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Financial Systems and Management Accounting Research

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The assignment provided is a compilation of research papers and studies on financial systems, management accounting, and related topics. It includes various articles and books from 2012 to 2018, covering topics such as budgeting and budgetary control practices in timber industries, the quality of sustainability reports, and management and cost accounting. The document also features online resources, including an article on benchmarking and a document on tools and techniques of management accounting. This collection is suitable for students looking for past papers and solved assignments in financial systems and management accounting.

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Management Accounting

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A. The management accounting and requirement of management accounting system.........1
B. The importance of different management accounting reports...........................................2
C. The advantages of management accounting system and their application in organization.3
D. The integration of management accounting system and management accounting reports in
Unicorn retails store...............................................................................................................5
TASK 2............................................................................................................................................5
A. 1) Explain the absorption costing and marginal costing methods.....................................5
A. 2) Preparation of income statements of Unicorn retail stores as per absorption and marginal
costing method........................................................................................................................6
C. Apply the range of management accounting techniques and produce appropriate financial
reporting documents.............................................................................................................10
TASK 3..........................................................................................................................................11
A. Advantage and disadvantage of different planning tools for budgetary control.............11
B. The application of the planning tools for preparing, forecasting and analysing budgets.13
C. Explaining requirement of adapting different management accounting system in respond to
financial problems................................................................................................................13
D. Analysing the role of management accounting techniques in respond to financial problems
and lead the organisation sustainable success......................................................................14
E. Evaluating the role of planning tools to solve financial problems and lead the Unicorn retail
to achieve sustainable success..............................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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INTRODUCTION
Management accounting plays a key role in organizations today and helps in taking
decisions for company's growth, provides ways to run the company more efficiently. Unicorn
retail stores is UK based organization which is facing management accounting issues. The
present report includes a crucial discussion of management accounting and its method. The
report will highlight the importance of management accounting system and their essentials for
sound business activities to be integrated with management accounting reporting. Further, the
report includes the preparation of income statement with absorption and marginal costing
techniques. The report will also include different type of planning tools for budgetary control. A
comparison is made to show how Unicorn retail stores can adapt management accounting system
to deal with the financial problems which can lead the organisation to achieve success.
TASK 1
A. The management accounting and requirement of management accounting system.
Management accounting is a system where, company's makes a report on financial
information for internal use by managers for making decisions of company’s growth and ways to
run it more efficiently. Unicorn retail stores can use management accounting(MA) to check
internal performance report which can use to compare the actual result with the budgets, report
of return on investment etc. (Brown and et.al., 2014). Along with financial data, MA can also use
non-financial information such as current sales reports, number of sales per day, delivery
datelines date etc. Both financial and non-financial data are important to identify the key
performance indicators for various parts of Unicorn stores.
There are different management accounting systems which can be used by Unicorn retail
stores: Cost Accounting: In this system various analysis is done on cost control, inventory
control and expected organization's profitability to estimate the expenditure incurred on
the product to be sold. The company has to know which product is critical for operational
profitability. Participation of executives by various department is important for cost
accounting system and helps in estimating accurate cost of product (Diouf and Boiral,
2017). Unicorn stores should have made the cost accounting system which is easy to
understand and easy to execute.
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 Job Costing System: this system helps to assign manufacturing cost to each individual
product by tracking expenses. Unicorn retail stores can use job costing system as it is an
easy method to keep records of order expenses of all identical products (Frimpong,
Ameyaw and Osei-Bonsu, 2017). The process of job accounting is done with receiving
the order of a product from customer. At the time of estimating the cost of production, the
needs and preferences of customer should be kept in mind. Price optimising system: This system helps in determining the fluctuations in prices
based on demand. Unicorn retail stores can control the price of resources using this
system (DRURY, 2013). Price optimization system can be used in deciding prices of
various products at a same time. It helps in estimating the prices as per customer
preferences by stimulating their responses to different price levels.
