Principles and Practice of Management Accounting

This document discusses the principles and practice of management accounting, including different kinds of management accounting systems, methods of management accounting reports, and the benefits of adopting management accounting systems in an organization. It also provides examples and case studies from Alpha Limited, a manufacturing entity.

Principles and Practice of
Management Accounting

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
P1 Different kind of MA system............................................................................................3
P2. Different methods of MA reports:....................................................................................5
M1. Benefits of MASs:...........................................................................................................6
TASK 3..........................................................................................................................................14
P4. Advantages and disadvantages of different types of planning tools..............................14
Advantages.....................................................................................................................................15
M3. Planning tools role to make accurate forecasting and preparing the budgets...............16
TASK 4..........................................................................................................................................16
P5. Comparison of enterprise to use MAS and techniques to overcome financial issues....16
M4. Importance of MAS in the context of solving financial problems................................18
D3. Role of planning tools in overcoming from monetary issues........................................18
CONCLUSION..............................................................................................................................19
REEFRENCES..............................................................................................................................20

INTRODUCTION
Management accounting involves the framework and guidelines for the compilation of
documents and statements to help management executives in decision-making processes of the
organization. This is a larger and more diverse area which also contains managerial reporting and
accounting procedures supporting organizational practices and strategies (Chandar, Collier and
Miranti, 2012).The study discusses about each crucial aspect of managerial accounting and its
core requisites/requirements of its concerned systems in context of enterprise named Alpha
Limited, manufacturing entity and has only just 50 staff members. Alpha’s turnover per year is
around GBP500,000. Corporation has expertise in making local-made pizzas and founded in year
2001 as a small pizza corporation. With rapid growth in business company now is focusing to
open its franchising business.
TASK
P1 Different kind of MA system.
Managerial accounting, which is sometimes recognized as the management accounting,
is defined as the provision and use of accounting information supplied by a company's
executives, bookkeepers and accountants. This enables them to start taking the feasible decisions
about any ongoing problem that arises within the entity (Fiondella, Macchioni, Maffei, and
Spanò, 2016). This also helps them ingratiate themselves with the management regulation
processes that prohibit them from making any incorrect decisions that may impact the
corporation's functions. This opts for a forward-looking strategy that anticipates future from the
corporation's previous performance. Accordingly, managerial accounting lets a leader in a
company or the company as a whole make the correct decisions in areas of concern.
It is crucial to discuss about systems of MA which offers defined structures to convert raw
data and details into management relevant information. MA system may be defined as vital
mechanism which is implement by managers in organisation to generate and obtain major and
accurate information for supporting their managerial decision-making tasks. Alpha has also
implemented several major systems of MA within premises, as discussed below:
Inventory management system: Holding inventories/stock is never attractive, since excessive
inventory often amounts to increased operational expenditures. Modern manufacturing
corporations like Alpha also use the inventory management systems to assure they simply keep

the necessary volume of inventories that will support their processes without dealing with the
unnecessary costs of keeping additional inventory (Granlund and Lukka, 2017). Adoption
of inventory management systems is essential drivers of productivity for operations. Cost
reduction is one of ways of measuring the organisation's performance. The company's inventory
management techniques like LIFO, FIFO and Average cost method allow them to minimize costs
related to inventories. This system requires thorough information of inventories and methods
used in recording inventories. Following are several methods used by organisation for valuing
inventories, as follows:
LIFO: LIFO presumes that items which have created their manner to stock (after buy, produce,
etc.) will later be first sold while those that are early produced or purchased will be last sold.
Consequently, LIFO allocates cost of new stock to costs of sold commodities and costs of older
stocks to end of inventory (Hirsch, Seubert and Sohn, 2015).
FIFO: This method assumes that first bought stock is presumed to be first sold. This approach is
just opposite to LIFO method. Here first items sold are assumed to purchased first in particular
sequence.
Average Cost: This method employs a simple average rate to value closing stock. Here average
cost is assessed by use of weights. Here no assumption required to be taken like LIFO and FIFO
method.
Cost Accounting System: This system act as vital framework which concentrates on the
managing costs and allocates costs. Various costs and expenditures are elements that define
profit estimation. Especially manufacturing entity such as Alpha often tries to minimize the cost
per pizza in order to accomplish more profitability. Such system requires thorough analysis and
evaluation of different costs incurred within organisation (Horton and de Araujo Wanderley,
2018).
Job costing system: The accountability and administration of products and processes that are by
essence or in other aspects entirely different is challenging but the deployment of a system of job
costing may ensure that tasks linked to these goods are reported and handled smoothly. This
framework is beneficial for manufacturing firms such as Alpha which have wide range of
processes and product items. For eg, in Alpha limited corporation, their management are
enforcing such accounting system with intention of maintaining control over costs of jobs
associated with the varying activities and procedures. This system requires effective

