Management Accounting: Types, Reports, and Benefits
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This article discusses the different types of management accounting systems, reports, and benefits. It explains how Tuffen Mark Ltd can benefit from job costing, price optimization, cost accounting, and inventory management systems. It also evaluates how management accounting is integrated into Tuffen Mark Ltd's organizational procedures.
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Running head: MANAGEMENT ACCOUNTING
Management Accounting
Name of the Student
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Course ID
Management Accounting
Name of the Student
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Course ID
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1MANAGEMENT ACCOUNTING
Table of Contents
Task 1: Introduction to Management Accounting.....................................................................3
Explanation of management accounting:...............................................................................3
Explanation of essential requirements of different types of management accounting
systems:..................................................................................................................................3
Explaining the different types of management accounting reports:...........................................5
Benefits of the management accounting system and its application on Tuffen Mark Ltd:....7
Critical evaluation of how management accounting system and management reporting is
integrated into Tuffen Mark Ltd organization procedure:...................................................10
Task 2: Management accounting techniques...........................................................................12
Standard cost per ventilation system using absorption costing and marginal costing:........12
Income statement of the budgeted results using absorption costing and marginal costing: 12
Cost analysis and CVP analysis:..........................................................................................13
Financial reports for a range of business activities:.............................................................14
Task 3 Planning Tools used in Management Accounting:.......................................................15
Planning Tools Used for Budgetary Control........................................................................15
Application of Different Planning Tools..............................................................................16
Evaluation of how planning tools for accounting respond appropriate to solving of
financial problems to result an organization to sustainable success:...................................18
Comparison of how different organizations are adapting management accounting system to
respond to the financial problems:.......................................................................................19
Table of Contents
Task 1: Introduction to Management Accounting.....................................................................3
Explanation of management accounting:...............................................................................3
Explanation of essential requirements of different types of management accounting
systems:..................................................................................................................................3
Explaining the different types of management accounting reports:...........................................5
Benefits of the management accounting system and its application on Tuffen Mark Ltd:....7
Critical evaluation of how management accounting system and management reporting is
integrated into Tuffen Mark Ltd organization procedure:...................................................10
Task 2: Management accounting techniques...........................................................................12
Standard cost per ventilation system using absorption costing and marginal costing:........12
Income statement of the budgeted results using absorption costing and marginal costing: 12
Cost analysis and CVP analysis:..........................................................................................13
Financial reports for a range of business activities:.............................................................14
Task 3 Planning Tools used in Management Accounting:.......................................................15
Planning Tools Used for Budgetary Control........................................................................15
Application of Different Planning Tools..............................................................................16
Evaluation of how planning tools for accounting respond appropriate to solving of
financial problems to result an organization to sustainable success:...................................18
Comparison of how different organizations are adapting management accounting system to
respond to the financial problems:.......................................................................................19
2MANAGEMENT ACCOUNTING
Analysis of how responding to financial problems, management accounting can result in
organizations sustainable success:.......................................................................................21
References:...............................................................................................................................22
Analysis of how responding to financial problems, management accounting can result in
organizations sustainable success:.......................................................................................21
References:...............................................................................................................................22
3MANAGEMENT ACCOUNTING
Task 1: Introduction to Management Accounting
Explanation of management accounting:
Management accounting process refers to the preparation of management reports and
accounts that offer accurate and in time financial and numerical information that is required
by the managers to undertake the daily and short term business decisions. Not like the
financial accounting that produces the annual report largely for the outside stakeholders, the
management accounting produces monthly and weekly reports for the company’s internal
audience namely the department managers and the chief executive officer (Kaplan and
Atkinson 2015). The reports typically reflect the sum of cash available, sales revenue
produced, the quantity of orders in hand, situations of accounts payable and accounts
receivables, outstanding debts and inventories including the trending charts and other
statistics. The management accounting system is such that it applies the professional
knowledge and skills in the preparation of the accounting information in a manner so that the
tool helps the management in formulating the policies in planning and controlling the
operations of undertakings.
Explanation of essential requirements of different types of management accounting
systems:
There are several kinds of management accounting systems which includes the
inventory management, cost accounting system, price optimization and job costing system
that has numerous accounting objectives, functions and elements (Langfield-Smith et al.
2017). Nevertheless, all the basic elements of the accounting system create the standardized
context as the aim of the data is to analyse, identify and communicate the information.
Cost Accounting System: The cost accounting or system of costing represents the
framework that is applied by the company to estimate the cos of its products for valuing the
Task 1: Introduction to Management Accounting
Explanation of management accounting:
Management accounting process refers to the preparation of management reports and
accounts that offer accurate and in time financial and numerical information that is required
by the managers to undertake the daily and short term business decisions. Not like the
financial accounting that produces the annual report largely for the outside stakeholders, the
management accounting produces monthly and weekly reports for the company’s internal
audience namely the department managers and the chief executive officer (Kaplan and
Atkinson 2015). The reports typically reflect the sum of cash available, sales revenue
produced, the quantity of orders in hand, situations of accounts payable and accounts
receivables, outstanding debts and inventories including the trending charts and other
statistics. The management accounting system is such that it applies the professional
knowledge and skills in the preparation of the accounting information in a manner so that the
tool helps the management in formulating the policies in planning and controlling the
operations of undertakings.
Explanation of essential requirements of different types of management accounting
systems:
There are several kinds of management accounting systems which includes the
inventory management, cost accounting system, price optimization and job costing system
that has numerous accounting objectives, functions and elements (Langfield-Smith et al.
2017). Nevertheless, all the basic elements of the accounting system create the standardized
context as the aim of the data is to analyse, identify and communicate the information.
Cost Accounting System: The cost accounting or system of costing represents the
framework that is applied by the company to estimate the cos of its products for valuing the
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4MANAGEMENT ACCOUNTING
inventory, analysis of profit and controlling of cost (Otley 2016). In the system of cost
accounting, the cost allocation process is performed based on either the activity based costing
system or traditional costing system. The system of cost accounting is the kind of accounting
system that aims to capture the cost of production by weighing the inputs of every production
step along with the fixed cost such as depreciation on capital equipment’s. The essentials of
cost accounting system is stated below;
a. Participation and Cooperation of executives needed by numerous departments:
This would ensure that the suitable participation and cooperation is in place to build
the process of cost account system as this would help the management in correctly
determining the cost of products.
b. Flexible and simple: The cost accounting system that is developed must be flexible
and easy to understand and perform (Saeidi et al. 2018). It also satisfies the
requirements of numerous users and adapt to the requirement of business.
