Management Accounting: Essential Requirements, Methods, Benefits, and Techniques

This article discusses the essential requirements, methods, benefits, and techniques of management accounting. It covers different types of management accounting systems, reporting methods, and budgeting techniques. The article also includes a detailed calculation of production cost per unit, total production cost, and total cost of sales, along with the application of techniques for the production of the budget profit and loss statement.

Management Accounting

TABLE OF CONTENT
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................4
MAIN BODY...................................................................................................................................4
Defining Management accounting and also the essential requirements to the different types of
management accounting system..................................................................................................4
Different methods used for the management accounting reporting.............................................5
Benefits of management accounting systems..............................................................................6
Critical evaluation of management accounting systems and management accounting reporting
......................................................................................................................................................6
TASK 2............................................................................................................................................7
Calculation of the Production cost per unit, Total production cost and total cost of sales..........7
Application of techniques for the production of the budget profit and Loss statement...............9
Amount £..................................................................................................................9
Reconciliation statement of profit figures......................................................................................10
TASK 3..........................................................................................................................................11
Explaining advantages and disadvantages of different types of planning tools used in
budgetary control.......................................................................................................................11
Explaining use of different planning tools and their applications for preparing and.................13
forecasting budgets....................................................................................................................13
Evaluating planning tools for management accounting respond appropriately for...................14
solving financial problems to lead organizations to sustainable success..................................14
TASK 4..........................................................................................................................................15
Explaining how management accounting system is adopted by organization to respond to
financial problems .....................................................................................................................15
Responding to the financial problems can lead the organization to sustainability success.......16
Evaluation of planning tools for the management accounting for responding to the appropriate
solution of the financial problems..............................................................................................16
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
Management accounting is the process which helps the business in the preparation of the
business operations which helps the managers in the short-term and long-term decision-making
with the help of financial analysis. The management accounting is the identification,
measurement, analysation and interpretation and communication of the financial information for
the better decision-making. In this project the chosen organization is the ABC Ltd for which the
management accounting will be discussed. This project helps the business in providing essential
requirements of the different types of management accounting systems. This project will also
provide the discussion of the different methods of management accounting reporting. In this
project the calculation of the costs which are used for the analysation of the appropriate

techniques of the cost analysis and the preparation of the income statement for the application of
the marginal and absorption cost system has been utilized. This project also provides the
advantages and disadvantages of the different types of planning tools which is used for budgetary
control. In this project the comparison of how the organization is adapting to the management
accounting systems for responding to the financial problems.
TASK 1
MAIN BODY
Defining Management accounting and also the essential requirements to the different types of
management accounting system
The management accounting system is that process which helps in the preparation of
different reports about the business operations which help the managers for making short-term
and long-term decisions which helps the business in the pursuing the goals and also the
identification, measurement and analysation of the interpretation of the communicated
information to the managers of the organization (Quinn and et.al., 2018). This is also very
helpful for forecasting the future which helps the business in the management of the upcoming
issues. Management accounting also allows the business in the making the decision related to the
cost and production of the organization which allows the business in understanding the factors of
the purchasing choices of the data from the managerial and accounting empowerment of the
decision-making of the operations in the strategical level. Management accounting is known for
being very important for the analysation of the future cash inflows in the business. The essential
requirements in different types of management accounting system are,
Cash flow analysis :
In the management accounting the performance of the cash flow analysis for the
determination the cash which impacts the business decision of the organization. This
management accounting system helps in the analysation of the inflowing cash which allows the
business of in financial information which is considered to be the best way in which the future
performance of the business can be considered (Alabdullah, 2019.).
Inventory turnover analysis :
The Inventory turnover analysis is the part of the management accounting system which
helps the business in the calculation of how many times the company has sold all the stock which
it purchased. This cycle of inventory getting replaced is known as the turnover of the business

