
when aims are met.
This company is known as most famous
retailer in the world. In context of improving
business practices and response to financial
issues, Argos shop can use Variance analysis
instead of Balance scorecard because it is
quite beneficial for its business in term of
increasing profitability and productivity
rather than before. This system is considered
as quantitative research of differences
between planned or actual behaviour. It is
mostly used to maintain & control over
companies, for example when the budget of
organization for sales to be 10,000 and actual
sales are 8,000 variance analysis yields a
difference of 2,000. In some cases
organization is unable to handle their
accounts as they cater online services to
response issues related to incomes
management can use variance analysis by
implementing within business practices.
Use of management accounting system in the organizations
TESCO uses inventory management system which helps in effective management of
its inventory. It helps it in scheduling the orders and managing the ordering and handling cost
of the inventory. It helps it in reducing the overall cost of inventory management.
Argon price optimization system which assist it in managing the price of its product.
The company sets its price based on the demand of the product and willing of the customers

to pay for it. Also, this system has helped the organization in optimizing its pricing system
with reasonable profit margin and assisted in quick decision making.
CONCLUSION
It can be summarized from the above that management accounting plays a crucial role
in managing the business organization.There are different methods of MA that can be used by
the organization for smoothly running its business by maintaining proper and reliable record
of business transaction. MA reports helps in taking strategic business decisions with respect
to cost and performance of the business.The MA techniques such as absorption and marginal
costing helps in analysing the profits of the company. Along with that the different types of
planning tools that can be used to manage the financial issues faced by the company. A
comparison has been drawn between two organizations, Creamy Ltd. and Little Dessert shop
for evaluating the different accounting system used by themand benefits associated with it.
Also, the Creamy Ltd. is required to identify the reasons for not achieved the set standards
and take corrective actions as soon as possible in order to avoid any extra cost to be incurred.

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