Job Costing System: Job costing helps in assigning the manufacturing costs to each product
while simultaneously keeping track of the expenditure (Fullerton, Kennedy and Widener
2014). Tuffen Mark Ltd can use the Job Costing system when the product is similar to keep
track of the order expenditure. The essentials of job costing system includes the following;
a. Receiving enquiry of the customers regarding the quality of the material, price of
material and time taken to complete the order.
b. Estimation of the job price should be carried out by management accountant bearing
in mind the customer taste and preferences.
Price optimising system: The price optimization system is used to implement control on the
resource prices. The price optimization system helps in deciding the prices of the multiple
products on time (Cooper, Ezzamel and Qu 2017). The system helps in determining how the
inventory, analysis of profit and controlling of cost (Otley 2016). In the system of cost
accounting, the cost allocation process is performed based on either the activity based costing
system or traditional costing system. The system of cost accounting is the kind of accounting
system that aims to capture the cost of production by weighing the inputs of every production
step along with the fixed cost such as depreciation on capital equipment’s. The essentials of
cost accounting system is stated below;
a. Participation and Cooperation of executives needed by numerous departments:
This would ensure that the suitable participation and cooperation is in place to build
the process of cost account system as this would help the management in correctly
determining the cost of products.
b. Flexible and simple: The cost accounting system that is developed must be flexible
and easy to understand and perform (Saeidi et al. 2018). It also satisfies the
requirements of numerous users and adapt to the requirement of business.
Job Costing System: Job costing helps in assigning the manufacturing costs to each product
while simultaneously keeping track of the expenditure (Fullerton, Kennedy and Widener
2014). Tuffen Mark Ltd can use the Job Costing system when the product is similar to keep
track of the order expenditure. The essentials of job costing system includes the following;
a. Receiving enquiry of the customers regarding the quality of the material, price of
material and time taken to complete the order.
b. Estimation of the job price should be carried out by management accountant bearing
in mind the customer taste and preferences.
Price optimising system: The price optimization system is used to implement control on the
resource prices. The price optimization system helps in deciding the prices of the multiple
products on time (Cooper, Ezzamel and Qu 2017). The system helps in determining how the
5MANAGEMENT ACCOUNTING
demand would fluctuate at the different level of price. Tuffen Mark Ltd can make use of the
price optimising system by tailoring the prices of customer segments by simulating their
responses to the different level of price. Tuffen Mark Ltd can use the price optimising system
as it is helpful for the organization in building the price structure for promotional pricing and
discount pricing.
Inventory management system: The inventory management system is associated with the
supervision and management of stock as well as non-capitalized assets of the enterprise
(Tappura et al. 2015). The organization procedure at Tuffen Mark Ltd can be integrated with
this form of system to attain the effective inventory flow inside the organization. The two
essentials of inventory management system are as follows;
a. Forecasting and replenishing strategies: This strategy would help in advancing the
management and planning of cost requirement inside the organization.
b. Physical and monetary management of inventory: Numerous benefits such as
reduction in cost and appropriate inventory management can be attained with this
system.
Explaining the different types of management accounting reports:
There are numerous types of management accounting reports that can help the
management in preparing the appropriate reports at Tuffen Mark Ltd that would count on the
company’s forecast of making critical business decisions. The below stated is the reports that
can be prepared by the management of Tuffen Mark Ltd;
a. Budgeting reports: The management of Tuffen Mark Ltd can prepare the budgetary
report as it would help in setting out the plan for analysing the performance of the
company at the time of making assessment regarding the department performance and
cost controls (Kihn and Ihantola 2015). The budget reports can be useful for Tuffen
demand would fluctuate at the different level of price. Tuffen Mark Ltd can make use of the
price optimising system by tailoring the prices of customer segments by simulating their
responses to the different level of price. Tuffen Mark Ltd can use the price optimising system
as it is helpful for the organization in building the price structure for promotional pricing and
discount pricing.
Inventory management system: The inventory management system is associated with the
supervision and management of stock as well as non-capitalized assets of the enterprise
(Tappura et al. 2015). The organization procedure at Tuffen Mark Ltd can be integrated with
this form of system to attain the effective inventory flow inside the organization. The two
essentials of inventory management system are as follows;
a. Forecasting and replenishing strategies: This strategy would help in advancing the
management and planning of cost requirement inside the organization.
b. Physical and monetary management of inventory: Numerous benefits such as
reduction in cost and appropriate inventory management can be attained with this
system.
Explaining the different types of management accounting reports:
There are numerous types of management accounting reports that can help the
management in preparing the appropriate reports at Tuffen Mark Ltd that would count on the
company’s forecast of making critical business decisions. The below stated is the reports that
can be prepared by the management of Tuffen Mark Ltd;
a. Budgeting reports: The management of Tuffen Mark Ltd can prepare the budgetary
report as it would help in setting out the plan for analysing the performance of the
company at the time of making assessment regarding the department performance and
cost controls (Kihn and Ihantola 2015). The budget reports can be useful for Tuffen
6MANAGEMENT ACCOUNTING
Mark Ltd in providing the incentives to the employees which would motivate them to
attain the desired objectives.
b. Accounts receivable ageing report: The accounts receivable ageing report is related
to the management of accounts receivables is essential for companies that offer their
creditors with the extended credit facilities (Wagenhofer 2016). In case of Tuffen
Mark Ltd, a proper analysis can be made regarding the credit policy of the company
and the need of tightening the credit policy. This helps in making sure that the old
debts are recovered and liquidity is maintained inside the company.
c. Job costing reports: The job costing report is associated to recognizing the expenses,
cost and profitability of every particular job (Lavia López and Hiebl 2014). An
assessment can be made by Tuffen Mark Ltd regarding the earning aspects of project.
This would enable Tuffen Mark Ltd to introduce its efforts on the concerned issues
while simultaneously reducing their effort on the less activities that are less profitable.
The job costing report would enable Tuffen Mark Ltd in evaluating the cost of project
that is in progress so that the waste areas can be addressed and the project can be
made profitable and workable as well.
d. Inventory manufacturing reports: Business that are engaged in the manufacturing
procedure can prepare these types of reports so that their manufacturing and process
of inventory can turn out to be more efficient (Coad, Jack and Kholeif 2015). The
inventory and manufacturing reports comprises of labour costs, per unit overhead
costs and wastage that is concerned with the inventory providing the managers with
the comparative view amid the different lines of assembly and opportunities for
improving the performance of numerous departments.
e. Performance reports: The differences that is computed by comparing the actual
outcomes with the budgetary performance is assessed and information relating to the
Mark Ltd in providing the incentives to the employees which would motivate them to
attain the desired objectives.
b. Accounts receivable ageing report: The accounts receivable ageing report is related
to the management of accounts receivables is essential for companies that offer their
creditors with the extended credit facilities (Wagenhofer 2016). In case of Tuffen
Mark Ltd, a proper analysis can be made regarding the credit policy of the company
and the need of tightening the credit policy. This helps in making sure that the old
debts are recovered and liquidity is maintained inside the company.
c. Job costing reports: The job costing report is associated to recognizing the expenses,
cost and profitability of every particular job (Lavia López and Hiebl 2014). An
assessment can be made by Tuffen Mark Ltd regarding the earning aspects of project.