which is considered important factor that helps the business in the management of the
organizations importance and other operations.
Job costing system :
This is that part of the management accounting system which manages the accounts
receivable report of the organization that is considered to be categorized to have a very positive
effects on the company's bottom line (Zandi, 2019). The management of the accounts receivable
ageing report is said to be categorized in the AR invoices which helps the business in the length
of time of how outstanding this business can be.
Price optimization system :
Preparation of the budgets is very essential for the organization as it creates the
quantitative expression of the company's plan on what it wants to implement in its operations
that will allow the business in the utilization of the performance reports for noting the deviation
of the actual results from budgets and positive or negative deviations from the budget.
Different methods used for the management accounting reporting
Different types of management accounting reporting which this business needs to
consider in the management accounting are,
Budget Reports :
The managerial reports of the organization is directly related to the creation of the budget
managerial accounting reports that is considered to be very critical for the measurement of the
company's performance (Wahyuningsih and et.al., 2021.). These reports are prepared with the
help of the estimation of the previous experienced budget which can create an unforeseen
circumstance that might arise in the organization.
Account Receivable Ageing Reports :
The preparation of these reports is considered to be very dependent over the breaking
down of the customers remaining balances of what the business will receive. The corporate
culture of the organization is decided with the help of business to estimate how much the
business will receive.
Cost managerial accounting Reports :
Management of the cost reports is very essential for the business as it help the busies in
the estimation of how much expenditure it will for the generation of a certain revenue. This is the

reason why it is considered that with the help of this cost managerial accounting the business is
able to fix a selling price which contains the margin of profit in the organization.
Inventory Reports :
In an organization which deals with a certain type of product it is important for the
business to manage its inventory which is considered to be the essential factors which helps the
business in the management of organizational performance. It also helps the business in gaining
fasted turnover (Astuty and Pasaribu, 2021).
Benefits of management accounting systems
The benefits of the management accounting system and their application for the business
are,
Increases Efficiency :
The management accounting system is considered to be one of the most effective way in
which the business can increase its efficiency. This happens as the business plans its expenses
according to the analysed reports of the company finances.
Maximization of profit :
The management accounting's budgetary control and capital budgeting tool helps the
business in the development of a plan which can be used by the business for creation of the
reduced costs and increasing the profit maximization.
Controlling Cash flow :
Controlling cash flow is very essential part of the management accounting as it helps the
business in creating a control of cash flow and also help it in the management of the cash which
is considered to be better with the foxed properties (Javed and Malik, 2021).
Decision-making :
Management accounting system is very important for this organization to develop a
decision-making process. Which is essential for the organization in the management of the
organization and also the development of a reliable management that is essential for the decision-
making of the business.
Simplification of financial statements :
In this business it is very important that the organization is able to manage the financial
statement as it is useful for the business to create comparison with other competitors that can
allow the business to grow.

Critical evaluation of management accounting systems and management accounting reporting
The management accounting system is the generates the information which helps in the
satisfaction the needs of the management which is towards the reporting of its financial
accounting and managerial accounting. It is that process which is essential for the preparation of
the reports and accounts required for the management of the business decision-making. It is that
branch which allows the business in the management of the accounting of the brand containing
the accounting information in a presented form towards the interested parties. Management
accounting system is very essential for the management of the financial information of the
managers for planning and controlling the different activities (Korhonen and et.al.,2020).
Management accounting reporting is the development of a dual role which performs in
the organization as the strategic partner towards providing the strategic based financial and
operational information. The management accountant plays a very prominent role in the
preparation of financial reports, risks and also the regulatory reporting for the aggregation of the
financial information. These reports also contain the performance cost analysis which is helpful
for the production and division which includes the variable and fixed costs.
TASK 2
Calculation of the Production cost per unit, Total production cost and total cost of sales
calculation of production cost per unit
Particulars January
Direct material 10
Direct labour 20
Variable production overhead 5
Fixed production overhead 5.5555555556
Total production cost 40.56
Total production cost
Particulars January
Direct material 180000
Direct Labour 360000
Variable production overhead 90000

