Management Accounting - Techniques, Applications and Costing Methods

This report discusses the various techniques and applications of management accounting, including costing methods like absorption and marginal costing. It also explores how IKEA uses management accounting to manage their financial information effectively. The report includes a discussion on budget planning tools and methods for addressing financial issues. Course code, course name, and college/university are not mentioned.

Management
Accounting

EXECUTIVE SUMMARY
Companies utilise a variety of management accounting methodologies in the finance area. It
is an accountancy procedure in which accounting experts examine economic or non economic
information for internal managerial accounting purposes. This accountancy has a defined set
of roles and obligations for giant corporations. This report based on the IKEA Company
which is using management accounting to manage their financial information in effective
manner. In this report using various types of reports and systems like inventory management,
cost report and pricing optimising systems. Along with, company uses various costing
techniques to manage cost like managerial and absorption costing techniques. For planning
procedure company use different budget like operating, master and capital. To dealing with
financial problem company use different management accounting systems.

Table of Contents
INTRODUCTION.....................................................................................................................................3
P1: Management accounting explanation as well as key management accounting system needs .......3
P2: Various techniques of accounting applications...............................................................................5
P3: Calculate the price per unit using absorption as well as marginal costing. .....................................7
P4: An overview of both the benefits and drawbacks of various budget planning tools. ...................10
P5: Methods through which enterprises might utilise management accounting and address financial
issues ..................................................................................................................................................11
Conclusion ..........................................................................................................................................13

INTRODUCTION
Management accounting, often referred as managerial accounting, seems to be a
methodology that gives financial tools and help to administrators for making decisions
(Benjaafar and Hu, 2020). Management accounting is exclusively utilised by company's inner
staff, and that's the only difference between it and financial accounting. During this
procedure, finance management shares accounting records as well as statistics with business
unit head, such as invoices as well as corporate balance statements. The goal of managerial
accounting would be to use statistical data to make better and more accurate decisions about
the firm, business operations, as well as progress. Managerial accounting makes use of
numerous accounting and financial information to make important choices that affect the
growth of the organisation. It goes through numerous accounting processes with the goal of
delivering useful as well as correct information to the management authority in order for
them to better understand and analyse business operating metrics. Managerial accountants
analyse data linked to the cost of products sold and the company's sales revenue for goods
and services. Cost accounting is a subset of managerial accounting that focuses on finding as
well as capturing overall production costs by analysing the fixed costs and variable costs of
each manufacturing stage. This is beneficial to organs. The report has extensively have
included firm IKEA's managerial accounting procedure, which has secured an optimal
business performance in the fiscal years to assure good business growth. This report has
emphasised the debate about several financial accounting which have been assessed for
obtaining the specific judgement regarding the firm's good functioning. Various purposes of
management accounting reporting have been emphasised, and the correct features of using
their significance have been explored in the study.
P1: Management accounting explanation as well as key management accounting system
needs
Management accounting denotes to the accounting procedures that comprise the
integration of financial as well as non accounts with goal of providing the company more
effective decision-making possibilities (Hatchuel, and Segrestin, 2019). Accounting
information may be used by money planners to make informed decisions. Management
accounting is essential for managerial decision making, budgeting and monitoring
management systems, as well as unified financial statements. Management accounting is the

