Management Accounting System and Techniques

This report explores the concepts and applications of management accounting systems and techniques. It covers essential requirements, different methods used for reporting, benefits and applications within an organizational context, cost analysis techniques, planning tools, and adaptation strategies for responding to financial problems. The report also includes examples and calculations to illustrate key concepts.

MANAGEMENT
ACCOUNTING SYSTEM
AND TECHNIQUES

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO 1.................................................................................................................................................1
P1. Explaining management accounting and essential requirements of management ..........1
accounting system..................................................................................................................1
P2. Explaining different methods used for management accounting reporting.....................4
M1. Evaluating benefits of management accounting system and their application ..............5
within an organisational context.............................................................................................5
D1. Critically evaluating how management accounting systems and management .............6
accounting reporting is integrated within organisational processes.......................................6
LO 2.................................................................................................................................................7
P3. Calculate costs using appropriate techniques of cost analysis to prepare an ..................7
income statement using Marginal and Absorption Costs.......................................................7
M2. Accurately apply a range of management accounting techniques and produce ..........10
appropriate financial reporting documents...........................................................................10
D2. Produce financial reports that accurately apply and interpret data for a range of ........10
business activities.................................................................................................................10
LO 3...............................................................................................................................................11
P4. The advantages and disadvantages of different planning tools......................................11
M3. Use and application of different planning tools for preparing and forecasting ...........13
budgets..................................................................................................................................13
D3. Planning tools for accounting respond to solve financial problems..............................14
LO 4...............................................................................................................................................15
P5. Adapting management accounting systems to respond to financial problems...............15
M4. By responding to financial problems' management accounting can lead ....................16
organisation to sustainable success......................................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Management accounting is a term which is concerned with the application of professional
knowledge and abilities in policy formulation, planning and controlling for the undertakings. It is
a process which involves concept of evaluating, identifying and preparing management accounts,
reports and business strategy to provide accurate, fair and timely information related to
financial, managerial and non-financial matter necessary for decision-making & also helps in
interpreting & communicating information to company's stakeholders (Otley, D., 2016). Further
more, the company has used different management accounting techniques for controlling cost,
making budgets. It has also explained that how a company uses different management
accounting tools in solving its financial problem and thereby achieve its organisational goal.
Management Accounting reporting has also been explained which contains material information
about the company's financial position, cost incurred, non monetary information thereby helping
in formulating business plans & strategies, preparing budgets, measuring performance, decision-
making and estimating future profits and cost to be incurred (Otley, D., 2016).
MAIN BODY
LO 1
P1. Explaining management accounting and essential requirements of management
accounting system.
Management accounting is defined as a process or technique of identifying, evaluating,
monitoring, measuring and communicating the financial, non financial, economical and
managerial information to organisation people for better decision-making, defining business
strategies & plans essential for achieving organisational goals and objectives effectively and
thereby generating maximum profits. It emphasises on factors such as planning, controlling and
providing information to the management for internal decision-making. The process of
management accounting is related with preparing management reports and accounts which helps
in providing correct, relevant, accurate and timely financial as well as the statistical information
as required by the management of the organisation to make day-to-day and short-term business
related decisions (Otley, D., 2016).
1

Distinction between Management Accounting and Financial Accounting.
S. No. Basis Management Accounting Financial Accounting
1 Nature of Information Financial and Non-financial
Information.
Mainly financial information.
2 Information uses To help in planning,
monitoring, controlling and
decision-making.
To record the financial
performance and position of
the company at the end of the
period and communicating it
to its users.
3 Information users Information is used by Internal
users mainly i.e. by managers,
employees (Otley, D., 2016).
Useful for external users viz.
shareholders, creditors, banks
etc.
4 Time period It emphasises on future
aspects useful for growth of
business.
It considers past transactions
(Otley, D., 2016).
The essential requirements of management accounting system are as follows:
1. Cost Accounting System - The Cost Accounting system is a process which is used by the
company to make estimates, analyses the product cost for ascertaining the profit levels, cost
incurred in carrying on business activities i.e. for manufacturing a product, inventory valuation
and controlling cost (Otley, D., 2016). It has two types:
1. Process Costing Method - It is a cost accounting system which emphasizes on ascertainment
of the operating and manufacturing costs incurred separately for every wok process. It takes into
consideration the products of similar nature useful in such costing method. It is calculated by
totalling of all cost amount and divided by total output for ascertaining cost per unit (Otley, D.,
2016).
2. Job order Costing Method - It is a process which emphasizes on ascertainment of the operating
and manufacturing costs incurred separately for every wok job. It involves collection of cost of
production that is engaged in production of some specific unit or a group. This cost accounting
2