categorisation of job processes and proper allocation of multiple costs to such prespecified job
processes.
Price optimisation system: This can be categorized as system of MA that is basically
connected to the products and services' pricing phase. It acts as supporting framework for
determining the prices of products in Alpha limited as it determine the prices by evaluating the
effect of suych price on demand as well as customer response. Corporations need to change the
commodity prices in accordance with marketing research. As in Alpha limited business, their
sales department has fix Pizzas prices as per market superiority and consumer requirements.
Essential Requirements of Management Accounting:
Accuracy: The information which is required for different management accounting
systems should be accurate. Vagueness and ambiguity in management accounting information
leads to inaccurate forecasts and interpretations which hinders the overall effectiveness of
management accounting.
Reliability: One of the most essential requirement of management accounting is that the
information which is being used by the management for decision-making related to everyday
operations is originating from a reliable source. Information from unauthentic and unreliable
sources is not significant for managers to make forecasts.
Relevancy: It is also very essential for the managers of an organisation to determine
which information is relevant and useful for making any conclusion or interpretation. A lot of
information is accumulated in the management accounting process which doesn’t have any
influence on the decisions and operations and such information should be ignored by the
managers.
Regularity: Irregularity and inconsistency in the information required by managers
hinders the effectiveness of management accounting systems and hence, it is imperative as an
essential requirement of management accounting to ensure that information is provided to the
managers regularly and timely.
Organisational structure: Structure of an organisation and channels of communication
within the company affects the flow of information which is essential for management
accounting. A strict chain of command and communication channel within the organisation
might stem the effectiveness in the flow of information which is not a desirable situation for

management accounting. Hence, it is vital for managers to ensure that organisational structure
allows the exchange and free flow of information to the managers.
P2. Different methods of MA reports:
The word MA reporting method can be defined as reports which constitute valuable
information concerning to all facets of financing and management. This reporting method offers
quick analysis of organisation’s performance. Generally, unit managers within organisation use
these methods to report critical analysis and information to top level managing officials
(Kastberg and Siverbo, 2016). Managers in Alpha prepare various types of reports as a part of
entire management accounting mechanism, as follows:
Inventory report: It may be characterized as a style of reporting which involves essential
information relating to the opening and closing of the balances of different types of inventories
within Alpha, namely raw resources items, finished goods items etc. Such a report contains all
information of methods used for determining stock volumes like LIFO, FIFO and weighted
average system. In the aforementioned Alpha limited business, executives are using such report
to keep in contact about how much materials they have at end of a single day.
Performance report: This report method that includes the main performance-related details for
each employee in detail. This is required by managers in companies to make rational judgments
about growth of the employees. The absence of this report will mask the overall output of staff.
Besides employee performance records, it also provides key information such as output of
different functions and activities performed, etc. In case of the aforementioned Alpha limited
corporation, the managers prepare this report in attempt to maintain and improve performance of
employees and set policies for them.
Budget report: This is a report which contains precise detail about budget success and actual
outcomes. through this report, the Financing division would be enabled to determine the
discrepancy between real and estimated efficiency. The managers produce this report towards
tracking deviations and keeping an additional finger on final results within the framework
of above-mentioned Alpha limited corporation. Information of this report act as basic foundation
of entire established budgetary system and managerial control as it allocates areas of deficiency
in system (Prencipe, Bar-Yosef and Dekker, 2014).
Accounts receivable ageing report: It can be represented as a report which offers extensive
figures on overall account receivable balance that is to be collected by enterprise and how much