standard for providing a thorough description of revenue percentages, product offerings, and
client bases.
IKEA is now aiming to employ sophisticated management accounting for better
decision-making. Management accounting offers a thorough view of profit statistics, client
bases, goods and services; financial accounting aids in reporting and managing the business's
ultimate outcome (Shojaei. and Haeri, 2019). Financial accounting provides a clear view of
the company's financial situation, whereas managerial accounting identifies the root reasons
of managerial difficulties. Financial accounting aids in the preparation of financial
statements, whereas management accounting allows IKEA to concentrate solely on
operational reporting assigned inside the business. IKEA formerly had to conform with
numerous accounting standards; however, with the advancement of managerial accounting,
management no longer has to comply with any accounting rules if the data is utilised for
internal management as well as accounting reasons. As small and medium-sized businesses
face a plethora of accounting difficulties on a regular basis, managerial accounting is an
effective instrument that leverages accounting data and activities to provide an idea of the
business's profitability (Halkias and Neubert, 2020).
IKEA will be able to simply calculate the number of goods sold out using management
accounting. The accountant may simply calculate the associated expenses among the
advertising while ignoring the common expenditures. IKEA would indeed be able to identify
the actions for generating those product offerings across the world by implementing
managerial accounting approaches . Management accounting provides knowledge about
production and aids in the budgeting process for the ongoing development of management
processes.
Cost accounting, inventory management accounting, and task costing methods are the most
often utilised management accounting approaches (Al‐Dabbagh, 2020). IKEA will be able to
control overall management and operational expenses by documenting, analysing,
summarising, assigning, and classifying all activities through the use of cost accounting
techniques. Inventory management procedures are crucial for technology multinational
businesses such as IKEA since they allow the managerial accountant to understand when to
refill the inventory, the precise manufacturing volume, and so on. Inventory management
thus entails the act of storing and replenishing a firm's stock in order to enhance its
profitability. Another frequently utilised approach is job costing, which is a sort of

accounting management technique that is primarily employed in machine production units
since the accountant can readily see the precise cost for each and every work. Because IKEA
manufacture goods, the accountant will be able to analyse the expenses for all distinct batches
by assigning overhead charges individually.
Inventory management system: This system is primarily used to maintain an organization's
inventory and stock levels, as well as to retain archives of all information and goods. It is
critical for businesses to recognize their clients' demands in terms of market growth and to
keep accurate records in order to deliver accurate information about stock availability and
unavailable. This is necessary for IKEA administration to keep track of stock levels and
process customer.
Cost accounting system: This is a structure that organisations are using to calculate and
evaluate the cost of its products in order to preserve competitiveness. It explains how and
where to deal with product costs that may occur and how to handle them correctly. IKEA
employs a cost accounting system to measure expenses and monitor progress through cost
identification. This is necessary for making the company more cost-effective and to increase
revenues by controlling expenditures.
Price optimization system: The price optimization method is a logical tool that is primarily
used to establish the cost of things and services offered by businesses. IKEA determines the
pricing of its items and services, which can assist in profit analysis. The primary goal of a
price optimization plan is to identify pricing and meet consumer needs by providing products.
Job costing system: This might be understood as a management accounting system that is
properly linked to the cost measuring procedure in each unit produced. The goal of MAS is to
assist in the reduction of total direct cost. This is not suitable for small businesses due to the
limited product choice. It's perfect for businesses with a diverse product line. This accounting
method is expanded in the case of IKEA to include the cost of the products manufactured by
the manufacturer.
P2: Various techniques of accounting applications
Budgetary control refers to a method in which budgets are utilised to forecast as well
as drive down costs. Budgeting specifies what must be accomplished and how it must be
accomplished, whereas control guarantees that goals are accomplished and that actual
outcomes do not stray from planned course more than required. A corporate firm's budget

serves more or less the same objective like an individuals personal budget. Business budgets,
on the other hand, are more detailed and need more work than personal budgets. A company's
success doesn't really happen by chance. That is why budgeting is essential for all trade and
business organisations. The application of management accounting systems at IKEA will
enable accountants to portray administrative accounting data in an operational manner,
allowing the company to make strategic choices for the company's seamless transition. IKEA
lucrative operations are clearly apparent to stakeholders thanks to the implementation of
management accounting methods (Edwards Jr, 2019). Managerial accounting reports are
classified into four categories: accounting information, receivables reports, work cost reports,
plus inventory as well as manufacturing reports.
The following are some of the advantages of using management accounting at IKEA:-
1. A managerial accounting increases the computing technology firm's overall efficiency in
completing its essential activities.
2. Because managerial accounting incorporates budgeting process, it aids in budgetary
control procedures. Through this procedure, the firm will be able to separate total expenses
into operating and investment operations.
3. Accounting management aids in administrative choices by providing easy reporting of
income statement and a clear & distinctive opportunity for investors to analyse the company's
financial status.
4. By utilising managerial accounting at IKEA., management may readily collaborate with
IT department while also ensuring budgetary activities. This guarantees that the company's
costs are transparent (Keegan, Brandl and Aust, 2019).
Inventory management report: This report is recommended for organisations that
manufacture physical things and inventory, or are involved in the flow of goods and services
with a variety of challenges. It is developed to analyse difficulties, expenses associated with
each manufacturing output, worker expenditures, and overheads associated with these
operations. In the case of IKEA, this aids in the analysis of data on stock levels, personnel,
and other overhead expenses associated with the manufacturing process. Input data or
information are utilised to optimise the manufacturing and mechanical processes in this
study. It gives a detailed overview of different commodities' inventory or availability.