method is used for costing the unique products and also helps customers in ascertaining exact
cost incurred for producing a product.
2. Price optimisation system - This method of management accounting system helps company in
analysing that how customer will behave towards different price changes with different channels
of its products and services (Otley, D., 2016). It studies the customer response towards different
price. This method helps the company in analysing the best possible price for its product and
services which it can charge from its customers and in-turn will maximize the business profits
and able to achieve its goal and objectives effectively. It also helps in determining the future
profit by studying fluctuation in demand with reference to price changes. It considers three
factors as price elements:
1. Strategy of pricing a product.
2. Product value for both buyer and seller, and
3. Strategies and procedures used for increasing profits level (Otley, D., 2016).
3. Inventory Management System - It is a system of managing inventory, stock levels by
monitoring and tracking goods, products within supply chain and area where business carries out
its operating and manufacturing functions. This method helps company in ensuring the
continuity of workflow, evaluating exact inventory figure and its reorder before stock out
situation arises. The main function of managing inventory is to keep a check on detailed record
of new or returned product when it enters or leaves a warehouse (Otley, D., 2016). This
management accounting system has following two sub types:
1. LIFO - LIFO stands for “Last in, first out”. It is a method of inventory valuation in which last
inventory item purchased is sold first among all the inventory held.
2. FIFO - FIFO stands for “First in, first out”. It is a method in which goods purchased first are
the goods sold first (Otley, D., 2016).
4. Job Costing System - This method is defined as a process in which manufacturing and
operating cost are assign to each and every product and service, so as to monitor and keep a track
of expenses incurred. Cost information associated with the specific product or any business
activity or specific job process is determined for the knowledge of customer which helps them in
3

getting cost reimbursed under terms and conditions as defined in contract (Otley, D., 2016). It
divides cost into Direct material, labour and overhead costs. By using job costing system, the
company can ascertained cost at any stage of job completed and comparing it with estimated
costs prepared thereby helping in controlling cost and maximizing profits of the business
organisation.
P2. Explaining different methods used for management accounting reporting.
The management accounting reporting is a term which provides detailed information related to
financial, non financial and managerial matters of the company. It helps company in making
decision related to internal processes of the business organisation. This is considered as a process
of planning, monitoring, evaluating and decision making on the basis of material information
provided about the company's financial position, cost incurred thereby helping the company in
formulating business strategies & plans, preparing budgets, measuring performance, estimating
future profits and cost to be incurred (Mohd Fuzi, N. and et.al., 2019).
Different used for management accounting reporting are as follows:
1. Cost Managerial Accounting Report - This report helps in evaluating the cost involved in
manufacturing or producing a specific product, unit or group of units. It helps in realizing the
product cost prices and selling prices and comparing for determining the profit margins. The cost
managerial accounting system distributes the cost into direct raw material costs, direct labour
cost and overhead cost. The total cost figure ascertained is divided by the total number of output
produced for determining the cost per unit of a product or service (Mohd Fuzi, N. and et.al.,
2019).
2. Budget Report - This report helps business organisation in analysing the performance of
various business departments and business operations. It helps company in controlling cost,
business expenses by preparing budgets & business strategies for future period. With the help of
budget report, the company can achieve its objectives with limited budget amount thereby
maximizing profit and minimum cost of production.
3. Performance Report - This report provides detailed information about the success journey of
performance of a business project or of employee performance. It helps the company in
monitoring and reviewing the performance thereby assisting in decision making (Mohd Fuzi, N.
and et.al., 2019). Such reports provide deeper view of the working of business organisation. It is
4

