Management Accounting and Accounting Systems

This document provides an introduction to management accounting and the requirement of different accounting systems. It discusses various methods of accounting for management reporting and the advantages of management accounting systems. The document also includes the development of income statements using marginal and absorption costing.

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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Management accounting and requirement of different accounting systems...................1
P2. Various method of accounting of management reporting...............................................3
M1. Advantages of management accounting systems and their application for context of
companies...............................................................................................................................5
D1 Management accounting system and reporting integrated with organisational process.. 6
TASK 2............................................................................................................................................6
P3. Development of income statements as per the marginal and absorption costing...........6
M2. Management accounting techniques to produce financial reports................................13
D2. Interpretation of produced financial statements............................................................13
TASK 3..........................................................................................................................................14
P4. Benefits and limitations of tools of planning ................................................................14
M3. Various types of planning tools and their application for developing and forecasting of
budget...................................................................................................................................15
TASK 4..........................................................................................................................................15
P5. Comparison of companies to solve the financial issues with the help of systems of
accounting.............................................................................................................................15
M4. Management accounting to solve the financial issues..................................................17
D3. Planning tools to solve the financial issues...................................................................17
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
Management Accounting can be explained as the procedure for maintaining all the
internal data of an organization through which better strategies can be formulated for achieving
organizational goals. It is necessary because it helps manager, directors, shareholder to analyse
about overall performance of the organization. Also, it gives idea to outsiders, whether they
should invest within the company or not. For this project, the chosen financial consultancy is
AstraZeneca. This company belongs to pharmaceutical and biotechnology industry. It offers
various types of pharmaceuticals products. It was founded in year 1999. Headquarter of company
is located in England, UK. Different planning tools in budgetary control will also be explained
with their pros and cons. Also, there will be explanation about how financial problem can be
resolved with the help of management accounting.
TASK 1
P1. Management accounting and requirement of different accounting systems.
As per the institute of Cost and Management Accountants, management accounting refers
to the use of professional skill and knowledge in prepartion of accounting information that helps
management in developing policies.
It involves methods and concepts that are essential for effectively plan for selecting among
alternative actions for interpretation of performance (Chenhall and Moers, 2015).
The role of management accounting includes recording, gathering and reporting financial
information from different units of firm and analysing the budget and suggesting allocation.
Its major role is to conduct budgeting. It guides company regarding all the expenditures (Jefrey,
ed., 2018).
It is the process of the system of accounting which helps directors of an organisation to
take any of the decision as per the situation arises in front of them. There are number of reports
which is being prepared by organization and all of those reports are directly related with
management accounting (Chenhall and Moers, 2015). In context of AstraZeneca, it has been
helpful for them because they are able to take any of the effective decision with the help of
management accounting. There are numbers of the system of management accounting and they
are:
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Cost accounting system: In any of the organization, top-level management uses cost
accounting system for finding the actual price of any manufacturing products. It even helps them
to analyse any of the direct or indirect cost mainly occurs within business organization. In short,
it helps business organization to help collect all of relevant information related to expenses of a
company. It is being maintained by AstraZeneca, for the purpose of maintaining any of the
records which occurs during manufacturing process.
DIRECT COST- It refers to the expenditure that can be directly allocated to the production of
particular goods or services.
INDIRECT COST- These are those expenses that are incurred for proper working of the
business. They cannot be directly attributed to a cost object. It includes fixed cost that remain
fixed inspite of change in volume of sales. Variable cost that changes with a change in volume of
sales.
Inventory Management System: It is helpful for this company which are engaged
within manufacturing process. AstraZeneca applies IMS so that they can easily maintain all of
the records which are taken while conducting manufacturing process. (Englund and Gerdin,
2014). There are three types of Inventory management systems such as FIFO, LIFO & AVCO.
When it comes to FIFO, the products which where bough in beginning are needed to be used
whereas in case of LIFO, the products which are bough recently is needed to be used for
manufacturing process. In case of AVCO, production is needed to be done on the basis of
average cost. In case of AstraZeneca, they use FIFO for manufacturing process because that
helps them to maintain the data related to inventories and whole of the procedure can be
conducted in systematic manner.
