Management Accounting Research Trends

This assignment delves into the evolving landscape of management accounting research. It examines various paradigms influencing this field, such as positivist and interpretivist approaches, and explores the diverse methodologies employed by researchers. The assignment highlights significant areas of focus within management accounting research, including supply chain management, environmental management, and performance measurement. It emphasizes the importance of understanding current trends to contribute meaningfully to the advancement of management accounting knowledge and practice.

Management Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Management Accounting and essential requirements of different types of management
accounting systems......................................................................................................................1
M1 Benefits of management accounting systems.......................................................................3
P2 Different methods used for management accounting reporting.............................................4
D1 Integration of management accounting systems and reporting with organisational
processes.....................................................................................................................................4
TASK 2............................................................................................................................................4
P3 Preparation of income statements..........................................................................................4
M 2..............................................................................................................................................7
D 2...............................................................................................................................................7
TASK 3............................................................................................................................................7
P3 Advantages and disadvantages of different types of planning tools......................................7
P5 Compare how organisation can manage their results and performances with accounting
management system..................................................................................................................13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
The process of analysing, interpretation and presentation of information related to
accounting is known as management accounting. This information is gathered using costing and
accounting information and it helps the management in making decision for short term period or
day-to-day operations. The management accounts and reports are very useful for the managers in
decision-making, formulation of various policies and regulation of commercial activities of
business (Cullen and Whelan, 2011). This report provides several relevant information including
amount of cash available, position of accounts receivable and payable, number of orders in hand,
outstanding debt, inventory, revenue generated from sales, raw materials and variance charts,
statistics, trend charts and like. The process of management accounting involves measurement of
performance, assessment of risk, preparation and presentation of financial statements to the
management. The present assignment provides a detailed understanding of management
accounting and different methods used for its reporting in R. L. Maynard Ltd. The company is
basically engaged in the business of construction and development of property. Further, the
report focuses on preparation of income statements on the basis of marginal and absorption
costing method and the reason of difference between the two methods. Lastly, the study focuses
on the use of management accounting system by R. L. Maynard for responding to financial
problems.
TASK 1
P1 Management Accounting and essential requirements of different types of management
accounting systems
The process of analysing, interpretation and presentation of information related to
accounting is known as management accounting. This information is gathered using costing and
accounting information and it helps the management in making decision for short term period or
day-to-day operations. The process of management accounting involves measurement of
performance, assessment of risk, preparation and presentation of financial statements to the
management (ter Bogt and van Helden, 2012). It encapsulates the three major aspects of a
business – management, accounts and finance. The management report projects all kinds of
information in relation to business strategies, financial status of the organisation which assists the
management of R. L. Maynard Ltd. to ascertain performance of business and make corrective
decisions wherever needed.
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There are different types of management accounting systems that can be used by an
organisation for collection and presentation of financial and statistical information. The cited
organisation uses different systems of management accounting that helps it to carry out the
activities of construction and development effectively (Burritt and Schaltegger, 2010). It takes
into consideration several factors such as cost of production related to the goods produced and
services provided by R. L. Maynard Ltd. The management accounting systems used by the cited
organisation are described below :
 Traditional cost accounting system : This method is also known as conventional
method of accounting. All direct and indirect costs are considered in traditional
accounting system and it highlights the cause and effect relationship. The costs incurred
in the production are allocated to the product produced and indirect costs are assigned to
the unit of production which are incurred in the production process. The basis of this
accounting system is volume of units of production, overheads related to production and
direct labour overheads (Cadez and Guilding, 2012). As per traditional costing, average
overhead rate is the basis of allocation of costs of a product. All the indirect expenditures
are pooled together and assigned equally on the basis of an appropriate cost driver which
may be direct labour hours, machine hours and direct material hours.
 Throughput accounting : Throughput can be defined as the quantity of product or raw
material which is passed through a process or system. Throughput accounting in
management accounting system is mainly determined as a costing activity. The main
reason behind this is that the focus is on determination of constraints which arises during
manufacturing of units. These constraints may be in relation to labour turnover, raw
materials, wastage in capacity of plant etc. Basically, this method focuses on elimination
of all such constraints and insists more throughputs in order to ensure that the quantity
and quality of production is enhanced. In throughput costing, only direct materials are
allocated to the costs of inventory while all other manufacturing costs including variable
factory overheads and direct labour are treated as period costs (Englund and Gerdin,
2011). Selling and distribution overheads are also charged as period costs under this
method. This method ensures that costings are minimised for each units produced. It
enables in effective and efficient production while working in line with job and process
costing.