This would enable Tuffen Mark Ltd to introduce its efforts on the concerned issues
while simultaneously reducing their effort on the less activities that are less profitable.
The job costing report would enable Tuffen Mark Ltd in evaluating the cost of project
that is in progress so that the waste areas can be addressed and the project can be
made profitable and workable as well.
d. Inventory manufacturing reports: Business that are engaged in the manufacturing
procedure can prepare these types of reports so that their manufacturing and process
of inventory can turn out to be more efficient (Coad, Jack and Kholeif 2015). The
inventory and manufacturing reports comprises of labour costs, per unit overhead
costs and wastage that is concerned with the inventory providing the managers with
the comparative view amid the different lines of assembly and opportunities for
improving the performance of numerous departments.
e. Performance reports: The differences that is computed by comparing the actual
outcomes with the budgetary performance is assessed and information relating to the
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7MANAGEMENT ACCOUNTING
comparative outcomes is stated in the performance reports (Helden and Uddin 2016).
The performance report can be prepared by Tuffen Mark Ltd on yearly basis but the
same can be prepared in either monthly or quarterly basis as well.
f. Order information report: The order information report would provide assistance to
the management of Tuffen Mark Ltd in observing the trends in the business
effectively and efficiently. Under the order information report the numerous types of
report that is prepared in this type of reporting would help in integrating the
management operations to attain low cost of placing orders.
g. Opportunity reports: The opportunity report is prepared by the management as they
can be completely aware of the occurrence for a particular event (Shields 2015).
Preparing the well drafted situation or opportunity would help the management of
Tuffen Mark Ltd to take important business decision with respect to the events and
their understanding.
Benefits of the management accounting system and its application on Tuffen Mark Ltd:
Management accounting system has numerous advantage. With the help of
management accounting system, it is possible to improve the overall performance of the
company. The benefits of the management accounting system are as follows;
Increase in efficiency: Business that choses management accounting system increases the
efficiency of the company in conducting their operations. The management accounting
systems is beneficial in striving for better performance by assessing and comparing the
operations (Collis and Hussey 2017). The management accounting system makes it easy to
attain numerous results. Therefore, the management accounting system helps in indirectly
improving the efficiency of the company.
comparative outcomes is stated in the performance reports (Helden and Uddin 2016).
The performance report can be prepared by Tuffen Mark Ltd on yearly basis but the
same can be prepared in either monthly or quarterly basis as well.
f. Order information report: The order information report would provide assistance to
the management of Tuffen Mark Ltd in observing the trends in the business
effectively and efficiently. Under the order information report the numerous types of
report that is prepared in this type of reporting would help in integrating the
management operations to attain low cost of placing orders.
g. Opportunity reports: The opportunity report is prepared by the management as they
can be completely aware of the occurrence for a particular event (Shields 2015).
Preparing the well drafted situation or opportunity would help the management of
Tuffen Mark Ltd to take important business decision with respect to the events and
their understanding.
Benefits of the management accounting system and its application on Tuffen Mark Ltd:
Management accounting system has numerous advantage. With the help of
management accounting system, it is possible to improve the overall performance of the
company. The benefits of the management accounting system are as follows;
Increase in efficiency: Business that choses management accounting system increases the
efficiency of the company in conducting their operations. The management accounting
systems is beneficial in striving for better performance by assessing and comparing the
operations (Collis and Hussey 2017). The management accounting system makes it easy to
attain numerous results. Therefore, the management accounting system helps in indirectly
improving the efficiency of the company.
8MANAGEMENT ACCOUNTING
Increase in Profitability: Management accounting comprises of budgetary control and
capital budgeting. The use of this method makes it easy for the company to reduce the added
expenses for carrying out the noteworthy operations (Eldenburg et al. 2016). This ultimately
increases the profitability bar for the company.
Simplification of financial decision making: The management decision and other activities
of management requires simplified report of financial statement for the company (Vaidya and
Alur 2017). The management accounting is beneficial in creating reports that has simpler
interpretation. This allows the managerial officers to take up the suitable verdict for better
management of the business.
Benefits of management accounting system in context of the Tuffen Mark Ltd
System Benefits
Job Costing System It would help Tuffen Mark Ltd in
making an estimation of every type
of costs all through the
manufacturing procedure.
The job costing system would help
Tuffen Mark Ltd in preventing the
duplication of efforts as the similar
would be reflected.
The job costing system would help
Tuffen Mark Ltd in assessing the
quality of work done.
Price Optimizing System The price optimization system
would help the Tuffen Mark Ltd in
Increase in Profitability: Management accounting comprises of budgetary control and
capital budgeting. The use of this method makes it easy for the company to reduce the added
expenses for carrying out the noteworthy operations (Eldenburg et al. 2016). This ultimately
increases the profitability bar for the company.
Simplification of financial decision making: The management decision and other activities
of management requires simplified report of financial statement for the company (Vaidya and
Alur 2017). The management accounting is beneficial in creating reports that has simpler
interpretation. This allows the managerial officers to take up the suitable verdict for better
management of the business.
Benefits of management accounting system in context of the Tuffen Mark Ltd
System Benefits
Job Costing System It would help Tuffen Mark Ltd in
making an estimation of every type
of costs all through the
manufacturing procedure.
The job costing system would help
Tuffen Mark Ltd in preventing the
duplication of efforts as the similar
would be reflected.
The job costing system would help
Tuffen Mark Ltd in assessing the
quality of work done.
Price Optimizing System The price optimization system
would help the Tuffen Mark Ltd in
9MANAGEMENT ACCOUNTING
determining the attitude of
customers on the basis of different
prices.
The price optimization system is
helpful for Tuffen Mark Ltd in
increasing the operating profit with
best available prices.
This system would help the business
in making a segmentation of its
customers.
Cost Accounting System The cost accounting system would
help Tuffen Mark Ltd in measuring
the process efficiency as well as it
would later help in making
improvements depending upon the
usage of the system.
The system is helpful for Tuffen
Mark Ltd in fixing and lowering
prices.
The cost accounting system would
provide the Tuffen Mark Ltd with
essential information needed for
planning.
Inventory Management System With the help of the inventory
management system Tuffen Mark
determining the attitude of
customers on the basis of different
prices.
The price optimization system is
helpful for Tuffen Mark Ltd in
increasing the operating profit with
best available prices.
This system would help the business
in making a segmentation of its
customers.