 Inventory management system: Organisational process of Unicorn can be integrated with
this system to achieve the efficient and effective flow of inventory within the
organisation at a time of sales. This system is concerned with management of stock and
assets in company. There are two common method of inventory valuation last in first
out(LIFO) and first in first out(FIFO). In LIFO the goods purchased last will be taken out
to sold first. LIFO is not a good method of valuing inventory, as if the price of last
purchase goods has increased since the initial purchase than the cost of goods sold will be
higher which results in less profit. Whereas in FIFO the goods which was purchased first
will be taken out to sold first. Due to the risk of increasing cost of produced goods, this
method considered more profitable.
B. The importance of different management accounting reports.
Management accounting reports are made for the internal use of management for making
decisions regarding growth and development plan for business (Kind, 2018). This accounting
reports helps management in making forecast and taking critical business decisions. The
management team of Unicorn retail stores can prepare various accounting reports for the purpose
of decision making by keeping in mind their benefits or significance such as:
Budgeted reports: It is the most fundamental report which are very critical is measuring
company's performance while evaluating different department's performance helps in controlling
costs. At the time of preparing the budget of next year, evaluation of actual expenditure of past
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year should be considered (Kregel, 2018). Budgeted report will help the Unicorn retail shops to
achieve its goals and mission while staying with in the budgeted amount. Job Cost Reports: This report helps in identifying the total cost incurred in a particular
project as compared to the expected revenue yielded by that project. It helps the
company's management to check the profitability of specific type of job and areas of the
waste that can be taken care to made the project more profitable and workable. Job cost
reports are important which in turn helps management of Unicorn to focus on a
particular job which is more profitable for the business.
 Performance reports: This reports are created to review the performance of a company
as whole. The different calculations are done to compare the actual performance of
company with the budgeted performances. This comparison is analysed on the basis of
different information are based on each department's performance presented in
performance reports (Leotta, Rizza and Ruggeri, 2017). Hence, by preparing this report
on monthly or quarterly basis is very important for Unicorn retails to estimate the
performance of company is going as per the target and to make key strategic decisions
about the future of company's performance.
C. The advantages of management accounting system and their application in organization.
Unicorn can apply following management accounting systems by considering their pros
and cons such as:
Cost accounting:
Advantages Disadvantages
1. It helps in eliminating wastes, losses by
fixing standard prices for products.
1. Past performance of company will be
evaluating to estimate the cost, when decision of
future performance is to be taken.
2. It assists the management in analysing the
profitability of a particular products.
2. Approach of cost accounting system requires
maintaining of past cost records which could be
expensive for company.
3. Cost accounting system helps in
providing necessary information which are
3. Any delaying in receiving costing information
does not result in taking quality decision by the
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required for planning. management.
4. cost accounting system enables the
management in fixation of price of a
product.
4. It requires participation from each department
which can be time consuming.
Job Costing System:
Advantages Disadvantages
1. Revenue incurred from each job is recorded
separately, it helps in making strategic decisions
regarding the performance of each job (Mouseli, and
et.al., 2017).
1. Expensive in nature
2. Management can estimate the current cost of job
on the basis of past records in job costing.
2. close supervision is needed because no
specialization of job exists in such costing
3. After completion of a job, every element
associated with that job will be compared for the
purpose of cost control and reduction to maximize
The profitability.
3. The price cannot be managed easily as
the controlling steps are taken only after
incurring the expenses in job costing.
4. The spoilage and defectives arises in the job can
be easily find out and can easily controlled.
4. Since large number of small jobs is
executed at a time in job costing, the
accurate cost information cannot be
obtained.
Price optimising system:
Advantages Disadvantages
1. The customers preferences on different 1. Price optimization doesn't work at the time
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prices can be known. of inflation.
2. It helps in maximization of operating profit
with accurate price.
2. Setting a price is depend on various factors
and not just on the preferences and needs of
customers.
3. Price optimization helps in stimulation of
customers responses.
3. It is an expensive and time consuming
process.
D. The integration of management accounting system and management accounting reports in
Unicorn retails store.