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 Lean accounting : It is a new concept in the field of management accounting which
differs from other accounting systems. Under conventional method of costing, the focus
is mainly on the allocation of costs that are incurred in the process of production but lean
accounting focuses on reducing of costs by maintaining control over the wastages which
are caused in the production process. Various tactical methods are combined under this
technique which emphasizes on elimination of non value added activities (wastes) and
enables R. L. Maynard Ltd. to offer quality products on time. It involves value streaming
assessment, measurement of profits and decision-making by the assigned officers
(Morales and Lambert, 2013). Any excess costs are cut down with the help of
information provided by above mentioned categories. The main benefits of lean
accounting are – increase in revenue generated through sales due to reduction of
wastages, enhancing the capacity of plants as reducing the capacity utilised in the
generation of waste materials, cost step down helps in saving money etc.
 Transfer pricing : Transfer pricing is generated when the goods are transferred from one
department to other or from one process to other or from holding company to its
subsidiary. Whenever the goods are transferred or shifted from one place to another, it
leads to generation of some extra costs due to such transfer.
M1 Benefits of management accounting systems
 Traditional cost accounting system : R.L. Maynard Ltd. uses this method as it
takes into account cause and effect relationship and it enables managers to make
appropriate decisions as all direct and indirect costs are considered.
 Throughput accounting : This method ensures that the constraints of the cited
firm are minimised for each units produced (Cullen and Whelan, 2011). It enables
in effective and efficient production while working in line with job and process
costing.
 Lean accounting : The main benefits of lean accounting for R.L. Maynard Ltd.
are – increase in revenue generated through sales due to reduction of wastages,
enhancing the capacity of plants as reducing the capacity utilised in the generation
of waste materials, cost step down helps in saving money etc.
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 Transfer pricing : Transfer pricing includes price of shifting and opportunity price
which includes the amount that is borne by R. L. Maynard Ltd. in outsourcing of
goods and services outside the organisation.
P2 Different methods used for management accounting reporting
Management accounting is the process of preparation of management reports and
accounts that assists the managers in providing accurate and timely information regarding
financial status and strategies of business which help them in decision-making. R. L. Maynard
Ltd. several methods for management accounting reporting which are explained here under :
 Cost reports : The procedure of providing information related to the costs to the
managers that enables the management in controlling the future costs is known as cost
accounting (Burritt and Schaltegger, 2010). The cost is computed on the basis of costs of
raw materials, labour, overheads and any other additional costs. To arrive at cost per unit,
the total costs incurred in the production is divided by the number of units produced. Cost
reports summarizes all the above information and assist managers in ascertaining the unit
cost of manufactured products and provide internal report system.
 Budget : Budgets are prepared as an internal part that enables the managers to compare
the actual results of an organisation with the estimated ones and measure the performance
level over a specified period.
 Performance reports : The performance report summarizes the differences projected in
the budgets and help managers in preparation of new budgets.
D1 Integration of management accounting systems and reporting with organisational processes
Management accounting systems and management accounting reporting are closely inter
linked and dependent on each other (Malmi, 2010). The preparation of management reports is
not possible without the systems and the system would lose its utility if the timely and accurate
reports are not provided to the managers for decision-making. Thus, it is imperative to integrate
the management accounting system and reporting with the operations of R.L. Maynard Ltd. to
ensure that the organisational goals are achieved.
TASK 2
P3 Preparation of income statements
Table: 1 Income statement for marginal costing
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Working Note 1: Calculation of per unit cost under marginal costing
Direct material £6
Direct labour £5
Variable cost £2
Total £13
Table: 2 Income statement for absorption costing
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Working Note 1: Calculation of per unit cost under absorption costing
Direct material £6
Direct labor £5
Variable cost £2
Fixed cost £3
Total production cost/unit £16
It can be interpreted from the above income statements that the company is generating
better profits at the end of the month (Cadez and Guilding, 2012). The net profit as per
absorption costing method is £9600 which is less than the profit computed as per marginal
costing which comes to £9300. The reason of difference between these two amounts is
absorption costing method takes into account both fixed cost and variable cost unlike marginal
costing method which considers variable costs only.