Cost Accounting System The cost accounting system would
help Tuffen Mark Ltd in measuring
the process efficiency as well as it
would later help in making
improvements depending upon the
usage of the system.
The system is helpful for Tuffen
Mark Ltd in fixing and lowering
prices.
The cost accounting system would
provide the Tuffen Mark Ltd with
essential information needed for
planning.
Inventory Management System With the help of the inventory
management system Tuffen Mark
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10MANAGEMENT ACCOUNTING
Ltd can enhance the accuracy of its
inventory ordering system.
The inventory management system
is helpful for Tuffen Mark Ltd in
improving the efficiency and
effectiveness by saving both time
and money.
Critical evaluation of how management accounting system and management reporting
is integrated into Tuffen Mark Ltd organization procedure:
Types of reporting Integration with organizational procedure
Budgeting Reports The integration amid the organizational
procedure associated to Tuffen Mark Ltd
and budgeting reports creates a path for the
organizational activities in order to focus on
the targeted results and objectives in better
manner.
Accounts receivable aging report The integration amid the organization
activities of Tuffen Mark Ltd and the
accounts receivable report can be attained
with the help of collecting accounts on time
and creating satisfactory collection policy
that can keep track of the accuracy and
flexibility.
Job costing reports The activities of Tuffen Mark Ltd should be
Ltd can enhance the accuracy of its
inventory ordering system.
The inventory management system
is helpful for Tuffen Mark Ltd in
improving the efficiency and
effectiveness by saving both time
and money.
Critical evaluation of how management accounting system and management reporting
is integrated into Tuffen Mark Ltd organization procedure:
Types of reporting Integration with organizational procedure
Budgeting Reports The integration amid the organizational
procedure associated to Tuffen Mark Ltd
and budgeting reports creates a path for the
organizational activities in order to focus on
the targeted results and objectives in better
manner.
Accounts receivable aging report The integration amid the organization
activities of Tuffen Mark Ltd and the
accounts receivable report can be attained
with the help of collecting accounts on time
and creating satisfactory collection policy
that can keep track of the accuracy and
flexibility.
Job costing reports The activities of Tuffen Mark Ltd should be
11MANAGEMENT ACCOUNTING
such that it attains the objectives of cost and
cost reports. This would make easily
facilitate the strategic pricing for the
company and lowering the cost of product
as well.
Inventory and manufacturing report The integration between the Tuffen Mark
Ltd and report offers management with
better inventory control. This report would
help in estimating the required level of
purchase order to be placed.
Performance reports Integrating the performance report and
Tuffen Mark Ltd activities would assist the
managers in planning for the future
production and cost. This may ultimately
result in reduction of cost and higher
profitability.
Opportunity Reports Integrating the Tuffen Mark Ltd business
procedure with the opportunity reports
would enable the company management to
critically assess the circumstances and act in
a required manner for making decision.
Order Information Report Integrating the Tuffen Mark Ltd business
procedure with the order information reports
would enable the company management to
assess the information relating to sales order
such that it attains the objectives of cost and
cost reports. This would make easily
facilitate the strategic pricing for the
company and lowering the cost of product
as well.
Inventory and manufacturing report The integration between the Tuffen Mark
Ltd and report offers management with
better inventory control. This report would
help in estimating the required level of
purchase order to be placed.
Performance reports Integrating the performance report and
Tuffen Mark Ltd activities would assist the
managers in planning for the future
production and cost. This may ultimately
result in reduction of cost and higher
profitability.
Opportunity Reports Integrating the Tuffen Mark Ltd business
procedure with the opportunity reports
would enable the company management to
critically assess the circumstances and act in
a required manner for making decision.
Order Information Report Integrating the Tuffen Mark Ltd business
procedure with the order information reports
would enable the company management to
assess the information relating to sales order
12MANAGEMENT ACCOUNTING
and generating numerous reports to keep
track of the customer orders and fulfilling
the same in a timely manner.
Task 2: Management accounting techniques
Standard cost per ventilation system using absorption costing and marginal costing:
Income statement of the budgeted results using absorption costing and marginal
costing:
and generating numerous reports to keep
track of the customer orders and fulfilling
the same in a timely manner.
Task 2: Management accounting techniques
Standard cost per ventilation system using absorption costing and marginal costing:
Income statement of the budgeted results using absorption costing and marginal
costing:
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13MANAGEMENT ACCOUNTING
Cost analysis and CVP analysis:
Cost analysis and CVP analysis:
14MANAGEMENT ACCOUNTING
Financial reports for a range of business activities:
Financial reports for a range of business activities:
15MANAGEMENT ACCOUNTING
Task 3 Planning Tools used in Management Accounting:
Planning Tools Used for Budgetary Control
Budgeting is considered as the process to prepare plans for a specific future period in
numerical terms. On the other hand, budgetary control is considered as the process of setting
financial as well as performance goals by comparing the actual results along with adjusting
the performance. The use of different types of planning tools can be seen in budgetary
control; they are Financial Budgets, Operating Budgets and Non-Monetary Budgets. The
following discussion shows the advantages and disadvantages of these planning tools in
budgetary control.
Financial Budget
Advantages: Creating a financial budget provides the managers with the awareness of the
earning and spending of the business. More specifically, this budget helps in outlining the
exact amount of earnings of the companies on monthly basis from sales and other income. In
addition, the managers become able in recognizing the business opportunities for market
expansion from the use of financial budgets. It can be used as effective communication tool
as the use of financial budgets help in bringing improvements in the process to create annual
report. Most importantly, it helps in effective financial planning (Sazonov, Lukyanova and
Popkova 2013).
Disadvantages: One major disadvantage of financial budgets is that it takes much time for
the managers to prepare. At the same time, it has the tendency to limit innovation and change
as the use of traditional techniques can be seen in the use of financial budgets.
Operating Budget
Advantages: There are certain benefits of operating budgets. Operating budgets assist in
keep tracking the entire business operations by indicating both money that is spent and that is
Task 3 Planning Tools used in Management Accounting:
Planning Tools Used for Budgetary Control
Budgeting is considered as the process to prepare plans for a specific future period in
numerical terms. On the other hand, budgetary control is considered as the process of setting
financial as well as performance goals by comparing the actual results along with adjusting
the performance. The use of different types of planning tools can be seen in budgetary
control; they are Financial Budgets, Operating Budgets and Non-Monetary Budgets. The
following discussion shows the advantages and disadvantages of these planning tools in
budgetary control.
Financial Budget
Advantages: Creating a financial budget provides the managers with the awareness of the
earning and spending of the business. More specifically, this budget helps in outlining the
exact amount of earnings of the companies on monthly basis from sales and other income. In
addition, the managers become able in recognizing the business opportunities for market
expansion from the use of financial budgets. It can be used as effective communication tool
as the use of financial budgets help in bringing improvements in the process to create annual
report. Most importantly, it helps in effective financial planning (Sazonov, Lukyanova and
Popkova 2013).