EOQ- It is the proper quantity that should be purchased by firm to reduce cost of inventory like
shortage cost, holding cost, order cost etc.
ROP- Reorder point is the quantity that triggers the buying of a specific amount of
replenishment stock.
JIT- It is the strategy of management that integrate orders of raw material from suppliers directly
with schedule of production.
Price Optimisation System: The most important accounting system for management is
the system of price optimization because it helps to set the standard price of product which has
been manufactured. Also, it tries to find whether expectation of customers is meet or not with
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price range which has been decided by organization. In context of AstraZeneca, they help to
select the price of the clothes so that it can be sold within the marketplace at reasonable price.
Job Order Costing System: It is the method of costing which is used by organisation in
the situation where products are manufactured on the basis of specific order by any of the
customers. It helps to determine accurate cost of product through which it can be easily found
whether company is having loss or profit in any of the job. In context of AstraZeneca, they uses
job order costing system because they manufacture different variety of product where price are
different and it can easily calculated with the help of this accounting system.
P2. Various method of accounting of management reporting.
Management accounting reporting can be explained as the procedure which delivers
different types of information regarding daily basis operation which is being managed within the
company (Maas, Schaltegger and Crutzen, 2016). Some of the management accounting reports
are explained below:
 Inventory management report- This report contains any of the information which is
related with the stock available within the company and that helps organisation to
calculate that when they are required reorder raw material. Here, Production department
of AstraZeneca uses this report just to find actual amount of product which they have
manufactured and additional amount of raw material which they will require in future.
 Account receivable ageing report- This management accounting is being prepared for
the purpose of finding the debtors who are unable to clear their account even after the
end of deadlines. This report is helpful in deciding whether organisation should allow for
future credit dealings or not (Melnyk and et. al., 2014). In short helps to determine the
relationship between organization and their customers who deals in credit facilities.
While talking about AstraZeneca, their finance department is responsible for this report
where they check which debtors is needed to pay debt amount to organization.
 Cost accounting report- In this report it is being checked that what is the total expenses
that company has incurred while conducting any of the particular activity. It is helpful
for company because they can easily find the expenses incurred in conducting any of the
activity. AstraZeneca requires to prepare this particular report in order to manage the
overall cost while manufacturing clothing products.
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 Budget report- These reports are very important in measuring the performance of firm
and are generated for various departments. Every firm develop overall budget yto
understand the overall scheme of business.
 Performance report- These reports are developed to review the performance of firm as
a whole and for individual employee's.
4

M1. Advantages of management accounting systems and their application for context of
companies.
Cost accounting system-
 This method allows managers to fluctuate the cost structure of products to manage the
customer base.
 It enables AstraZeneca to evaluate its cost-effectiveness of its operations (Smith, 2017).
System of Price optimisation -
 It often allows the entity to select the effective price for its products in order to maximize
its productivity.
 The system will help AstraZeneca to assess the belief of users on distinct clothing
products.
 It is used by business to analyse how the customer’s will respond when there is a change
in the price of goods or services.
Inventory management system-
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 By depleting the stock, an organization can minimize its costs, maximize revenues, or
maximize benefit.
 It is very useful system for organization because it will assist to preserve the records of
stock with accuracy.
 It is used for by manufacturing firms to develop a work order, production related
documents and bill of materials.
D1 Management accounting system and reporting integrated with organisational process.
Most of the accounting monitoring system is connected with the managerial reporting. A
further example that works with both the regime of the cost measurement system to facilitate the
industry along with determining the exact cost of all its products (Tucker and Lowe, 2014). This
declaration could be comprehended using the instance as when the program introduced
throughout the enterprise of its stock management so all the operations linked to the inventory
could be acquired through coverage of inventory control.
TASK 2.
P3. Development of income statements as per the marginal and absorption costing.
 Absorption costing- In these types of costing techniques, both variable & fixed cost are
assumed as cost of unit or even product too. This types of costing methods are mainly
used in this organisation who need to perform business activity at a greater platform
(Nitzl, 2016)(Quattrone, 2016).