Management accounting reports and their integration with Unicorn retail stores are:
Budgeting reports: This reports help in measuring company's actual performance with the
planned or budgeted presentation. Budgeted reports helps Unicorn retail shop's activities to be
focused on the targeted results and activities. Budgeted reports also helps the management to
forecast the contingencies and make accurate strategic decision.
Job Cost Reports: Job cost reports helps in identifying the cost and profit generated from each
particular job in organisation. (Noreen,Brewer and Garrison, 2014.). Job cost report can be
integrated with Unicorn retail stores to evaluate the achievement of cost objectives and cost
reports which can make it easier to decide the pricing strategies for each particular job assigned
in the organisation and reducing overall cost.
Performance reports: These reports help in review the overall performance of each department
with the budgeted performance. The integration of performance report with the operational
activities of Unicorn retail stores, as it helps in making plans for future growth and cost reduction
which leads to high profitability.
TASK 2
A. 1) Explain the absorption costing and marginal costing methods.
Absorption Costing: It is recognised as a method of calculating cost of goods. In this
method all the manufacturing cost are incurred in the production of a unit. The cost of a finished
unit will include all the variable and fixed manufacturing overhead. Absorption costing is
required for external financial and income tax reporting (Parker, 2012). This costing method
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gives an accurate view on the real expenses to produce the inventory. It helps the management in
utilizing cost information easily for decision making process. It is useful if when there is only
one product so that there will be no inventory and overhead recovery rate.
Marginal Costing: It is a principle where variable cost is changed to per units produced
and the fixed cost is written off for a period against the contribution of that period. It helps in
ascertainment of marginal cost and the effect on profit of change in volume or type of output
(Zhu, 2014). This method is used to determine the impact of variable cost on the volume of
production or output.
A. 2) Preparation of income statements of Unicorn retail stores as per absorption and marginal
costing method.
Income statement as per marginal costing:
Particulars Amount Amount
Income 33000 33000
material 5600
labour 4800
Production expenses (variable) 1600
Sales expenses (variable) 800 12800
Less: closing inventory
Direct material 1400
Direct labour 1200
Production expenses (variable) 400
Sales expenses (variable) 200 3200
Cost Of Production (per unit) 9600
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23400
Less: Fixed cost
Overheads (Production) 3200
Fixed administrative expense 1200
Fixed selling expense 1500
5900
Net income 17500 Pounds
Income statements as per absorption costing:
Particulars Amount (In pounds) Amount (In pounds)
Total revenue 33000 33000
Direct material 5600
Direct labour 4800
Production expenses (variable) 1600
Sales expenses (variable) 800 12800
Less: Closing inventory
Direct material 1400
Direct labour 1200
Sales expenses (variable) 200
Less: Sales expenses (variable) 600 3400
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Less: Absorption of Overheads
(Fixed)
Cost of production 9400
Per unit contribution 23600
Less: fixed cost
Overheads (production) 3200
Fixed administrative expense 1200
Fixed selling expense 1500 5900
Net Income 17700 Pounds
Interpretation:
It can be observed from the above calculation that net income of Unicorn retail shop as
per marginal costing method is 17500 as it doesn't consider the fixed cost. Where, the net income
as per absorption cost is 17700 which is higher than as compared to marginal costing method. It
can be concluded from above calculation that Unicorn retail stores should absorption costing
method for income statements as it includes both fixed and variable cost. In today's era, where
financial statements are used for external purpose also, it is important to consider both fixed and
variable cost incurred in producing inventory. That is why absorption costing method is more
suitable as it considered both variable and fixed cost in estimating net income. This method gives
more appropriate picture of revenue and helps in estimating time in which cost can be recovered.
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B. Calculation of break-even analysis.
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Break even analysis is a process which helps in determining the volume of sales to cover the cost
of business, which is known as break-even point. Break even analysis helps in determining the
BEP by calculating fixed costs, variable costs as per unit of sales and revenue per unit of sales.
Break even analysis is useful in the determination of the level of production to meet the volume
of sales. From the above calculation it can be observed that number of products to be sold to
break even is 25926. The break-even point in terms of sales revenue is 888889, and the margin
safety if 800 products are sold is 0.72.