Disadvantages: One major disadvantage of financial budgets is that it takes much time for
the managers to prepare. At the same time, it has the tendency to limit innovation and change
as the use of traditional techniques can be seen in the use of financial budgets.
Operating Budget
Advantages: There are certain benefits of operating budgets. Operating budgets assist in
keep tracking the entire business operations by indicating both money that is spent and that is
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16MANAGEMENT ACCOUNTING
expected to come. At the same time, operating budgets play a crucial part in the management
of current expenses. For example, an operating budget starts with fixed overhead costs like
salaries of the staffs, office rents and others. At the same time, it assists the managers in
projecting the future expenses. For this reason, it can lead to the reduction of debts as the
target of the managers is to develop financial resources (Hur 2013).
Disadvantages: It is needed for the managers to do long-range planning for the operating
budgets that is not possible for all the times. In addition, the companies often have to face tax
complication from the use of operating budgets. It is a time consuming process for the
managers to develop operating budgets (Hur 2013).
Non-Monetary Budget
Advantages: One of the major advantages of non-monetary budget is that it assists the
managers in developing and expressing budgets in non-financial sales or revenue and
expenses that is profit. Non-monetary budgets help the managers to increase the sales budget
or cut the expense budget in case the predictable profit margin is too small. In addition, this
budget helps the manager in keeping the record of the incoming and outgoing of the non-
monetary items (Adongo and Jagongo 2013).
Disadvantages: The managers face difficulties in the allocation of non-monetary items under
this budget. In addition, the main two requirements of this kind of budget is time and money
that creates constraints to the organizational managers (Adongo and Jagongo 2013).
Application of Different Planning Tools
In the business organizations, preparing as well as forecasting budgets is considered
as a crucial step for the success of the organizations. For this reason, the use of different
planning tools can be seen in the organizations by the organizational managers for the
expected to come. At the same time, operating budgets play a crucial part in the management
of current expenses. For example, an operating budget starts with fixed overhead costs like
salaries of the staffs, office rents and others. At the same time, it assists the managers in
projecting the future expenses. For this reason, it can lead to the reduction of debts as the
target of the managers is to develop financial resources (Hur 2013).
Disadvantages: It is needed for the managers to do long-range planning for the operating
budgets that is not possible for all the times. In addition, the companies often have to face tax
complication from the use of operating budgets. It is a time consuming process for the
managers to develop operating budgets (Hur 2013).
Non-Monetary Budget
Advantages: One of the major advantages of non-monetary budget is that it assists the
managers in developing and expressing budgets in non-financial sales or revenue and
expenses that is profit. Non-monetary budgets help the managers to increase the sales budget
or cut the expense budget in case the predictable profit margin is too small. In addition, this
budget helps the manager in keeping the record of the incoming and outgoing of the non-
monetary items (Adongo and Jagongo 2013).
Disadvantages: The managers face difficulties in the allocation of non-monetary items under
this budget. In addition, the main two requirements of this kind of budget is time and money
that creates constraints to the organizational managers (Adongo and Jagongo 2013).
Application of Different Planning Tools
In the business organizations, preparing as well as forecasting budgets is considered
as a crucial step for the success of the organizations. For this reason, the use of different
planning tools can be seen in the organizations by the organizational managers for the
17MANAGEMENT ACCOUNTING
purpose of preparing and forecasting budgets. The following discussion shows the use and
application of these planning tools for preparing and forecasting budgets.
Planning Tools for Preparing Budgets
For the preparation of the master budget, the organizational managers have to use or
apply different kinds of planning tools in the form of different other budgets. Their use and
application is shown below:
For the preparation of budget, the managers are needed to use financial budgets as a
planning tool. The use of financial budget can be seen in order to forecast the income
statement, balance sheet and cash flow statement for the future years (Otley 2015).
After that, it is needed for the organizational managers to develop capital budgets as it
is another major planning tool for the preparation of budgets. In the application of the
capital budgets, the organizational managers take the required decisions for long-term
investments like the investments in plant and machinery, investment in other fixed
assets, investments in operations and others (Otley 2015).
After that, the managers are needed to consider the development of sales budget as a
crucial planning tool for the budgets and it is applied with the aim to forecast the sales
volume. It is also used to identify the influence of previous sales trends, present
economic condition and others as they have impact on the sales volume of the
companies (Ajibolade and Akinniyi 2013).
In addition, the managers are needed to use and apply other planning tools in the form
of production budget, cash budget and marketing budget as they are important for
setting the production target, marketing target and others (Otley 2015).
Planning Tools for Forecasting Budgets
At the same time, the use of different planning tools can be seen by the managers for
the effective forecasting of budget. These planning tools for forecasting are Qualitative
forecast, Time series forecast and Casual forecast. These are discussed below:
The use of qualitative forecasting can be seen by obtaining inputs from different
departments of the organization along with different personnel from the different
purpose of preparing and forecasting budgets. The following discussion shows the use and
application of these planning tools for preparing and forecasting budgets.
Planning Tools for Preparing Budgets
For the preparation of the master budget, the organizational managers have to use or
apply different kinds of planning tools in the form of different other budgets. Their use and
application is shown below:
For the preparation of budget, the managers are needed to use financial budgets as a
planning tool. The use of financial budget can be seen in order to forecast the income
statement, balance sheet and cash flow statement for the future years (Otley 2015).
After that, it is needed for the organizational managers to develop capital budgets as it
is another major planning tool for the preparation of budgets. In the application of the
capital budgets, the organizational managers take the required decisions for long-term
investments like the investments in plant and machinery, investment in other fixed
assets, investments in operations and others (Otley 2015).
After that, the managers are needed to consider the development of sales budget as a
crucial planning tool for the budgets and it is applied with the aim to forecast the sales
volume. It is also used to identify the influence of previous sales trends, present
economic condition and others as they have impact on the sales volume of the
companies (Ajibolade and Akinniyi 2013).
In addition, the managers are needed to use and apply other planning tools in the form
of production budget, cash budget and marketing budget as they are important for
setting the production target, marketing target and others (Otley 2015).
Planning Tools for Forecasting Budgets
At the same time, the use of different planning tools can be seen by the managers for
the effective forecasting of budget. These planning tools for forecasting are Qualitative
forecast, Time series forecast and Casual forecast. These are discussed below:
The use of qualitative forecasting can be seen by obtaining inputs from different
departments of the organization along with different personnel from the different
18MANAGEMENT ACCOUNTING
departments of the organization based on the judgment. In the application, this
process follows an outline technique for obtaining the forecast of informed
employees in the absence of any bias (Hyndman and Athanasopoulos 2018).