 Marginal costing- Here, it is necessary to take fixed cost as periodic cost whereas
variable cost is known as unit cost. Fixed cost does not change for certain period within
marginal costing.
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Income statement for Year : 1
Using Absorption Costing Approach YEAR 1
ITEM Number of units £ P.U. AMOUNT £ AMOUNT £
SALES 37,100 £70.00 £2,597,000.00
MARGINAL COST
OF SALES ,…….. ………. ………..
OPENING STOCK 0 £0.00 £0.00 £0.00
ADD: VARIABLE
PRODUCTION
COST: ………… ……… ………..
Direct Material 40300 £12.00 £483,600.00
Direct Labour 40300 £16.00 £644,800.00
Variable Expenses 40300 £20.00 £806,000.00
Fixed indirect
production cost £65,000.00
Total Production
Cost A £1,999,400.00 £1,999,400.00
Less: Closing stock
at end of year 1. B.
[Opening stock
units+units
produced - units
sold] use formula to
calculate amount
0+40300-37100 3200 £158,761.29
Cost of SALES : A-
B: £1,840,638.71
Gross Profit: Sales £756,361.29
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- Cost of Sales :
Selling and
Distribution
Overheads £11,000.00
Admin Overheads £15,100.00
Profit from
operations Before
Interest & Tax
(PBIT) £730,261.29
Interest Expenses £1,100.00
Probit Before Tax
[PBIT-interest] £729,161.29
Corporation Tax
@ 19% £138,540.65
Net Profit £590,620.65
Year 1: Closing
stock calculation FORMULA?
formula:
figures: 3200/40300*1999400
Income statement for Year : 2
Using Absorption Costing Approach
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ITEM Number of units £ P.U. AMOUNT £ AMOUNT £
SALES 41,100 70 £2,877,000.00
MARGINAL COST
OF SALES ,…….. ………. ………..
OPENING STOCK 3200 £158,761.00
ADD: VARIABLE
PRODUCTION
COST: ………… ……… ………..
Direct Material 48200 12 £578,400.00
Direct Labour 48200 16 £771,200.00
Variable Expenses 48200 20 £964,000.00
Fixed indirect
production cost £65,000.00
Total Production
Cost A £2,537,361.00 £2,378,600.00
Less: Closing stock
at end of year 2. B.
[Opening stock
units+units produced
- units sold] use
formula to calculate
amount3200+48200-
41100=10300 10300 £508,290.04
Cost of SALES : A-
B: £2,029,070.96
Gross Profit: Sales -
Cost of Sales : £847,929.04
Selling and
Distribution
£11,500.00
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Overheads
Admin Overheads £15,100.00
Profit from
operations Before
Interest & Tax
(PBIT) £821,329.04
Interest Expenses £1,350.00
Probit Before Tax
[PBIT-interest] £819,979.04
Corporation Tax @
19% 819979*.19 £155,796.02
Net Profit £664,183.02
Income statement for Year 1
Using Marginal Costing Approach
ITEM
Number
of units £ P.U. AMOUNT £ AMOUNT £
SALES 37,100 £70.00 £2,597,000.00
MARGINAL COST OF
SALES .. .. .. ..
OPENING STOCK 0 0
ADD: VARIABLE
PRODUCTION COST: .. .. .. ..
Direct Material 40300 £12.00 £483,600.00
Direct Labour 40300 £16.00 £644,800.00
Variable Expenses 40300 £20.00 £806,000.00
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Total Variable Cost A £1,934,400.00
Less: Closing stock at end of
year 1. B. [Opening stock
units+units produced - units
sold] 40300-37100=3200
units 3200 £48.00 £153,600.00
Marginal Cost of SALES A-
B £1,780,800.00
Fixed indirect production
cost £65,000.00
Gross Profit: sales - MCOS -
FIXED PRODUCTION
COST £751,200.00
Selling and Distribution
Overheads £11,000.00
Admin Overheads £15,100.00
Profit Before Interest & Tax
(PBIT) £725,100.00
Interest Expenses £1,100.00
Probit Before Tax [PBIT-
interest] £724,000.00
Tax @19% 724000*.19 £137,560.00
Net Profit: profit before tax
- tax £586,440.00
Year 1: Closing stock
calculation: FORMULA:
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3200/40300*1934400=153600
Income statement for Year 2
Using Marginal Costing Approach
ITEM
Number
of units £ P.U. AMOUNT £ AMOUNT £
SALES 41,100 70 2,877,000
MARGINAL COST OF
SALES .. .. .. ..