Performance report: It is critical for management to framework to analyse progress and
offer satisfaction level through incentives. This report is used to assess effectiveness and
improve inspiration so that employees stay on for the long run. Administration at IKEA
prepares a performance evaluation that may be used to assess how workers work and how
quickly they finish their tasks. Workers are also motivated by administration to accept needs
and develop organizational effectiveness.
Cost managerial accounting report: Accounting cost management is a type of management
accounting that aims to assist entrepreneurs in forecasting their expenditures. The goal of this
accounting report is to keep organisations from exceeding the budget. Accounting
information at IKEA is concerned with the measurement and evaluation of fees and expenses
associated with the procurement or production of a product. Its main goal is to help
management make better decisions by calculating per unit price using various costing
approaches.
Job costing report: Job costing is a type of accounting that records expenses and revenues
by "task," allowing for uniform reporting of profit per job. An accountancy system should
allow employment figures to also be allocated to specific items of costs and revenues in order
to support job costing. Job Cost reports will provide IKEA managers with a systematic
evaluation of overall costs for various projects. In comparison to revenue reports, the extra
expenses incurred for production procedures for products.
M1 Benefits of management accounting
System Benefits and application
Cost accounting This has the advantage of allowing you to estimate the cost of
items and activities, making it easier to compute earnings. IKEA
is using this to learn more about making investments and making
profits in this industry.
Inventory management This can aid in inventory tracking and offer accurate easy
accessibility and just out items. This is used by IKEA's
management to receive data on the company's inventories and
operations.
Price optimisation This can assist determine the proper price for items so that

customers feel comfortable about paying a decent price for them.
IKEA uses this to find out the cost of its services and profit
margins.
P3: Calculate the price per unit using absorption as well as marginal costing.
The derivatives of economic transactions are exposed inside this part so that the
financial results gained through company operations may be understood.
Absorption costing: Absorption costing indicates that the balance sheet's final inventory is
larger, while the revenue statement's costs are lower. The distinction between absorption
costing as well as variable costing is in how fixed overhead expenses are treated. Fixed
overhead expenses are allocated throughout all production units during the time using
absorption costing (Hall, Turner (Hahn and Vignon, 2019).
Advantages:
 Calculating the true production costs: Fixed manufacturing overhead is regarded as
product price in absorption costing. As a result, it aids in determining the true
production costs.
 Acceptability: Absorption costing is used for external reporting, and so it complies
with different GAAP as well as tax department rules and regulations. As a
consequence, it is admissible to a tax department, shareholders, creditors, and many
others.
Disadvantages:
 Allocation of costs: Fixed factory overhead is permitted on manufacturing based on
the pre rate in absorption costing, however it is difficult to identify the appropriate
denominator volume to compute the rate. As a result, cost allocation becomes
problematic.
 Business decision is not aided by this information: Because absorption costing
doesn't really generate information about contribution margin, it cannot aid in a
variety of situations.