Time series forecast involves in the tracking of a specific variable over time with the
aim to develop model for forecasting on the basis of anticipated movement of
variable in the future period. The usefulness of this method can be seen to study
variables with chronic patterns (Box et al. 2015).
Under the process of casual forecasting, the organizational managers study the
specific factors that cause movement in variables over the time. The application of
this method can be seen for checking whether there is stable relationship between the
factors or not. The use of regression analysis can be seen under this model (Granger
and Newbold 2014).
Evaluation of how planning tools for accounting respond appropriate to solving of
financial problems to result an organization to sustainable success:
The numerous planning tool assist the management in recognizing the financial
problems through the management accounting technique and tools. The information obtained
from the tools of planning assist in making strategic directions and undertake the financial
decisions that can contribute towards the financial success of the company (Kamal 2015).
The tools would help the company in implementing control so that decision of investment can
be accordingly taken. The enterprise would have significant effect in the issue of
sustainability with the implementation of planning tools. The management contributes at
numerous planning level and strategic decisions in the below stated points;
Planning and Controlling: This is regarded as noteworthy component of management
accounting and Tuffen Mark Ltd is required to put plans in place so that it can set direction
for the organization and implement control system in order to assure that all the operations is
executed in terms of the plans.
departments of the organization based on the judgment. In the application, this
process follows an outline technique for obtaining the forecast of informed
employees in the absence of any bias (Hyndman and Athanasopoulos 2018).
Time series forecast involves in the tracking of a specific variable over time with the
aim to develop model for forecasting on the basis of anticipated movement of
variable in the future period. The usefulness of this method can be seen to study
variables with chronic patterns (Box et al. 2015).
Under the process of casual forecasting, the organizational managers study the
specific factors that cause movement in variables over the time. The application of
this method can be seen for checking whether there is stable relationship between the
factors or not. The use of regression analysis can be seen under this model (Granger
and Newbold 2014).
Evaluation of how planning tools for accounting respond appropriate to solving of
financial problems to result an organization to sustainable success:
The numerous planning tool assist the management in recognizing the financial
problems through the management accounting technique and tools. The information obtained
from the tools of planning assist in making strategic directions and undertake the financial
decisions that can contribute towards the financial success of the company (Kamal 2015).
The tools would help the company in implementing control so that decision of investment can
be accordingly taken. The enterprise would have significant effect in the issue of
sustainability with the implementation of planning tools. The management contributes at
numerous planning level and strategic decisions in the below stated points;
Planning and Controlling: This is regarded as noteworthy component of management
accounting and Tuffen Mark Ltd is required to put plans in place so that it can set direction
for the organization and implement control system in order to assure that all the operations is
executed in terms of the plans.
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19MANAGEMENT ACCOUNTING
Implementation Plans: Managers with the help management accounting methods collects
numerous information that comprises of budgets, performance reports and cost of products on
continuous basis for applying the plans that are prepared during the budgetary procedure
(Srivastava 2018). This would help the management of Tuffen Mark Ltd in to allocate the
resources in terms of the requirements of the numerous departments and divisions involving
each particular procedure.
Competitive Edge: As evident organizations that are well managed are able to focus on the
strategies and objectives for creating a competitive advantage of an organization.
Consequently, the strategies of Tuffen Mark Ltd through management accounting techniques
is better focused on obtaining a competitive advantage in the market by emphasising on the
lower cost and brand image.
Comparison of how different organizations are adapting management accounting
system to respond to the financial problems:
Companies in the modern world faces the question of how they can adapt to the
business models, strategies and process to respond to the environmental and social challenges
whereas creating value for the shareholders and financial success (Cooper 2017). There are
few companies that possess the required skills to address the challenges and compete in the
sustainable economy. An argument can be bought forward in this regard is that companies are
missing the valuable analysis and insight by failing to take advantage of management account
skills. It consists of creating business scenario for assessing and sustainable reporting of the
social and environmental aspects of organizational performance.
A company can make use of below stated management accounting system to address
the financial problems:
Implementation Plans: Managers with the help management accounting methods collects
numerous information that comprises of budgets, performance reports and cost of products on
continuous basis for applying the plans that are prepared during the budgetary procedure
(Srivastava 2018). This would help the management of Tuffen Mark Ltd in to allocate the
resources in terms of the requirements of the numerous departments and divisions involving
each particular procedure.
Competitive Edge: As evident organizations that are well managed are able to focus on the
strategies and objectives for creating a competitive advantage of an organization.
Consequently, the strategies of Tuffen Mark Ltd through management accounting techniques
is better focused on obtaining a competitive advantage in the market by emphasising on the
lower cost and brand image.
Comparison of how different organizations are adapting management accounting
system to respond to the financial problems:
Companies in the modern world faces the question of how they can adapt to the
business models, strategies and process to respond to the environmental and social challenges
whereas creating value for the shareholders and financial success (Cooper 2017). There are
few companies that possess the required skills to address the challenges and compete in the
sustainable economy. An argument can be bought forward in this regard is that companies are
missing the valuable analysis and insight by failing to take advantage of management account
skills. It consists of creating business scenario for assessing and sustainable reporting of the
social and environmental aspects of organizational performance.
A company can make use of below stated management accounting system to address
the financial problems:
20MANAGEMENT ACCOUNTING
Identification of financial issues: Using the budgetary targets, key performance indicators
such as non-financial and financial benchmarks to recognize the problems and variances in
order to respond them without causing any interruption.
Financial governance: The business should define the financial governance and understand
how governance can be implemented to prevent the financial issues (Kokubu and Kitada
2015). The business can make use of the financial governance in observing the strategy.
Management accounting skills sets: An organization should know the features of the
effective and efficient management accountant (Boardman et al. 2017). Furthermore, the
accountant should understand the necessary skills to be applied to deal with the problems and
preventing the problems namely the misappropriation of the resources that is meant to grow
the business.
Effective strategies and systems: Management accountant requires the creation of systems
and strategies that require effective and timely reporting, complete disclosure of financial
statements and responsibly governing the organization.
The study further guides that there are numerous ways where management
accountants can guide their company to attain the sustainable success of the business. These
are as follows;
a. Identifying the social and environmental trends that would affect the capability of the
business to create value over the time (Hopkin 2018).
b. Connecting the sustainable business challenges with the strategy of the business,
performance outlook, business model and functions.
c. Describing the effect of the sustainability issues in the strong terms of business that
comprises of how and when it would impact the business.
Identification of financial issues: Using the budgetary targets, key performance indicators
such as non-financial and financial benchmarks to recognize the problems and variances in
order to respond them without causing any interruption.