C. Apply the range of management accounting techniques and produce appropriate financial
reporting documents.
To,
General Manager,
Unicorn retail stores
United Kingdom.
Date: 24/08/2018
This is to report the general manager of Unicorn Retail Stores about management
accounting techniques which needs to be apply in company. It can be observed that both the
techniques of absorption and marginal costing for the calculation of unit cost of product helps in
estimating net income. In the present scenario, the procedure of absorption costing method will
be proper for the true performance report as it includes all the cost incurred while the
production of the unit. However, there are many management accounting methods which are
helpful to the organizations.
On the basis of the calculation, it can be intelligibly seen that in marginal costing the profit is
deliberately low as compared to absorption method for costing. There is a profit of 17500 in
marginal costing and 17700 in absorption method. Hence, absorption method is more accurate
for the organization.
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Thank you.
TASK 3
A. Advantage and disadvantage of different planning tools for budgetary control.
Budgetary control ensures that manager is using the budgets to monitor and control the
cost and operation in a given accounting period. Budget planning tools are used to manage, plan
and forecast the company's budget to be implemented and managed to achieve targeted
objectives and results (Tan and Egan, 2018). Budgetary control is planning in advance so that
various operations of business can be controlled.
The planning tools which Unicorn can be used for budgetary control are as follows:
Activity Based Budgeting: It is a management accounting tool which doesn't considered
the past year's budget to arrive at current year's budget (tools-and-techniques-of-management-
accounting, 2018). Activity based budgeting is a method of budgeting designed to provide
greater transparency into the budget process. In this methods the revenue generated through
instructional activities are directly allocated to that activities only. It helps in creating efficiency
in business operations of Unicorn. Activity based budgeting is activity oriented and not function
oriented.
Advantage of activity based budgeting are:
ï‚· It helps in evaluating each steps involved in an activity. The irrelevant activity will be
eliminated.
ï‚· Average based budgeting helps to see business as a single unit and not in the form of
department. Top level management prepare budgets for every single unit and not only for
different department.ï‚· These techniques help in improving relationship between organization and its customers.
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Disadvantage of activity based budgeting are:
ï‚· Activity based budgeting needs a deep understanding of various business activities, if the
manager of Unicorn stores who is preparing budget is incapable of understanding the
areas of business, it leads to wrong or inaccurate budget.
ï‚· This method is very complexes in nature as it requires research and analysis of various
factors.
ï‚· This technique required skilled and trained employees. It will increase the expenditure of
company. Thus, it’s a costly method. It requires more information and more time of top level management to developed the
budget.
Zero Based Budgeting: It is a technique for creating budgeting where, budget is set without
using the prior year's budget or spending numbers. The budget will be based on the merit goals
of the current financial year of Unicorn (Ward, 2012). Each department of Unicorn will justify
their expenditure for current year and funds will be allocated to them on the basis the goals and
not on previous year's budget, it is method for building the budget with zero prior bases.
Advantages of zero based budgeting are:
 Zero based budgeting helps in allocating of funds since it’s based on needs and benefits,
and eliminates unnecessary expenses.
ï‚· It helps to makes every department re-look each and every items of cash flow in
department and compute their operation costs.ï‚· Zero based budgeting assists in removing all the unproductive or redundant activities,
which leads to identification of opportunities in more cost effective ways.
Disadvantages of zero based budgeting are:
ï‚· Zero budgeting method is very time consuming method for preparing new budgets every
year without considering prior year's budgets.
ï‚· Making an entire budget from starting may require the involvement of a large number of
employees.
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ï‚· To justify every expenses may not be feasible or practice.
ï‚· Zero based budget requires high skilled manager and staffs, which cost more expenses to
a company.
B. The application of the planning tools for preparing, forecasting and analysing budgets.
Activity based budgeting: This method will provide Unicorn retail shops a greater
accountability and local planning by reviewing not just a department but all the activities in the
department. It helps the company for planning goals for each activity which are generating more
revenue (Weygandt, Kimmel and Kieso, 2015). Activities based budgeting helps in direct control
of resources generated from a particular activities and helps in forecasting new activities with the
overall mission and strategic goals of the institution. This is the fundamental technique which
assists in creating the activities based budget, and helps in greater transparency in budgeting
process.
