Management Accounting for Nonprofits

This assignment delves into the core concepts of management accounting, particularly within the context of nonprofit organizations. It examines various theoretical perspectives on management accounting, including defining constructs, risk of conceptual misspecification, and the influence of lean manufacturing environments. The assignment also explores practical applications through case studies and real-world examples from renowned authors in the field like Kaplan, Atkinson, Otley, and Zimmerman.

Management accounting
Your introduction should be on a separate page
In task 1.1 you need to explain different classifications under each class:
Elements: direct labour, direct material and direct expenses. Each must be
explained with examples
Nature of costs: Direct and indirect costs. Each must be explained with
examples.
Functions of costs: Production and Non production costs: Each must be
explained with examples and
The behaviour of costs: Fixed, variable, semi variable, stepped fixed costs.
Each explained with example
In task 1.3 you need to calculate the production cost per unit based on
machine hours.
In task 1.4 you need to recalculate the production cost per unit based on
labours and then compare both. Please both are missing.
In task 2.2 you need to elaborate a bit more of the performance indicators
with reference to Jeffrey and Sons.
In task 2.3 you need to expand a bit more.
In task 3.1 you need to explain the purpose and nature of the process with
reference to Jeffrey and Sons.
In task 3.3 and 3.4 you need to show your workings.
In task 4.1 you need to show all your workings
IN TASK 4.3, your report should discuss the possible reasons for the
variances

Table of Contents
Introduction................................................................................................................................1
Task 1.........................................................................................................................................1
AC 1.1 Different types of costs.............................................................................................1
AC 1.2 Job cost sheet............................................................................................................1
AC 1.3 Calculation of cost of Exquisite................................................................................2
AC 1.4 Analysis of cost.........................................................................................................3
AC 2.1 Preparation of cost sheet for 1900 units for variance analysis..................................4
AC 2.2 Identify the potential improvement through various performance indicators...........5
AC 2.3 Ways to reduce the cost and to enhance the value and quality.................................5
TASK 2......................................................................................................................................6
AC 3.1 Purpose and nature of budgeting process..................................................................6
AC 3.2 Appropriate budgeting method and its need.............................................................6
AC 3.3 Preparation of production and material purchase budget for Jeffrey & Son's..........6
AC 3.4 Preparation of cash budget for Jeffrey & Son's.........................................................7
Task 3.........................................................................................................................................8
AC 4.1 calculation of variances, identify possible causes and recommend corrective
actions....................................................................................................................................8
AC 4.2 Operating statements includes both budgeted and actual results............................10
AC 4.3 Responsibility centre...............................................................................................10
Conclusion ...............................................................................................................................10
REFERENCES.........................................................................................................................12

INTRODUCTION
Management accounting plays a very important role in the organization. It helps to
take different kinds of decisions through implementing distinct management tools. Jeffrey &
Sons is a manufacturing company that produces different kinds of products called Exquisite.
The report presenting here helps to identify various management tools such as budget and
variance analysis technique for Jeffrey & Son's. Further, the report describes the way by
which business can increase its value in order to achieve the business goals. On the contrary,
different types of costs and cost sheet will also be discussed in this report.
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TASK 1
AC 1.1 Different types of costs
Different types of costs are incurred in the manufacturing process. On the basis of
elements, costs can be classified into three elements that are material, labour and overhead.
Jeffrey & Son's company need to purchase raw material for production of product Exquisite
known as material cost. Labour convert raw material into the finished goods known as labour
cost such as wages payment. Other direct expenses include royalty that can be charged to the
product directly.
However, on the basis of function, it can be classified into factory cost, administration
cost and selling and distribution cost. Production cost involves the expenses that can be
charged to a specific cost object such as productive wages and factory lighting (Cinquini and
Tenucci, n.d.). However, expenses that cannot be charged to the cost object called non
productive expenses such as administration cost selling and marketing expenses.
Administration cost involves office stationery, staff salary and manager remuneration. On the
contrary, selling and distribution overhead includes advertisement and sales promotion.
However, according to the nature, it can be classified into direct as well as indirect
expenses. Direct cost is directly related to a specific element. However, indirect cost cannot
be attributed to a specified element. Material, labour and wages are direct production cost for
Jeffrey & Son's while indirect cost is office stationery, building rent and staff salary.