Fixed production overhead 100000
Total production cost 730000.00
Cost of good sold
Budgeted Actual
Particulars Amount £ Amount £ Amount £ Amount £
Opening
inventory
Add Production
18000×40.5
6 730080
19000×40.5
6 770640
Less
Closing
inventory 2000×40.56 81120 3000×40.56 121680
COGS 648960 648960
Production cost per unit :
The per unit cost of production is said to be the one which helps the business in the
management of the organization as the total cost of production cost is divided by the total
numbers of units produced. It is essential for the business to provide a different number of units
which can be considered to be productive and also be in relation to the concept that is
understands in the accumulation of the costs.
Total Production costs :
This project helps in the determination of the unit cost of the production which
helps the business in the understanding the to total cost it incurred in the manufacturing of its
products. The total production cost of the organization is considered to be the one which is very
important for the organization in the understanding what is the total cost which it incurs for the
production of a certain amount of units (Gomez-Conde, Lunkes and Rosa, 2019). This cost is
very useful in the preparation of the budget as it helps the business in understanding how much

cost it needs to spend in the organization. It can also allow the business in understanding the
management of the organization.
Total cost sales :
The total cost of sales is the actual cost which is incurred in selling of the products of the
organization. It can be considered as the actual cost which includes both the direct and indirect
expenses of the organization. It includes the production cost and also the administrative cost
which are considered to be very essential for the organization in the management of the
organization (falih Chichan and Alabdullah, 2021).
Application of techniques for the production of the budget profit and Loss statement
Income statement as per marginal costing technique
Particulars Amount £
Amount
£
Amount
£
Amount
£
Sales ( Revenue) 800000 800000
Less: COGS
Opening inventory
Production 730080 770640
Closing inventory 81120 648960 121680 648960
contribution 151040 151040
Income statement as per absorption technique.
Budget Actual
Particulars Amount £ Amount £ Amount £ Amount £
Sales ( Revenue) 800000 800000
Less: COGS

Opening inventory
Production 720000 760000
Closing inventory 80000 640000 120000 640000
Gross profit 160000 160000
Working note for absorption technique:
Particulars January (Budgeted)
Direct material 180000
Direct labour 360000
Variable production overhead 90000
Fixed production overhead 90000
Total production cost 720000.00
Reconciliation statement of profit figures
Budgeted (January)
Actual
(January)
Profit under absorption 160000 160000
difference in units of
inventory* fixed production
overhead 8960 8960
Profit under marginal 151040 151040

The income statement of the organization the following methods are used such as,
Marginal costing :
This method of marginal costing is known as the method in which the cos are considered
to be the production cost and fixed cost that allow the business in the analysation of the cost for
the given period. It is the technique which allows the business in assuming the variable costs and
production cost to be effective in the preparation of the income statement of the organization.
This method of preparation of the income statement is considered to be very essential for the
production cost and also the fixed cost of the organization that can allow the business in
assuming the cost for the given period. In this technique of management of the cost of the
organization. Both the fixed costs and the variable costs are considered that can allow the
business in the calculation of the income of the organization (Hertati and Safkaur, 2019). This
method also has the utilization of the P/V ratio which is the profit value ratio which is used by
the management to understand the efficiency of the organization. It helps in the determination of
the cost of the next unit as it allows the business in the management of its overheads. The
management costing method of this business is said to be very effective as it provides more
emphasis on the change on the opening stocks and the closing stocks which affects the per unit
cost of production. In this method the organization is able to understand the total contribution to
the per unit production. Contribution is shown as the main emphasis to the total production cost
in this method. The preparation of income statement which uses marginal costing utilizes the
total contribution of the organization.
Absorption costing :
On the other hand the absorption costing system is said to be yet another method which
allows the business with yet another method that utilizes the consideration of both the fixed costs
and variable costs that can be used as the production cost. In such a method of costing the
business considers it to be an effective way in which the purpose of the business can be
considered to be the essential factor for the reporting and inclusion of both the financial reporting
and tax reporting. It is that technique which is assumed to be the essential for both the fixed costs
and variable costs of the production. It can also be said as the technique which assumes both the
fixed costs and variable cost as the total production costs. In this method the overhead in the case
of absorption costing and also being able to be effective in a very uncertainty of the production
and distribution of the selling & administration of the organization (Pavlatos and Kostakis,