OPENING STOCK 3200 48 153600
ADD: VARIABLE
PRODUCTION COST: .. .. .. ..
Direct Material 48200 12 578400
Direct Labour 48200 16 771200
Variable Expenses 48200 20 964000
Total Variable Cost A 2467200
Less: Closing stock at end of
year 2. B. [Opening stock
units+units produced - units
sold]3200+48200-41100 10300 48 494400
Marginal Cost of SALES A-
B 1972800
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Fixed indirect production
cost 65000
Gross Profit: sales - MCOS -
FIXED PRODUCTION
COST 839,200
Selling and Distribution
Overheads 11500
Admin Overheads 15100
Profit Before Interest & Tax
(PBIT) 812,600
Interest Expenses 1350
Probit Before Tax [PBIT-
interest] 811,250
Tax @19% 811250*.19 154137.5
Net Profit : profit before tax
- tax 657,113
M2. Management accounting techniques to produce financial reports.
Managerial accounting system offers techniques which are helpful throughout the price
as well as revenue calculation through the development of financial documents (Al-Qady and El-
Helbawy, 2016). Using the earlier in this thread-mentioned two methods, such papers created
marginal pricing and absorption pricing.
D2. Interpretation of produced financial statements.
Using these same financial reports, it could be interpreted that according to nominal cost
technique, the revenue for both the month of May & June is £-550 and £5750. Profit from
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absorption costing is calculated as £-630 and £4550. June profits is greater as retail earnings in
the month are greater. AstraZeneca is suggested which they embrace the absorption costing
technique instead of the marginal technique when they correctly distribute most of the internal
and external costs with such a technique. Such methods are helpful to both the business because
it will assist them to evaluate the commercial ' competitiveness.
TASK 3.
P4. Benefits and limitations of tools of planning.
Budgetary control is explained as a procedure which is used for the purpose of ensuring
company’s actual revenue & expenditure that whether they meet financial plans or not (Budget,
2019). In context of AstraZeneca, they use different types of planning which are explained below
with major advantages and disadvantages.
Zero base budget-
It refers to the method of budgeting in which all the expenses should be justified for
every new period (Wnuk-Pel, 2016). The process of preparing these budgets starts with a zero
base and each and every function is analysed to determine its cost and needs.
Advantages-
 One of the major advantages is that, it is one of the flexible budget.
 Facilitates optimum utilization of resources Fosters operational efficiency as its avoids practicing incremental approach
Disadvantage-
 The limitation is that, there are chances of resource intensiveness.
 Expensive exercise
Fixed budget-
It can be defined as the budget that does not flex or modify for decrease or increase in the
volume. Example of volume is units produced or sales units etc.
Advantage:
 Fixed budget helps business to measure long term and short-term budgets (Talbot and
Boiral, 2018). Assists in identifying areas where expenses and revenues are under or over estimated
Disadvantage:
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 Limitation is that, it does not consider unpredictable events.
 This budget is lacking flexibility
Flexible Budget:
It refers to the budget that flexes or adjusts with the change in activity or volume. It is
more refined and useful as compared with static budget.
Advantage-
 It helps to determine the amount or quantity of output to be produced by organisation to
attain desired level of profits.
 Helps in developing appropriate budget for specific activities.
Disadvantage-
 It is a time-consuming process.
These are some of the planning tools which are being used within AstraZeneca. It has
been giving them the idea that where they need to invest their capital within the organisation.
Variance Analysis
It is one of the most effectual planning tool that can be undertaken by Astra Zeneca for
planning purpose. Moreover, such tool clearly exhibits deviation that take place in organizational
performance along with the causes. Thus, by taking into account assessed causes manager of
Astra Zeneca can set suitable and realistic standards for the upcoming time period.
Advantage-
 It helps to identify the reasons behind variance in expenses and income of the present
year from budgeted values.