Marginal costing: The idea of marginal costing states all variable expenses are
charged to cost units and fixed costs related to the period covered are wiped off in whole
against with the contributions for said period. The determination of marginal cost as well as
the impact on profitability of volume changes or kind of production by distinguishing among
variable and fixed is known as marginal costing. Costs can be divided into variable and fixed
costs in marginal costing.
Advantages:
 Easy: This is easy to grasp as well as quick to calculate, so everyone can grasp it.
 Decision making: It aids in decision making, such as calculating profitability,
estimating the selling price of a product, deciding whether it should buy or produce a
product, and deciding whether to use the firm's spare capacity (Weitzner and Deutsch,
2019).
Disadvantages:
 Ignorance: In marginal costing, all expenses are categorised either as fixed or
variable, whereas semi-variable costs are ignored.
 Fixed cost is not consider: It is not appropriate for businesses with significant fixed
costs per unit since it solely considers variable costs per unit.
Calculate opening and closing inventory units
2020 2021
Opening
stock 1,500.00 1000
production 3,500.00 4,200.00
sales 4,000.00 4,500.00
closing stock 1000 700
2. Calculate cost per unit using marginal costing and absorption costing approach
Cost per unit -Marginal costing approach
2020/2021
Marginal cost per unit (A)

Direct Labour cost 44000
Direct material cost 68000
variable expenses 21000
Total cost per unit 133000
Cost per unit -Absorption costing approach
2020 2021
Absorption cost per unit(B) Absorption cost per unit (C)
Direct Labour cost 44000 Direct Labour cost 49500
Direct material cost 68000 Direct material cost 76500
variable expenses 21000 variable expenses 31500
Fixed indirect production cost 85000 Fixed indirect production cost 85000
(Fixed cost per annum/production units 2020) (Fixed cost per annum/production units 2021)
Total cost per unit 218000 Total cost per unit 242500
Income statement of Marwa Limited of 1st year:
Particulars Year 2020 ‘£’
Sales (Unit) 4000
Selling Units @ 95 380,000
Less:
Direct labour @ 11 44,000
Direct Material @ 17 68,000
Variable Expenses @ 7 21,000
Opening stock 1500
-Closing stock 1000
Contribution (A) 246500
Less: Fixed cist 85000
Administration overheads 11000
(B) 96000
Profit (A-B) 150500
 Income statement of Marwa Limited of 2nd year:

Particulars Year 2021 ‘£’
Sales (Unit) 4500
Selling Units @ 95 427500
Less:
Direct labour @ 11 49500
Direct Material @ 17 76500
Variable Expenses @ 7 31500
Opening stock 1000
-Closing stock 700
Contribution (A) 269700
Less: Fixed cist 85000
Administration overheads 11000
(B) 96000
Profit (A-B) 258700
Absorption costing:
Income statement of Aarwa Limited of 1st year:
Particulars Year 2020 ‘£’
Production Units 3600
Direct material @ 11 39,600
Direct material @ 17 61,200
Variable expense @ 7 25,200
Fixed indirect production cost 84,000
Total Production cost 210,000

Add: Opening value -
Less: Closing value 35000
175,000
Add: Selling & distribution 5700
Administration overheads 10,500
Interest expenses 1200
192,400
Profit (Balance) 83,600
Sales 276,000
Income statement of Aarwa Limited of 2nd year:
Particulars Year 2021 ‘£’
Production Units 4100
Direct material @ 11 45,100
Direct material @ 17 69,700
Variable expense @ 7 28,700
Fixed indirect production cost 84,000
Total Production cost 227,500
Add: Opening value 35000
Less: Closing value 38842
223,658
Add: Selling & distribution 7500
Administration overheads 10,500