Further, on the basis of behaviour, it can be distributed to fixed, variable and semi
variable cost (Kaplan and Atkinson, 2015). Fixed cost is unrelated to the Jeffrey & Son’s
production such as building depreciation. However, variable cost is directly related to the
business production. Material, labour and overhead are variable in nature. Stepped fixed cost
gets not changed up to a specified production unit and when it gets reached it tends to
increase such as Supervisor salary. Higher the number of subordinates tends to increase their
supervisor salary. Semi variable cost remains unchanged up to a certain level after that it get
changed accordingly the production such as telephone bill.
AC 1.2 Job cost sheet
Total cost and cost per unit for Jeffrey & Son's is prepared as under:
Particulars Total cost
Direct Material 40000
Direct Labour 54000
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Fixed production overhead 24000
variable production overhead 36000
Total cost 154000
Unit cost 770
Direct material = 50Kg*4£*200 Units = 400000£
Direct labour = 30 hours*200 Units*9£ = 54000£
Fixed overhead = 80000£/20000 hour* 6000 hour = 24000£
Variable overhead = 6*6000 hours = 36000£
AC 1.3 Calculation of cost of Exquisite
Production
Service
departme
nt
particular
Basis of
allocation Total in (£)
Machine X
(£)
Machine Y
(£)
Assembly
1 (£) Stores (£)
Mainte
nance
(£)
Indirect wages and
supervision 362000.00 100000.00 99500.00 92500.00
Indirect material 253000.00 100000.00 100000.00 40000.00
light and heating Area occupied 50000.00 10000 5000 15000 15000 5000
rent Area occupied 100000.00 20000.00 10000.00 30000.00 30000.00
10000.
00
insurance and
machinery
Book value of
machinery 15000.00 3529.40 2205.90 4411.80 2205.90
2647.0
6
depreciation
Book value of
machinery 15000 7947.02 4966.89 993.38 496.69 596.03
Insurance of
building Area occupied 25000.00 5000.00 2500.00 7500.00 7500.00
2500.0
0
salaries of work
management
No. of
employees 80000.00 24000.00 16000.00 24000.00 8000.00
8000.0
0
Total cost
1035000.0
0 346417 287636 219927 79964 101056
Particular Production
Basis of Total in Machine X Machine Y (£) Assembly 1 (£)
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allocation (£)
Primary
distribution
(Earlier table)
1035000.
00 346417 287636 219927
Stores
Direct
material 79964 39982 29987 9995
Maintenance Machine hours 101056 48506.88 32337.92 20211.2
Total 1216020 434905.88 349960.92 250133.2
c) Overhead absorption rate for each of the production department X, Y and assembly
Overhead absorption rate = Total production department overhead/ machine hours
Overhead absorption rate
Department X = 346417 + 39982 + 48506.88/80000
= 434905.88/80000
= £5.44
Department Y = 287636+29987+32337.92/ 60000
= 349960.92/60000
= £5.83
Assembly = 219927 + 9995+ 20211.2/10000
= 250133.2/10000
= £25.01
Over head cost of the production department
Machine X = £5.44 * 0.80 = 4.35 £
Machine Y = £5.83 * 0.6 = 3.50 £
Assembly = £ 25.01 * 0.1 = 2.50
Total production overhead cost = 4.35 £ + 3.50 £ + 2.50 £ = 10.35 £
Total product cost = material + labour + overhead = 8£ +15£ + 10.35£ = 33.35£
AC 1.4 Analysis of cost
Computation of overhead absorption rates on the basis of labour hours
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Machine X = 434905.88£/ (200000 hours) = 2.17£
Machine Y = 349960.92£/ (150000 hours) = 2.33£
Assembly = 250133.2£/ (100000 hours) = 1.25£
Over head cost of the production department
Machine X = 2.17£ * 2 = 4.34£
Machine Y = 2.33£ * 1.5 = 3.50£
Assembly = 1.25£ * 1 = 1.25£
Total overhead cost = 4.34£ + 3.50£ + 1.25£ = 9.09£
Total product cost = material + labour + overhead = 8£ +15£ + 9.09£ = 32.09£
Comment on differences: Under the machine hour rate basis the overhead absorption
rate for all the production departments are 5.44£, 5.83£ and 25.01£. However, under the
labour hour rate basis all the production department cost changed to 2.17£, 2.33£ and 1.25£.
