Management Accounting Principles and Practices

This assignment delves into the fundamental principles and practices of management accounting. It covers topics such as cost accounting methods (job costing), overhead allocation, budgeting and budgetary control, and financial reporting under international standards (IFRS). The text examines various perspectives on management accounting, including its role in organizational decision-making, performance measurement, and the challenges faced by small businesses. Furthermore, it explores the impact of technological advancements on the field of management accounting.

MANAGEMENT
ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Types of cost classification....................................................................................................1
1.2 Calculation of job costs.........................................................................................................2
1.3 Absorption costing technique................................................................................................3
1.4 Analysing the cost data..........................................................................................................5
Task 2...............................................................................................................................................6
2.1 Preparation and analysis of cost report..................................................................................6
2.2 Performance indicator for areas of improvements.................................................................7
2.3 Methods to reduce the cost, improve quality.........................................................................8
Task 3...............................................................................................................................................9
3.1 Budgeting process..................................................................................................................9
3.2 Budgeting methods for Jeffrey and Sons.............................................................................10
3.3 Preparation of production and material budget...................................................................11
3.4 Preparation of cash budget...................................................................................................12
Task 4.............................................................................................................................................13
4.1 Identify variances, its causes and taking corrective actions................................................13
4.2 Preparation of operating statement......................................................................................14
4.3 Report the findings..............................................................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

List of tables
Table 1: Classification of Costs.......................................................................................................1
Table 2: Calculation of unit cost and total job cost for job 444......................................................2
Table 3: Allocation of overheads to the production department.....................................................3
Table 4: Reapportioning the service or support department costs to the production departments..4
Table 5: Calculation of Overhead Absorption Rates.......................................................................5
Table 6: Calculation of overhead charge.........................................................................................5
Table 7: Calculation of overhead absorption rates using labour hours as a basis...........................5
Table 8: Calculation of cost.............................................................................................................5
Table 9: Calculation of Actual Costs for business...........................................................................6
Table 10: The difference between the highest and lowest costs......................................................6
Table 11: Cost Report......................................................................................................................6
Table 12: Production budget of Jeffrey & Son's............................................................................11
Table 13: Material purchase budget of Jeffrey & Son's................................................................12
Table 14: Cash Budget...................................................................................................................12
Table 15: Calculation of variances................................................................................................13
Table 16; Operating Statement......................................................................................................14

INTRODUCTION
Management accounting is a branch of accounting which helps in taking different types
of managerial decisions for the company. The interpretation of figures assists in adopting
strategic actions. The purpose of this research study is to analyse the cost information within the
business. It shows the impact of budgeting process on the organization (Jorgensen, Patrick and
Soderstrom, 2012). Further the development of cost reduction and management procedures are
also shown. The report shows how the data is collected, compiled and evaluated. The whole
information is processed to make it useful for the business managers. At last the report will end
in investigating the process of budgetary planning and control. The study is in context with a
manufacturing organization named Jeffrey and Sons. It will discuss all the various management
accounting practices and technique for achieving the organizational goals.
TASK 1
1.1 Types of cost classification
Following types of costs can be allocated for Jeffrey and Sons for better decision making
Table 1: Classification of Costs
Classification Types of costs
Nature  Labour Costs
 Material Costs
 Overheads
Behaviour  Semi Variable Costs
 Variable costs
 Fixed Costs
Function  Joint costs
 Operating costs
 Contract costs
 Process costs
Element  Sunk costs
 Marginal costs
 Opportunity cost
1

