Management Accounting: Techniques, Reporting, and Financial Governance

This assignment delves into the intricacies of management accounting, exploring its techniques, reporting methods, and role in financial governance. It examines the essential requirements for different management accounting systems, including financial, cost, and tax accounting. The assignment further analyzes the benefits of management accounting systems and their integration within organizational processes. It then delves into cost analysis techniques, including marginal and absorption costing, and demonstrates their application in preparing income statements. The assignment also explores various planning tools used for budgetary control, such as zero-based budgeting, incremental budgeting, and cash budgeting, and analyzes their application in preparing and forecasting budgets. Finally, it examines how organizations adapt management accounting systems to respond to financial problems and achieve sustainable success.

Management Accounting
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Table of Contents
Task 1..............................................................................................................................................4
P1.................................................................................................................................................4
P2.................................................................................................................................................7
M1................................................................................................................................................9
D1..............................................................................................................................................10
P3...............................................................................................................................................11
M2..............................................................................................................................................14
D2..............................................................................................................................................15
P4...............................................................................................................................................16
M3..............................................................................................................................................18
P5...............................................................................................................................................20
M4..............................................................................................................................................22
D3..............................................................................................................................................24
Conclusion....................................................................................................................................25
References.....................................................................................................................................26
2

Introduction
The assignment determinate management accounting and the use of management accounting for
the business organizations. Management accounting techniques are very useful in a business
organization for effective control, decision support, and profitability. Management accounting
tool provides modified and appropriate data for comparison and generates two-way
communication system for the flow of quality information. This assignment also defines the rules
and types of cost accounting, management accounting, and tax accounting. Various cost
management tools like inventory management and job costing help to reduce the cost and the
same will increase the profit of the company. For the efficient management of business process
management tools explains the budget control techniques. It also explains the advantage and
disadvantages of budgetary control. Various reports are prepared under budgetary control for
reporting purpose. Financial governance and the use of financial governance are also included in
this assignment. Internal audit, expense audit are some tools which are used for monitoring the
policy of management.
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Task 1
P1. Explain management accounting and give the essential requirements for different types
of management accounting systems.
Management accounting can be defined as the procedure for the preparation of the reporting
through the information available financial as well as the statistical data further facilitating the
decision making of managers (Fullerton, et. al. 2013). The management accounting systems are
used for the organization in recording and interpretation of data. It helps the managers to identify
and modify the data that is available as per the factors surrounding the organization. The
management accounting system is useful in facilitating the control and coordination of the
managers.
There are various accounting systems other than management accounting systems:-
Financial accounting systems:- The financial accounting systems are used in making the
organization comply with the rules and procedures. It is useful in setting up of internal control
system facilitating the analysis of the data. These are helpful in the presentation of the reporting
and recording of the financial transactions occurred (Osadchy, and Akhmetshin, 2015).
Cost accounting systems:- The cost accounting techniques are used to determine the cost and
minimize the same for an effective management. The cost accounting system includes product
costing and activity-based costing. Activity-based costing analysis the cost involved the
particular activity whereas the product costing calculates the cost incurred for producing the
product.
Tax accounting:- Tax implication liability is different depending on the structure of the
organization. The company, individual everyone must follow the various tax liabilities which can
be effectively evaluated with the help of tax accounting. Tax accounting can facilitate the
disclosure and following of the liability arising for the company (Warren, et. al., 2015).
There are different types of management which can be classified as follows:-
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The management accounting systems are very much useful for the organization. It helps the
organization in overall development and growth. The other benefits of the Management
accounting systems are as follow:-
Job Costing – It is useful for the organization in the measurement of the profitability job wise as
well as for the whole of the organization. The organization is able to determine the key areas
where the company must focus and make them effective and efficient (Ingram, 2017).
Inventory management – It is important that the company is minimizing the variable cost
which can be possible with the effective management of the inventory. Inventory management is
useful in maintaining an optimum level of stock so that neither funds are occupied nor there is
excessive cost of storage.
Price Optimisation – The price is an important aspect of the generating of the profitability. The
price optimization technique is useful in setting up of the price after evaluation of the factors
surrounding the organization (Yuan, et. al. 2014).
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Mangeemnt
accounting
systems
Cost
accounting
Inventory
management
Price
optimisation
Job and
process
costing

Cost accounting – The cost accounting techniques are useful in determining the cost involved in
the production of the product and taking steps in reducing it so the profitability of the company is
increased (Guinea, 2016).