Financial governance: The business should define the financial governance and understand
how governance can be implemented to prevent the financial issues (Kokubu and Kitada
2015). The business can make use of the financial governance in observing the strategy.
Management accounting skills sets: An organization should know the features of the
effective and efficient management accountant (Boardman et al. 2017). Furthermore, the
accountant should understand the necessary skills to be applied to deal with the problems and
preventing the problems namely the misappropriation of the resources that is meant to grow
the business.
Effective strategies and systems: Management accountant requires the creation of systems
and strategies that require effective and timely reporting, complete disclosure of financial
statements and responsibly governing the organization.
The study further guides that there are numerous ways where management
accountants can guide their company to attain the sustainable success of the business. These
are as follows;
a. Identifying the social and environmental trends that would affect the capability of the
business to create value over the time (Hopkin 2018).
b. Connecting the sustainable business challenges with the strategy of the business,
performance outlook, business model and functions.
c. Describing the effect of the sustainability issues in the strong terms of business that
comprises of how and when it would impact the business.
21MANAGEMENT ACCOUNTING
d. Establishing the key performance indicators that would support the sustainable and
strategic goals.
e. Implementing the techniques and tools of management accounting such as the
availability of natural resources, carbon foot-print and lifecycle costing to help
incorporating the sustainability issues in the decision making procedure (Levin et al.
2017).
f. Producing reports that would include the information on the sustainable impact of
informing the pricing and decisions of budgeting, strategic planning and investment
appraisals.
g. Creating the strategy of reporting that incorporates the matters of sustainability to
make sure that relevant non-financial and non-financial information is obtained.
Analysis of how responding to financial problems, management accounting can result in
organizations sustainable success:
The management accounting plays an important role in the sustainable success of the
business organization. Below stated are the summarized points;
a. The managers are required to support the strategic and sustainable goals through the
help of policies and strategies to be developed.
b. The management accounting techniques and tools such as marginal costing, standard
costing and break even analysis would help in the integration of sustainable matters in
numerous decision making procedure (Miles 2015).
c. The management accounting assist in preparing the production reports that comprises
of information on the sustainable effects that would help in understanding the decision
of budget, pricing and strategic planning.
d. Establishing the key performance indicators that would support the sustainable and
strategic goals.
e. Implementing the techniques and tools of management accounting such as the
availability of natural resources, carbon foot-print and lifecycle costing to help
incorporating the sustainability issues in the decision making procedure (Levin et al.
2017).
f. Producing reports that would include the information on the sustainable impact of
informing the pricing and decisions of budgeting, strategic planning and investment
appraisals.
g. Creating the strategy of reporting that incorporates the matters of sustainability to
make sure that relevant non-financial and non-financial information is obtained.
Analysis of how responding to financial problems, management accounting can result in
organizations sustainable success:
The management accounting plays an important role in the sustainable success of the
business organization. Below stated are the summarized points;
a. The managers are required to support the strategic and sustainable goals through the
help of policies and strategies to be developed.
b. The management accounting techniques and tools such as marginal costing, standard
costing and break even analysis would help in the integration of sustainable matters in
numerous decision making procedure (Miles 2015).
c. The management accounting assist in preparing the production reports that comprises
of information on the sustainable effects that would help in understanding the decision
of budget, pricing and strategic planning.
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22MANAGEMENT ACCOUNTING
d. Management accounting helps in developing the reporting strategy that would in
integrating the sustainable issues. This would ultimately permit the reporting of
financial and non-financial information.
d. Management accounting helps in developing the reporting strategy that would in
integrating the sustainable issues. This would ultimately permit the reporting of
financial and non-financial information.
23MANAGEMENT ACCOUNTING
References:
Adongo, K.O. and Jagongo, A., 2013. Budgetary control as a measure of financial
performance of state corporations in Kenya. International Journal of Accounting and
Taxation, 1(1), pp.38-57.
Ajibolade, S.O. and Akinniyi, O.K., 2013. The influence of organisational culture and
budgetary participation on propensity to create budgetary slack in public sector
organisations. British Journal of Arts and Social Sciences, 13(1), pp.69-83.
Boardman, A.E., Greenberg, D.H., Vining, A.R. and Weimer, D.L., 2017. Cost-benefit
analysis: concepts and practice. Cambridge University Press.
Box, G.E., Jenkins, G.M., Reinsel, G.C. and Ljung, G.M., 2015. Time series analysis:
forecasting and control. John Wiley & Sons.
Coad, A., Jack, L. and Kholeif, A.O.R., 2015. Structuration theory: reflections on its further
potential for management accounting research. Qualitative Research in Accounting &
Management, 12(2), pp.153-171.
Collis, J. and Hussey, R., 2017. Cost and Management Accounting. Macmillan International
Higher Education.
Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea:
The case of the balanced scorecard. Contemporary Accounting Research, 34(2), pp.991-1025.
Cooper, R., 2017. Supply chain development for the lean enterprise: interorganizational cost
management. Routledge.
Eldenburg, L.G., Wolcott, S.K., Chen, L.H. and Cook, G., 2016. Cost management:
Measuring, monitoring, and motivating performance. Wiley Global Education.
References:
Adongo, K.O. and Jagongo, A., 2013. Budgetary control as a measure of financial
performance of state corporations in Kenya. International Journal of Accounting and
Taxation, 1(1), pp.38-57.
Ajibolade, S.O. and Akinniyi, O.K., 2013. The influence of organisational culture and
budgetary participation on propensity to create budgetary slack in public sector
organisations. British Journal of Arts and Social Sciences, 13(1), pp.69-83.
Boardman, A.E., Greenberg, D.H., Vining, A.R. and Weimer, D.L., 2017. Cost-benefit
analysis: concepts and practice. Cambridge University Press.
Box, G.E., Jenkins, G.M., Reinsel, G.C. and Ljung, G.M., 2015. Time series analysis:
forecasting and control. John Wiley & Sons.
Coad, A., Jack, L. and Kholeif, A.O.R., 2015. Structuration theory: reflections on its further
potential for management accounting research. Qualitative Research in Accounting &
Management, 12(2), pp.153-171.
Collis, J. and Hussey, R., 2017. Cost and Management Accounting. Macmillan International
Higher Education.
Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea:
The case of the balanced scorecard. Contemporary Accounting Research, 34(2), pp.991-1025.
Cooper, R., 2017. Supply chain development for the lean enterprise: interorganizational cost
management. Routledge.
Eldenburg, L.G., Wolcott, S.K., Chen, L.H. and Cook, G., 2016. Cost management:
Measuring, monitoring, and motivating performance. Wiley Global Education.