 Differential cost
 Normal costs
 Material cost – These are the expenses related to the production of Exquisite product for
the business. For example it includes raw material, material for produced finished goods
etc.
 Labour cost – The costs is allocated on the basis of hours, days and months. It includes
wages, salary given to the employees for the amount of goods that they have served
(Kaplan and Atkinson, 2015).
 Direct and indirect cost – The direct expenses can be traced directly to a particular cost
center or cost object such as department, process and product. It includes costs such as
wages, cement etc. Indirect costs are the expenses which are not allocated in appropriate
manner to the specified objects (Mohapatra, 2015). It includes expenses such as
insurance, depreciation etc.
1.2 Calculation of job costs
Table 2: Calculation of unit cost and total job cost for job 444
Name of Item Amount
Direct material £40000
Direct Labour £54000
Production overhead:
Variable £36000
Fixed £24000
Total cost of 200 units £154000
Cost per unit £770
Important work note
Particular Qty per
unit
Rate Calculation Cost
Direct material 50 kg. 4£ per kg 50kg*4£*200 40000£
Direct labour 30 hours 9£ per 30hours*9£*200 54000£
2

hour
Variable
production
overhead
30 hours 6£ per
hour
30 hours*6£*200 36000£
Fixed
production
overhead
(80000£)/(20000
hours)*(30*200)
24000£
Cost per unit (154000£)/(200 Units) 770£
Following costing method will be used for Jeffrey and Sons
Job costing technique – Under this approach costs is charged according to the expenditure
incurred for a particular job. Job cost sheet are created in order to allocate and segment the
expenses. It helps in performing identification for the costs. For Jeffrey and Sons it is the most
appropriate technique as the company is having many departments for work (Fisher and
Krumwiede, 2015). According to the given condition, cost data have been provided for job no.
444 that manufactures 200 units. Under this sheet, material costs, labor costs, variable and fixed
costs are needed for producing 200 units of products.
1.3 Absorption costing technique
Absorption costing
Under this type of costing, all of the manufacturing expenses are absorbed by the units
produced. It means the cost of a finished unit in inventory includes direct materials, direct labour
and it also includes variable and fixed manufacturing overhead (Hochbaum and Wagner, 2015).
The costing is often needed by the accounting standards in order to create an inventory valuation
that are stated in the balance sheet of the company.
(A)
Table 3: Allocation of overheads to the production department
Basis of
allocation
Machine
shop X
Machin
e shop
Y
Assembl
y
Stores Mainten
ance
Indirect wages Allocated £100,000.0 £99,500 £92,500. £10,000 £60,000.0
3

and
supervision
0 .00 00 .00 0
Indirect
materials
Allocated £100,000.0
0
£100,00
0.00
£40,000.
00
£4,000.
00
£9,000.00
Light and
heating
Area occupied £10,000.00 £5,000.
00
£15,000.
00
£15,000
.00
£5,000.00
Rent Area Occupied £20,000.00 £10,000
.00
£30,000.
00
£30,000
.00
£10,000.0
0
Insurance and
machinery
Machinery
book value
£7,947.02 £4,966.
89
£993.38 £496.69 £596.03
Depreciation
of machinery
Machinery
book value
£79,470.20 £49,668
.87
£9,933.7
7
£4,966.
89
£5,960.26
Insurance of
building
Area occupied £5,000.00 £2,500.
00
£7,500.0
0
£7,500.
00
£2,500.00
Salaries of
works
management
Number of
employees
£24,000.00 £16,000
.00
£24,000.
00
£8,000.
00
£8,000.00
Total cost of
overhead
£346,417.0
2
£287,63
6.00
£219,927
.00
£79,964
.00
£101,056.
00
(B)
Table 4: Reapportioning the service or support department costs to the production departments
Particular Basis Machine X Machine Y Assembly
Primary
Distribution
As Stated
Earlier
346417.02£ 287636£ 219927£
Stores
Department
Direct material
(4:3:1)
39982£ 29987£ 9995£
Maintenance
Department
Maintenance
machine hours
(12:8:5)
48506.88£ 32337.92£ 20211.2£
Total cost 434905.9£ 349960.92£ 250133.2£
4