R.L. Maynard Ltd. uses absorption costing method because it provides clear and
appropriate financial performance of the organisation as it takes into all types of costs.
Difference between marginal and absorption costing method
Absorption costing Marginal costing
For computation of net profits, all costs i.e.
fixed and variable are considered.
This method considers direct costs and variable
cost only.
Both fixed and variable costs are considered as
period costs.
Variable cost is a product cost and fixed cost is
a period cost (Richardson, 2012).
The stock at the year end is carried forward to
the next year as it is valued as total production
cost at the year end.
Stock is not carried forward in the next year as
it considered as total variable expense of
production cost.
M 2
In order to perform effective functions and operations, there are various elements which
need to be taken at workplace. In this aspect, R. L. Maynard Ltd. can use financial statements'
analysis and cost accounting. It will assist to make profitability and effective results at workplace
(Villalobos, Dulce and Almero-Encio, 2016). The business has aim to enhance their profits so
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that financial planning is very good element. Further, cost accounting is the important element
which provide effective cost structure which assist to manage business results and performances.
D 2
In respect to perform effective results and performances, R. L. Maynard Ltd. has
responsibility to make proper statements. In this way, they have to analysis different range of
accounts balances which can be included within the report (A. Hammad, Jusoh and Ghozali,
2013). Thus, it can be specify type of account in grouping of report. It is major duty of the
chosen business to get right balance between results and performances which assist to create
profits and revenue at workplace.
TASK 3
P3 Advantages and disadvantages of different types of planning tools
In order to perform functions and operations, there are different types of tools and
techniques are available within the market. It enables to R. L. Maynard Ltd. to control disposals
at their workplace. In respect to this, following are such techniques at workplace which can be
used to generate high revenue and profits:
Capital budgeting techniques
This is planning tool that can be used to make effective performance and investment
decisions. It will assist to create high return at R. L. Maynard Ltd. This is because, manager of
the chosen organisation can maintains high position at workplace through choosing the best
option among various alternatives (Pondeville, Swaen and De Rongé, 2013). There are various
projects in which they have to select the effective one which assist to gain high profits and
revenue. In this way, different elements are considers at workplace such as Payback, NPV, Post
payback, IRR and many more.
Calculation of Net present value (NPV)
7

Calculation of internal rate of return
As per the following statements, it can be articulated that investment in A project is more
beneficial instead of B. This is because, net present value and internal rate of return in A project
8

of R. L. Maynard Ltd. is high than B. There are various advantages and disadvantages of using
these techniques at workplace of chosen enterprises. They are as follows:
Advantages
 Capital budgeting is helpful to R. L. Maynard Ltd. to invest money in those project which
gives more benefits. It gives high return with potential investment at chosen firm.
 It is very effective tool which demonstrate to make decisions for select a particular
project (Villalobos, Dulce and Almero-Encio, 2016).
 In addition to this, it also determines profitability within the different projects and
outcomes at workplace. It possesses short and simple calculations so that technique easily understand within the
business environment (A. Hammad, Jusoh and Ghozali, 2013).
Disadvantages
 Other tools of capital budgeting such as payback period and many other take more time
to calculate. Thus, it is time consuming process.
 For calculating, this tools, R. L. Maynard Ltd. requires skilled people at their workplace.
 Wrong calculation of capital budgeting can affect to long term profitability of the chosen
firm. As results, it remains with high risk element at workplace (Villalobos, Dulce and
Almero-Encio, 2016).
Budget
It is also very important element which demonstrates to manage business financial
elements and accounts. Thus, the cited firm is able to manage ascertain financial and accounting
performances which assist to gain future response. It assists to make forecast for future to
generate high income and profits at workplace. In addition to this, R. L. Maynard Ltd. can make
sheet of performances of the business through they can operate effective functions and
operations (Pondeville, Swaen and De Rongé, 2013). It also includes different types of budget
such as cash state-owned, production statement and various other per forma. There are different
budget statement are take place as follows:
Cash budget
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Production budget
Sales budget
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It also considers various advantages and disadvantages at workplace that are as follows:
Advantages
 Budget assist to R. L. Maynard Ltd. to make effective decisions within year,
quarter and month basis.
 It enables to the organisation to enhance effective strategies to attract more
customer.