24MANAGEMENT ACCOUNTING
Fullerton, R.R., Kennedy, F.A. and Widener, S.K., 2014. Lean manufacturing and firm
performance: The incremental contribution of lean management accounting
practices. Journal of Operations Management, 32(7-8), pp.414-428.
Granger, C.W.J. and Newbold, P., 2014. Forecasting economic time series. Academic Press.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
Hur, Y., 2013. Turnover, voluntary turnover, and organizational performance: Evidence from
municipal police departments. Public Administration Quarterly, pp.3-35.
Hyndman, R.J. and Athanasopoulos, G., 2018. Forecasting: principles and practice. OTexts.
Kamal, S., 2015. Historical evolution of management accounting. The cost and
management, 43(4), pp.12-19.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Kihn, L.A. and Ihantola, E.M., 2015. Approaches to validation and evaluation in qualitative
studies of management accounting. Qualitative Research in Accounting &
Management, 12(3), pp.230-255.
Kokubu, K. and Kitada, H., 2015. Material flow cost accounting and existing management
perspectives. Journal of Cleaner Production, 108, pp.1279-1288.
Langfield-Smith, K., Smith, D., Andon, P., Hilton, R. and Thorne, H., 2017. Management
accounting: Information for creating and managing value. McGraw-Hill Education
Australia.
Fullerton, R.R., Kennedy, F.A. and Widener, S.K., 2014. Lean manufacturing and firm
performance: The incremental contribution of lean management accounting
practices. Journal of Operations Management, 32(7-8), pp.414-428.
Granger, C.W.J. and Newbold, P., 2014. Forecasting economic time series. Academic Press.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
Hur, Y., 2013. Turnover, voluntary turnover, and organizational performance: Evidence from
municipal police departments. Public Administration Quarterly, pp.3-35.
Hyndman, R.J. and Athanasopoulos, G., 2018. Forecasting: principles and practice. OTexts.
Kamal, S., 2015. Historical evolution of management accounting. The cost and
management, 43(4), pp.12-19.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Kihn, L.A. and Ihantola, E.M., 2015. Approaches to validation and evaluation in qualitative
studies of management accounting. Qualitative Research in Accounting &
Management, 12(3), pp.230-255.
Kokubu, K. and Kitada, H., 2015. Material flow cost accounting and existing management
perspectives. Journal of Cleaner Production, 108, pp.1279-1288.
Langfield-Smith, K., Smith, D., Andon, P., Hilton, R. and Thorne, H., 2017. Management
accounting: Information for creating and managing value. McGraw-Hill Education
Australia.
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25MANAGEMENT ACCOUNTING
Lavia López, O. and Hiebl, M.R., 2014. Management accounting in small and medium-sized
enterprises: current knowledge and avenues for further research. Journal of Management
Accounting Research, 27(1), pp.81-119.
Levin, H.M., McEwan, P.J., Belfield, C., Bowden, A.B. and Shand, R., 2017. Economic
evaluation in education: Cost-effectiveness and benefit-cost analysis. Sage Publications.
Miles, L.D., 2015. Techniques of value analysis and engineering. Miles Value Foundation.
Otley, D., 2015. in Management Control. Critical Perspectives in Management Control, p.27.
Otley, D., 2016. The contingency theory of management accounting and control: 1980–
2014. Management accounting research, 31, pp.45-62.
Saeidi, S.P., Othman, M.S.H., Saeidi, P. and Saeidi, S.P., 2018. The moderating role of
environmental management accounting between environmental innovation and firm financial
performance. International Journal of Business Performance Management, 19(3), pp.326-
348.
Sazonov, S.P., Lukyanova, A.V. and Popkova, E.G., 2013. Towards the financial budgeting
governance in transitive economies. World Applied Sciences Journal, 23(11), pp.1538-1547.
Shields, M.D., 2015. Established management accounting knowledge. Journal of
Management Accounting Research, 27(1), pp.123-132.
Srivastava, R.K., 2018. In defence of traditional cost and management accounting. Journal of
Management Research and Analysis, 5(1), pp.10-14.
Tappura, S., Sievänen, M., Heikkilä, J., Jussila, A. and Nenonen, N., 2015. A management
accounting perspective on safety. Safety science, 71, pp.151-159.
Lavia López, O. and Hiebl, M.R., 2014. Management accounting in small and medium-sized
enterprises: current knowledge and avenues for further research. Journal of Management
Accounting Research, 27(1), pp.81-119.
Levin, H.M., McEwan, P.J., Belfield, C., Bowden, A.B. and Shand, R., 2017. Economic
evaluation in education: Cost-effectiveness and benefit-cost analysis. Sage Publications.
Miles, L.D., 2015. Techniques of value analysis and engineering. Miles Value Foundation.
Otley, D., 2015. in Management Control. Critical Perspectives in Management Control, p.27.
Otley, D., 2016. The contingency theory of management accounting and control: 1980–
2014. Management accounting research, 31, pp.45-62.
Saeidi, S.P., Othman, M.S.H., Saeidi, P. and Saeidi, S.P., 2018. The moderating role of
environmental management accounting between environmental innovation and firm financial
performance. International Journal of Business Performance Management, 19(3), pp.326-
348.
Sazonov, S.P., Lukyanova, A.V. and Popkova, E.G., 2013. Towards the financial budgeting
governance in transitive economies. World Applied Sciences Journal, 23(11), pp.1538-1547.
Shields, M.D., 2015. Established management accounting knowledge. Journal of
Management Accounting Research, 27(1), pp.123-132.
Srivastava, R.K., 2018. In defence of traditional cost and management accounting. Journal of
Management Research and Analysis, 5(1), pp.10-14.
Tappura, S., Sievänen, M., Heikkilä, J., Jussila, A. and Nenonen, N., 2015. A management
accounting perspective on safety. Safety science, 71, pp.151-159.
26MANAGEMENT ACCOUNTING
Vaidya, P.N. and Alur, S., 2017. A Study on Cost and Management Accounting Practices by
Selected Firms at Hubballi-Dharwad. International Journal of Management, 8(3).
van Helden, J. and Uddin, S., 2016. Public sector management accounting in emerging
economies: A literature review. Critical Perspectives on Accounting, 41, pp.34-62.
Wagenhofer, A., 2016. Exploiting regulatory changes for research in management
accounting. Management Accounting Research, 31, pp.112-117.
Vaidya, P.N. and Alur, S., 2017. A Study on Cost and Management Accounting Practices by
Selected Firms at Hubballi-Dharwad. International Journal of Management, 8(3).
van Helden, J. and Uddin, S., 2016. Public sector management accounting in emerging
economies: A literature review. Critical Perspectives on Accounting, 41, pp.34-62.
Wagenhofer, A., 2016. Exploiting regulatory changes for research in management
accounting. Management Accounting Research, 31, pp.112-117.
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