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P2. Explain different methods used for management accounting reporting?
The management accounting reporting includes the presentation of the data recorded for the
internal management of the company facilitating the decision making. Management accounting
reporting is useful for analysis of the data by the management and taking decisions accordingly.
The various methods of management accounting reporting are as follows:-
Trading and P&L account – The trading and P&L account is the statement prepared to
determine the gross profit and net profit of the company. The statement includes the expenses
that are incurred by the organization during the year. It is used to determine the profitability of
the company.
Cost of goods sold – The cost of goods sold consists of the expenses that are incurred for the
production of the goods sold. Increase in the cost of goods sold leads to decrease the profitability
of the company.
Income statement – It is a type of financial statement which includes the revenues that the
company has earned and expenses that are incurred by the organization. The net profit earned by
the organization is stated with the help of the income statement.
Balance Sheet – The balance sheet is the statement of the assets and liabilities as on date. It is
the balance of the financial items stated in the organization. It is useful in determining the
liquidity position of the company as well as the individual.
Cash flow statement – The cash flow statement is a presentation of the actual inflow and
outflow of cash that has incurred during the year. The cash flow statement is categorized in
Operating, Investing and financing activities. The company is able to determine the cash spend
on the day to day activities, for the purpose of investment in acquiring of asset or sale of assets
and also in the financing activities.
Inventory management System – The inventory management system consists of various
techniques which can be used for better management of the inventory such as the ABC Analysis.
It helps in proper stock management and the allocation of the funds when there are many
products in an effective and efficient way.
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Cost accounting systems – The cost accounting system are useful in determining the variance
related to the cost. It also includes proper allocation of the funds to perspective heads to analyze
the cost properly. The cost accounting systems are used in appropriate apportionment and
allocations.
Price optimization – The pricing strategy is determined by the organization depending on the
various factors. The pricing is very critical in estimating the profitability that can be earned and
to achieve the goals and objectives of the company. The price optimization helps to set an
effective price which is most beneficial to them.
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M1. Evaluate the benefits of management accounting systems and their application within
an organizational context.
Management information system is the procedures that are being set for the recording of the data
and compiling of the same for the management to understand and take decisions accordingly.
The management information systems help in decision making at all the levels of the
organization. The reports are being formed after there is a collection of the data and recording of
it. The report is produced which is easily understood, a recordable, comparable and measurable
format so that there can be an effective analysis. It is an important tool to make the improvement
in the performance of the company and the utilization of the resources available (Muhsinzoda,
2015).
The decision support system can be defined as the technique that facilitates the decision making
depending on the various factors surrounding the organization. The decision support system is
useful in analyzing the data irrespective of its size. Even the massive realms of data can also be
easily analyzed with the use of the system. In case of large numbers and size of data, it is very
much difficult to come to a conclusion in an effective way but the decision supports helps in
facilitating the same and helping the managers to have an effective and efficient management
(Hartman, 2018).
It can be understood that both the Management information system and Decision support system
are beneficial not only in the decision making but achieving the organizational goal. The MIS is
a tool to record whereas the decision support system analyses the same for an effective decision
making. Both the system complement each other benefiting the organization to grow and sustain.
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D1. Critically evaluate how management accounting systems and management accounting
reporting is integrated within organizational processes.
The decision support system is important tools for the analysis of the data and facilitating the
decision making of the organization. The Executive support system is useful in assigning the
accountability and status access. The decision support system is used by all the level of the
management which is middle, lower and at the executive level but in case of Executive support
system, it is used by the senior executive expediency (Management4all, 2015). The Decision
support system is an important tool and is used wherever there is a requirement of managerial
decision making whereas the executive support system is used for the measurement of the
performance, analyzing of the environment for the opportunities available and problems that can
arise. The decision support is used at a various organizational structure such as the semi-
structured as well as the unstructured decision making whereas the Executive support system
supports high level and unstructured decision making (Management4all, 2015). The use of the
DSS is for the purpose of planning, organizing and controlling whereas the ESS purpose is to
establish an effective control. The DSS uses is the information which is been recorded in the ESS
whereas ESS collects all the information and compress it for the purpose of analysis. The DSS
requires a specialist for the analysis and usage of the data recorded whereas ESS is an easy tool
that can be used after a shorter period of training and development.