Disadvantage-
 It requires long time to evaluate the impact of variance.
 Such budgeting tool highly relies on the assumption of continuity which in turn not
appropriate. This in turn limits significance of variance analysis tool to a great extent.
Ratio analysis
By doing analysis, it has been assessed that ratio analysis tool makes significant
contribution in the assessing the liquidity, profitability, solvency and the leverage position of the
company. Through this tool a company could compare its current results with the results of the
past period.
Advantage-
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 It helps in forecasting, budgeting, measurement of operational efficiency.
 Help in measuring performance and gives indication about areas where improvements are
needed.
Disadvantage-
 The organisation can make improvements to improve their financial ratios. It is based on past performance whereas business unit is concerning about future.
Capital budgeting:
In addition to this, planning can also be done by business unit by taking into account capital
budgeting tools and techniques. Moreover, such tools offer opportunity in relation to identifying
whether proposed investment will aid in company’s growth in terms of both monetary and non-
monetary. Specifically, capital budgeting tool includes payback period, net present value,
average and internal rate of return. Hence, with the help of different tools manager of the firm
can identify programs, projects and other investment options which in turn proves to be more
beneficial in long run.
For example: Business unit is having two options for investment purpose. In this regard,
with the motive to prioritize projects according to profitability or monetary aspects capital
budgeting tools have been applied.
Computation of NPV
Year
Cash
inflow of
project A
PV factor
@ 10%
Discounted
cash flow of
project A
Cash
inflow of
project B
Discounted
cash flow of
project B
1 40000 0.909 36364 36000 32727
2 52000 0.826 42975 49000 40496
3 47000 0.751 35312 44000 33058
4 59000 0.683 40298 52000 35517
5 69000 0.621 42844 61000 37876
Total discounted
cash inflow 197792 179674
Less: initial
investment 150000 150000
NPV 47792 29674
Internal rate of return (IRR)
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Year Cash inflow of project A Cash inflow of project B
-150000 -150000
1 40000 36000
2 52000 49000
3 47000 44000
3 59000 52000
5 69000 61000
IRR 21% 17%
By doing evaluation, it has identified that NPV associated with project A and B accounts
for £47792 & £29674 respectively. In addition to this, IRR of project A is higher as compared to
other option. On the basis of selection criteria, company should give priority to the project
having higher NPV and IRR. Moreover. These tools of investment appraisal offer solution by
taking into account time value of money concept. Considering all such aspects it can be
mentioned that project A and B will prove to be more beneficial for the firm which in turn
contributes in company’s success.
Advantages
 Helps in estimating profitability associated with project
 Viability of project can be assessed effectually
Disadvantages
 Time consuming exercise
 It presents solution considering only monetary aspect
M3. Various types of planning tools and their application for developing and forecasting of
budget.
In present scenario, there are number of budgetary control system for example: cash,
capital, operating budget which has a huge importance for business organisation (Goh and Scerri,
2016). These planning tools helps to give estimation that where organisation should invest their
17

money so that they can perform in a systematic manner. Company gets the idea that where they
should invest capital so that they can earn profit in future period of time.
TASK 4.
P5. Comparison of companies to solve the financial issues with the help of systems of
accounting.
Financial issue is explained as the condition where organisation have to suffer from
different problem just because of lack of fund available. (West, 2018). There are some of the
financial issues which are going on within AstraZeneca and they have been discussed below: Higher Expenses as Compared to Profit: In this type of financial issues company have
to suffer to suffer from losses as their expenses increases due to which profit reduces
automatically. Here, AstraZeneca is unable to work according to plan and policy due to
which their daily expenses have increases and company is unable to meet their targets.
 Inconsistency in Sales: It is one of the financial issues where organization doesn't find
the way to sale their product due to which they have to suffer from losses. In context of
AstraZeneca, they are also facing the problem of inconsistency in sales and the major
reason is that price fluctuation of profit. It has been impacting on their profitability ratio
as well because it is decreasing at a higher speed. Financial Governance: It is referred as a situation where organisation needs to collect
manage, monitor & control all of the financial information and transaction of company. It
is helpful because it will give the idea that how organisation can sort out issues which
they are faced in company. In context of AstraZeneca Company, they are needed to
ensure that they use financial governance because it will give them the idea that how they
need to utilise the financial resources of a company.