(C)
OAR = Total cost/Actual machine hours
Table 5: Calculation of Overhead Absorption Rates
Particular Machine X Machine Y Assembly
Total cost 434905.9£ 349960.92£ 250133.2£
Actual machine
hours
80000 60000 10000
OAR 5.44£ 5.83£ 25.01£
(D)
Table 6: Calculation of overhead charge
Items Calculation Per unit cost
Material 8£
Labour 2 hours*7.50£ 15£
Production Department
Overheads
Machine X 0.8 hours*5.44£ 4.35£
Machine Y 0.6 hours*5.83£ 3.5£
Assembly 0.1 hours*25.01£ 2.5£
Total cost 33.35£
1.4 Analysing the cost data
Overhead Absorption rate = Total cost/direct labour hours
Table 7: Calculation of overhead absorption rates using labour hours as a basis
Particular Machine X Machine Y Assembly
Total cost 434905.9£ 349960.92£ 250133.2£
Labour hours 200000 150000 200000
OAR 2.17£ 2.33£ 1.25£
According to the given scenario, the finance director of the company is not satisfied with
the existing basis of calculating OAR. Hence company should absorb overheads on the basis of
direct labour hours.
Table 8: Calculation of cost
Items Calculation Per unit cost
Material 8£
Labour 2 hours*7.50£ 15£
Machine X 2*2.17£ 4.34£
Machine Y 1.5*2.33£ 3.5£
5

Assembly 1*1.25£ 1.25£
Total cost 32.09£
Hence it is clear that labour hours allocation is suitable for the business. It has helped in
reducing the cost per unit to 32.09. It will aid the business in reducing the production costs.
Task 2
2.1 Preparation and analysis of cost report
Table 9: Calculation of Actual Costs for business
Name of Item Calculation Actual cost
Material 12£*1900 units 22800£
Labour 10£*1900 units 19000£
Fixed overhead Unchanged 15000£
Electricity (Variable) 3000£/800 units*1900 units 7125£
Electricity (Fixed) 8000£ - (3.75*2000 units) 500£
Total electricity cost 7125£ + 500£ 7625£
Maintenance 5000£-(1000£/500*100) 4800£
Table 10: The difference between the highest and lowest costs
Units Total cost
Highest 2000 8000£
Lowest 1200 5000£
Difference 800 3000£
Table 11: Cost Report
Elements Budgeted cost Actual cost Variance
2000 units 1900 units
Material 24000£ 22800£ 1200£
Labor 18000£ 19000£ (1000£)
Fixed Overhead 15000£ 15000£ 0
Electricity 8000£ 7625£ 375£
Maintenance 5000£ 4800£ 200£
Total 70000£ 69225£ 775£
6

Within Jeffrey & Sons the managers forecasted the business expenditures for
manufacturing of 2000 units. These expenditure involves material, labour, fixed and variable
overheads. The above cost report is prepared on the basis of identification of actual cost for
manufacturing 1900 units and the variance (Budgeting and budgetary control, n.d.).
Reasons for variances
 From the above calculated variances it is evident that maintenance, material and
electricity variances impacts the profits in positive manner (Anderson, 2011)
 The variance in the labour cost denotes impact on the company’s profitability
 Another reason for the variances is the reduction in the production volume which has
decreased from 2000 units to 1900 units.
 The actual material costs has also declined due to reduction in the total business
production and on the other side the material prices remain unchanged from the budget
(Cohen and Kaimenaki, 2011).
 The high labour rate has resulted in negative labour variance of 1000£.
 Electricity costs of semi-variable nature which has remained constant up to 500£ and
after that it has changed according to the changes in volume. Variance of 375£ has
emerged due to reduction in the volume up to 1900 units (Drake and Fabozzi, 2012).
 As per the scenario, maintenance is a steeped cost which has increased by 1000£ for
producing 500 additional units and vice versa. Hence because of that the actual cost
decreases up to 4800£ due to reduction of 1000 units.
2.2 Performance indicator for areas of improvements
There can be many performance indicators for the business of Jeffrey & Sons. These are as
follows:
 Profits – It is the most important indicator for performance. The financial position is
reflected in very effective manner through profits. The ups and downs in the profits can
find out the areas of improvements within business (Iazzolino, Laise, and Marraro, 2012).
Measuring of profits also assists in making of different types of strategic decisions.
 Sales – The amount of sales arises from the selling of goods and services. The number of
sales reflects how much amount of inventory has been converted into the sales. Jeffery
and Sons can derive sales by selling exquisite products to the customers. Efforts can be
7