Zero based budget: This method helps in outlines the company's financial expectations
by evaluating current year's expenses and make goals for current year. In zero based budgeting
the overall plan is made on the basis of current year's expenses and budget is prepared for the
current year itself without considering the past year's budget. As zero based budgeting doesn't
accumulate past data, but it considered each department goals and on basis of that it allocates
funds to every department. It helps in forecast the financial outcomes from every department in
the current year.
C. Explaining requirement of adapting different management accounting system in respond to
financial problems.
Unicorn retail stores is facing issues regarding the financial problem which can be
resolve by an effective management accounting system. Various information is considered as the
most important resources for identifying the financial problems. Unicorn retail stores adopted
bench marking system for management accounting. Bench marking used to evaluate the
performance of Unicorn's business by focusing on various factors. These factors could be cost
per unit, productivity etc.
Bench marking is a process for improving some activity within an organisation. Benchmarking
is a process which compares the actual performance results with a standardize performance goal.
It helps Unicorn for making budgets and attaining the financial performance goals (What is
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benchmarking, 2018). Unicorn retails study the performance of any certain activity of the
competitors and it can be set as a benchmark for company to improve the performance of the
company's activity. It is evaluated that benchmarking helps Unicorn to develop new and better
strategies for management accounting that helps in eliminating the financial problems. Unicorn
has improved its function, operations, products and services that helps the company to increase
in its sales and revenue. Using bench-marking lower the company expenses which leads in
creating more profit.
Whereas, an another company NISA which also a retail stores have adopted Key
performance indicators system of management accounting. KPI is a measurable value that
demonstrates how effectively a company is achieving key business objectives. It helps to
evaluate the success of NISA at reaching business target. KPI tracking can be done using
dashboard software which gives entire organization insights into the current performance
D. Analysing the role of management accounting techniques in respond to financial problems
and lead the organisation sustainable success.
The role of management accounting techniques for organisation sustainable success:
Financial governance is a process of managing and controlling financial information of
the organisation. A good financial governance ensures financial data is correct. Using financial
governance in Unicorn retail will ensure that finance teams are using correct information of data
to complete records, budgets, plan and other financial documents. Managed and secured data
helps in quick decision making regarding future development of organisation.
Bench-marking assists in showing the company's performance growth in compare to
competitors. Bench mark gives a clear picture about company's need for improvement and how
to increase profits. It improves the company's efficiency by constantly improving companies’
performance through implementing new ideas and procedures which a company can learn from
its competitor's operations and business ideas. (Kregel, 2018). Bench marking is an important
tool for organisation, which helps in business growth. Setting up a bench mark is the first step of
developing a business plan, as it helps in making growth strategies.
Balanced Scorecard helps in improving traditional financial reporting as it focuses on
three things which leads to growth that is customer satisfaction, operational efficiency and future
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growth opportunities. This scorecard act as a basis for making strategic planning for the business
growth.
KPI are measurable values that effectively track and demonstrate achievement of
company's goals and objectives. Unicorn retail can use KPI at different levels to help leaders and
their team to measures effectiveness of various function and process.
E. Evaluating the role of planning tools to solve financial problems and lead the Unicorn retail to
achieve sustainable success.
Business entity of Unicorn should keep in mind following aspects, while making selection
of planning tools for responding financial problems and thereby leading success.
Benchmarking
Advantages Disadvantages
 Assists in setting new paradigm
 Facilitates performance control and
improvement
 Unrealistic benchmarks negatively
impact employee motivation and
thereby productivity
 It does not provide suitable view of
organizational effectiveness in a precise
way
Balance scorecard
Advantages Disadvantages
 Provides assistance to personnel in
understanding how their individual
goals are integrated with the strategic
framework of firm
 Facilitates continuous monitoring of
organizational goals and objectives
 Requires effectual leadership
 Time-consuming process
Key performance indicators
Advantages Disadvantages
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 Helps in measuring productivity and
profitability
 Facilitates prominent business
planning
 Increases employee resistance
 For setting suitable KPI’s business
unit requires highly skilled personnel
Planning tools helps to identifies and eliminates the financial problems of a company.