Interest expenses 1450
243,108
Profit (Balance) 124,892
Sales 368,000
It could be stated that budget formulated on the basis of the total value supplied for
the firm IKEA has sufficed to ensure that business operations included are immensely
effective and might even create operational capabilities in assessing the success. Its been
disclosed that now the firm's sales have been intended to be high enough to compensate for
values ascribed to the total profit, which would produce more sustainability in the firm in the
long term. As a result, the consequences affect predicting abilities, ensuring that the
corporation would acquire a larger profit percentage despite paying costs connected with the
acquisition of completed items for such firm. As a result, the firm may simply predetermine
the aims of producing surplus sales through which larger reserves would be kept in
accordance with industry demands.
P4: An overview of both the benefits and drawbacks of various budget planning tools.
A budget often forecasts a company's future outcomes as well as its financial condition
with one or even more fiscal years. Budgets are often produced for planning for the future,
performance assessment, the introduction of new goods and services, and the monitoring of
operations (Chopra, 2019). A budget often allows a company to estimate its short-term
funding requirements. Organizations who currently utilise budgets, in order to evaluate
annual budgets to keep a close eye on actuality and therefore are able to analyse the causes of
deviations in the actual outcomes as anticipated. The benefits of financial management at
IKEA are listed below:
1. The budget primarily assists the corporation in shifting its attention towards short-
term aims to long-term objectives.
2. The budget will assist IKEA's financial management in considering the brand's
reputation as well as liquidity, as well as corrective actions to eliminate all deviations.

3. The creation of an organized flexible budget will aid in highlighting the main
monetary components by analysing the firm's total productivity. The budget will assist the
firm in determining whether it should close down or expand its activities.
4. Budgets may be used to measure IKEA's overall effectiveness.
5. The operating overhead expenses incurred by IKEA over time may be calculated,
allowing the firm to remain fiscally sustainable in judgement procedures.
6. Budgets provide a clear picture of the overall cash inflows and cash outflows
further into firm.
7. Through budgetary management, the entire overhead expenditures are distributed
equitably across all divisions.
Regardless of the benefits listed previously, a budgeting does have a number of flaws,
which are outlined below:
1. Budgets have a bureaucratic character (Sandberg and Alvesson, 2021).
2. Budgets may sometimes be scary, plus responsible managers must establish control
over entire workforce in order to alternate the absolute risks of inefficiency.
3. Because budgeting were built up of a set of hypothetical assumptions that are
completely different from reality, there may be a mismatch in measuring the company's
operational effectiveness.
Budgetary reports are produced for implementing an evaluation of a actual results with the
anticipated results in the future years (Weitzner and Deutsch, 2019).The budget planning
process must be standardised so that it can be utilised in the following fiscal year. The
following are descriptions of the many planning instruments used in the financial control
procedure:
I. Marginal cost pricing: Once a firm's real cost-price volumes are achieved,
management can use the marginal cost pricing approach.
II. Competitive pricing: Decisions being made inside the company based on
competitive pricing will allow IKEA to identify actual current competitive
rates of important rivals such as Walmart in the marketplace, and they have
continual access to market pricing.

III. Price plus cost: Digital technology MNCs, such as IKEA, that may establish
their own prices, can take advantage of price pricing, in which the value of
service given is calculated just on excessive quantity, generating an additional
amount of funding to the firm's reserves.
Master budget: This budget takes into account all of the lesser expenditures in the company
and converts those all into budgeting. Other term is superiority budgeting, which refers to the
data held in all budgets generated by administration in order for it to run the firm and enhance
quality. The IKEA organization's management prepares a budget by taking into account all
revenue and costs, as well as a breakdown of all budgeting and other expenditures that
emerge when starting a restaurant, in order to deliver the most accurate info on productivity
gains.
Merit: This has the capacity and infrastructure to address problems that develop in
the course of company operations and to increase work efficiency. IKEA uses the master
budget to concentrate on all minor budgets, allowing operations to be handled and solved
while maintaining profitability.
Demerit: Selectivity is required while developing the master budget, which is tough
for IKEA to identify and apply in their sector. This budget is tough to understand and change
since it has a large lot of categories and statistics.
Capital budget: It refers to a planning instrument that includes capital payments as well as
revenues. Capital budgets are primarily utilised by IKEA to provide funds for the acquisition
and maintenance of marketable securities.
Merit: IKEA's financial planners use the capital budget to assess the long-term
viability of capital investment. It also aids in the comprehension of relative risks as well as
their consequences.
Demerit: Capital budget decisions are made for the lengthy period and are not
changeable. Incorrect decisions have numerous negative consequences for an important role
in the long viability. Insufficient expenditure makes it hard for IKEA management to increase
capital.
Operating budget: The planning tool is a thorough prediction of all projected costs and
revenues for a specific timeframe, based on expected revenue. Operating budgets help IKEA
organise daily task such that the firm does not go into financial trouble.