made to increase the sales if the actual sales are lower as compared to estimated sales
(Robb and Woodyard, 2011).
 Costs – It is another performance indicator. Every business expects that costing must not
go higher than the expenses. Increase in costs such as labour, material, overheads etc can
increase the budget for the business also. Hence the variances noticed in the budgets can
find out the areas of improvement within the operations.
 Ratio analysis – It is another instrument for measuring the liquidity, solvency, efficiency
and gearing position of the organization (Smith and Jacobs, 2011). Different types of
ratios are calculated to compare the financial performance. However the technique is
based on past performance not the future performance
 Financial statements – They are also good reflector of business performance. It includes
three main statements which are balance sheet, cash flow statement and income
statement. They also denotes the liquidity and profitability of the company (Halabi and
Carroll, 2015)
2.3 Methods to reduce the cost, improve quality
There can be methods to reduce the cost and improve the quality within the business of
Jeffery and Sons. First of all there should of optimum utilization of resources. It means no
resources are to be wasted. A complete check is to be made on the use of their quantity. The raw
materials and inputs can be purchased at the time when the prices are favourable in the market. It
can aid in reducing the cost of production (Loo, Verstegen and Swagerman, D., 2011). Costs can
also be controlled by adopting budgeting process and by making costing schedule. The approach
is very effective in keeping a traceability check on different types of costs. Use of technology
can also improve the cost and quality for Jeffery and Sons. It has been seen that capital intensive
technology has produced very effective results for the business (Adler, 2013). Techniques such
as TQM (Total Quality Management), Just in Time, Quality circle, etc are very effective in
producing quality.
Total Quality Management is a very comprehensive and structured approach which helps
in improving the quality of products and services. It is done through ongoing refinements in
response to the continuous feedback (Holtzman, 2013). Just in Time is an inventory strategy
which can be employed by the company in order to increase the efficiency and decrease the
8

waste. Under this process, the goods are received only when they are needed in the production
process. Hence it reduces the inventory costs. It is a good approach to maintain quality and to
make optimum utilization of the resources. Quality circle is another very effectual approach to
maintain quality throughout the processes (Boyns and Edwards, 2013). Under this method, a
quality circle is made which means employees are engaged to find out the solution for a specific
problem.
Task 3
3.1 Budgeting process
Process of budget
 Formulation stage – At this step all the expenses are projected after taking into
consideration different types of factors. The estimation of costs should be accurate
avoiding issues related to negative variances (Gordon, 2008).
 Budget Implementation – At this phase the figures are put into the budgets. The
implementation has to be done with correct estimation.
 Monitoring – In this phase, the actual outcomes are compared with the expected
outcomes in order to monitor the incomes and expenses. Monitoring is needed to bring
accuracy in the budgeting (Jara, Ebrero and Zapata, 2011).
9
Formulation of budget
Budget implementation
Monitoring and evaluation of budget
Asssement and computation of varainces
Modificatin for better results

 Computation of variances – At this step, different types of variances are derived. Among
them unfavourable variances can be of disturbing nature. For example if actual sales are
higher than estimated sales, then it may have negative effect on the business.
 Modification – This is the last stage where the corrective measures are adopted in order
to correct the negative variances (Keller, 2013). Modification is essential for achieving
better results.
Purpose and nature of budgeting
The budgets are produced in order to estimate the income and expense related to the
future. It act as a quantitative economic plan which helps in making projections. Anticipation of
costs can be done in effective manner within the business (Leung, 2011). Budgeting is performed
to achieve the integration between all the resources, production and expenditures. It also
contributes in transforming the goals and objectives into the decisions. It is in form of a spending
plan which makes sure that business must have adequate funds to perform all the business
operations. It helps the organization to keep a distance from the debt and achieves balance
between expenses and income (Murty Kopparthi and Kagabo, 2012). Budgeting is also done to
realize what the existing position of the business is and what can be done for making
improvements.
3.2 Budgeting methods for Jeffrey and Sons
Jeffrey and Sons can adopt different types of budgeting methods:
 Zero based budgeting – Under this technique, all the expenses are authenticated within all
the departments of a company above the level of zero. The processes began to be
evaluated from zero for the purpose of finding the new alternatives. It also avoids the
wastage of resources (Price, 2015). All the items and expenses related to the business are
justified within the budgeting.
 Incremental budgeting – Under this approach, additional information is added into the
previous budgets for the formulation of new ones. For instance in the planning of the
sales budget, factors such as recession, inflation etc are considered.
 Rolling budgeting - This technique of budgeting is adopted at regular intervals in order
to identify the changes (Flynn, Uliana and Wormald, 2012). Due to alteration, changes
10

