Management Accounting: Techniques and Systems

This document provides an overview of management accounting, including its essential requirements and the various systems used. It also discusses costing techniques for preparing income statements and the benefits and application of accounting systems. The document focuses on Jacksons Fencing, a leading fencing manufacturing company based in the UK.

Management Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Management accounting and essential requirements of systems.................................................1
Methods in management accounting reporting............................................................................3
Benefits and application of accounting systems..........................................................................4
The aspects in which accounting systems with reports are integrated with processes................5
LO 2.................................................................................................................................................5
Costing techniques for preparing income statements..................................................................5
Accurate application of accounting techniques...........................................................................8
Interpretation of data....................................................................................................................9
LO 3.................................................................................................................................................9
Planning tools...............................................................................................................................9
Analysis and application of tools to prepare and predict budgets.............................................10
LO 4...............................................................................................................................................11
Comparison showing the ways organisations adapts accounting systems for responding
financial problems. ....................................................................................................................11
Analysis of the aspects in which management accounting lead firms to sustain success. ........14
Evaluation of planning tools responding financial issues. ........................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
APPENDICES...............................................................................................................................17

INTRODUCTION
Management accounting is applied technique, concept addition to knowledge in
preparing accounting information that assist managers to formulate policies, controlling
operations, optimising resource usage, safeguarding assets and making critical decisions
(Arunruangsirilert and Chonglerttham, 2017). The motive of management accounting is to
present relevant accounting as well as economic data that further aids in performance evaluation,
making comparisons, forecasting, setting budgets and analysing business position in competitive
market. To realise deep grasp about management accounting, Jacksons Fencing is chosen. It is
leading fencing manufacturing entity having headquarters at Kent, United Kingdom since 1947
(Jacksons Fencing. 2019). The company manufactures diverse range of metal and deluxe timber
fencing products. The reports demonstrates information about management accounting together
with its associated systems and accounting reports, application of techniques to prepare income
statements and usage of distinct planning tools. It also includes comparison among two firms in
context to the ways they uses accounting methods for responding financial problems.
LO 1
Management accounting and essential requirements of systems.
Management accounting: It is described to technique which presents accounting
information for devising managerial policies together with assisting daily activities (Management
accounting. 2019). It describes accounting methods and techniques with special ability to advise
managers in various tasks so that they can maximise profits and reduce losses. Management
accounting's essential role at Jacksons Fencing are to handling taxes, assisting towards strategic
planning, budgeting, managing organisational assets and collecting, recording as well as
reporting necessary data from other units.
Management accounting systems: It is characterised to frameworks followed by
business concerns for providing information as required by managers to make decisions. These
systems involves elements that creates standards for collecting required data. Some of the
accounting systems followed at Jacksons Fencing are as elaborated:
Cost accounting system: One of the system that is applied for accumulation of costs for
organisational products in order to examine profitability, inventory estimation and controlling
costs. It aims to capture overall cost of production through weighing input costs plus fixed costs
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that are involved in production steps. Estimation of exact product costs is important for
profitable operations (Bandy, 2014). Cost accounting system is opted by production managers of
Jacksons Fencing for estimating perfect costs that had occurred while manufacturing deluxe
timber as well as metal fencing products such that profitable operations can be properly
ascertained. The system is essentially required at chosen business entity so that managers can
identify distinct unit costs, reduce additional costs that are involved with per unit output and
forecast future functions for building effective strategies.
Inventory management system: The system which performs functions of making
purchase orders, receiving, checking, relocating, aligning as well as disposing inventory is
named as inventory management system (Seow and Wong, 2016). It helps in understand
existing level of inventory available so that situations in concerned with overstock and
understock can be eliminated. The system combines utilization of barcode scanners along with
printers, mobile devices and software so to streamline management of various inventories.
Inventory management system is essentially required at concerned organisation for tracking
inventory level, preparing documents such as material bills as well as work order bills that
further helps in making inventory decisions for upcoming time scale.