The reason is that total labour hours are higher than Machine hours to 200000£, 150000£ and
100000 hour. This in turn, total overhead cost for the production get changed from 10.35£ to
9.09£. However, the total product cost get declined from 33.35£ to 32.09£.
AC 2.1 Preparation of cost sheet for 1900 units for variance analysis
Jeffrey & Son's job cost sheet is prepared as under:
Budgeted Output ( 2000 Units)
Actual Output ( 1900
Units) Variance
Particular Per unit cost Total cost
Per unit
cost Total cost
Budgeted -
Actual
Material 12 24000 12 22800 1200
Labour 9 18000 10 19000 -1000
Fixed Overhead 15000 15000 0
Electricity 8000 7625 375
Maintenance 5000 4800 200
Total 35 70000 36.43 69225 775
Working note:
Material = 12£*1900 Units = 22800£
Labour cost = 10£ * 1900 Units = 19000£
Variable cost - Electricity =8000£-5000£/2000-800 = 3.75 per unit
Fixed electricity = 8000£ - 3.75*2000 = 500£
Variable cost = 3.75£*1900 units = 7125£
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Maintenance cost = 5000£ - 200£ = 4800£
Variance interpretation: Material variance raised amounted to £1200because of the
changing the production as material price per unit is still same to £12. Another, labour cost
variance raised to 1000£ due to increasing labour rate from £9 to £10. On the contrary, the
budgeted electricity expenditures were £8000 greater than the actual to £7625. The per unit
variable electricity charges remain same to £3.75. Fixed cost gets unchanged with the
production changes. Thus, it can be said that negative variance such as labour rate variance
and total material cost variance impact the firm in a negative direction (Hansen, Mowen and
Guan, 2007). Therefore, it is considered to be advisable that business should reduce their
material and labour cost to eliminate the adverse impact on the organization.
AC 2.2 Identify the potential improvement through various performance indicators
Every organization has set business targets and objectives which they need to achieve.
Therefore, Jeffrey & Son's requires to ensuring business success on a regular basis.
Numerous factors are available in the organization to identify the potential improvement.
Turnover is considered as a significant factor that measures the performance of Jeffrey &
Son's. Getting higher turnover for Jeffrey and Son's helps to make high improvement.
Further, the cost factor can also be analysed by Jeffrey & Son's. For instance, when cost is
regularly increasing without increasing the sales, it cannot make improvement. However,
decreasing the business cost indicate good performance of Jeffrey & Son's. Further, the
Jeffrey & Son's profitability also measures the business performance (Ahrens and Chapman,
2007). Higher the profits shows higher the improvement and vice versa. Moreover, the
financial position of company is also an important indicator. Enhancing the financial assets of
Jeffrey & Son's shows improved business performance and vice versa. Apart from that, there
are some other factors that can be used to identify the performance. For instance, customer
satisfaction, technology of production, business revenue, and business value and competitor
position also can be analysed for this purpose. Increasing all the factors implies improved
performance of Jeffrey & Son's and vice versa.
AC 2.3 Ways to reduce the cost and to enhance the value and quality
Reduce the cost: Better quality of technology, large scale of production, preparation
of budgets, optimum utilization of resources and recycling the waste can be done for reducing
the cost. By decreasing the cost, company can have greater availability of profits for the
business. Moreover, regularly monitoring of the business expenses also helps to make
effective control over it. This in turn, cost can be minimized.
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Enhance value: Value can be increased through stabilizing or increasing the earnings
of business. Further, it can be enhanced through increasing the sales value and not the sales
prices. On the contrary, diversifying the customers and industry also help the organization for
that purpose (Lord, 2007). Moreover, lower the cost also helps to create a base against the
competitors. This in turn results in a way that business can enhance their market position that
will lead to increase the business value. Large number of customers and attract new
customers, increased shareholders return helps to enhance business value.
Quality: Quality can be enhanced through using better quality of material, innovative
techniques and implementing quality and implementing quality measurement tools so as to
ensure the qualitative products (Bhimani and et. al., 2013). This helps to get higher the
customer satisfaction level and also, to increase the number of customers that results in
increased sales and profitability. Upgraded technology, best quality of material and skilled
and abled workforce helps to improve the product quality. Quality measurement techniques
can also be applied to remove any negative consequences. This in turn, quality can be
improved.
