Management Accounting Research Review

This assignment provides a detailed review of management accounting research, covering topics such as agency theory, structuration theory, lean accounting, and throughput accounting. It also explores the use of management accounting in small and medium-sized enterprises, public health-care organizations, and energy industry. The study includes a list of references from various journals and books, providing a comprehensive overview of the current state of management accounting research.

Management Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Role of management accounting and different management accounting system ......................1
Different methods used in management accounting system ......................................................3
Benefits of management accounting systems in select company ...............................................5
LO 2.................................................................................................................................................6
Prepare income statement using both absorption and marginal costing ....................................6
Produce management accounting reports that apply in range of different business activities ...7
LO 3.................................................................................................................................................8
Advantages and disadvantages of planning tools used in budgetary control..............................8
Analysis of different planning tools and its application in preparing budgets............................9
LO 4...............................................................................................................................................10
Comparing the management accounting methods of Unilever with other organisation...........10
Analysis of management accounting method...........................................................................12
Evaluating the role of budget for resolving financial problem.................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
.......................................................................................................................................................16
APPENDIX....................................................................................................................................17

INTRODUCTION
Management accounting is the display of analysis of business activities to the internal
management to facilitate decisions making. The procedure of making management reports and
accounts which provides accurate and timely financial and statistical data required by managers
to prepare daily and short terms decisions. Management accounting generates monthly and
weekly reports for inside audiences with the company (Elsukova, 2015). These reports show
amount of available cash, generating sales revenues outstanding debts and also includes trends
charts, variance analysis and other applied mathematics. It is the also called as cost accounting
which is procedure of recognizing, measuring, explanation and communicating info to managers
for the movement of objectives of organization. This study is based on Unilever. It is the British
Dutch transnational consumer goods organization in the UK. The products involve food and
drinks, beauty goods and personal care goods.
Furthermore, this report will explain role of management accounting and different
management system in the company. It will state the different methods utilised in management
accounting system. It will prepare income statement using both absorption and marginal costing
in the firm. It will explain use of planning tools utilised in management accounting in the firm. It
will compare different ways of management accounting system by different companies.
LO 1
Role of management accounting and different management accounting system
Management Accounting:
Managers utilise provisions of accounting data in relation to better inform themselves
before they decide matters within their companies like Unilever that helps their management and
execution of control operations. Management accounting is the profession which includes
partnering in administration in management decision making, making planning and performance
management systems (Beattie, 2014). It is the giving expertise in financial reporting and control
to help administration in the formulation and apply of strategy of company which is called as
management accounting. The aim of management accounting is to help managers for making
decisions within the organization. It manages margin analysis to assess profits when weighed
against varying kinds of costs.
Role of management Accounting:
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Managerial accounting plays an essential role in helping managers to lead the
organization in effective manner.
Make financial strategies:
It is the necessary to formulate financial strategies utilising sales forecasts, budgets and
job costing tool between other managerial accounting methods. It also can integrate information
from financial statement of Unilever to develop strategies which increase gross income, net
profits and earning per share.
Monitor expenditure:
It can create static, flexible, rolling budgets along with another kind of reports which
enable senior leaders and departmental heads to monitor expenditure within Unilever. It is the
essential because operation expenditure have direct effect on bottom line profits.
Communicating:
Managerial accounting plays important role in establishment and maintenance of
communication and reporting system. The report about performance equipped by accountants
communicate essential info to manager (Mihăilă, 2014). It shows them different ways well
manages their actions and highlighting those issues which requires more thorough enquiry by
management by exception action.
Motivating:
Managerial accounting plays essential role in relation to budget and performance reports
which are prepared by accountants have an essential effect in motivating staff of organization
like Unilever. The budgets are targeted intending to motivate managers to accomplish objectives
of company. The performance reports plan to motivate individual execution by communicating
information linked to the targets.
Fewer number of situation:
Managerial accounting does not have to follow norms and principles of financial
accounting within the Unilever. Still, it needs to be accurate, but accountants can present
information, so that non-accountant can easily compass what is going on in the organization.
This aids take the financial information and utilization it to create future plans for operating the
firm ( Luft, Shields and Thomas, 2016).
Looking to future:
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Managerial accounting focus more on what is to come. Through this, trying to figure out
budget for coming financial year. Management accountant present with predictions of revenue or
list of expected expenditures. Unilever can utilise that info to work put the budget or make other
decisions for the future.