Price optimisation system: Understanding customer perceptions and reactions for
changes in prices of commodities is done with price optimising system. Jacksons Fencing applies
mathematical analysis to ascertain reaction of customers for variations in prices of commodities
like timber fencing products through distinct channels so that they can optimise accurate price
that can grab attention of distant customers (Rudman and Kruger, 2014). It guides managers to
set most suitable rates for products that are manufactured by them. Essential requirement of price
optimisation system is to determine best prices that fulfils objectives of maximising operational
profit. It also helps in optimising pricing structure for promotional pricing as well as mark down
pricing.
Job costing system: Allocation of manufacturing values to individual commodities along
with product batches is done through job costing system (Cooper, 2017). Entities manufacturing
distinct product ranges as per special orders only apply the system. Management administrations
of Jacksons Fencing uses it so that they can accumulate and allocate costs to distinct product
units that they manufactures. Essential requirement of the system at respective institution are to
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reduce risks, improving methods of controlling and segregating expenses according to distinct
jobs performed under certain situations.
Methods in management accounting reporting
Management accounting reporting: Tools or framework that helps in understanding
facts pertaining with business are management accounting reporting. With accounting reporting
mechanisms,exact data or information related to operational activities are gathered and analysed
for understanding ongoing situations within enterprise. Jacksons Fencing uses accounting reports
for ascertaining areas that needs more improvements for acquiring huge output levels. Certain
methods for accounting reports are as follows:
Budget reports: Information about future expenses and gains are presented through
budget reports. It represent variances among standard budgets with that of actual outcomes. At
Jacksons Fencing, the reporting method assist in planning future, evaluation of activities
performed, reviewing profits addition to assumptions in errorless ways. Budget report also helps
in looking various means so that sales can be increased while limiting expenses. It is also used
for maintaining financial spendings as per the manufacturing activities requirements.
Performance report: All entities despite of their sizes formulates reports for recording
information about functional addition to personnels performances (Eckardt, Selen and Wynder,
2015). Business performance reports are used to understand together with discover growth
potentials pertaining with entity. It strengthens managers knowledge for assumed level of
performances in context to sale and income. Jacksons Fencing administrators uses the reporting
method for devising strategic decisions for describing future sustainability.
Account receivable report: The reporting mechanisms that list out customer account
balance considering time outstanding length (Ismail, Isa and Mia, 2018). During audits of the
company, the report plays main role for determining whether account receivable balance are
valued properly or not. In addition, the report is used by finance directors of the chosen
institution so that they can evaluate existing credit policies, estimate bad debts, determining
credit limits for customers and initiate collection procedures in context to overdue accounts.
Inventory management report: It is essential for all business concerns to keep
information about inventory used to execute and carry forward operations. For this, inventory
management report plays significant role as it records information about raw material stock,
work in progress and stock of finished goods available at warehouses. With proper analysis of
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inventory management report, production department of Jacksons Fencing takes inventory
decision for coming duration.
Benefits and application of accounting systems.
Management accounting
system
Application and benefits
Inventory management
system
Jacksons Fencing applies the system for tracking together with
maintaining desired product stock (Gibassier and Schaltegger,
2015). In addition, the system benefits the company in
enhancing inventory accuracy, organisational bottom line and
improving workflow by reducing circumstances of understock
or overstock of goods. It also benefits managers in streamline
procedures through reducing associate stock costs along with
improves capabilities to frame profitable decisions.
Price optimisation system The system is applied for ascertaining accurate prices of
various products such as timber fencing and metal gardening
fencing products that helps in meeting customer expectations
and business objectives. Benefits that price optimisation system
provides to Jacksons Fencing are eliminating error possibilities,
setting prices that customers along with business can afford and
helps in maintaining revenue margins with quickly observing
behaviour and altering prices.
Cost accounting system Jacksons Fencing management authorities applied the system
for acquiring elaborated views about costs that are incurred in
manufacturing final fencing product. In addition, the system
provides benefits of proper cost planning, controlling materials,
framing policies together with measuring efficiency in
standardised manner (Harrison and Lock, 2017).
Job costing system Application of such system is to track and allocate overhead
costs to jobs that are performed within business. It benefits the
selected firm by monitoring manufacturing processes,
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segregating expenses as per the job nature and classifying
commodities in various categories for gaining beneficiary
results.
The aspects in which accounting systems with reports are integrated with processes.