The ESS and DSS both are important for the organization in facilitating the decision making in
an effective way so that there are no losses. The DSS helps in an effective analyzing of the data
whereas the ESS is useful in recording the same for the further formulation of report and
analysis. The ESS and DSS both work hand in hand making critical for each and every
organization for effective planning and development.
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P3. Calculate costs using appropriate techniques of cost analysis to prepare an income
statement using marginal and absorption costing.
Cost can be defined as expenses that are being incurred by the organization for the production of
the product that is being sold or for providing any services to the consumers. There are various
types of cost such as the Fixed or variable cost, Direct and Indirect cost. The Fixed cost can be
defined as the cost which does not get affected with the change in the level of production of a
particular product whereas the variable cost can be defined as which changes with the change in
the output of the product. The direct cost refers to which are directly involved in the production
process such as the Direct material, Direct labor etc. The Indirect cost refers to the cost that is
being incurred but is not directly linked to the production process of the units (Sartori, et. al.,
2014). The analysis of the cost is important for an effective management of the resources
available to the organization along with an increase in the profitability.
The cost volume profit analysis states that the volume plays an important role in the profitability
of the company. The CVP analysis is useful in determining the level of volume which is best
suitable for the company in terms of profitability. It is useful for the better management of the
cost incurred at a particular level of output and profitability earned.
Costing plays a crucial role in the development of the pricing strategy. It is important for the
organization to recover the cost so that expenses can be paid timely. The costing techniques help
in estimating the optimum price which can be beneficial for the organization as well the
consumers of the product.
Marginal Costing
The marginal costing techniques consider only the variable cost of the production cost and
charge the fixed cost as the period cost as a whole in the same month or year (Simpson, et. al.
2013).
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Absorption Costing
The absorption costing technique is prepared by charging the variable as well as the fixed cost
for calculation of the product cost. The actual cost is then charged as under and over absorption
for the purpose of calculation of profits.
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M2. Accurately apply a range of management accounting techniques and produce
appropriate financial reporting documents.
The management accounting techniques used are both accurate. The absorption costing
techniques is used for the purpose of external stakeholders and make them aware about the
performance of the company whereas the marginal costing technique is used for the purpose of
internal management to understand the cost incurred and take the decisions accordingly. It can be
seen that there was a difference between the profit of both the techniques that are being used due
to different concepts and theories regarding the consideration of the cost.
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D2. Produce financial reports that accurately apply and interpret data for complex
business activities.
It can be stated with the help of the techniques used that there is a difference in the profitability
of the company while using them. The difference in the profit is due to the fixed cost that is
being there while calculation of profit in absorption costing in the closing stock of the company.
The marginal costing technique only uses the fixed cost while calculating but the absorption cost
of the fixed asset is the reason behind the variance of the profit.
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P4. Explain the advantages and disadvantages of different types of planning tools used for
budgetary control.
There are different types of budgets which are being prepared by the organization such as the
Zero-based, Incremental, cash budget, capital and operating budget etc. The budget is prepared
to achieve the goals and objective of the organization in an effective and efficient way. The
budget is a very important tool for improving the control and coordination among the various
departments and make them come together to achieve the goals. The managers and other
personnel can be held responsible for the decision taken in case of any unfavorable condition in
the future. The implication of the budget can be understood that it helps in forecasting the
revenue and expenses that can occur in the future depending on the data and standards set by the
organization (De Baerdemaeker, and Bruggeman, 2015).
There are various alternative methods of budgeting that can be used by the organization. These
methods include variance analysis, benchmarking etc. The variance analysis is helpful in
determining the reason for the deviation among the results and budgets prepared. It is also useful
in analyzing the factors that can affect the profitability of the company. The organization can
work towards improving the performance by overcoming the reasons that have led to the
deviation. It helps in the effective use of resources along with strengthening of the process that is
being carried out (De Montis, 2014).
The zero-based budgeting can be defined as where after the collapse of the particular period the
budget is again started with the zero as fresh. The budget is prepared after consideration of the
factors that are surrounding the organization. The company also look forward to the other
substitutes that can be used to decrease the cost. Incremental budgets are prepared on the basis of
the historical results achieved and then changes are made on the basis of factors. It is easy to
prepare but does not change with the time. The cash budgets are prepared to effectively forecast
the revenue that can be earned and the expenses which need to be incurred. It is important as it
facilitates the planning of the company but sometimes leads to delay in the decision-making
process (Lajevardi, 2017). The operational budgets are prepared for the day to day work that is
carried out in the organization whereas the capital budgets include the budgets prepared for the
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investment to be made on the assets. The capital budget requires huge funds therefor it is
important that there are adequate steps taken to support the decisions.