Different methods used in management accounting system
There are different management accounting system like cots accounting, inventory
management system and so on. The aim of management accounting is to help the managers of
company in recognizing and evaluating the outcomes of their judgements. It is also called as cost
accounting which includes preparation of financial reports and statistical data that can assist in
taking long-term and short term management decisions with the organization like Unilever
(Elsukova, 2015). The managerial accounting reports contains all the compulsory details about
cash flow, generating the revenue, detail of stock, payable accounts, debts and other related
statistics. In relation to, there are many methods, tools and techniques used in management
accounting. Also, there are different management accounting system like cots accounting,
inventory management system and so on.
Cost accounting system:
It is also called as costing system which is framework utilised by companies to estimate
the cost of their products for profitability analysis and inventory valuation and controlling of cost
within the Unilever.
Inventory management system:
Inventory management means to the procedure of ordering, storing, and utilising the
stock of firm. These involve management of raw material, elements and finished goods and
warehousing and processing the such items by Unilever.
Methods for management accounting system:
Financial Accounting:
It is the tool which is used in management accounting within the firm. The main objective
of any of business organization is maximising of profits. This aim is accomplished by making
proper financial planning with in Unilever. Therefore, financial planning is considered as the
best technique or method for accomplishing the objectives of company.
Financial statement analysis:
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It is the tool which is used in management accounting within the firm. Profits & loss and
balance sheet are essential financial statements. These statements are examined for different
period (Beattie, 2014). This kind of investigation aids the management to know the rate of
growth of business concern. This examination is done through comparative financial statement,
common size statement and ratio analysis. This kind of technique help to achieve the objective of
Unilever.
Fund flow analysis:
It is the tool which is used in management accounting within the firm. This analysis
discovers the movement of fund from one period to another. Furthermore, fund flow analysis is
very useful to know whether the fund is properly utilised or not in year when compared to the
past year. The working capital modification and funds from operation are also discovered out
through fund flow analysis. This kind of technique help to achieve the objective of Unilever.
Cash flow analysis:
It is the tool which is used in management accounting within the firm. The change of
cash from one period to another can be discover through cash flow analysis (Mihăilă, 2014).
Also, the reason for cash balance and modification among two periods are also found out. It
studies the cash from operation and movement of cash in period. This kind of technique help to
achieve the objective of Unilever.
Marginal costing:
It is the tool which is used in management accounting within the firm. This technique or
method is utilised to fix selling price, selection of the best sale mix, utilization of rare raw
material or resources for making the decisions, acceptance or rejection of majority order and
international order. It is the based on fixed, variable cost and contribution. This kind of technique
help to achieve the objective of Unilever.
Budgetary control:
It is the tool which is used in management accounting within the firm. Future financial
requirements are estimated and managed according to an orderly basis under budgetary control
method ( Luft, Shields and Thomas, 2016.). It is utilised to control the fiscal execution of
business concern. Business operations are managed in desired direction. This kind of technique
help to achieve the objective of Unilever.
Ratio Analysis:
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It is the tool which is used in management accounting within the firm. Ratio analysis is
utilised to management in the discharge of basic operations of forecasting, planning,
coordination, communication and control. It is setting the way for effective control of operations
of business by undertaking an appraisal of both physical and monetary targets. This kind of
technique help to achieve the objective of Unilever.
Management reporting:
It is the tool which is used in management accounting within the firm. It is preparing the
report on the basis of contents of profits & loss account and balance sheet as well as submit the
same before the top management. Therefore, prepared reports disclose the strength and weakness
indifferent areas of operating and financial actions (Drake, Roulstone and Thornock, 2016).
These recognitions are highly useful to management for workout control and decision making.
This kind of technique help to achieve the objective of the Unilever.
Benefits of management accounting systems in select company
Management accounting is very advantageous which is being utilised broadly. The
benefits are as follows:
Cost accounting system:
It is the tool which is used in management accounting within the firm. It presents cost
data in according to product, department, branch etc. These cost information re compared with
planned one. This comparison of two costs allows the management to decide the cause
responsible for the difference among these costs. This kind of technique help to achieve the
objective of Unilever. The management can take decisions about continuing product or changing
the sale strategy. Management accounting is not regulated by any law, the management can
decide areas which requires more analysis, investigation and accordingly draw up strategies.
Planning:
Management accounting play role in planning in which aids set future plan, accounting
information utilised in the procedure of decisions making. It plays crucial role in short terms
planning procedure within the Unilever. With this, company establish budget process and
prepares schedules and coordinates short terms plans on all business department (Lavia López
and Hiebl, 2014).
Controlling:
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Management accounting is useful for the control procedure because it draws up
performance reports which compare the actual to budgeted revenue for each responsibility
center. It helps the control function giving immediate activities measures and recognizing
problems (Management Accounting – Meaning, Advantages & Functions, 2018). Managers are
warned about those specific actions which are not according to the plan as management
accounting.