Accounting systems are combination of techniques to prepare reports through pursuing
procedures for gaining success. The systems caters base for devising accounting reports. All
institutions have common objective that is to maximise revenues and for this, they conducts
activities as per predetermined processes in systematic manner (Ismail, Isa and Mia, 2018). The
managers of Jacksons Fencing uses accounting systems including inventory management system
so that they can track available and required inventory level to perform workings as per set
processes for manufacturing metal fencing products. Other than this, numerous accounting
systems like job costing, price optimising in addition to cost accounting systems also helps in
accomplishing tasks with levied processes of entity. Accounting reporting mechanisms provides
confidential data or statistics about operations and procedures for reaching objectives by
implementing strategies which facilitates set processes in direction to institutional goals. For
instance, opting reporting methods such as performance, budget and inventory management
determines actions to improve revenues in set procedures.
LO 2
Costing techniques for preparing income statements
Costs: Cost is termed to monetary value utilised for pricing commodities and delivering
services. Institutions like Jacksons Fencing makes huge investments for acquiring raw materials,
labours as well as equipments. It involves cash amount that is given up for assets.
Techniques for calculation of cost:
Absorption costing: The technique is used to ascertain cost wither of individual unit as
well as whole production by focusing on direct along with indirect costs (Kieso, Weygandt and
Warfield, 2019). With such technique, finance analysts of Jacksons Fencing accumulate relevant
costs interrelated with manufacturing processes as well as apportioning them towards single
commodities. In absorption costing, the product cost is calculated through adding direct labour
cost per unit, Variable manufacturing overhead cost, Direct material cost and Fixed
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manufacturing overhead. In addition, inventory vales are calculated through involving direct
labour, operational overhead and direct material.
Marginal Costing: Another costing technique that find out profitability at distinct
production or sale level. Jacksons Fencing uses the technique to ascertain costs that have fixed
and variable nature. Within the technique, fixed costs associated with products are written off
and variable costs are charged for ascertaining unit costs. Through marginal costing, product
costs are calculated by dividing changes in total costs with changes in quantity. To get inventory
values, total inventory used is multiplied by number of units.
Income statement showing calculations:
A. Income statement through marginal costing method:
Particulars Quarter 1
Metal Fencing
(In £)
Timber
Fencing (In
£)
Sales 2566500 1440000
less: unit variable costs
Direct materials 935250 320000
Direct labour 391500 480000
Prime cost 1239750 640000
less: Variable production overheads 108750 80000
Contribution 1131000 560000
less: Fixed costs 410000 410000
Total profit/loss 721000 150000
Particulars Quarter 2
Metal
Fencing
Timber
Fencing
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(In £) (In £)
Sales 1003000 1719000
less: unit variable costs
Direct materials 365500 382000
Direct labour 153000 573000
Prime cost 484500 764000
less: Variable production overheads 42500 95500
Contribution 442000 668500
less: Fixed costs 482000 482000
Total profit/loss -40000 186500
Working note:
1.
Total variable cost per unit 51.5
COGS
Production cost 257500
Less: closing stock -25750 231750
2.
Per quarter standard production 5500
Fixed production cost 75000
Fixed prod. Cost per unit 13.64
Actual cost 68200
absorption 6800
B. Income statement by absorption costing method
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Particulars
Metal Fencing
(In £)
Timber
Fencing
(In £)
Sales 2566500 1440000
less: Cost of sales
Opening inventory - -
Direct materials 935250 320000
Direct labour 391500 480000
Variable overheads 108750 80000
Fixed costs 410000 410000
less: Closing inventory -650 1844850 -4000 1286000
Gross profit/loss 721650 154000
Particulars Quarter 2
Metal
Fencing
(In £)
Timber
Fencing
(In £)
Sales 1003000 1719000
less: Cost of sales
Opening inventory 650 4000
Direct materials 365500 382000
Direct labour 153000 573000
Variable overheads 42500 95500
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Fixed costs 482000 482000
less: Closing inventory -3500 1040150 -2900 1533600
Gross profit/loss -37150 185400
Working notes:
1.
Total variable cost per unit 51.5
COGS
opening stock 25750
Production cost 303850
Less: closing stock -149350 180250
2.
