Management Accounting: Benefits, Methods, and Applications

This report discusses the benefits, methods, and applications of management accounting in Ryder Architecture. It explores the different types of management accounting, such as lean accounting, throughput accounting, traditional accounting, transfer pricing, and inventory management system. The report highlights the advantages of management accounting in planning for the future, decision making, and reducing costs. It also describes various methods used in management accounting, including financial planning, evaluation of financial statements, and controlling budget. Additionally, the report explains the differences between marginal costing and absorption costing techniques and their impact on the business.

MANAGEMENT ACCOUNTING

Executive summary
This report is based on the implementation of management accounting in the conduction of
business for Ryder Architecture. The various aspects of management accounting and the
importance of management accounting will be discussed in this report in detail. Furthermore,
two tables have been created for the purpose of calculations which are used to identify the
differences between marginal and absorption costing techniques of management accounting.
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Table of contents
Introduction......................................................................................................................................4
Task 1...............................................................................................................................................4
Introduction......................................................................................................................................4
Description of management accounting and highlighting the necessary requirements of various
types of management accounting systems to the chosen scenario..................................................5
Lean accounting...........................................................................................................................6
Throughput accounting................................................................................................................6
Traditional accounting.................................................................................................................7
Transfer pricing............................................................................................................................7
Inventory management system.....................................................................................................7
Benefits of Management Accounting..............................................................................................7
Plan for the future........................................................................................................................8
Decision making for the future....................................................................................................8
Predict cash flow..........................................................................................................................8
Reducing cost of production and increasing rate of return..........................................................8
Description of the various methods used for management accounting that can also be beneficial
for the chosen scenario....................................................................................................................9
Financial Planning........................................................................................................................9
Evaluation of the financial statements.........................................................................................9
Controlling budget.......................................................................................................................9
Marginal costing..........................................................................................................................9
Making decision.........................................................................................................................10
Statements of cash flow.............................................................................................................10
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Representation of graphs and statistics......................................................................................10
Conclusion.....................................................................................................................................10
Task 2.............................................................................................................................................11
Introduction....................................................................................................................................11
Computation of the net profit percentage using Absorption Costing method...............................11
Computation of the net profit percentage using Marginal method................................................13
Differences between the Marginal and Absorption management accounting techniques.............15
Conclusion.....................................................................................................................................16
Task 3.............................................................................................................................................17
Introduction....................................................................................................................................17
Evaluation of the application of planning tools of budgetary control and understanding their
advantages and disadvantages.......................................................................................................17
Budget........................................................................................................................................17
Master budget.............................................................................................................................17
Operating budget........................................................................................................................18
Cash flow budget.......................................................................................................................18
Financial budget.........................................................................................................................18
Behavioural implications of budgeting..........................................................................................18
Pricing strategy..........................................................................................................................19
Supply and demand....................................................................................................................19
Applications of the various methods of Management accounting that can be used by
organisations to tackle financial issues..........................................................................................19
Benchmark.................................................................................................................................20
Key Performance Indicator (KPI)..............................................................................................20
Budgetary targets.......................................................................................................................20
Financial governance.................................................................................................................20
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Management accounting skills and their usefulness..................................................................20
Conclusion.....................................................................................................................................21
Conclusion.....................................................................................................................................21
Reference List................................................................................................................................22
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Introduction
Management accounting is a technique used by the organisations to retrieve the correct data
regarding the amount of sales in a financial year, stock in hand or left in the inventory, raw
materials bought by the company, salary and wages of the staffs and so on. Therefore, it can be
said that applications and contributions of management accounting is huge in a business
organisation. In this report, the benefits of the applications of management accounting will be
discussed along with the advantages and disadvantages of the various tools of management
accounting.
The report is conducted as the General Manager of a company and the discussion on
management accounting of the company will be identified and evaluated in details. For better
understanding of the project the company that has been chosen is Ryder Architecture, which is a
small-scaled enterprise of the United Kingdom and the impact of the applications of management
accounting on the business conduction process and managing other records will be discussed.
Ryder Architecture is a company which is aiming at improving the internal and the external
architectural designs of properties of their clients and currently they are focusing on enhancing
their skills to serve their clients better.
Task 1
Introduction
This portion of the report will focus on the management accounting system of Ryder
Architecture and will also emphasise on the various types of management accounting that can be
incorporated by the company to be more effective in maintaining their books of accounts and
also planning on monitoring their allocated budget. Furthermore, the benefits of management
accounting used by Ryder Architecture that can help the company grow in the market will also
be discussed in this portion.