important for every company to monitor and keep a track of its strategy & policy developed for
attainment of mission. It is a budget which compares actual and budgeted amounts of cost to be
controlled for a business organisation.
4. Accounts Receivable Aging Reports - The report of Accounts Receivable Aging takes into
consideration the importance of accounts receivables for making crucial management decisions
in the business organisation. This report emphasises on the credit side of the business balance
sheet and income statements. Apart from the credit side amount, any balance remaining helps the
company in identifying the defaulting person of the business organisation. It helps in assessing
the problem coming in cash collection process of the company (Mohd Fuzi, N. and et.al., 2019).
M1. Evaluating benefits of management accounting system and their application
within an organisational context.
Management accounting system is a system which helps in preparing & managing accounting
reports related to financial, non financial information of different departments which aids in
effective decision making. Management accounting system consists of information of internal
system of the business processes, which an organization uses for measuring, assessing and
evaluating the performance of the management organization (Mohd Fuzi, N. and et.al., 2019).
Benefits of management accounting system -
Management accounting systems Benefits within an organisational context
1. Cost Accounting System  It helps organisation in ascertaining the
cost incurred in manufacturing a product,
inventory valuation and controlling cost.
 It has two methods -
Process Costing Method which ascertain costs
incurred separately for every wok process.
Job Order Costing Method ascertain costs
incurred separately for every wok job (Mohd
Fuzi, N. and et.al., 2019).
2. Price optimization system  Helps in analysing behaviour and
5

response of customer towards different
price changes with different channels of
its products and services (Mohd Fuzi, N.
and et.al., 2019).
 It helps in determining future profit by
studying fluctuation in demand with
reference to price changes.
3. Inventory management system  This management accounting process
helps organisation in improving its
inventory & warehouse management
with transparency and ensures
availability of enough stock for meeting
current market demand (Mohd Fuzi, N.
and et.al., 2019).
 It helps in maintaining the inventory
management in terms of supplier to
maintain enough supply to their
customers.
4. Job costing system  It helps in developing better work with
good and improved quality.
 It defines manufacturing and operating
cost assign to each and every product and
service during their production (Mohd
Fuzi, N. and et.al., 2019).
D1. Critically evaluating how management accounting systems and management
accounting reporting is integrated within organisational processes.
1. Cost Managerial Accounting Report - This integration of management accounting will help in
evaluating cost incurred in manufacturing a specific product, unit or group of units (Otley, D.,
2016). Management evaluates cost by considering material cost, labour cost, overhead and other
6

cost. It helps in determining the product cost prices and selling prices and comparing for
determining the profit margins.
2. Budget report - With the help of this management accounting report the organisation is able to
maximizing profit and minimize its cost of production with the availability of limited budgeted
amount and resources as the budget is prepared by management for meeting future expenses. It
helps in controlling cost expense by preparing future budget (Otley, D., 2016).
3. Performance report - By this integration of management accounting, the company is able to
develop business plans & strategies, budgets for achieving the goals and objectives of business
organisation timely and effectively by minimizing cost of production and maximizing profits.
This report will also help the manager of business organisation in analysing the performance &
market position of business (Otley, D., 2016).
4. Account Receivable Aging report - This integration in the management accounting helps the
organisation in collecting the account receivable due on time. It helps the company in identifying
the defaulting person of the business organisation. It also supports company in assessing the
problem faced in cash collection process of the company (Otley, D., 2016).
LO 2
P3. Calculate costs using appropriate techniques of cost analysis to prepare an
income statement using Marginal and Absorption Costs.
Income statement of TSR Pvt. Ltd as per marginal costing technique (10000 units)
Particular
Amount
(£)
Amount
(£)
Sales 250000
Less: Marginal cost
Direct material 50000
Direct labour 30000
Variable manufacturing overheads 20000
Variable selling and administration expenses 30000 130000
Contribution 120000
7

Profitability statement of TSR Pvt. Ltd according to absorption costing technique
(10000 units)
Particular
Amount
(£)
Amount
(£)
Sales 250000
Less: Marginal cost
Direct material 50000
Direct labour 30000
Variable manufacturing overhead 20000
Fixed manufacturing overhead 40000 140000
Gross profit 110000
Less: Selling and administrative overheads
Variable 30000
Fixed 30000 60000
Net profit 50000
Calculation of cost per units
Particular Amount (£)
Direct material 5
Direct labour 3
Variable manufacturing overheads 2
Variable selling and administrative overheads 3
Unit sold 5000
8