Financial governance helps in controlling and checking all the financial data of company.
Financial governance assists finance team of Unicorn to timely take appropriate financial
decision. It helps in eliminating financial problems (Yahanpath, Pacheco and Burns, 2018).
Whereas, benchmarking assists in checking the financial growth by facilitates business
performance and making business plan which leads to financial stability in a company. Balanced
scorecard helps in improving financial performance as it acts as a basis for making strategic
planning for future business operations.
CONCLUSION
It can be concluded from the above report that various management accounting principles
and techniques help the organisation to attain sustainable success. These techniques help to
obtain the information required by managers for carrying out smooth business function. Unicorn
retail stores needs to apply and implement management accounting strategies and planning tools
for the growth of business in retail sector. The present report concluded the use of absorption and
marginal costing method which assists organization to prepare financial reports. It has been
recommended that various financial reports should be based on the accurate and reliable data
which in turn will help in proper evaluation and performance appraisal of the enterprise. It has
been concluded from the report that planning tool is very important in order to bring financial
stability. Further, the application of the planning tools is also concluded in report. Unicorn retail
stores needs to adapt new management accounting system to attain the financial stability and
lead the organization to sustainable success.
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REFERENCES
Books and Journals
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Diouf, D. and Boiral, O., 2017. The quality of sustainability reports and impression
management: A stakeholder perspective. Accounting, Auditing & Accountability Journal.
30(3). pp.643-667.
DRURY, C. M., 2013. Management and cost accounting. Springer.
Frimpong, E. A., Ameyaw, F. and Osei-Bonsu, E., 2017. Budgeting And Budgetary Control
Practices in Timber industries in Ghana: A Case of Logs and Lumber
Limited. International Journal of Technology and Management Research. 2(2). pp.44-50.
Kind, J., 2018. Financial Games for Training. Routledge.
Kregel, J., 2018. Financial systems, financial governance and economic development. Brazilian
Keynesian Review. 3(2). pp.124-129.
Leotta, A., Rizza, C. and Ruggeri, D., 2017. Management accounting and leadership
construction in family firms. Qualitative Research in Accounting & Management. 14(2).
pp.189-207.
Mouseli, A. And et.al., 2017. Cost-price estimation of clinical laboratory services based on
activity-based costing: A case study from a developing country. Electronic physician. 9(4).
p.4077.
Noreen, E. W., Brewer, P. C. and Garrison, R. H., 2014. Managerial accounting for managers.
New York: McGraw-Hill/Irwin.
Parker, L. D., 2012. Qualitative management accounting research: Assessing deliverables and
relevance. Critical perspectives on accounting. 23(1). pp.54-70.
Tan, L. K. and Egan, M., 2018. The public accountability value of a triple bottom line approach
to performance reporting in the water sector. Australian Accounting Review. 28(2). pp.235-
250.
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Ward, K., 2012. Strategic management accounting. Routledge.
Weygandt, J. J., Kimmel, P. D. and Kieso, D. E., 2015. Financial & managerial accounting.
John Wiley & Sons.
Zhu, J., 2014. Quantitative models for performance evaluation and benchmarking: data
envelopment analysis with spreadsheets (Vol. 213). Springer.
Yahanpath, N., Pacheco, P. and Burns, E. A., 2018. Discussing a balanced scorecard for one
local independent New Zealand church. Journal of Management, Spirituality &
Religion. 15(1). pp.1-19.
Online
What is benchmarking?. 2018. [Online] Available through
<https://www.accountingcoach.com/blog/what-is-benchmarking>
Tools-and-techniques-of-management-accounting. 2018. [Online] Available through:
<https://www.scribd.com/document/362355100/Tools-and-Techniques-of-Management-
Accounting>
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