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Description of management accounting and highlighting the necessary
requirements of various types of management accounting systems to the
chosen scenario
Management accounting is a very effective tool that can be used by the companies in order to
maintain their books of accounts and also helps the management of the company to take
important tactical decisions that can benefit the company in the market in the long run. In this
report the company in focus is Ryder Architecture and the management accounting methods that
can be used will be discussed. Furthermore, this tool has also been very effective in monitoring
the records for the company and also monitors the use of the allocated budget efficiently
(Herbert and Seal, 2012).
There are four different types of management accounting, they are as follows:
Figure 1: Different types of Management Accounting
(Source: As developed by researcher)
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Lean accounting
The concept of Lean accounting highlights the fact that when changes are necessary within an
organisation, the management of the organisation adopts the principles of Lean accounting
methods. In the scenario regarding Ryder Architecture, the management of the company and
other organisational heads of the company can implement the concept of Lean accounting to
bring the necessary organisational changes. In addition to this, the concept of Lean accounting
does not focus the traditional methods wherein the focus was on mass production. Furthermore,
the concept of Lean accounting principle will help the management of Ryder Architecture in
maximising the profit margin by reducing the cost of production.
Figure 2: Principles of Lean accounting method
(Source: (Herbert and Seal, 2012).)
Throughput accounting
It is a simplified accounting system which is based on the Theory of Constraints. Throughput
accounting can be very effective and can also help the management of Ryder Architecture to take
better decisions for achieving growth in the market. The operations of throughput accounting
will help the management of Ryder Architecture to understand the basic concept of accounting.
Furthermore, this accounting method will also help the management of Ryder Architecture to
understand the market situation and take decisions related to investment and taking decisions for
making strategic changes (Hilmola and Gupta 2015).
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Traditional accounting
The traditional accounting method is the oldest form of accounting method. The calculations
which are done in traditional accounting is based on the primitive method of calculations. Many
people consider the traditional accounting method to be advantageous and more flexible as
compared to other accounting methods. In scenarios, wherein Ryder Architecture is facing issues
with their business conduction process, then the management of the company can opt for
switching to the traditional accounting for better maintaining their books of accounts (Elsukova,
2015).
Transfer pricing
Transfer pricing is another type of management accounting wherein companies can control and
stabilise the prices for their manufactured products in all of their branches across the world (Tice
et al. 2015). For a company like Ryder Architecture, which has stock inventories in various
destinations across the borders, so the management of Ryder Architecture has to incorporate the
strategy of transfer pricing to reduce the cost of cross border control, taxation rules and other
issues which are associated with the transfer of the products across the borders like issues with
the custom clearance and so on.
Inventory management system
The management of Ryder Architecture can monitor the purchases and the sales made by the
company and can also manage the stock that is present in their inventory. Since, Ryder
Architecture business is spread across borders, so the management of the company needs to
monitor the stock that they have and also needs to monitor the amount of sales the company has
made along with the revenue earned by the company from sales. Therefore, this would allow the
management of Ryder Architecture to reduce the loss of stock and make use of the available
resources (Müller et al. 2015).
Benefits of Management Accounting
A company which adopts the management techniques of accounting reaps a number of benefits
which ranges from monitoring the stock in hand to making important decisions for the business.
This portion of the report focuses on discussing the benefits of management accounting that
Ryder Architecture can get if the management of the company implements the technique. In
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addition to these benefits, management accounting can help an organisation in numerous ways
which are as follows:
Plan for the future
The principles of Management accounting can help the management of Ryder Architecture to
take necessary decisions for the company which can be related to investment in business or
acquiring business or collaborating with other companies and so on. Furthermore, the
management accounting techniques can also help the management of Ryder Architecture to
understand the tastes and preferences of the customers and likewise the company can undertake
strategies and allocate budget to develop relevant products (Lavia López and Hiebl 2014).
Decision making for the future
As per the market data, most of the managers of the companies are more inclined to the
qualitative information in order to take important decisions for the future of the business. The
dependence on the qualitative data for the managers have proved to be not so efficient as the data
provided has numerous gaps. This is where management accounting comes into action as it can
fill the gaps and help the management of Ryder Architecture to take decisions to meet the future
demands (Crutzen et al. 2016).
Predict cash flow
Predicting the cash flow is one of the most important phases in a business organisation, the
management and the hierarchy of the managers of Ryder Architecture has to monitor the cash
flow to understand the use of allocated budget and predicting the amount of revenue that can be
generated and setting the price of the products per unit accordingly.
Reducing cost of production and increasing rate of return
The applications of Management accounting can also be understood wherein the management of
Ryder Architecture can optimise the available resources by reducing the cost of production and
increasing the margin of profit by stabilising the price at a certain range (Adenike and Michael
2016).