Marginal costing technique: Profitability statement with regards to 5000 units
Particular
Amount
(£)
Amount
(£)
Sales 250000
Less: Marginal cost of sales
Direct material 25000
Direct labour 15000
Variable manufacturing overhead 10000
Variable selling and distribution overheads 15000 65000
Contribution 185000
Profitability statement of TSR Pvt. Ltd. using absorption costing technique (5000 units)
Particular
Amount
(£)
Amount
(£)
Sales 250000
Less: Marginal cost
Direct material 25000
Direct labour 15000
Less: manufacturing overhead
Variable 10000
Fixed 40000 90000
Gross profit (GP) 160000
Selling and administrative overheads
Variable 15000
Fixed 30000 45000
Net profit (NP) 115000
9

Computation of variance for TSR Ltd.
Particulars
Budgeted
Figures Actual figures
Variance
(budgeted –
actual) Variance %
Material cost
variance 20900 22000 1100 (adverse)
5.26 %
(adverse)
Material price
variance 2000 2200 200 (Adverse) 10% (adverse)
Direct labour
cost 15000 17680 2680 (adverse)
17.86%
(adverse)
Direct labour
hours 3000 3400 400 (adverse)
13.33%
(adverse)
M2. Accurately apply a range of management accounting techniques and produce
appropriate financial reporting documents.
Management accounting techniques used are as follows:
1. Marginal Costing - The Marginal Cost is defined as the cost of one additional unit of output
produced. Marginal Costing helps the manager of business in making important business and
management related decisions such as purchasing of a new machinery or replacement of any
plant and manufacturing units, adoption of new and better improved production technique etc. It
helps in making plans for future profit with the help of break even analysis, a situation where
company is making neither profit nor losses (Ray, K. and Gramlich, J., 2015).
10