 In addition to this, the chosen business can easily ensure effective financial
resources which can allocate effectively for appropriate functions and operations
(A. Hammad, Jusoh and Ghozali, 2013).
 Budget also help to the company, to make effective production process and
activities which make high expenses and cost. As results, the cited firm can
control on future cost and activities.
 It is also makes coordination with different activities and functions of the cited
business that needed for future results (Pondeville, Swaen and De Rongé, 2013).
Disadvantages
 Main disadvantages of budget is no exact information provide by the business for future
outcomes.
 It creates various disadvantages to make creativity and innovations for the chosen
company (Villalobos, Dulce and Almero-Encio, 2016).
 To calculate budget, R. L. Maynard Ltd. need to recruit skilled people at their workplace.
 It takes more time to make decisions at workplace.
Ratio analysis
Ratio analysis is financial statement which assist to make quick decisions to perform
various functions in different areas. It assists to R. L. Maynard Ltd. to indicate their right
position at workplace. In addition to this, the organisation can monitor their results with ascertain
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construction sector so that manager can develop outcomes and performances easily. Apart from
this, ratios are also categories in different terms such as liquidity ratios, solvency ratios,
profitability rations and efficiency ratios, etc. (Mohd-Jamal and Tayles, 2014).
Liquidity ratios covers following elements
 Current ratio Quick ratio
Efficiency ratios covers following elements
 Inventory turnover ratio
 Fixed assets turnover ratio (Pondeville, Swaen and De Rongé, 2013). Total assets turnover ratio
Profitability ratios covers following elements
 Gross profit ratio
 Net profit ratio Operating profit ratio
Advantages
 Ratios analysis assist to the chosen enterprise to analysis the business performance and
their outcomes according to construction sector.
 It enables to the company to measure efficiency which assist to generate high sales and
revenue (A. Hammad, Jusoh and Ghozali, 2013).
 With the help of liquidity ratios, R. L. Maynard Ltd. can identify their current position
and liquidity within the market.
 Information which provide through ratio analysis assist to control production cost and
improves profitability at the chosen enterprise (A. Hammad, Jusoh and Ghozali, 2013).
 It makes appropriate and effective decisions through management of the cited firm so that
manager can attend positive results at workplace. The organisation has also benefits to compare their performance with other enterprise to
operate functions and operations (Pondeville, Swaen and De Rongé, 2013).
Disadvantages
 When the enterprise calculate their performance with ratio analysis, they are unable to
gather information and data within the financial statements. It is the major disadvantage
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of the business which create problem to manage functions and operations (Mohd-Jamal
and Tayles, 2014).
 At that time, management is also unable to measure their performance and compare it
effectively to make effective standards (Brewer, Sorensen and Stout, 2014).
 Other disadvantage of ratio is qualitative techniques which analysis financial
performance at workplace. In respect to this, R. L. Maynard Ltd. is not able to make their
financial effective at workplace.
 Calculation of ratios can also create major limitation due to different theories and
accounting standard. This is because, policy is differers from work to work which hamper
to the company and its operations (A. Hammad, Jusoh and Ghozali, 2013).
P5 Compare how organisation can manage their results and performances with accounting
management system
For every organisation, it is essential to respond effectively to solve the business issues.
This is because, it will assist to solve financial problems and make high profits at workplace
(Villalobos, Dulce and Almero-Encio, 2016). In this aspect, R. L. Maynard Ltd. can use different
types of management accounting system at their workplace. They are as follows:
Traditional cost accounting
Traditional cost accounting method is used at R. L. Maynard Ltd. for allocating
overheads according to volume of cost driver. It includes different cost such as direct labour hour
which requires for production items at workplace. It will helpful to the chosen firm to solves
their financial problems through assign cost according to different drivers such as machine hours,
direct labour hour and material hour etc. (Leitner and Wall, 2015). Thus, the organisation has
benefits to make effective results and performance in effective way. In addition to this,
traditional cost accounting is measurement of different element which requires perform functions
and operations to allocate manufacturing overheads to particular products. It also implying to
allocate indirect resources which create cost for manufacturing products on the basis of volume
such as number of units produced, labour hour and production machine hour (Luft and Shields,
2014).
Lean accounting
Lean accounting is the important element which requires for measuring, accounting,
managing business activities at workplace. Further, it is based on general terms which are used
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for make changes that requires for company (Sokolov and Sungatullina, 2015). It assesses
accounting, controlling and measurement of management process that acquire for lean thinking.