Per quarter standard
production 5500
Fixed production cost 75000
Fixed prod. Cost per unit 13.64
Actual cost 80476
absorption -5476
Accurate application of accounting techniques
Several techniques are available with financial accountants to calculate profits.
Accounting techniques are guidelines that helps institutions to keep financial records as well as
preparing financial reports. It assists in analysing, categorising, recording, maintaining together
with controlling business operations. At Jacksons Fencing, absorption costing technique is used
with the purpose to assist decisions of pricing along with preparing confidential financial
reporting documents. In addition, marginal costing technique is also used for making decisions
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and computing break even production level, controlling cost and abandoning unproductive
business lines.
Interpretation of data
Financial reports helps in analysing results associated with cash flows, business
operations and financial position. With these reports, information about business health are also
analysed by management team. The above income statement interprets that calculation of net
profit via marginal costing method shows that for metal fencing generated net profit are of
721000 £ and for timber fencing the company attained 150000 £ net profits in 1 quarter. In II
quarter, for metal fencing, net loss of 40000 £ and for 186500 £ for timber fencing. With
absorption costing, the company achieved profits in I quarter for metal fencing of 721650 £ and
timber fencing of 154000 £. In II quarter, analysed losses for metal fencing are 37150 £ and
profits for timber fencing are of 185400 £.
LO 3
Planning tools
Budget: The statements or financial plan comprising planned cash flows, sales volume,
expenses, resource quantities and many more for defined period is budget. All organisations
prepares budget as it provides directions to spend the limited funds in distinct activities. Budgets
enables owner of Jacksons Fencing to emphasis more on cash flows so that that can reduce costs
and increase investment returns.
Planning tools with advantages and disadvantages:
Forecasting: It is the tool through which entities forecast future conditions and
accordingly sets budget for upcoming durations. Through this tool, management team of
Jacksons Fencing sets the annual budget for upcoming year through utilising past records so to
make proper estimates about upcoming expenses. Forecasting is said to the tool that helps in
using historical data for making informed estimates which re predictive to determine the
direction for upcoming expenses and incomes. The objective for using this tool of budget at
Jacksons Fencing is to predict overall resources values which are necessary for improving
operational performances.
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Advantages: The budget provides advantage of predicting future expenses and managing
current expenses in proper manner. It provides accurate information regarding future costs
associated to distinct operations and are carried out by Jacksons Fencing. In addition, the
planning tool of forecasting makes budget preparation more flexible that benefits managers to
allocate funds and resources properly and increases accountability for upcoming transactions.
Disadvantages: Forecasting tool is based on predictions that various time lacks accuracy
and results in biasses that impacts on accurate budget preparation (Lapsley and Rekers, 2017).
Inaccurate projections leads Jacksons Fencing towards cash shortfalls as well as inability for
meeting obligations and employee payroll.
Standard costing: Standard costing is said to identifying differences among variances in
actual cost and the occurred costs. With this tool, managers of Jackson Fencing prepares along
with uses standard costs an d then compares them with the actual costs so to analyse any type of
variance. It helps in properly ascertaining costs through preparing statistical data.
Advantages: Standard costing tool benefits Jacksons Fencing managers in implementing
systems connected with budgetary control in huge of its operations. It also benefits in properly
valuing inventory of entity.
Disadvantages: To prepare budget through Standard costing tool, huge technical skills
and required that adds additional values to entity in terms of cost. Standards changes as per th
conditions due to which controlling variances becomes rigid.
Variance analysis: Variance analysis is said to quantitative investigation about the
differences among actual as well as planned behaviour. Through this technique, proper control
on all business activities are maintained by the managers of Jacksons fencing. It is central
planning tool used by administration team of Jacksons Fencing for identify causes of the wide
variations within income and expenses from budgeted values.
Advantages: Variance analysis provide advantage to selected business by making forward
looking and efficient decisions. Also it reduces complexities by identifying hurdles. It also
benefits in planning ahead so that major strategies are devised for upcoming period.
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Disadvantages: One of the drawback of variance analysis is that it only based on results
in terms of financial which generally releases later. It also fails to provide accurate reasons of
vams:
NPV: It is said to the difference between present cash flows values as well as present
outflow values over time period. Th company like Jacksons fencing uses it for budgeting capita
as well as planning investment so to analyse profits related to projected investment addition to
project.