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M3. Analyse the use of different planning tools and their application for preparing and
forecasting budgets
Various planning tools like standard costing and variance analysis are used for effective control
and coordination. These planning tools are used in the budgeting process for effective decision
making and to manage business operation according to the goals of the company.
Standard costing: standard costing is a process of setting up targets. Especially it is integrated
with the production cost of material, labor, and overhead. In this method, standard targets are
compared with actual results and remedial actions are taken for every mistake. It ensures the
efficiency of every business process. This method is used to estimate targets for every business
expense, on the basis of past years data and to compare with the true outcome of effective
budgeting and decision making.
Variance analysis: variance analysis is the investigation of deviations of real outcomes versus
arranged targets in management accounting. This is basically investigated how the difference
between real and arranged targets shows how business execution is being affected. Income and
expense both are analyzed under variance analysis for identifying the strong and weak points of
organization. Variance analysis provides various financial information reports based on financial
data to compare with the performance of the company for forecasting and estimating process.
Responsibility budgeting: in the modern business scenario, every business has several
departments and responsibility centers. Every responsibility center is responsible for his work.
Responsibility budgeting is used for preparing various reports to investigate the performance of
each department separately. With the help of this tool, management can divide the cost of every
business process among related departments and compare it with the standards for performance
analysis (Henttu-Aho, and Järvinen, 2013). In this way, the performance of each department can
be identified and the responsible manager will be called for low performance
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Particulars Amount (₤) Amount (₤)
%
Increase/d
ecrease
Amount (₤)
%
Increase/de
crease
Amount (₤)
January February March April
Opening cash balance 15000 -8500 36500 106900
Cash receipts expected
Cash revenues 20000 35000 75% 40000 14% 45714
Collection of accounts 45000 55000 22% 70000 27% 89091
Other incomes 5000 6500 30% 5000 -23% 3846
Total cash receipts (A) 85000 88000 4% 151500 72% 245551
Expected cash payments
Raw material 50000 11000 -78% 5000 -55% 2273
payroll 10400 10400 0% 10400 0% 10400
Other direct expenditures 2000 2000 0% 3000 50% 4500
Advertisisng 10000 5000 -50% 3000 -40% 1800
Selling expenses 6000 8000 33% 9000 13% 10125
Admin expenses 4500 4500 0% 4500 0% 4500
Plant and machiunery expenses 10000 10000 0% 9000 -10% 8100
Other payments 600 600 0% 700 17% 817
Total cash expenses (B) 93500 51500 -45% 44600 -13% 42514
Closing cash balance -8500 36500 106900 203037
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P5. Compare how organizations are adapting management accounting systems to respond
to financial problems.
The management accounting system is effective in responding to the financial problem that is
being faced by the organization in the following way:-
Benchmarking – The benchmarking is the technique used by the managers to identify and
compare the procedure used by them with the procedures that are being adopted by the to leaders
in that particular industry or segment. The benchmarking is very useful for the organization by
improving the product quality of the. The company can purchase the other companies product to
analyze the factors that overshadow their product and work accordingly to make it better,
effective and efficient (Ordelman, 2016). One of the critical advantages that the benchmarking
has is that it helps in reducing the labor costs of the company. The company can understand the
various technologies that are being used by the rival companies and can implement the same for
easing of the process with time completion in an effective way. The benchmarking helps in
increasing the sales of the company along with better management of the resources available by
finding out reasons for the deviation in the results in comparison to the rival companies (Zhu,
2014).
Key Performance Indicators – The key performance indicators can be categorized as the
financial as well as the non-financial activities. The financial key performance indicators use the
variables such as the revenue, profit, cost, return on capital etc. The non-financial key
performance indicators include the aspect such as the service quality provided to the customers,
the speed of performance, flexibility, innovation etc. (Muriana, et. al., 2016). The methods that
which are used to measure financial key performance indicators are Gross profit margin, Profit
before tax, Earning per share of the company at the end of financial year. The nonfinancial KPI’s
includes the quality of production through the wastages that are being done at the time of
production, the percentage of calls answered for the satisfaction of the customers etc. They are
very much useful in determining the performance and maintaining the overall performance
further helping in the achievement of goals and objectives (Eklof, et. al., 2017).