2018). This also helps the business in the analysation of the fixed costs of the product which also
allows the business in the getting the profit which is very essential for the generation of the
reduction of cost. It can be said that the cost of each unit of the product can be understood with
the help of this analysis of the organization. This method also help in the management of the
operations as it allows the business in providing emphasis over each unit which in charge of the
operation of the organization.
TASK 3
Explaining advantages and disadvantages of different types of planning tools used in budgetary
control
It becomes essential for the organization to pay attention on getting different types of
planning tools so that effective road map for carrying forward business practices can be derived.
ABC Ltd as being medium-sized enterprise require using planning tools of budgetary control so
that ability to plan strategically can become possible. Each technique of budgetary control has
few advantages and drawbacks which area as follows:
Cash Budget
It is widely taken into consideration by companies irrespective of their scale of
operations. Cash budget basically provides details regarding in & out flows which helps in
assessing the information regarding liquidity position of company (Cash Budget, 2021). ABC
Ltd can obtain following benefits and drawbacks which are as follows:
Benefits
It helps in assessing details regarding available cash which aids in conducting significant level of
evaluation of current financial status of firm so that appropriate sources for raising funds can be
identified.
Allocating, managing and controlling resource with help of cash budget can be exerted by ABC
Ltd in effective manner.
Identifying potential lacking areas to make significant evaluation of deficits functions of ABC
Ltd can be done to make identify appropriate course of action in order to make improvements.
Drawbacks
Cash budget as planning tool possessing few lacking areas which are essential to
recognize for gaining ability to make significant decision. ABC Ltd should pay attention on
following parts:

It limits the spending power of company that affects decision-making criteria of company. In
addition to this, it becomes difficult for the organization to build credit profile in industry.
It may lead to create the negative impact on the functioning of the organization as cash budget
does not allow firm to concentrate on controlling operational practices (Gunarathne and Lee,
2021).
Zero based budgeting
it is the method that is taken into consideration in which expenses must be justified for
each new period. It is basically prepared from the scratch which can help ABC Ltd to gain
significant information to coordinate with changing circumstances. It can provide number of
advantages & limitations:
Pros
ABC Ltd can obtain number of benefits by applying zero based budgeting as it will aid to get
accuracy and efficiency in managing overall practices of company.
Coordination and communication becomes possible that provides ability to the company to
highlight major aspects that are needed to be involved in processing for having desirable extent
of growth & development.
It as well helpful for the company to recognize the lacking areas that are hindering
organizational growth & development. It is essential for ABC Ltd to ensure that these lacking
areas are eliminated in order to gain competitive benefits.
Cons
Zero based budgeting is one of the time-consuming which influences efficiency and functioning
of company.
The major issue that can be faced by ABC Ltd by executing zero based budgeting is associated
with lack of expertise. It highly affects the decision-making process of company.
It is considered to be expensive as requires large number of man power for carrying forward
business activities.
Activity based budgeting
It is one of the crucial planning tool of budgetary control that is concerned with system
that records, researches and analyses activities that lead to cost for ABC Ltd. With help of this
planning tool ABC Ltd can derive several benefits which can aid in accomplishing business
objectives.

Merits
There are several benefits that can provides assistance in having effective evaluation of business
practice so that essential ability to eliminate bottlenecks can become possible.
Business by applying activity based budgeting can effectively obtain sustainability in sector
through building proper relationship by executing continuous modifications.
Demerits
Activity based budgeting Is one of the technique of budgetary control that is suitable for short
term only and leads to incline higher consumption of resources. It is not suitable for longer
duration so which might influence smooth functioning.
There is involvement of complex resource arrangement which hamper employees performance
does not allow meeting deadline of roles & responsibilities. It results in increasing of cost which
becomes tough to understand.
On the basis of above information it can be articulated that by applying these mentioned
planning tools ABC Ltd can experience these benefits and drawbacks.
Explaining use of different planning tools and their applications for preparing and
forecasting budgets
There is availability of different kinds of planning tool which provides assistance in gaining
significant ability to forecast budget in turn capabilities to manage factors affecting ABC Ltd
growth & development. The planning tools includes SWOT, PEST, Porters five forces, costing
system, etc that contribute in formulating strategic planning in turn better sustainability and
profitability by ensuring optimum utilization of resources can become possible.
ABC Ltd as being medium size organization highly need to concentrate on obtaining
proper combination of planning tools in order to formulate strategic planning. There are several
planning tools like cash, zero and activity based budgeting that allows company to analyze,
manage and control available monetary resources. Having effective method for formulating
strategy planning becomes important as provides information regarding all relevant aspect by
eliminating non crucial factors (Hertati, Safkaur and Simanjuntak, 2020). There are several
reasons for which different planning tools are applied which comprises giving relevant
instructions to ABC Ltd so that proper utilization of resources, etc can be exerted to have many
benefits.