ARR: Average rate of return that is one of financial ratio that is primarily used in
budgeting of capital. It do not considers concept related to monetary time value. At Jacksons
fencing, managers calculates ARR as its is generally easy to understand as well as compute
capital budgeting.
IRR: internal rate of return that is primarily used to measure investment returns rate.
While calculating IRR, Jacksons Fencing managers excludes external factors that are inflation,
cost of capital, risk free rate and other risks.
Payback Period: it is said to the time that is needed for recouping funds which are
expended within investment. The managers of Jacksons Fencing with this measuring tool
analysis the time for reaching break even point.
Terms:
NPV: It is said to the difference between present cash flows values as well as present
outflow values over time period. The company like Jacksons fencing uses it for budgeting capita
as well as planning investment so to analyse profits related to projected investment addition to
project.
ARR: Average rate of return that is one of financial ratio that is primarily used in
budgeting of capital. It do not considers concept related to monetary time value. At Jacksons
fencing, managers calculates ARR as its is generally easy to understand as well as compute
capital budgeting.
IRR: internal rate of return that is primarily used to measure investment returns rate.
While calculating IRR, Jacksons Fencing managers excludes external factors that are inflation,
cost of capital, risk free rate and other risks.
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Payback Period: it is said to the time that is needed for recouping funds which are
expended within investment. The managers of Jacksons Fencing with this measuring tool
analysis the time for reaching break even point.
Analysis and application of tools to prepare and predict budgets.
Manufacturing institutions performs operations with the purpose to accomplish all the
objectives. They exercise financial control through distinct planning tools. At Jacksons Fencing,
planning tools are used for controlling expenditures, monitoring performances, establishing
priorities, assigning responsibilities and setting targets via proper budget forecast. Tools like
operating and master budget are primarily used to ascertain future conditions as well as
projecting them by forecasting budgets. For example, operating budget is applied at Jacksons
Fencing to keep information about operational overheads so that future expenses can be properly
estimated for formulating effective financial statements.
LO 4
Comparison showing the ways organisations adapts accounting systems for responding financial
problems.
Management accounting is also known as managerial accounting which is used by
manager to analyse the provisions of overall accounting information in order to make better
decision within the organisation (McMullen Jr, 2013). In context with Jacksons Fencing, it is a
British manufacturing organisation and work with 250 staff members within the UK. In order to
make their every business situation better they always adopt different types of management
accounting systems, those are listed below:
Financial problems: It refers to the particular situation, wherein financial crises makes
people stress full as well as it directly impact on business operations in a negative way. Along
with this, financial problems consist various reasons in which one of them over expenses within
the firm. For example at current scenario Jacksons Fencing dealing with various challenges,
those are given below:
Late payments from clients: Jacksons Fencing is a very large British manufacturing
organisation which deals with fencing system in order to protect farmers from so many things
surrounding the particular area. So that if farmers/clients will not pay timely so it negatively
impact on firm and they can not operate their overall activities accordingly.
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Unplanned expenses: Due to give huge protection to their customers respective firm can
plan any time to give unique strategies so that it can be the cause of unplanned expanses which
directly impact on their overall financial resources at various level.
Reduces profits due to lower productivity: Less fund always create difficulties for
respective firm so that they are not able to give proper satisfaction to their employees as well.
Therefore, this type of issues always reduces firms productivity and make every situation of
business very difficult, so that it will give results on low profit.
Inappropriate management of different activities: Sometime, firm is not able to
manage their overall activities and operations in a proper way so that it can increase financial
challenges and overcome firms value.
Poor management of money: When all type of fund received by clients and customers
as well and than firm is not able to manage cash floe or statement then they can get negative
results within the marketplace. It also influence their overall decisions which is made by them
towards betterment of future.
From the above explanation of different problems within the respective organisation, they
are adopting different techniques, those are mentioned below:
Key performance indicators: These sorts of indicators mainly used by firms in order to
identify overall failure and success of the business at marketplace (Rudman and Kruger, 2014.).