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Description of the various methods used for management accounting that can
also be beneficial for the chosen scenario
The other management accounting tool that can be used to benefit Ryder Architecture to perform
better in the market are as follows:
Financial Planning
This type of planning is associated with the planning related to the budget of Ryder Architecture.
The management of Ryder Architecture has to undertake the changes and make decisions based
on the financial situation of the company. Therefore, the management of Ryder Architecture has
to make decisions which would make the company achieve the organisational goals as well.
Evaluation of the financial statements
The phase that is associated with the analysis of the financial statements will help the
management of Ryder Architecture to understand the cost that the company has to incur and the
revenue that would be generated from the sales as per the prices set per unit. The analysis also
helps the company to analyse the opportunities and risks, evaluate and understand the cash flow,
income statements and balance sheet for the business in a financial year (Kansal et al. 2013).
Controlling budget
The management of Ryder Architecture has to identify the possible ways they can save money
and make use of the allocated budget for maximising production and profit. When the company
controls the budget, wastage of resources is minimised and the company can boost their
production in the entire process (Yao et al. 2014).
Marginal costing
This is a term associated with management accounting where the production for Ryder
Architecture can get affected if there is any increase or decrease in the production of the products
by Ryder Architecture. Therefore, the expense that has been incurred by the company due to
change in production of one unit of the product is referred to as marginal costing.
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Making decision
Based on the expenditures that Ryder Architecture has to incur during the production phase,
management accounting would help the management of the company to make strategic changes
to gain competitive advantage over the rivals (Venugopalan et al. 2014).
Statements of cash flow
A company should always analyse its cash in hand and the amount of credit the company has in
the market in terms of liquidity. Therefore, it is important for the company to maintain its
liquidity so that the management can pay when the necessity arises. The same goes for Ryder
Architecture, the management of the company should maintain the cash reserve to maintain a
balance between the various types of assets and cash in hand (Zhu et al. 2016).
Representation of graphs and statistics
The management of Ryder Architecture can use management accounting to develop different
types of statistical representations and data interpretation. This information proves to be relevant
and helps the company to understand the market situation and demands and take necessary steps
to respond to the changes in the market.
Conclusion
After completing the studies and the researches on the various aspects of management
accounting, the importance of management accounting and its various tools has been identified.
This portion of the report also focuses on the explanation of the various concepts associated with
the aspects of management accounting and the ways by which Ryder Architecture can make full
use of management accounting and benefit from it. In addition to this, the importance and
various types of management accounting implemented by the different organisations has also
been explained in the aforementioned points.
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Task 2
Introduction
This portion of the report would highlight on the two different types of accounting, namely the
Marginal accounting method and the Absorption accounting method. Furthermore, this portion
will highlight the calculations that are related to the marginal and the absorption costing methods
of accounting followed by a discussion which differentiates between these two accounting
methods. Finally, a short conclusion will be discussed based on the report that has been
discussed in this portion.
Computation of the net profit percentage using Absorption Costing method
Absorption costing
Year 1
Particulars
Amount
(£) Units
Production 600
Sales volume 500
Sales 17500
Less. Cost of sales 400
Net sales 17100
Opening inventory 0
Direct labour 3000 5
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Direct material 3600 6
Less. Closing inventory 9900
Variable Production
overhead 1200 2
Variable Sales overhead 500 1
Total variable cost 18200
Contribution -1100
Less. Fixed cost 2200
Administrative expenses 800
Operating profit -4100
Less. Non-operating expenses
Distribution expenses
Interest expense
Net profit before tax -4100
Less. Tax -1230
Net profit after tax -2870
Table 1: Calculation of Absorption costing method
(Source: As developed by the researcher)
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Computation of the net profit percentage using Marginal method
Marginal costing
Year 1
Particulars
Amount
(£) Units
Production 600
Sales volume 500
Sales 17500
Less. Cost of sales 400
Net sales 17100
Opening inventory 0
Direct labour 3000
Direct material 3600
Variable expenses 1700
Fixed cost
Administration expenses 800
Manufacturing fixed cost 1800
Less. Closing inventory
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Less. Under absorption of fixed cost 300
Net profit before interest and tax 6900
Less. Interest expenses
Profit before tax 6900
Less. Tax 2070
Profit after tax 4830
Table 2: Calculation of Marginal costing method
(Source: As developed by the researcher)
Differences between the Marginal and Absorption management accounting
techniques
The differences that have been identified between Marginal costing and Absorption costing
techniques are as follows:
 Cost application varies between the two of them. In marginal costing technique only the
variable costs are included, in contrast to this, in Absorption costing technique only the
fixed costs are included.