There are variety of course of action that can be applied by having effective planning
tool as it provides benefits like assigning roles & responsibilities, improved utilization of
resources, establishing standard benchmark, etc. It is applied in each functional areas of business
as allows setting bench marking so that variance analysis by evaluating deviation derived due to
difference in actual and standards. This is useful in recognizing lacking areas so that irrelevant
factors affecting operational practices can be eliminated. It gives flexibility to get continuous
information for formulating strategic decision like quality management, pricing strategy, etc. to
have proper capabilities to coordinate with changing situation of external environment these
tools play significant role in deriving crucial component like clearing goals, proper job
evaluation, allocating, analyzing, managing and controlling performance of firm. It results in
positively impacting functioning of ABC Ltd. The reason behind this is to focus on analyzing
each aspect of budget that can aid in raising appropriate level of funds by having diverse sources,
less cost of capital, comparing current performance with previous by establishing variance
analysis, removing non crucial factors, etc. These benefits can be attained by ABC Ltd by
applying mentioned course of action.
Evaluating planning tools for management accounting respond appropriately for
solving financial problems to lead organizations to sustainable success
There are several types of challenges that are faced by business while operating in industry.
ABC Ltd faces both monetary and non financial issues which hinders the growth and
development of company. To be successful in sector it becomes essential for the enterprise to
highlight few strategies that can be help in resolving such problems. It comprises implementation
of management accounting system such as job costing, cost accounting, inventory management,
price optimization so that each segment can be properly monitored to have success. The other
strategies that gives benefits by providing ability to overcome such problems includes bench
marking, variance analysis, financial governance, key performance indicator and balance score
card.
TASK 4
Explaining how management accounting system is adopted by organization to respond to
financial problems
There are several problems that are faced by companies while carrying forward their
operational practices. It becomes essential for company to concentrate on using relevant

technique that can provide assistance in overcoming negative affecting situation (Rieg, R.,
Zarzycka and Dobroszek, 2021). It involves management accounting system such as price
optimization, inventory management system, Cost accounting and job costing system. It can be
deeply understood by comparing two companies course of action for resolving issues.
ABC Ltd Associated British Foods (ABF)
The one of the major financial issue that is
faced by ABC Ltd which comprises inability
to set appropriate price for the products that is
negatively affecting business financial health.
To overcome this financial problem ABC Ltd
can use price optimization system of
accounting (Rieg, Zarzycka and Dobroszek
2021).
The reason behind applying price optimization
is to get proper information regarding response
of customers towards changing pricing level of
products.
This provides assistance in gaining ability to
formulate significant pricing strategy that is
useful in attracting larger number of customer
to boost performance in terms of profitability.
It is one of the successful organization but
faces the major issue regarding inclination of
cost due to its inappropriate planning &
controlling of expenditure that leads to create
barrier for growth.
To reach cost reduction situation int turn
higher liquidity & sustainability can be
derived.
This can be exerted by focusing on cost
accounting system that is basically associated
with identifying and monitoring budget of
company in turn higher inflows by ensuring
declined outflow can provide assistance to
improve situation (Tjahjadi and Soewarno
2019).
Responding to the financial problems can lead the organization to sustainability success
It can be said when an organization addresses its financial problems which it is able to
analyse due to the other financial reports. Then the organization is able to develop a certain level
of sustainability which is very essential for the business to reach a certain level of growth in the
business. It can be said that with the help of application of different tool of planning in the
management accounting system the business finds ways of dealing with its financial problems
which come in very hand for the business for the development of different strategies that can
influence growth in the business of the organization (Latan and et.al., 2018). The management of
this organization can also be considered as the main reason which helps the business to create