Therefore, there are two types of forms which includes financial and non financial form used by
managers within Jacksons Fencing in order to solved every issues in relation with money and
face different situations of business. On the other side, as it is performance indicator so that it
helps several performance to measure overall value that describes that how firm or an
organisation is able to achieve their desired goals and objectives. Therefore, mainly firms used
this KPIs at so many levels to measure successful growth to reach targets.
Balance score card: It is always concerned as a effective tool of business management.
It is always used by managers as well as employees of the firm. By having this type of tool
respective firm is able to give better performance at marketplace and make every employee
happy at workplace.
Benchmarking: It is the term of management accounting which is mainly used to
describe overall tools and techniques within the small and large organisation in a proper way. In
reference with Jacksons Fencing they always check their overall errors within the business and
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make unique decisions accordingly. With the help of this they can beat their competitors in an
effective manner.
Financial governance: It is very necessary for all of the business organisation to cope up
with each and every financial accounts. On the basis of this manager of respective firm is able to
overcome funds of poor management possibilities rapidly.
Activity based costing: This technique is based on the overall cost which help firm to
assign appropriate cost for various activities in order to give better performance. On the other
side, cost method analyse several actions in command to coordinate and assign costs for each and
every activity to all goods and services. So that firm is able to assign more indirect cost into
direct cost as compared to conventional cost with the help of this model.
Internal audit: In order to reduce financial issues it is helpful as it refers to the
department or particular firm of people within an organisation that is the process of seeking
independent review system, business firms and so on. So that internal audit is provide senior
leaders and governing bodies of an organisation in order to apply so many rules and regulations
on time.
Audit committees: It is another financial issue which is always considered as a major
operating committees of a firm's board of directors in order to overseeing overall financial report
along with disclosure. In order to achieve targeted goals and objectives most of the firms are
needed to have some effective approach by which they can overcome these sorts of financial
issues.
Comparison of the company with other company
Management
accounting
technique
Jacksons Fencing Orchard Fencing
Problem The firm is facing issues in order to
manage cash flows in which all the
activities related with transaction
become infeasible. (Senftlechner and
Hiebl, 2015).
Financial policies of this is very
inappropriate along with credit
policies.
System Financial issues can be identified With the help of pricing optimisation
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through applying cost within the project
which will give better results by
spreadsheets.
system managers are able to
understand customer's value and able
to make those strategies by which they
can recover payments from doubtful
customers.
Approach In order to implements on so many
factors this firm should use KPI
approach which help them to measure
overall performance into the
competitive market.
As per this marketing team can easily
apply benchmarking approach by
which this firm can make better
structure in order to resolve different
types of issues.
Analysis of the aspects in which management accounting lead firms to sustain success.
At current scenario there are lots of organisation who are facing different financial
situation every day. In reference with Jacksons Fencing they faced lots of challenges like money
crises, dealing with late payment etc. but having some different form of accounting like
benchmarking, activity based costing and so on (Storey, 2014). They can make better them better
and able to gain competitive advantages in a proper way. On the basis of this they can give better
financial performance by satisfied their clients or customers as well.
Evaluation of planning tools responding financial issues.
If Jacksons Fencing is not able to manage their overall utilisation of funds then they will
face more and more tough competition in the form of unplanned expenses, improper money
management, receiving late payment from clients and so on. For reducing these sorts of factors
from the organisation manager of this company can use different tools and techniques to make
unique plans for better profits in future. On the basis of using various tools and techniques they
can estimate various problems from the firm and bale to give effective respond.
CONCLUSION
According to the above mentioned report it has been concluded that, management
accounting refers to the particular process of offering financial information as well as resources
to the managers of an organisation in order to take appropriate decisions at different level. There
are lot of systems which involves inventory management, budget performance and so on. With
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the help of this firms can get better results in a positive way. Along with this most of the
organisations consist various key elements in order to examine their overall income data.
Therefore, this can be said that management is one of the best formulation of budget which helps
firm to gain their higher position at marketplace. Apart from this there are lots of accounting
activities which is used by manager of this organisation in order to gain competitive scenario by
having so many good and attractive techniques.
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<https://www.toppr.com/guides/fundamentals-of-accounting/fundamentals-of-cost-
accounting/meaning-of-management-accounting/>
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APPENDICES
FOR LO 2
Question 1
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