Organizing:
It is identifying components of organizational structure more relevant and important for
proper functioning of the management accounting system which enables the preparation of
internal reporting system for this structure and suggest more appropriate organizational structure
of the Unilever. The organizational structure is handling with authority, accountability and
expertise to ensure real performance of firm (Maas, Schaltegger and Crutzen, 2016). For that,
managerial accounting is designing and applying accounting system to better define and modify
these connections.
LO 2
Prepare income statement using both absorption and marginal costing
In the given scenarios, the following figures are been stated as follows-
Per unit- (£)
Sales price: 50
Direct cost of material: 18
Direct wages: 4
Variable overhead production: 3
In addition to this company incurs fixed overheads' production for each month amounting to-
Fixed overhead production: 99000
Fixed overhead in terms of selling: 14000
Fixed overhead relating to administration: 26000
The variable overheads selling was 10% of the volume of sales. Furthermore, an entity normally
produce 11000 units of the per month production and the value of production and the sales for
the month of November and December equated as follows-
6

November (in units ) December (in units )
Sales 10000 12000
Production 12000 10000
Calculate net profit by applying absorption and marginal costing method and also over and the
under absorption of the fixed overhead production.
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8

Preparation of income statement by using absorption cost method
9

Calculation of over and under absorption for November and December month
Months
Production
unit O/H unit
Total
overhead O/H incurred
Over/ under
absorption
November 12000 9 108000 99000 9000
December 10000 9 90000 99000 -9000
Interpretation- From the above table it has been interpreted that net profit resulted by
using the absorption costing method is higher than the marginal costing method that is 183000
from absorption costing method and 101000 from marginal costing method. This means that
absorption costing method provides for correct evaluation of the profits as it considers both fixed
and variable overhead production cost whereas marginal costing method does not give true profit
outcome as it ignores fixed overhead cost that occurs in production of an article. Over and under-
absorption resulted as 9000 for the month of November and -9000 for December.
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Produce management accounting reports that apply in range of different business activities
Management accounting reports aid managers monitor performance of firm and often
prepared throughout accounting periods as required. There are different management reports
which is applied in different activities of Unilever.
Budget Reports:
These reports are very important in measuring execution of company and generated as
entire for business according department in the company like Unilever. The estimated budget for
the period is normally based on actual expenditure from previous years.
Job cost Reports:
This report show expenditure for specific project. Management accountant matched with
estimate of revenue, so that Unilever can assess profitability of business (Fullerton, Kennedy and
Widener, 2014). This aids recognise higher earning locations of the company, so that they can
concentrate their efforts rather than wasting of time and money of business with lower profits
margin.
LO 3
Advantages and disadvantages of planning tools used in budgetary control
Budgetary control refers to a process with help of which the budgets are made for future
and controls the budgets by comparing the actual performance with planned performance.
Planning tools refers to as some planning tools and instruments which helps and guides the
organisation in combining the raw data and converting it into some form of meaningful and
informational budget (Grosu, Almășan and Circa, 2014). After the improvement in the
technology level many online planning and budgeting tools with the aim of managing the in
more organised and controlled manner. There have been many tools and software developed to
make the budgeting process easy and convenient. Some of the planning tools and software used
by Unilever for budgetary control are as follows -
Zero based budgeting- it is a tool used by Unilever as a planning tool to make the budgets. ZBB
refers to a type of budgeting with in which all the expenses are justified for every new period.
The process of ZBB start from a zero base. ZBB allows the top level strategic goals which are to
be implemented into budgeting process.
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Flexible budgeting- this budget is more sophisticated and useful than a static budget. Actual
revenues and activities measures are entered into flexible budget once an accounting period has
been completed.
Other than these types of budget there are some types of software also. These software are as
follows-
Float software – it is a software developed to make easy the most difficult budget that is the
cash budget. It helps in doing cash flow forecasting easily, accurately and correctly. It also helps
in doing business budgeting and visual reporting. The use of this tool helps in bringing more
clarity in making company's budget and the cash flows.
Gide tool – this tool helps the company in combining the strategic planning, budgeting, planning
and forecasting at the same time consolidating the projects and business department to achieve
the objectives of the firm. It helps in preparing profit and loss statement, balance sheet and cash
flows, also in capital structuring, capital asset planning and many more.
Variance- this is referred to as a measurement of the difference which is there between different
types of data or numbers. This measures that how far or distanced each number is from the mean.
Variance is calculated by taking difference between each number with the mean and then
squaring the difference and dividing it with total number of values.