TASK 2
AC 3.1 Purpose and nature of budgeting process
Purpose and nature of budgeting process is explained as below:
Budgeting process: It is an effective tool that is prepared through determining the
future period revenues and expenditures. It avails the positive cash balance at the end of
period. The purpose of Jeffrey & Son’s budget is to determine the business revenues and
expenditures for a given period (Lukka, 2007). Moreover, the purpose of preparing budget for
Jeffrey & Son's to determine the cash balance. It helps to determine that Jeffrey & Son's is
overspending or earnings more than the expenditures. Furthermore, identifying the net cash
flow and ending cash balance of Jeffrey & Son's is the another purpose of it. On the basis of
prepared budget, Jeffrey & Son's can control its expenditures and can eliminate the negative
variance as well.
Jeffrey & Son's managers prepare budgets through forecasting the incomes and
expenses for forthcoming year. Net cash flow is determining through identifying the
difference between total cash inflow and outflow. However, adding the opening cash balance
to the net cash flow comprises ending balance of cash for Jeffrey & Son's. In the process,
manager pays his focus on the sales volume of business. In this process, they want to enhance
the total sales volume on a regular basis so as to increase the business profits. This is because;
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they require establishing coordination in their budgeting process. Thus, it can be said that
they are following the incremental budgeting technique for the budget preparation (Fullerton,
Kennedy and Widener, 2013). Then after, the actual results will be compared with the
budgeted figures to calculate the variance. Therefore, business can take necessary decisions
to remove such variances.
AC 3.2 Appropriate budgeting method and its need
Jeffrey & Son's prepare its budgets according to the incremental budgeting system.
The problem with this method is that management is not considering the market volatility and
its impact on the organization. Thus, they cannot meet the budgeted incomes and
expenditures to the actual values. Therefore, the organization requires changing the method
adopted. Zero base budgeting will be most suitable or appropriate method for the budget
preparation as it overcomes the limitations of incremental budgeting In search of
management accounting theory (Zimmerman and Yahya-Zadeh, 2011). In this method, the
managers estimate the entire operational cost and all the revenues as per the market
behaviour. They analyse the market changes and budget is prepared through considering their
impacts. The need for this method is that organization can remove or reduce the impact of
market uncertainties through effective planning.
AC 3.3 Preparation of production and material purchase budget for Jeffrey & Son's
Production and material purchase budget is prepared as per the given details. It helps
to identify the total production that organization requires to produce for the future period
(Lukka and Modell, 2010). Further, material purchase budget identifies the total quantity of
material that is required to purchase from the supplier for producing the required units.
Production Budget
Sales 105000 90000 105000
Op. Stock 11000 13500 15750
Total 94000 76500 89250
Closing stock 13500 15750 16500
Production 107500 92250 105750
Required working notes are given as under:
Calculation of closing stock of production = 15% of next month.
July = 15% of 90000 Units = 13500 units
August = 15% of 1050000 units = 15750 units
September = 15% of 110000 units = 16500 units
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Material Purchase Budget
Material Require 215000 184500 211500
Less- Opening stock 52000 45000 52500
Total 163000 139500 159000
Add- Closing stock 46125 52875 54250
Purchase 209125 19125 212875
Required working notes are given as under:
Calculation of closing stock of material = 25% of next month.
July = 25% of (92250 units*2kg per unit) = 46125 Kg
August = 25% of (105750 units*2Kg per unit) = 52875 kg
September = 25% of (108500 units*2kg per unit) = 54250 kg
AC 3.4 Preparation of cash budget for Jeffrey & Son's
Cash Budget is prepared through combining all the cash related transactions. It includes cash
incomes and expenditures incurred by the organization. In this budget, cash balance has two
types that are surplus or deficit. Surplus is the excess of cash incomes over the expenditures
(Malmi and Granlund, 2009). However, deficit is the negative cash balance that is the excess
of cash expenditures over the incomes.