2. Absorption Costing - It is a costing technique which is basically used by company for
valuation of inventory and stock level with the business organisation. It ensures that all the cost
related to production and manufacturing process are properly absorbed by the number of goods
or units produced. It always considers both the variable and fixed cost as a product final cost. It
ensures that cost calculated for the product is accurate and fair for customer (Collis, J. and
Hussey, R., 2017).
D2. Produce financial reports that accurately apply and interpret data for a range of
business activities.
From the above calculation it can be interpreted that TSR Pvt. Ltd. is using both Marginal
Costing method and Absorption Costing method as management accounting techniques for
evaluating the net operating profit. It helps in assessing profit earned by company at different
production level of 10000 and 5000 units. The company by using Marginal Costing is earning
more profit than Absorption costing method at 10000 units of production.
When company is producing 5000 units, at that time using of marginal costing for
ascertaining cost is helping the company in earning more profit as compared to absorption
costing method. By using Marginal Costing method, the company is earning more profit which is
improving the financial performance of the company and reflects good and better financial
position of company, which is considered as a good factor from the point of view of investors
and other stakeholders as it will lead to wealth creation for them (Ray, K. and Gramlich, J.,
2015).
LO 3
P4. The advantages and disadvantages of different planning tools.
Fixed Budget - The budget designed to remain constant, irrespective of the change in the level of
activity actually attained (Pellerin, R. and Perrier, N., 2018). It is also known as static budget.
Advantages Disadvantages
Lowers cost of change- for implementing the
changes time to time in the budget, a huge cost
Remains unchanged- This budget is not
amended at anytime during the year, even if
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is involved but in fixed budget all the things
remains static and need not be interpret
changes so it cuts down the cost of change.
Straight forward to prepare- As the changes
are not analysed so it becomes easy for the
manager to prepare the fixed budget.
Less time consuming- for framing the budget,
a lot of time is consumed but in this budget the
increase or decrease in the level of activity are
not addressed so very little time is needed for
preparing this budget.
there are changes in the level of business
activity which results in the unrealistic
evaluation of the resources.
Restrict Comparison- The actual and the
budgeted performance cannot be compared
correctly as the volume differs.
Difficult to forecast- the results are difficult to
forecast as it does not analyse the changing
circumstances.
Zero- Based Budgeting- It implies that the managers need to build this budget from the zero level
(Cooper, D. J. and et.al.,2019). The purpose to prepare this budget is to re-evaluate and re-
examine all the expenditures and the programs for each cycle of budgeting by analysing
workload and efficiency measures to determine the priorities or alternatives level of funding for
each program or expenses. Through this system, each program is justified and every time a new
budget is developed.
Advantages Disadvantages
Respond to changes- It helps the firm in
responding to the changes in the business
environment.
Identification of inefficient section-
Inefficient or obsolete operations can be
determined by this budget and necessary
actions will be taken by discontinuing such
operations.
Involvement of staff- Zero base budgeting
leads to increased involvement of the staff at
Focuses only on short term benefits- ZBB
emphasizes more towards the short term
benefits and not the long term benefits which
leads to create problems in the long run.
Needed a skilled workforce- the management
requires highly skilled workers which involves
a huge cost to the firm in hiring, training and
development of the employees.
Rigid process- the budgeting process may
become too rigid and the organisation may not
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all the levels since a lot more information and
work is required to complete the budget (Maas,
K. and et.al., 2016).
Effective allocation of resources- through this
budget the resources of the TSR pvt Ltd are
allocated efficiently and effectively.
Enhancement of cost behaviour- Knowledge
and understanding of the cost behaviour
patterns of the organisation will be enhanced
by preparing this budget.
be able to react to unforeseen opportunities or
threats in the future.
Difficult ranking- the ranking of different
types of activities becomes difficult and the
benefits that re qualitative in nature cannot be
ranked.
Demotivation- Managers may feel
demotivated due to the large amount of time
spent on the budgeting process.
Cash Budget- It is a detailed budget of estimated cash inflows and outflows incorporating both
revenue and the capital items of the entity.
Advantages Disadvantages
Maximization of profits- Through this budget
a firm can ascertain information regarding the
cash receipt and the payments so that wasteful
expenditure can be eliminated and large profit
can be attained by the enterprise.
Proper planning- This budget enables the
firm in effective planning, coordination and
control of the cash and cash equivalents in the
business.
Cost control- It assists the organisation in
knowing the expenditure so that organisation
can keep control over the unnecessary cost.
Optimum utilisation of resources- By this
budget, an effective utilisation of the resources
can be made so that wastage of resources can
Ignores the flow of cash after the payback
period- the latter cash flows are ignored in this
budget which results in a vague evaluation of
the cash position.
Avoids the time value of money- the time
factor involved in the money is not included in
this budget which leads to inaccurate results.
13

be reduced.
M3. Use and application of different planning tools for preparing and forecasting
budgets.
Use and application of fixed budget-
Fixed budget is appropriate for evaluating a manager's effectiveness in controlling costs when
actual level of activity closely estimates the master budget and the behaviour of cost is fixed in
response to changes bin activity (Christ, K. L. and Burritt, R.L., 2017). This budget is
appropriate for ascertaining the fixed costs. It is useful when the actual level of activity
corresponds to the budgeted level of activity. It is applied by the small firms as the level of
activity in small firms does not change frequently.
Zero base budgeting is used to make decisions regarding cost benefit analysis and an approach
towards the achievement of objectives. It does not assume that past year's allocation of resources
are necessary for current year, all the functions are re-evaluated annually from a zero base. It
produces better management information (Jermias, J., 2017). This in turn will improve the
quality of management's decision.
Cash budget is used by the TSR pvt Ltd to determine the timing when there is likely to be a
surplus or shortage of cash and provides the information in relation to the quantum of cash
inflows and outflows in the business. It helps in ascertaining the cash position of the entity. It is
used to determine the major discrepancies that are present between the actual and the estimated
expenditure.
D3. Planning tools for accounting respond to solve financial problems.
Balanced Scorecard-
Advantages Disadvantages
This system communicate strategy and
operational management visualizes strategy.
It does not provide recommendations and not
fully efficient for measuring performance.
14