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Budgetary Targets – There are various budgets prepared to depend on the needs. The budget for
the whole of the organization is prepared to achieve the goals which are then segregated for the
duration of time and responsibility such as monthly, daily etc. The budgets are the inclusion of
the targets that must be achieved by the managers. The results achieved are then analyzed with
the standards that were being set by the organization. Variances are helpful in determining the
problems and to take preventive steps to overcome them as soon as possible for an effective
management. The effectiveness of the actions is being measured with the help of the results. The
inefficiency can lead to various problems such as the poor quality of the products sold, hamper in
the production process and low productivity.
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M4. Analyse how, in responding to financial problems, management accounting can lead
organizations to sustainable success.
Financial governance is the set of principles and direction issued by controllers to guarantee that
financial procedures are, all around, managed! A big piece of financial governance is an
organization's informing capacities which incorporate everything from interior controls, to
reviews, to process work processes, to finance related controls, information following and
security and revealing respectability (Osadchy, and Akhmetshin, 2015). Basically, anything that
runs into an organization's scope to be agreeable with the appropriate authority.
Financial governance is very helpful to prevent financial problems in following way:
 Project planning: it helps to take innovative and safe decisions about the business
problems for regular growth. It also helps to take a decision about non- financial factors
like employee cutbacks for long-term development.
 Fund management it also helps to manage funds according to the need of organization. It
reduces the capital cost and has a positive impact on share price.
 If financial governance is followed in a sound manner it helps to manage legal and
shareholders responsibility.
Finance governance includes shareholders, investors, and creditors as internal part of the
organization. It makes management responsible for reporting (Zou, et. al., 2015). So shareholders
and investors can investigate and monitor the decisions and strategy of management.
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These tools are very helpful to prevent problems in the following manner:
• Cost saving: cost control directly increases the profit of the business. An accountant
can run various management accounting techniques like inventory management for
control and reduce the cost (Leitner, and Wall, 2015).
• Increase performance: low performance is a big problem for every organization. An
accountant can run an effective performance analysis by using the knowledge of
management accounting and create an advantage for the company.
• Technical benefit: various technical software are used in modern business
organizations. An accountant can identify various mistakes at an initial level with the
help of technical tools. So it is necessary for an accountant to be aware of technology
also.
• An effective balance of supply and demand can be managed by an accountant.
• Increase the customer satisfaction
Particulars Budgeted Units Budgeted
Price
Amount (₤) Actual
units
Actual
price
Amount
(₤)
Product A 90 12 1080 100 11 1100
Product B 110 15 1650 125 13 1625
Total sales 200 2730 225 2725
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Skills of
management
accountant
Skill of analysis
Technical
skills
Knowledge
Intelligent
communication
skills

D3. Critically evaluate how planning tools for accounting respond appropriately to solving
financial problems to lead organizations to sustainable success.
Cost management
Various tools like variable and standard costing
are available for managing the cost. Cost of
inventory can be managed by using inventory
management tools. These tools enable the
management to reduce the cost of every
business process and to take actions for
mistakes.
Fund management By using planning tools many information
reports are generated for the decision-making
process. The manager can use these tools to
examine the different finding options and
choose best for company’s sustainable success.
Performance reports Different tools of management accounting like
balance scorecard help in generating the
performance reports of each department. These
performance analysis reports will be used to
examine the factors for low performance and to
take a curative step for sustainable success.
Value-added analysis
Value-added analysis can be effectively run
with the help of planning tools to diagnose the
business activities which are adding high
benefit to the business. After examining the
various beneficial activities management can
take action for more improvement and can
eliminate
Loose carrying activities.
Operational and process management
Planning tools generate a relationship between
business process and business goals. This
integration helps to maintain business
operation according to the goals of the
company which ensures the long-term
development of the company.
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Conclusion
This assignment defines the importance of management accounting. It is presumed that success
of a business depends upon different budgetary and non-monetary factors. Long-term
development and benefit is the fundamental question for each business company. Management
accounting framework is exceptionally useful for a business organization to accomplish these
goals. Support for forecasting and decision making, profit and process management are some
benefits of management tools. By utilizing Management planning frameworks, management can
discover the different monetary and efficiency related issues and make a corrective move for the
same. These systems are especially useful in planning, target setting, and basic leadership
process. Different cost manage systems of management are utilized to control and diminish the
cost and to expand execution of production division. The assignment also concludes the
knowledge about the different cost techniques and these techniques are used in the determination
of various type costs.
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