Particular July August September
Cash balance 16000 44031 67993
Cash Receipts
Cash sales 900000 821250 864000
Total cash Income 916000 865281 931993
Cash Expenditures
Material Purchase 365969 334688 372531
Direct wages 322500 276750 317250
Variable overhead 108500 98350 100350
Fixed Overhead 75000 87500 87500
Total cash expenses 871969 797288 877631
Cash balance 44031 67993 54362
Working note:
Particular July August September
Monthly sales ( 60% ) 567000 486000 567000
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Previous month sales (25%) 247500 236250 202500
Sales before two months (10%) 85500 99000 94500
Total 900000 821250 864000
Raw material: July = 1.75£ * 209125 kg of material = 365969£
August = 1.75£ * 191250 kg of material = 334688£
September = 1.75£ * 212875 = 372531£
Direct wages: July = 3£ * 107500 units = 322500£
August = 3£ * 92250 units = 276750£
September = 3£ * 105750 units = 317250£
Variable overhead: July = (107500£*60%) + (110000£*40%) = 108500£
August = (92250*60%) + (107500£*40%) = 98350£
September = (105750£*60%) + (92250£*40%) = 100350£
Interpretation of budget: Sales of the business shows a decreasing trend from
90000£ to 821250£. Further, it get improved to 864000£ in the month of September.
Therefore, the business total cash income declined in the month of August and increased in
the month of September. Further, the direct wages of the business get declined from 322500£
to 276750£ in the month of August. However, in the month of September it gets increased to
317250£. On contrary, the total variable overhead of the business get decreased in the month
of August to 98350£ while inclined to 100350£ in the month of September. However, the
cash balance at the end of the months are 44031£, 67993£ and 54362£. On the basis of that, it
can be reported that business has to increase its sales and reduce its cost throw curtailment of
unnecessary expenditures (Bisbe, Batista-Foguet and Chenhall, 2007). This in turn, Jeffrey &
Son's will be able to increase the positive cash balance at the end of the period.
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TASK 3
AC 4.1 calculation of variances, identify possible causes and recommend corrective
actions
Particular Per unit cost Budgeted
Sales 4 16000
Material 0.96 3840
Labour 0.8 3200
Fixed Overhead 4800
Total Cost 2.96 11840
Profit 1.04 4160
Required working note:
Material cost = 0.4kg*2.40£*4000 units = 3840£
Labour cost = 6/60*8£*4000 units = 3200£
Profit = 16000£ - 11840£ = 4160£
Variance = Budgeted values – actual values
Sales variance
Particulars Variance
Sales volume variance ( 4160 - 3040) 1120 (A)
Sales price variance ( 14000 - 13820) 180 (A)
The material price variance
Particulars variance
Material price
variance
(Actual Qty*(Standard price –
Actual price)
1425(2.4£ - 2.4£) Nil
Material usage
variance
(Standard qty-actual qty)*standard
prices
[( 3500*0.4)-
(1425) * 2.40]
60(A)
60 (A)
The labour variance
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Particulars variance
Labour efficiency
variance
(Standard hour-actual
hours) * standard rate
[(0.1*3500)-(345)*8£] 40(f)
Labour rate variance (standard rate-Actual
rate)*standard hours
[(8£-7.8£)*350] 70 (f)
110 (f)
Fixed overhead variance
Particulars Variance
Actual fixed overhead 4900
Budgeted fixed production
overhead
4800
Fixed overhead expenditure
variance
100 (A)
Variance Possible cause Corrective actions
Sales variance It may be raised due to higher
the inflation that results in
higher the selling price
(Herman, 2011). Moreover, it
can be arise due to worst
quality, decreasing the
purchasing power and
customer unawareness.
Business has to reduce the
selling price through reducing
the cost, provide qualified
products and effective market
plan to aware the consumer
(Otley and Emmanuel, 2013).
Material variance It rose due to increasing the
quantity required for
producing a single unit.
Through having skilled or
qualified labour hours
company can remove such
impacts.
Labour variance It arises due to varying the
labour rate and the labour
hours.
The labour are paid at lower
rate to 7.8£ impacts the
company positively. Further,
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budgeted and actual labour
hours are 400 and 345. To
remove these impacts the
business can change their
labour policies and make
effective control over them in
order to mitigate such
variance.
Profit variance Due to the sales, material and
labour variance.
Meet the target sales, get
material at budgeted rates and
improve their workforce
efficiency.
AC 4.2 Operating statements includes both budgeted and actual results
Operating statement of Jeffrey & Son's is prepared here that reconcile the budgeted
and actual results.