 From the aforementioned tables, it has been identified that for the same costs and
expenses, marginal costing technique showed a profit for the organisation, whereas
absorption costing technique showed that the company incurred loss (Embrechts et al.
2015).
 From the above calculations, it has been identified that in case of marginal costing
technique, the profit margin is higher than Absorption costing technique..
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 It has also been identified that marginal costing techniques focuses more on the selling
and pricing policies of an organisation, whereas, Absorption costing technique focuses
mainly on the production phase.
 In case of marginal costing techniques remaining stock is carried forward to the stock
value, since it is treated as loss for the organisation, whereas, in Absorption costing
technique, remaining stock is carried forward to the next financial year considering it to
be an asset (Kotas et al. 2014).
 Again, differences are identified in the ways prices have been charged to cover up all the
costs.
 In regards to the net profit, in case of marginal costing technique, the calculations
displayed a net profit of £4830, while in case of absorption costing technique the net loss
displayed at £2870, which denotes that the company is at loss.
 In addition to this, it has also been identified that in case of Marginal costing the overall
profit earned by the company is calculated as per profit volume ratio while in case of
Absorption costing techniques, fixed costs are considered, thus, totally impacting the total
profits earned by the company.
 Furthermore, some more differences that have been identified, highlights the fact that in
case of Absorption costing technique for the company, the net loss displayed before tax
was -£4100, whereas, in case of Marginal costing technique the net profit before tax was
recorded as £6900.
 Moreover, the amount of tax that has been deducted in case of absorption costing
technique was -£1230, whereas, in case of marginal costing technique the tax amount was
£2070. The reason for the difference being, in case of marginal costing technique the
company made profit whereas in case of absorption costing the company incurred losses.
 In case of Absorption costing, closing inventory was carried forward as in this costing
technique closing inventory is considered to be an asset, while in case of Marginal
costing, opening inventory was 0 and stock left in inventory was treated as a loss.
Conclusion
On concluding the studies and researches regarding this portion of the report, many differences
have been identified between Marginal accounting technique and Absorption accounting
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technique. Here, on studying the amounts given and completing the calculations based on the
two different accounting methods, the Marginal costing method displayed a profit whereas in
Absorption costing technique, the company incurred loss as per the data given.
Task 3
Introduction
Budgetary control is something in which income and expenditure of an organisation are
compared with its planned income and expenditure to construct future planning. Ryder
Architecture can use different tools for their budgetary control which is helpful to plan different
budgets in the organisation which will be discussed following. Apart from this, different
management accounting methods will be elaborated following which can be used by the
organisation to reduce its financial problems.
Evaluation of the application of planning tools of budgetary control and
understanding their advantages and disadvantages
Budget
It is the estimation of income and spending of an organisation for a limited time period. The
budget is essential for an organisation to plan its different activities such as sales, management,
any projects and more (Narasimhan, 2017). Ryder Architecture needs to identify its spending and
prepare a budget for conducting its operational activities. The budgetary control can be used by
the organisation to compare its planned budget with actual expenditure. A number of budgeting
techniques can be used by Ryder Architecture:
Master budget
It is the incorporation of various budgets of an organisation, which is essential for gain
knowledge about expenditure of different activities. A number of factors are associated with
master budget such as cost of sales, operations, revenue generation of the organisation, asset and
much more (Sandalgaard and Nikolaj Bukh, 2014). Ryder Architecture needs to use the master
budget in order to focus on overall activities of the organisation. The master budget is helpful for
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Ryder Architecture to set goals for future and plan strategies accordingly. Apart from this, the
organisation can identify any extra spending through master budget and reduce it to enhance its
profitability.
Operating budget
The projected income and expenditure of an organisation can be developed and analysed by
using operating budget for a given period of time. The operating budget can be develop by using
production cost, sales cost, operating cost, management cost, labour cost and much more. The
operating budget is helpful for Ryder Architecture for its decision making process for a certain
period of time. The organisation can develop its operating budget for weekly, monthly, quarterly,
monthly and yearly basis based on the operational procedures. Ryder Architecture needs to
develop its operating budget in order to analyse its various expenditure for its different
operational activities.
Cash flow budget
This budget is important for an organisation to identify different sources from which cash comes
into the organisation and spread out for a certain period of time (Réka et al. 2014). Ryder
Architecture needs to prepare a cash flow budget in order to recognise the correct usage of their
cash. The cash flow budget of Ryder Architecture can be prepared by using accounts receivable
and accounts payable, which is helpful to recognise usable cash in their hand for its different
operational activities such as running daily operations, using different opportunities in future and
expand the ways of cash generation. The cash flow budget is helpful for an organisation to gain
understanding about whether it needs to develop new products for expand their market and
different opportunities of revenue generation.