average time it takes to generate cash through accounts receivables. In Alpha, managing
personnel and accounting officials use this report to recognise all the existing and possible
debtors who are or may be bankrupt. It also helps to determine the policies for providing credit
limits.
M1. Benefits of MASs:
Following is detailed discussion on the major benefits to company by adoption of multiple
systems of managerial accounting system as follows:
MAS Benefits
Cost accounting system As discussed earlier this system controls and manage costs which is
beneficial for corporation like Alpha limited to effectively optimise
overall costs as well as to determine the factors which can increase
the overall production costs. Also, if there is any unexpected increase
in costs this can allocate the exact reason of increased costs.
Inventory management
system
As explained earlier this system is closely linked with management
of stock/inventories. This is primarily advantageous for company to
optimise costs or expenses incurred towards storage, carrying and
handling of inventories as well as to assure that sufficient level of
inventories are kept in stock to satisfy customer’s demand (Siverbo,
2014).
Price optimisation
system
As this system is linked with determining effective prices for
different product items, this system is beneficial to Alpha in remain
competitive in market by setting most efficient competitive prices
and gain competitive benefits.
Job costing system As job costing system classifies job-order processes and allocates
costs to these jobs this system advantageous for company in
establishing and maintaining accountability within production
processes.
Significance of effective integration of management accounting systems within an
organisation process:

To accomplish smoother operating within an organization, a structured integration of the
above explained systems is usually required. all these specific systems enhance corporation
performance through the provision of crucial details. As in Alpha, Cost-accounting systems as
well as stock management system, aid in managing various processes within the enterprise such
as inventory control, cost sheet planning, process cost evaluation, etc. In Alpha limited,
company's sales and related processes are integrated with price optimization framework and
stock management framework (Teittinen, Pellinen and Järvenpää, 2013). There integration of
MA systems with process is needed for achievement of sustainable growth of organisation and
run business in smoother way.

Problem 1.
Income statement under absorption and marginal costing:
Absorption costing:
Absorption Costing Statement calculator
Unit Selling Price 8
Unit Cost (FC+VC) 5
Fixed Manufacturing Expenses 150
Non Manufacturing Exp 50
Budgeted Activity 75
Period 04/19 05/19 06/19 07/19 08/19
01/09/
19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 75 60 90 75 70 80
Production 75 75 75 75 85 70
Opening inventory
Closing inventory 0 0 15 0 0 15
0 15 0 0 15 5
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 600 480 720 600 560 640
Opening inventory 0 0 75 0 0 75

Add: Variable Cost[Production] 375 375 375 375 425 350
Less: Closing Inventory 0 75 0 0 75 25
Marginal Cost of Sales 375 300 450 375 350 400
Gross Profit 225 180 270 225 210 240
Adjustment for Overheads 0 0 0 0 -20 10
Less:Non Manufacturing Cost 50 50 50 50 50 50
Net Profits 175 130 220 175 180 180
Marginal costing:
Marginal Costing Statement calculator
Unit Selling Price 8
Unit Variable Cost 3
Fixed Manufacturing Expenses 150
Non Manufacturing Exp 50
Budgeted Activity 75
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 75 60 90 75 70 80
Production 75 75 75 75 85 70
Opening inventory
Closing inventory 0 0 15 0 0 15
0 15 0 0 15 5

Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 600 480 720 600 560 640
Opening inventory 0 0 45 0 0 45
Add: Variable Cost[Production] 225 225 225 225 255 210
Less: Closing Inventory 0 45 0 0 45 15
Marginal Cost of Sales 225 180 270 225 210 240
Contribution Margin 375 300 450 375 350 400
Less: Fixed Manufacturing Cost 150 150 150 150 150 150
Less:Non Manufacturing Cost 50 50 50 50 50 50
Net Profits 175 100 250 175 150 200
Reconciliation statements:
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000 ]
[£'000
]
[£'00
0 ]
[£'00
0 ]
[£'000
] [£'000 ]
Sales 75 60 90 75 70 80
Production 75 75 75 75 75 75
Opening inventory 0 0 15 0 0 15
Closing inventory 0 15 0 0 15 5

Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000 ]
[£'000
]
[£'00
0 ]
[£'00
0 ]
[£'000
] [£'000 ]
Net Profits under Absorption Costing 175 130 220 175 180 180
ADD : Fixed Overheads in opening 0 0 30 0 0 30
LESS: Fixed Overheads in closing 0 30 0 0 30 10
Net Profits under Marginal Costing 175 100 250 175 150 200
Problem 2a
1. Calculation of followings:
(A) BEP in units and revenues-
BEP (in units) = Fixed cost / contribution per unit
= 180000/ 12
= 15000 units
BEP (in revenues) = Fixed cost/ PV ratio
= 180000/ 30*100
= £600000
Working Note:
Contribution per unit- Selling price per unit- variable cost per unit
= 40-28
= 12
PV ratio= Contribution/ sales per unit*100
= 12/40*100
= 30%
(B) Contribution margin ratio
= 12/40*100
= 30%

2b If machine is installed:
2 c
Scenario 1. Machine is not installed:

Scenario 2. If machine is installed:

TASK 3
P4. Advantages and disadvantages of different types of planning tools
Budgetary control is the method of evaluating different real outcomes with estimates
earmarked for the business for the future timeframe and then matching the estimates allocated
with the current output for estimating deviations, if there are any. There are different planning
tools which can be used to make proper estimate about future expenses and also predicts income
generated that ease in budgeting process. In context of Alpha Ltd separate budgets are used to
manage the company's total expense. They are called planning tools by which the goals are met
within the appropriate limits specified towards the specific activities. Some are discussed below:
Production or manufacture budget: It is a different budget under which calculation
related with how many units would be generated over a given time period. It is generated from
the earnings as well as the set units expected to be manufactured in the coming years.
Accountant generates this expenditure plan in the Alpha Ltd to support their production team and
give clear idea about much pizza needs to be produced in next month. It is necessary when
administrators take reasonable steps to best use processed raw materials with the aid of the
production budget.
Advantages
1. This budget support Alpha Ltd in full utilization of resource to make certain product and
helps to maximize profit more.
2. The workforce is designed to work to a large extent because company set the goals which
are needed to be reached and therefore does not tolerate delay.
3. It also helps Alpha Ltd to avoid excess costs as productions are made according to the set
guideline and in allocated resources.
Disadvantages
1. It's a very time-consuming method, while a bunch of experience work is needed before
fixing the budget for specific time duration.
2. This budget only focuses on the financially calculable results. It eliminates the qualitative
requirement which is quite essential again for Alpha Ltd.
Capital spending plan- This is defined as the very significant budget which is prepared to
sustain the company's high capital expenditures. It encompasses property, materials, and building
costs. Within this system, the senior management also makes the final decision for potential

expenditure and obtains the approval for doing so (Teittinen, Pellinen and Järvenpää, 2013). In
Alpha Ltd, the manager creates a report to control capital spending expenses and to make
sensible investment choices.
Advantages
1. The budget enables with long term capital scheduling in alpha Ltd which support to make
maximum use and smart use of available capital.
2. Facilitate greatly in making judgments about which investment alternative to opt for
better future results in Alpha Ltd.
Disadvantages
1. These are hard choices that cannot be readily changed which company process so many
time leads to delay in the operations.
2. Unable to draw up these estimates without experts which increase the cost for Alpha Ltd
has they have to hire professional staff.
Master budget: It is combined with the lower level boundaries established in an
organization and includes various fields such as planned financial reports, scheduling finance
and so on. It has a variety of elements, such as net profit or loss, depreciation and profitability
etc. (Prencipe, Bar-Yosef and Dekker, 2014). This budget is often used in Alpha Ltd to monitor
the success of different facets and divisions so that maximum profitability can be gained in
respective time manner.
Advantages
1. It allows manager of Alpha Ltd to consider the future challenges of the business that
further aid in preparing the same remedy for acquiring growth and development.
2. This budget support in determining the performance of various units, which
further allows to make needed modification if any specific department of Alpha ltd facing
and challenges or is under performance.
Disadvantage
1. This particular budget contains thousands of different limitations and thus it loses the
consistency of being accurate. Determining the results of different divisions is
challenging for manager of company.
2. The other disadvantage of budget is not easy to read and make changes because there are
tons of details which are used to prepare master budget.

The above discuss budget indicates that Alpha Ltd has various budgeting choices and,
depending on the need and accessibility of capital, could use each and every one of them and can
manage their total company spending.
M3. Planning tools role to make accurate forecasting and preparing the budgets
For a given amount of time the expenditure plan is treated as a analysis tool for the financial
components. In this sense, different forecasting methods serve an essential role in making more
time-span sales and expenditure forecasts successful (Serena Chiucchi, 2013). There are various
forms of forecasting strategies, including capital budgeting, strategic financial planning; master
budgets etc. which can be used to forecast future budgets by the manager of Alpha Ltd to take
the advantage and control cost and increase revenues. Company also take advantage of these
tools to project future technological budgets which enables in performing various operation in
desired format to increase profitability. This is practicable available as, such planning tool
consider detailed knowledge about potential operations occurring in the future timeframe.
TASK 4
P5. Comparison of enterprise to use MAS and techniques to overcome financial issues.
Financial challenge: In the viewpoint of companies there have a number of problems that
obstruct their profitability and production. In reality, they have to solve the financial issue in
even less duration such that financing loss can be stopped. Basically, financial difficulties in
companies occur because of inadequate monetary capital control. As a consequence, it is
impossible for companies to fulfil the need for financing to accomplish targets. Some of the
common financial issues faced by large organisation such as Tesco and Sainsbury are discussed
below:
1. Mis-management of inventory: This is considering being a serious financial problem
for companies as sufficient stock level help in performing production operation in desired
manner. Due to the lack in managing and controlling of stock many time situation may
arise that company do not have enough raw material to make production due to which
customer cancel their order. The supply chain of company also gets badly impacted as
manager do not have the idea about how much raw material is laying in the store, goods
in transit and finished goods ready for delivery. In context of Sainsbury, due this financial
issue operation process are impacted and goods are not available to be sold in the store.