Particular Per unit Budgeted(4000 Units) Per unit Actual(3500) Variance
Sales 4 16000 3.94 13820 -2180
Material 0.96 3840 0.97 3420 420
labour 0.8 3200 0.77 2690 510
Fixed
Overhead 4800 4900 -100
Total 2.96 11840 3.14 11010 830
Operating
profit 1.04 4160 0.8 2810 1350
AC 4.3 Responsibility centre
Selling department: It is responsible for achieve the actual sales to the decided
volume and value. In case of Jeffrey & Son's company does not meet the actual sales to the
budgeted. Therefore, the department should analyse the negative variances so as to eliminate
it. The variance arises due to decreasing the selling prices to 3.94£. Moreover, lower the
quantity to 3500 units also results in lowering the business sales.
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Purchase department: It is responsible for purchasing the required quantity of
material at right time. Further, they are required to purchase material at the budgeted rates so
the variances will not arise. The possible causes for variances is higher the actual material
quantity to 1425 kg. However, material prices remain constant to 2.4£. Therefore, they need
to identify the alternatives at which material is available at lower the prices. Moreover, it is
necessary for the business to reduce the material wastage.
Marketing Department: It is responsible for creating an effective and strategic
market plan that affects the product demand to a great extent (Ward, 2012). Jeffrey & Sons
sales can be increased through such efforts. Ineffective marketing may be a reason for
decreasing the sales of the business. Therefore, it is necessary for Jeffrey & Son's to make
effective marketing planning. It helps to create awareness to the consumers regarding product
benefits so as to enhance the sales.
Production Department: It analyse the market demand for the product through
market analysis (Mongiello, 2015). Jeffrey & Son's production department is responsible for
manufacturing the required quantity of products that meet the customer demand. It may be
possible that production department do not produces adequate quantity of production at right
time and at right cost. This in turn, results in increasing the production cost and decreasing
the profits. Optimum utilizing the business resources helps to enhance business production to
a great extent.
CONCLUSION
The presented report concludes that management accounting helps the business
managers to use the accounting information in order to better inform themselves. Further, it
helps the managers to take day to day managing decisions. On contrary, organization
planning, directing or effective controlling can be implemented inside the business. It helps
to reduce the overall cost to the business that facilitates reduction in the prices. This in turn,
organization can increase the business sales and also the profitability. This in turn, resulted in
the organization success and development for the upcoming period.
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REFERENCES
Books and Journals
Ahrens, T. and Chapman, C.S., 2007. Management accounting as practice. Accounting,
Organizations and Society. 32(1). pp.1-27.
Bhimani, A. and et. al., 2013. Management and Cost Accounting: UEL. Pearson UK.
Bisbe, J., Batista-Foguet, J.M. and Chenhall, R., 2007. Defining management accounting
constructs: a methodological note on the risks of conceptual misspecification.
Accounting, organizations and society. 32(7). pp.789-820.
Fullerton, R.R., Kennedy, F.A. and Widener, S.K., 2013. Management accounting and
control practices in a lean manufacturing environment. Accounting, Organizations
and Society. 38(1). pp.50-71.
Hansen, D., Mowen, M. and Guan, L., 2007. Cost management: accounting and control.
Cengage Learning.
Herman, R.D., 2011. The Jossey-Bass handbook of nonprofit leadership and management.
John Wiley & Sons.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Lord, B.R., 2007. Strategic management accounting. Issues in Management Accounting. 3.
pp.135-154.
Lukka, K. and Modell, S., 2010. Validation in interpretive management accounting research.
Accounting, Organizations and Society. 35(4). pp.462-477.
Lukka, K., 2007. Management accounting change and stability: loosely coupled rules and
routines in action. Management Accounting Research. 18(1). pp.76-101.
Malmi, T. and Granlund, M., 2009. In search of management accounting theory. European
Accounting Review. 18(3). pp.597-620.
Otley, D. and Emmanuel, K.M.C., 2013. Readings in accounting for management control.
Springer.
Ward, K., 2012. Strategic management accounting. Routledge.
Zimmerman, J.L. and Yahya-Zadeh, M., 2011. Accounting for decision making and control.
Issues in Accounting Education. 26(1). pp.258-259.
Online
Cinquini, L. and Tenucci, A., n.d. Available through:
<http://www.naplesforumonservice.it/uploads/files/Cinquini,%20Tenucci
%281%29.pdf>. [Accessed on 16th December, 2015].
Mongiello, M., 2015. Management accounting. [pdf]. Available through:
<http://www.londoninternational.ac.uk/sites/default/files/programme_resources/lse/
lse_pdf/subject_guides/ac3097_ch1-3.pdf>. [Accessed on 30th November, 2015].
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