financial policy which enables the business to reach effectiveness in the management of the
organization that can also provide the business different ways in which it can allow the
organization in the development of the organizational performance.
With the methods like capital budgeting and budget forecasting this organization will be
able to identify the areas in which it needs to improve. These areas in which the business needs
improvement can be understood and then further rectified for proving the business solution of the
business. Identification of the financial issues is said to be very important factor for the business
which it needs to considered during the development of the statistical presentation of the
organization. Analysation of these issues influences the business in the development of a growth
strategy which can develop effectiveness in being sustainable in the business of the organization.
This is important because it allows the business in the better decision-making which can create a
business (Urakova, 2021). This is important for the business as it can also provide the business in
the management of the organization which can develop strategies which can provide their
business different ways of growth.
Evaluation of planning tools for the management accounting for responding to the appropriate
solution of the financial problems
For responding to the financial problems of the organization the following management
accounting planning tools can be used which will help the business in the management of the
financial issues faced by it. It can be said that with the help of the planning tools. There are
various planning tools that can be used by ABC Ltd to overcome the financial problems. These
problems adversely affect the functioning of organization so becomes essential to pay attention
on applying relevant technique to get higher ability to handle this in effective manner. It involves
bench marking, key performance indicator, variance analysis, financial governance and balance
scorecard.
Bench marking
It is one of the significant planning tool that allows setting standard performance so that
clear expectations from employees can be specified. ABC Ltd as being medium size enterprise
require focusing on establishing quality performance b in order to build continuous improvement
situation. It provides assistance in identifying lacking areas through comparing actual outcome
with previous. It enables firm to get benefits like quality performance, standard establishment

of processes, inclined motivation, continuous improvement, etc. on the other side, drawback
comprises increased dependency, higher pressure on employees, etc.
Key performance indicator
It comprises both financial and non monetary factors that gives assistance in analysing
relevant elements for evaluating performance of company. It involves revenue per client,
average class attendance, client retention rate, profit margin, etc. To resolve financial problem
these key performance indicators are applied so that higher outcome can be derived (What Is the
Importance of KPIs for Performance Measurement?2021). There are few other key indicators
involves revenue, profitability, etc. in turn major problems like declined profitability, revenue,
etc. which allows deriving various benefits like accomplishing goals & objectives, effective
decision-making, communication, etc. on the other side, ABC Ltd is required concentrating on
limitations like diversion form goal, de motivation to employees, etc.
Variance analysis :
It is the analysis which is the study of deviations of the behavioural trends of the business
that can allow the business in the management of the study which focuses over forecasting the
planned behaviours for budgeting or managing accounting. It is considered to be very essential
for being concerned with the differences which are the part of actual and planned behaviours that
provides the indication of the performance of the business. With comparison between the
deviation of the organization the business is able to analyse the effectiveness of the
organization's performance (What is Variance Analysis? 2021).
Financial Governance :
This is the method which is used by the business in which the financial data of the
organization which consists of all different kinds of reports and budget plans are controlled by
the with the help of software, which maintain the data of the structure. It is the single data hub
which helps the business in the real time and historical information. This method is also very
efficient as it validates the data upon input (Kapiyangoda and Gooneratne, 2021). The system
which is used by this organization is considered to be the way which helps the business in the
auditing the log which allows the business in keeping track of what the business transactions are
doing.
Balance score card method :

The balance score card method is the one which helps the business in the identification of
the ways in which they can improve their internal operations for better external outcomes (Diab,
2019). It is the measurement of the past performance which can help the business in the
management of the organization and also the providing feedback which can help the business in
making better decisions in the future (DO and et.al.,2020).
CONCLUSION
With the help of this project it can be concluded that ABC Ltd as a manufacturing
organization needs management accounting for its business to make sure that it is able to achieve
effectiveness in the management of the organization. This project has also provided an
explanation of the management accounting system and also the different types of management
accounting system. This project also provided an explanation on the different methods which is
used for the management accounting process. In this project the calculation of the costs with the
help of different techniques has been shown which has allowed the business in the development
of the income statement. This project also provides the explanation of the advantages and
disadvantages which can help the business in explaining the advantages and disadvantages of the
different types of planning tools and budgetary control. This project has shown the comparison
of the adapting management accounting system for responding to the financial problems of the
organization.

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