This is based on elements which requires make business results on the basis of control process.
Thus, R. L. Maynard Ltd. can deal in better way to form strategies (Huefner, 2015). In addition
to this, it is also reflects to financial performances of the company which assist to make effective
results and performances. With the help of lean accounting, the chosen firm can stream their cost
and change techniques to make inventory evaluation. As results, modifications are also takes
place which solve various problems through diminish errors and defects. With the help of fast
process, the chosen firm can easily make fast and clear operations within the business
environment. In addition to this, faster and clear understanding can be made at workplace among
various employees (A. Hammad, Jusoh and Ghozali, 2013).
Transfer pricing
Transfer pricing provides different norms and rules which requires perform functions and
operations at workplace. This management system regulate rules and regulations for pricing
element at workplace (Pondeville, Swaen and De Rongé, 2013). In this aspect, pricing
transaction within the goods and services are involves goods which are tangible and intangible in
nature. Thus, it assists to resolve problems through determining prices to ensure accuracy and
fair decisions. In addition to this, transfer price at R. L. Maynard Ltd. requires make division for
each element which support to company transaction with trade of supplier. It demonstrates
supplies and labour between different departments. Transfer pricing are also used when
individual entities are larger to treat separately and make effective run facilitates (Villalobos,
Dulce and Almero-Encio, 2016). Beside this, transfer price also represent a price on which
subsidiary company can evaluates their goods and services to judge labour performance,
components and other parts which can be used in production within general consulting services.
Throughput accounting
Throughput accounting is the modern management system which determines better effect
for the company (Chakraborty, 2017). In this aspect, chosen business is beneficial to make
effective results and performances. Decisions are made through provide support system to
manager. In addition to this, it also ensures improvement in profitability of the business which
manage results and performances in effective way. It is also based on principles which simplifies
management accounting to provide support to managers to make profitability at high level
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(Khodzytska and Ivchenko, 2014). In this way, R. L. Maynard Ltd. can easily improve their
functions and operations which enhance brand and management accounting.
Inventory accounting
Inventory accounting system is used for making plan and track at different level. It
determines different activities with bar code system (Mohd-Jamal and Tayles, 2014). Every
inventory item determines with bar code so that R. L. Maynard Ltd. can make their effective
system and operations at workplace. Bar code system are also useful to the chosen firm to make
effective accounting system. New technology, that create expansion for business operations is
also manages through inventory accounting system. In this aspect, the company will ensure
positive results and outcomes which show profitability at workplace (Brewer, Sorensen and
Stout, 2014).
Industry specific accounting
Inventory accounting system are also used which based on plan and track at each
inventory level. In this aspect, items are brought into warehouse to warehouse. In addition to
this, bar codes are also scanned to make effective results and performance within the chosen
enterprise. Utilization rates are also demonstrates with specific requirement which shows hourly
rate basis outcomes at each attorneys. Thus, utilization rate is percent which shows time spent to
opposed administrative (Tissot, 2017).
Non for profit accounting
Non profit accounting is the specific set of statements which requires for deliver effective
results and performances. In this aspect, software need to be able to designed specific purpose
and properly spent. In this aspect, software should be develops which acquire for management at
workplace (Abbasi, 2014). Donation statements of R. L. Maynard Ltd. are also reports amount
which contributes by individual donors.
CONCLUSION
From the above report, it can be concluded that R. L. Maynard Ltd. has various
advantages to make their functions and operations in international market. Management
accounting of the company is effective which make preparation and providing timely statements
with accurate data and information. In this aspect, all decisions are made on the short term basis.
It makes day to day basis operations with various sources. Furthermore, it analysis advantages
and disadvantage of different tools and techniques which used for budgetary control at
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workplace of the chosen enterprise. Moreover, it concluded different methods which used at
workplace such as capital budgeting, in which the cited firm can measure their performances on
the basis of NPV and IRR. There are various advantages and disadvantage to use these
techniques at workplace. In addition to this, the firm also using ratio to analysis their financial
performances to create better and positive environment at workplace. As results, they can
ascertain effective and good performances at workplace. In this way, the firm prepare their
budget plan in term of sales, production and many other aspects. At last, different types of
management system take place which requires to perform functions and operations.
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