occurs in many situations. The technique is very effectual in identifying the stipulations
related to the future.
 Bottom up and top down method – The expenses are being estimated from the top to
bottom and from bottom to top. It is method of assessing the costs in hierarchical manner.
In that context all the departments within the business are considered such as operations,
production, finance, marketing, sales, engineering etc (Keller, 2013)
 Flexible budgeting – The approach shows its effectiveness when it becomes difficult to
predict the sales levels for the business. It facilitates to take entry into different sales level
in the model. It provides the advantage of flexibility and also shows accurate results.
 Static budgeting – It is a traditional form of budgeting and it is generally based on a
single expected outcome which could be difficult to achieve. It reacts quickly to the
ongoing changes and brings rigidity within the business (Leung, 2011).
3.3 Preparation of production and material budget
Table 12: Production budget of Jeffrey & Son's
Particulars July August September
Budgeted Sales 105000 90000 105000
Inventory at the beginning period 11000 13500 15750
(Sales – opening inventory) 94000 76500 89250
Inventory at the ending period 13500 15750 16500
Required Production 107500 92250 105750
Inventory July August September
Closing Inventory 90000*15%
= 13500
105000*15%
= 15750
110000*15%
=16500
The number of units that are required to be manufactured can be determined through
preparation of production budget. Sales forecast is the basis of preparing a production budget.
The estimated monthly sales for July, August and September are 105000, 90000 and 105000
units. Company is required to maintain finished stock equal to 15% of the next month budgeted
11

sales. 11000 units is the opening inventory for the month of July (Zhang and Chen, 2014). Hence
it is equal to the previous month closing inventory. The production budget of Jeffrey & Son's
will be prepared by adding the opening inventory to the budgeted sales. It is also subtracted from
the closing inventory.
Table 13: Material purchase budget of Jeffrey & Son's
Particular July August September
Material Consumption 215000 184500 211500
Less- Opening inventory of material 52000 45000 52500
Material consumption-Opening stock 163000 139500 159000
Add- Closing inventory 45000 52500 55000
Budgeted material purchases 208000 192000 214000
Particular July August September
Material
consumption
107500*2 Kg
= 215000 kg
92250 units*2 Kg
= 184500 Kg
105750 units*2 Kg
=211500 Kg
Closing
inventory
90000units*2kg*25
%
= 45000 kg
105000units*2Kg*25
%
=52500 kg
110000units*2Kg*25%
= 55000 kg
Jeffrey and Sons also need to identify the quantity of material that will be needed for the
production purpose. It purchases raw materials from the suppliers in order to manufacture its
branded product Exquisite. The needed quantity of the material can be derived by adding the
total budgeted consumption to the closing inventory (Jorgensen, Patrick and Soderstrom, 2012).
The opening inventory is deducted from it. In the given budget the opening inventory for the July
month is 5200 kg. However the closing inventory is maintained at 25% of the required quantity
for the next month production.
3.4 Preparation of cash budget
Table 14: Cash Budget
Particulars July August September
12