Merit: IKEA operating capital from operating budgets because they can better control
current expenditures and forecast future expenditure. It also aids in the development of funds
deposited and the methodical monitoring of all transactions.
Demerit: IKEA's financial data fluctuates from monthly instalments as the firm either
meets or surpasses revenue predictions. In this situation, if the operational budget is not
updated on a regular basis to reflect fresh revenue statistics, any budget projections will be
erroneous.
P5: Methods through which enterprises might utilise management accounting and address
financial issues
Today's firms are constantly adjusting to the a competitive marketplace, thus
management accounting approaches assist businesses in reacting to it and managing financial
challenges. IKEA attempts to focus on financial advantages by employing management
accounting methods. Managerial accounting is often used as a benchmarking tool to identify
important financial areas in which the firm excels and, as a result, can assist finance
professionals in improving the general level of operational processes at IKEA. Accounting is
a good place to start when it comes to simplifying internal benchmarking. Financial
performance evaluation is frequently seen as a crucial success component for major MNCs
such as IKEA and must thus be handled properly. IKEA's accounting management
procedures have been improved, allowing the company's management to discover a sound
tracking capability because of its financial results in comparison to its competitors, such as
other businesses. Management accounting approaches are strong processes that have stood
the test of time in financial control in computer software businesses such as IKEA (Weitzner
and Deutsch, 2019).
Another important method used at IKEA is the Balanced Scorecard, that is an
illustrated model of financial results measurement, but these contribute significantly in
enhancing the organization's overall effectiveness and performance. IKEA might get benefit
from managerial accounting software in terms of enhanced financial planning (concerning in
what way capital is to be invested and by what method ample revenue to cultivate back into
the corporate etc.). Finance managers and accountants can simply present the financial
condition to creditors in order to increase their credit limitations, which will encourage
organisational growth of the firm. As of earnings percentage, share price, economic value
added, EBIT, devaluation, ROC, ROE, etc that are key factors influencing financial results,

income seeking companies such as IKEA support accounting management measures to
overcome the conventional short-term financial issues that IKEA is currently facing. As a
result, compared to important worldwide rivals such as Walmart, IKEA will be able to create
durable financial data through the use of income statement for efficient operating procedures.

Conclusion
Management accounting, often referred as managerial accounting, seems to be a
methodology that gives financial tools and help to administrators for making decisions.
Management accounting is exclusively utilised by company's inner staff, and that's the only
difference between it and financial accounting. During this procedure, finance management
shares accounting records as well as statistics with business unit head, such as invoices as
well as corporate balance statements. Managerial accounting makes use of numerous
accounting and financial information to make important choices that affect the growth of the
organisation. It goes through numerous accounting processes with the goal of delivering
useful as well as correct information to the management authority in order for them to better
understand and analyse business operating metrics. Managerial accountants analyse data
linked to the cost of products sold and the company's sales revenue for goods and services.
Cost accounting is a subset of managerial accounting that focuses on finding as well as
capturing overall production costs by analysing the fixed costs and variable costs of each
manufacturing stage. This is beneficial to organs. The goal of managerial accounting would
be to use statistical data to make better and more accurate decisions about the firm, business
operations, as well as progress. As a result, the managerial accounting increases the digital
technology firm's overall effectiveness in completing its main activities. Because managerial
accounting incorporates budgeting process, it aids in budgetary control procedures. Through
this procedure, the firm will be able to separate total expenses into operating and investment
operations whereas A corporate firm's budget serves more or less the same objective like an
individuals personal budget. Business budgets, on the other hand, are more detailed and need
more work than personal budgets. A company's success doesn't really happen by chance. That
is why budgeting is essential for all trade and business organisations.

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