Financial budget
This type of budget is helpful for an organisation to handle its asset, income, spending and
different other factors. Ryder Architecture can recognise its financial conditions by developing
financial budget and it can compare its income and expenditure for improve its future strategies
and decision making process.
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Behavioural implications of budgeting
Ryder Architecture needs to consider different implications of its budgeting process which are
following:
 The management of an organisation can set its short and long term goals by preparing
proper budget for the organisation and plan to achieve those on time. The working
environment can be developed and the employees can work efficiently.
 The employees of an organisation can be motivated more to achieve their target if the
budgeting process is proper. The organisation needs to provide incentives to the
employees for their achievement and it also can be a part of budgeting process. However,
if the budget is not prepared properly, then it can impact on the organisational culture
negatively.
 If the budgeting cannot be implemented properly, then it can enhance pressure on the
employees and management to achieve their targets.
 Sometimes the lower management personnel can manipulate the budget to meet the
requirement of higher level management. It brings huge problem in an organisation that
can be termed as budgeting slack.
Pricing strategy
Ryder Architecture needs to implement a pricing policy based on the demand of the customers
and analysing the competition. The prices of the products need to be affordable for its target
market.
Supply and demand
Ryder Architecture needs to gain knowledge about the demand of the products and monitor its
sales to develop its budget. The production needs to be emphasised if the demand of the products
is high. The production cost needs to be considered to develop its budget.
Applications of the various methods of Management accounting that can be
used by organisations to tackle financial issues
Ryder Architecture can recognise its different financial problems and use different methods of
management accounting to resolve those.
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Benchmark
Ryder Architecture can enhance their performance by setting benchmark by considering its
different operational activities. The organisation needs to find out the drawbacks of its different
operational activities. The organisation needs to make plan for its future development based on
the benchmark and set target according to their capabilities.
Key Performance Indicator (KPI)
The organisational performance can be judged by developing key performance indicators. The
financial performance as well as non-financial performance can be recognised by using KPI
(Friendly, 2016). The KPI can be set by Ryder Architecture on its different operational factors
such as financial activities, management, sales and much more.
Budgetary targets
Ryder Architecture can use the budgetary target to gain knowledge about its budgeted cost and
actual cost. It is helpful for the organisation to find out differences of the cost and drawbacks
related to their budget.
Financial governance
The finances of the company along with the allocated budget should be monitored from time to
time, in order to check if the budget that has been allocated is used at an optimum level and the
management of Ryder Architecture should also monitor the amount of capital allocated has been
properly distributed among the various departments of production. The efficiency of regulating
the finances for the Ryder Architecture can be identified by the internal audits that are
conducted. In addition to this, the management of Ryder Architecture should also analyse the
risk factors that can have adverse effects on the performance of the organisation in the long run.
Management accounting skills and their usefulness
A person who is engaged with the task to manage the books of accounts for Ryder Architecture,
should be proficient in accounting skills, teamwork, has to be a good communicator, should have
good knowledge in numerical and so on. Since, these personnel in organisations are very
important and are responsible for conducting and monitoring the finances, maintaining the books
of accounts, for conducting audits and so on.
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Conclusion
This portion of the report highlights the various advantages and disadvantages of adopting the
tools that can be used to control budget. The tools have been identified and the details regarding
the tools have been discussed in this portion of the report. Furthermore, the urgency for
organisations to tackle the financial issues have been identified and small-scaled companies like
Ryder Architecture has also been identified in details.
Conclusion
Finally on completion of the studies on the subject matter of the report various information has
been gained and the report being conducted from the viewpoint of the general manager of Ryder
Architecture, the decision making ability regarding the company’s situation in order to sustain in
the market has also been discussed. In addition to this, the report includes multiple ways which
focuses on the development of Ryder Architecture in the market. Moreover, the various
importance of management accounting has been discussed in general as well as in relation to the
management of Ryder Architecture.
The report also highlights the differences between the Marginal costing techniques and the
Absorption costing techniques by using a few numerical data of a company. As per the data, the
calculations have been completed and the differences which have been identified throws light on
the fact that by applying the marginal costing method of calculations, companies can conduct
better and refined calculations which would lead to proper data analysis. Furthermore, there are
various components which are recorded in the calculations which are not recorded in the
Absorption costing while in case of Marginal costing those expenses have been dropped.
Therefore, it can be concluded that the Marginal costing technique is much more diverse and the
explanations highlighted in Marginal costing are clear as compared to Absorption costing.
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