Advantages of planning tool in budgetary control
The major advantages of the planning tool in the budgetary control are as follows -
 The major advantage for Unilever by planning tool in the budget is that it helps in
creating the budget in more structured and planned way.
 These tools provides a pre defined structure which provides the budgeters and planners
with different types of features in tracking the expenses, helping the companies to get the
full overview of the budget and the forecasts (Coad, Jack and Kholeif, 2015).
 Also these tools provide hundred per cent focus on the effective and efficient expense
management and budgeting.
 These tools and software helps in monitoring the various types of costs like cost of
labour, suppliers as before making the budget it takes into consideration all the expected
costs and expenses.
Disadvantages of planning tools in the budgetary control
The disadvantages of the planning as a tool of the budgetary control are as follows -
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 The major disadvantage of using planning tools and software for Unilever is that all these
tools requires highly skilled and knowledgeable persons and this is not possible in an
manufacturing industry that there are much skilled employees.
 The use of this is very time consuming because the company has to first provide training
to the employees so it will take more time to train the employees.
 Another major disadvantage is that it is very expensive and costly to install and
implement these software and tools in the organisation.
Analysis of different planning tools and its application in preparing budgets
Budgeting and planning are both analytical tools which carries the function of the setting
the targets and objectives and devise the method through which the targets can be achieved in the
form of the budgets (Nørreklit, 2014). Planning is the foundation for any business operations and
it is helped by the budget. Budget refers to an estimated account of all the expected income and
revenues and all the expenditure and expenses for a future period of time. Whereas planning
refers to as deciding in advance what to do, when to do, who should do, how to do etc. Planning
is a process which formulates and develops the goals and objectives and performance standards
which needs to be implemented as the strategy for the organisation to achieve the objective.
Budgeting involves identifying, prioritizing, allocating and acquiring all the resources and
materials which are needed to carry out the plans to achieve the targets.
Zero based budgeting is referred to as method of budgeting within which all the expenses
must be justified and is approved for each new period. This type of budgeting helps Unilever in
looking after each and every department to ensure that they are receiving the accurate amount of
money. Also flexible budgets allows the company to to adjust the cost based on the changes in
the assumptions used at the time of creating the budget.
Planning helps the organisation in anticipating and be prepared for the future working of
the organisation. The budget gives the guideline for ensuring that the guide helps in setting up
the resources in such a way that resources are enough to execute and meet the vision and mission
of the company. Planning helps in deciding in advance that what will be the job profile and duty
of the employees and budget will help in allocating all the resources at the correct and accurate
place. There is a crucial link between the planning and the budgeting.
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LO 4
Comparing the management accounting methods of Unilever with other organisation
Management accounting techniques or methods refers to as use of different accounting
techniques which are analysed to support the strategy formulation, decision making, risk
management and business execution. It includes both the analysis of the financial measures and
the non – financial measures. There are many different types of the accounting methodologies
and techniques which are used in solving the financial problems. Some of these methods are
discussed below in respect of Unilever and is compared with Johnson & Johnson.
Management accounting methods
Benchmarking - it refers to process of measuring the performance of the company's products
and services as compared to the another business which is best in the industry (Macinati and
Anessi-Pessina, 2014). The main aim of benchmarking is to identify its own internal
opportunities to improve the business of the Unilever only by comparing it with the competitors.
Benchmarking helps in improving the employees understanding about the cost structure and the
internal process because it is compared with the other firm so it can now differentiate between
the cost structure of the Unilever as compared to the other company.
The rank of Unilever in the benchmarking of the year 2018 is 82. This company uses
benchmarking in order to solve the problem of major and increasing competition in the market to
increase its profitability. Johnson & Johnson is an American multinational consumer,
pharmaceutical and medical goods manufacturing company founded in the year 1886. This is
ranked at the position of 81. This company also uses the method in order to know its competitors
so that it can make strategies to overcome the cut throat competition.
Key performance indicators - it is a measure or method which demonstrates how effectively
and efficiently the company works in achieving the business objectives and the goals. This
method evaluates the rate of success of the organisation or for a particular activity. There are
basically two types of the KPI that is financial and non - financial KPI.
This method is used to solve the problem of performance management framework. It uses
the method of improving employee engagement. The focus of Unilever is mainly on the financial
key performance indicators. Around 33% of employees think that Unilever focuses on the KPI.
For Johnson & Johnson problems arising from the performance management problem is solved
by using the technique of key performance indicators. For improving this the company tries to
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connect the employees with the goal of the organisation. The Johnson & Johnson focuses on the
non financial KPI 's like focus on social KPI, environmental KPI and health and safety KPI. Here
80% employees feel that KPI are essential for company's growth.