Methods for deducting financial issues
 Benchmarking: It can be explained as the method of comparison where top level
management need to compare whole of the plans and policies, strategies & other
operational performance with similar form of organization so that accurate reasons can be
obtained (Jefrey, 2018). According to this technique, by doing comparison of actual
performance in against to standard business unit can identify deficiencies. Thus, by
evaluating areas of deviations firm can take corrective measure for improvement.
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 Ratio Analysis: It is defined as the accounting method which helps organization to deal
with issues which are being seen within the organization. In other words, ratio analysis
may be served as the most effectual tools which helps in analysing and evaluating
company’s performance from several perspectives such as profitability, liquidity,
solvency etc.
 Balance scorecard: It implies for the strategic management performance metric which is
used to identify and improving several internal business functions. This tool helps in
assessing problems from several perspectives include learning & growth, business
process efficiency, customers and monetary. By taking into account balance scorecard
tool company take suitable measure in alignment with organizational vision, mission as
well as objectives.
Tesco make use of balanced scorecard and benchmarking in order to gain competitive
advantage over its rivalry and to attain a leading position by viewing all the perspectives of the
business. On the other side, IKRA uses key performance indicator and variance analysis for
performing the task effectively and as per set standards.
For the purpose of solving financial issues, comparison between two different companies
has been discussed below:
Basis AstraZeneca Company 3M Health Care Ltd
Financial issue In current situation company has
been suffering from the problem of
inconsistency of sales. Here, this
problem has a direct impact on
revenue as it has started to decrease
due to which they are unable to
compete within the market (Aouni,
McGillis and Abdulkarim, 2017).
3M Health Care Ltd. had been facing
the problem of high expenses as
compared to their total income. This
problem has been creating number of
issues due to which they are unable to
do the payment of number of expenses
which occurs within the company.
Technique For the purpose of finding exact
financial issues, AZ is taking the
help of Ratio analysis. It is helpful
They have been taking the help of
benchmarking method for finding the
main issue of financial problem. They
19

for them because it helps to
calculate all the ratios and according
to that it does analysis.
have been using this method because it
compares with another organisation
working in similar field.
System of
Management
accounting
In order to enhance the percentage
of sale, organisation is working with
price optimisation system.
For resolving financial issues, company
is using cost accounting system. It
works on the ground that how they can
manage each and every expenditure in
a systematic manner so that overall
expenses can reduce, and profit can be
increased.
HOW THEY MANAGE THEIR INVENTORY? HOW CONTROL COST?
AstraZeneca Company uses inventory management software that helps to reduce cost,
track inventory in real time etc.
3M Health Care Ltd uses various techniques for managing inventory such as forecasting, using
FIFO method etc (Quattrone, 2016).
HOW DECIDE PRICES
AstraZeneca Company conducts market research to understand needs of buyers then decide the
price of products.
3M Health Care Ltd chooses cost plus pricing strategy to decide price of products.
M4. Management accounting to solve the financial issues.
For the purpose of solving the financial issue, management accounting has a important
role because it helps to determine the exact problem of a company so that problem can be sort
out. In terms of AstraZeneca, their problem is being solved with the help of effective accounting
system which is the system of price optimisation (Nitzl, 2016).
D3. Planning tools to solve the financial issues.
It is said that long planning tools are the most important for business organisation
because it is helpful in resolving the problem related to financial issues. Planning tool is able to
solve financial issues because it works on the ground of future estimation. Even AstraZeneca is
20

also using the planning tools which has been helping them to do estimation which even reduces
their problem.
21

CONCLUSION
As per understanding of above file, it is analysed that management accounting is the
important element of business organisation which help to proper analysis through which business
decisions can be easily taken. Different business organisation uses different types of accounting
system for the purpose of finding actual position of a company. Business organisation uses
various types of budgeting system for doing future planning within the organisation. Whenever
business faces problem they use different types of accounting techniques through which
problems can be easily resolved.
22

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