Measures the performance of the business. It is considered as the time consuming method
to resolve the financial problems.
Variance analysis-
Advantages Disadvantages
Efficient in comparing the actual and the
standard budget.
It is difficult to calculate manually.
Extreme values or outliers effect the variance
considerably.
Key performance Index-
Advantages Disadvantages
It helps the TSR pvt Ltd in identifying
visibility on performance and strategic goal.
This technique is intended to simply improve
the future results without reference to external
parties and benchmarks.
Benchmarking-
Advantages Disadvantages
By implementing benchmarking activity,
organisation can improve their operation
processes.
It is time and cost efficient as it involves
imitation and adaptation rather than pure
invention.
Benchmarking involves imitation so it is not
considered as the strategic technique to resolve
the financial problems.
It will not improve the performance if proper
quality management is not in place.
LO 4
P5. Adapting management accounting systems to respond to financial problems.
Balanced scorecard- It is a strategic planning and management system used to align business
activities to the vision and strategy of the organisation by monitoring performance against
strategic goals. It views the organisation from 4 perspectives that are financial, customer, internal
15

business and growth. It is a technique that translates a strategy into action and facilitate planning
for long term organisational success. A balance between financial measure and performance can
be assessed by this system. TSR pvt Ltd uses this method to make strategies and its
implementation so that goals can be achieved as per the set vision. It helps in deriving the
investment and the budgeting decisions.
Variance analysis- This management accounting system helps in evaluating the deviation of
actual from standard in relation to the financial performance (Bobryshev, A. N. and et.al., 2015).
It is used as a controlling tool to resolve the financial problems as it measures the efficiency of
the business. It acts like a barometer for measuring business efficiency. Through variance
analysis weak spots can be identified and remedial actions can be taken by the entity. For
achieving the desired objectives managers can take suitable actions by analysing the variation in
the actual performance. Different types of variance analysis methods are adopted by the TSR pvt
Ltd like material variance, labour variance etc. to measure the gap between the actual and the
budgeted performance (Johnson, M. P., 2015). When the actual cost exceeds the standard cost
then a favourable outcome is resulted while if the actual cost are less than standard cost then the
results are considered as adverse.
Key performance Index- It enables the corporation in tracking and monitoring the performance
of each department in the organisation. It indicates the assessment of the performance of each
division, unit and staff so that managers can evaluate that the tasks are functioned in accordance
with the set standards. This leads to achievement of goals as per the strategies set. The leading
and lagging indicators can be addressed by using the key performance indicator.
Benchmarking-Benchmarking is the continuous systematic process of measuring one's output
and work processes against the competitors or those recognized best in the industry (Rickards,
R.C. and Ritsert, R., 2018). For improving the processes, products or services TSR pvt Ltd
chooses this technique. The measurement is based defined standards under this system. It is an
essential tool for the entity that helps them in reaching the competitive edge in the marketplace.
It is done by using a specific indicators and allows the organisation to develop plans for making
improvements by adopting the best practises (Jansen, E. P., 2018). It enables the firm in
comparing its business processes and performance metrics with another industry so that
competitive strength can be achieved and can build the image of its business worldwide.
16

M4. By responding to financial problems' management accounting can lead
organisation to sustainable success.
By using various management accounting systems TSR pvt Ltd can solve the financial problems
so that it could achieve the sustainable success in the future (Latan, H. and et.al.,2018). All the
techniques of management system helps the firm in attaining the goals as per the strategy and can
achieve higher profitability through performing with full efficiency. Organisation can take timely
action for any deviations or discrepancies so that entity can lead to sustainable success even in
the changing and uncertain circumstances in the coming future.
CONCLUSION
From the above report it can be concluded that management accounting is a tool and
technique which is used in preparing management accounts, reports and also helps in providing
the managerial information on time so as to perform the management related business activities
like planning, organising, controlling, coordinating, evaluating effectively. It also helps in
managerial decision making. The report has also discussed the benefits of using management
accounting system which helps the company in making efficient management related decisions.
Different management accounting planning tools are used for making budget, solving financial
17

problems which the organization is facing. It has also explained various management accounting
techniques used in increasing sales, acquiring market share and to gain competitive advantage.
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