2. Lower revenue generating performance: It is a kind of financial dilemma that emerges
in companies when the amount of net sales profits decreases (Leotta, Rizza and Ruggeri,
2017). It can be described as a business issue due to inadequate management of total
spending. The over increasing of operating cost have a detrimental impact on company
earnings and development. Due to this new financial challenge it is difficult for
companies to allow reimbursement of various expenditures. Besides being able to
fully control the total monetary wealth which reduces the brand value and decrease the
customer base. In context of Tesco plc, due to this financial dilemma the net operating
earnings have been diminished considerably.
Different MA techniques which are used to detect and resolve these financial issues are
discussed below:
Key performance measure: This is a technique targeted at certain components whose
efficiency is below or above the norm. That makes it easy for executives to figure out the total
amount of shortfall (Schaltegger, Viere and Zvezdov, 2012). In Tesco, this technique is used to
evaluate the actual degree of problem.
Benchmarking: This is a mechanism by which two business bodies are equated on the
financial side. Comparison is designed to point out what aspects where the efficiency of the
company is lower and needs to be strengthened. Manager use this technique in Sainsbury to find
the reason of mis management of stock.
Financial governance: This is a kind of system which emphasizes on the systematic
recording of financial transactions happening in both companies. The goal of this approach is to
make possible solution to the problems faced by Sainsbury and Tesco such as maintaining and
recording of every small to big transaction help in reducing the issues of lower let profit and
uneven use of inventories.
Comparison of Companies.
Basis Tesco plc Sainsburry plc
Financial
issue
The respective company faces the
issue of decreasing net income due to
high operating expense.
The superstore is facing issue reacted to
mismanagement in stock level beacue of
which whole supply chain is impacted.

Accounting
system to
solve issue
In order to get rid of this issue
manager apply the Balance scorecard
system that enables to make a valid
and accurate record about each cost
transaction happening in order to
execute specific operation. This
system also help to make a separate
report about the total income
generated from operation in order to
make a balance at the end of year
(Novas, Alves and Sousa, 2017).
To resolve the particular problem
manager apply the theory of Activity
bases costing in which stock level in
maintain as per the requirement of
certain task. Thus, it helps to remove the
over or under-utilisation of stock.
MA System Manager also implement cost
accounting system to record each and
every transaction of Tesco so that
activities which utilise higher cost can
be removed to increase profit margin
In addition company apply Inventory
management system to record the total
goods ready for sale, actual quantity
lying in the storehouse and how much
good in in processing unit.
M4. Importance of MAS in the context of solving financial problems
By implementing these programs the managers are able to easily distribute funds (Kober,
Subraamanniam and Watson, 2012). Such accounting schemes also lead organizations to
discover the real degree of problems and alternatives with far less time and expense to figure out
the question. Different management systems have been used in Alpha limited business, including
cost accounting system, quality optimisation system, work costing system and so many others.
Such processing system intertwined with each other and also different divisions.
D3. Role of planning tools in overcoming from monetary issues.
The planning methods also lead to the handling of financial problems in a manner close to
that of MAS. In Alpha Ltd, the accountants apply different forms of preparation techniques like
capital budgeting, master budgeting respectively. Thus they should be observed that they will use
various styles of forecasting approaches like cash budgeting, zero-based budgeting and many
others that can help overcome financial problems (Hoque, Gooneratne, and Covaleski, 2013).

CONCLUSION
In the end of report, it is concluded that management accounting modern era is key to
success of an organization as it recognized as guidance framework for achieving organization
targets and goals. In addition, their production department uses valuable information
through stock management processes and accounting department also considers vital information
through the cash receivable aging report. The remaining part of the study ends with regard to
preparing financial reports on consideration of the data provided and plans such as capital
budget, master budget, etc. Moreover it can be inferred that machinery installation would be of
interest to the client in contrast to not installing.

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