Cash Receipts
Cash sales 900000 731250 864000
Total cash Income 900000 731250 864000
Cash Expenditures
Material Purchase 365969 334688 372531
Direct wages 322500 276750 317250
Variable overhead 108500 98350 100350
Fixed Overhead 75000 87500 87500
Net cash flow 28031 (66038) (13631)
Opening Cash balance 16000 44031 (22007)
Cash at the end of the
month
44031 (22007) (35638)
The above cash budget shows the cash income and expenses for the months of July,
August and September. The cash sales for the business has decreased in the three months and
that has led to decrease in the total income also. The financial position seems to be bad by seeing
the amount of debts (Kaplan and Atkinson, 2015). High level of fluctuations can be noticed in
the bad debts. It may be due to low sales and income. The net cash balance is coming out to be
negative for all the three months. It is a sign of bad financial position for the business. The
expenses have appeared to be higher than the income. It has been seen that there is no control
over the expenses. Lack of planning and strategic approaches has resulted in such bad financial
performance (Mohapatra, 2015). There is a need to adopt appropriate steps for improvements.
Different types of measures can be adopted.
Task 4
4.1 Identify variances, its causes and taking corrective actions
Table 15: Calculation of variances
Particular Calculation Variance
13

Sales revenue (4000*4£)-13820£ 2180£
Material (4000*0.4*2.40£)-3420£ 420£
Labour (4000*8£*6/60)-2690 510£
Fixed overhead (4800£-4900£) -100£
Total cost (11840£-11010£) 830£
Operating profit (4160£-2810£) 1350£
Following can be the causes for variances in the above statement:
 Inappropriate sales strategy – The actual sales are lower as compared to the budgeted
sales. It denotes that company has not adopted a suitable sales strategy. Efforts have not
been made to increase the sales (Fisher and Krumwiede, 2015). Another reason could be
the selection of wrong target segment.
 Manpower – The labour variance is 510£ which has emerged due to variations in the
labour hours (from 350 to 345) and labour rate (from 8£ to 7.797£). It shows that human
resources have not been utilized in proper manner for the business (Hochbaum and
Wagner, 2015)
 Lack of inventory management – Another reason for variance could be the lack of
inventory management within the business. Every stock within the company must be
converted into the sales.
 Lack of planning - Another reason could be the lack of planning in the estimation of
prices and numbers (Budgeting and budgetary control, n.d,). It is essential that planning
is to be done at all the levels.
In order to eliminate the variances, company can adopt appropriate selling strategies. The
manpower must be skilled enough to increase the sales. Focus should be paid on adopting quality
management approaches. There should be proper inventory management making sure that there
is no wastage.
4.2 Preparation of operating statement
Table 16; Operating Statement
Particular Per unit Budgeted
(4000 Units)
Per unit Actual
(3500)
Varianc
e
Sales 4 16000 3.94 13820 -2180
Material 0.96 3840 0.97 3420 420
labour 0.8 3200 0.77 2690 510
14

Fixed
Overhead
4800 4900 -100
Total 2.96 11840 3.14 11010 830
Operating
profit
1.04 4160 0.8 2810 1350
4.3 Report the findings
On the basis of above variances it can be reported that responsibility centres of Jeffrey &
Sons are not performing well. The revenue centres holds the responsibility to achieve target
business sales in terms of both values and the units. The variances in the case of the company are
not favourable for the business (Anderson, 2011). They are reflecting an insignificant trend. The
centre managers are required to realize their respective responsibilities and must concentrate on
avoiding the situation of variances. Planning related to estimation of resource is to be done
properly (Cohen and Kaimenaki, 2011). Apart from that it is to be noticed that employees are the
assets of the organization. Their contribution is very valuable for the business. Therefore the
company is required to maintain an efficient and high skilled workforce which can show high
commitment in achieving high sales. Techniques such as TQM (Total Quality Management), Just
in Time, Quality circle, etc are very effective in producing quality (Drake and Fabozzi, 2012).
Their application into the business can reduce the costs and achieve balance between all income
and expenses.
CONCLUSION
From the above study it can be concluded that management accounting is a very wide
branch of knowledge. Information related to costing and budgeting helps in taking different types
of strategic decisions. Job cost sheet are created in order to allocate and segment the expenses.
The raw materials and inputs can be purchased at the time when the prices are favourable in the
market. Variances can be favourable or unfavourable for the business. There is a need to take
appropriate measures in case of negative variances. It is very important to establish the cost
responsibility centres correctly from the side of managers.
15

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