Balance score card - it is a performance metrics which is used in the process of strategic
management to identify and improvise the different types of internal functions. This method is
used by the organisation to enforce good behaviour of employees in the organisation (Armitage,
Webb and Glynn, 2016). It is used to attain the objectives, goals, initiatives for which the
company runs.
The use of balance score card at Unilever helped the manager in increasing their level of
work and commitment towards the organisation. This is helped to solve the problem of
organisational structure. For Johnson & Johnson the balance score card helped the company in
aligning the employees working in relation with the goal and objective of the organisation. The
problem solved by balance score card is to combine the efforts of the employees with the
organisational objectives.
Activity based costing - this is a modern method of cost accounting which firstly assigns the
costs to the activities which leads to overhead cost. Then assigning the cost to those activities
which the products only actually demands. It is a managerial accounting method which traces the
overhead cost of the activity and then assign it to objects. It is the simple way of allocating the
indirect cost to products.
The Unilever follows a model of activity based costing wherein the model is linked to the
strategic business planning. It is used by the company to solve the problem of allocating the
costs, overhead activities and the products manufactured.The model of activity based costing
used by the Johnson & Johnson is that the whole organisation and it should result in a model
which can fulfil all the multiple demands related to the coating information of the company. This
company uses ABC to assign indirect cost to products which are less arbitrarily than the
traditional methods.
Financial governance - this is defined as the form in which the firm collects, monitors, manages
and controls and coordinates the financial information. It includes how the company manages its
performance, control the data, track the financial transaction etc. For the company.
For Unilever the financial governance includes financial policies and internal and
external audits. This method is to use the determine the financial priorities to guide the spending
15

choices.For Johnson & Johnson the financial governance includes all the internal control, data
tracking and validation and data security. The company uses this method to prevent the future
financial challenges.
Analysis of management accounting method
The management accounting methods refers to different types of the methods and
techniques which are necessary and helpful in doing effective planning, controlling and choosing
among different alternative courses of actions and interpreting the performance of the
organisation in terms of the accomplishment of the objectives (Collis and Hussey, 2017).
Advantages of management accounting methods
The advantages of the management accounting methods and tools are as follows -
 these methods helps the organisation in measuring the actual performance of the
organisation as compared to the planned performance.
 It also helps the business in managing the activities of the business and to maximise the
rate of return on the capital employed.
 It also helps the management in outlining the future requirements and plan of action to
meet the future requirements on the basis of the past performance and results.
Disadvantages of management accounting methods and techniques
The disadvantages of the tools and techniques of the management accounting are as follows -
 the major disadvantage is that this type of accounting is based on the financial and cost
accounting. So if there is any problem in these two accounting then it will have a great
impact on the management accounting methods also.
 This type of management system is very costly so small scale firms and businesses
cannot afford this type of accounting system.
 For managing this system of accounting there needs a lot of efforts because the
accountant has to take many decisions and also must have thorough knowledge of all the
management accounting methods. So it is very hard to find a single person who possess
all these skills and knowledge.
The financial problems solved by the management accounting methods are like solving the
confusion of material cost, labour and variable cost and overhead cost. It is also used in solving
the problems of policy formulation and helps in interpretation of financial information.
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Evaluating the role of budget for resolving financial problem
Budget refers to a type of financial plan which is made for a period of time generally for
one year which includes all the expected incomes, revenues, expenses, expenditures and the sales
for whole one year (Boučková, 2015). It is the estimated sum total of whole money which is
allocated for accomplishing a business activity or a business objectives and goals. It is a very
good measure for solving the financial or any other problem. The budget does an analysis of all
the available resources and all the needed resources and tries to mitigate the gap between the
planned performance and the actual performance.
CONCLUSION
The management accounting refers to the art of presenting the accounting information in
such a way that it helps the management and the managers so that they can make policies,
strategies, rules and regulations to achieve the objective of the firm and to maintain the day to
day operations of the company. After the study of the report the reader can get the basic
knowledge about the role of the management accounting in different systems. Secondly it gives a
detail study about the different methods used in management accounting reporting. Also the
report outlined some techniques of management accounting which can be used in preparing the
income statement. Further it highlighted the various advantages and the disadvantage of the
planning tools which are used in the budgets. After that it will analyse and discuss the different
planning tools and how it is applied in preparing budget. Further it will show a comparison of
one Unilever with other organisation. Next there will be analysis of different types of
management accounting method which help the organisation in responding to the financial
problems. In the end it will evaluate the role of budget which it plays in resolving the financial
problems.
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APPENDIX
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