Management Accounting and Budgeting Techniques

The provided document is an assignment that delves into the world of management accounting and budgeting techniques. It presents a collection of research papers and articles that explore different aspects of management accounting, including performance budgeting, balanced scorecards, cost systems, cash budgeting procedures, and sustainability reporting. The assignment appears to be aimed at students or researchers in the field of accounting and finance, potentially as a study guide or reference material for academic purposes. It covers both online and offline sources, providing a comprehensive overview of management accounting techniques and their applications.

MANAGEMENT
ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
P1. Management accounting meaning and requirements of different management accounting 3
Systems.......................................................................................................................................3
P2. Presenting different methods for management accounting reporting...................................5
M1. Benefits of management accounting systems and their application....................................6
D1. Evaluating management accounting systems and management accounting reporting is ....7
integrated within organisational processes..................................................................................7
LO 2.................................................................................................................................................7
P3. Calculating costs & preparing an income statement using marginal and absorption costs.. 7
M2. Producing management accounting techniques and financial reporting documents...........7
D2. Interpreting data..................................................................................................................7
LO 3.................................................................................................................................................7
P4 Explaining the advantages and disadvantages of different types of planing tools used in
budgetary control........................................................................................................................7
M3. Different planning tools and their application for preparing and forecasting budgets........9
D3. Evaluating planning tools for solving financial problems.................................................11
LO 4...............................................................................................................................................13
P5. Adapting management accounting systems to respond to financial problems...................13
M4. Analysing how management accounting responds to financial problems.........................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
The term Management Accounting is defined as the process which is concern with
preparation of reports, statements and accounts related to the business operations & processes
which provides information about finance, statistical data to the managers which assists in
decision making process. The report is about IKEA, a Swedish multinational company engage in
business of designing, selling ready-to-assemble furniture, kitchen appliances, home accessories
etc. This report will show the requirements of different management accounting systems along
with the benefits and application within an organization. It will also define management
accounting reporting methods adopt by organization. Further, the report will preparation of
income statement for IKEA using marginal and absorption costs along with its interpretation.
Budgetary control and its planning tools with its advantages and disadvantages used for
preparing and forecasting budgets will be explain in the report. At last, the report will disclose
how IKEA will adapt management accounting systems to solve various financial problems.
MAIN BODY
LO 1
Management accounting meaning and requirements of different management accounting
Systems.
Management Accounting is a term which involves activity related to identifying,
analysing, interpreting and communicating the important financial as well as statistical
information to the management of the organisation for successful accomplishment of
organisational goals and objectives. With the help of management accounting, managers are
capable of making business related decision either short term or long term (Boučková, 2015).
The Management accounting technique like budgeting helps in increasing the operational
efficiency and productivity of the business as managers can formulate effective plans and
strategies, take decision on time with accurate information available to them. Thus, it helps in
making business related plans, controlling cost, assessing the profit level to be achieved in the
product lines with the help of various cost analysis methods etc.

There are different types of management accounting systems which can be used by IKEA:
Cost Accounting System – It is a method which is used by IKEA for estimating the cost
expenses incurred for producing goods or cost of their products so as to ascertain the profitability
situation and performance level of the company. It helps IKEA in making the correct valuation
of inventory and controls the cost expenses incurred in conducting the business processes. There
are two main cost accounting system:
Process Costing Method – It is a method of costing which helps in collecting separately all
the manufacturing costs incurred for each process.
Job order Costing Method – This method of cost accounting system accumulates the cost
related to manufacturing process separately for every job. This method is suitable when the
company is engaged in the production business of unique or distinct products.
Price Optimisation System – This system of management accounting is a method which
helps IKEA in understanding how customers will behave towards different prices assigned its
products and services with the help of different channels for distribution (Cooper, D. J., Ezzamel
and Qu, 2017). It helps in determining the best suitable prices which can be charged from the
customers for its products and services which in turn helps the company in achieving its goals
and objectives of maximum profit with minimum cost of production.
Job Costing System – It is a process which helps IKEA in determining the cost and other
related information of some specific product or activity or job process for customer knowledge.
It involves Direct material, labour and overhead costs. This helps customer in cost
reimbursement as per the terms and conditions defined in contract (George, 2016). With the help
of this costing system IKEA can evaluate cost incurred for any stage of job work completed.
Inventory Management System – This system helps IKEA in assessing and keeping a
check or track products through entire area and supply chain where business operation takes
place. It thus ensures continuity of workflow activity & improvements required if any, evaluates
amount of inventory available & reorder the required quantity before stock out situation arises.
This system has two sub types:
1. LIFO - LIFO stands for Last in, first out in which last inventory item purchased is sold first.

2. FIFO - FIFO stands for First in, first out in which goods purchased first are the goods sold
first.
Presenting different methods for management accounting reporting.
The management accounting reporting is related with the budgeting and guides the
direction of the managers in offering the best incentives to the employee, cutting the cost,
negotiating with vendors and suppliers. The reports are crucial for business as many of the
decision depends on its is and also it measures the performance of the business. There are
different past of the management accounting reports prepared by an organization:
Budget reports: are prepared in every business irrespective of their small or large. For
small business is produced as a whole and for large organization department wise reports are
generated. This reports are responsible to measure the performance of IKEA by stating the
estimate based on previous experiences (Rich, Roberts and Zhang, 2016). The budgets list out all
the income and expenditure of the business. With this budget reports the IKEA tries to achieve
the goals and objectives by being in the prescribed limits of the fund.
Account receivable reports: are more helpful for those businesses which relies heavily
extension of the credits to other. The reports directly breaks down the balance remaining form
the clients and arrange them within the specific time period (Mogues and Caceres, 2018). This
assist the managers in identification of the defaulters and also in finding out the problems
associated with the collection process of the business. With identification of the current lending
position of the business the manager of IKEA can step towards transformation and change the
credit policy of the company. Along with this the debt amount which is requires to be written off
in an accounting period is also identified by these reports.
Cost accounting reports: are directly linked to the cost incurred on the manufactures of
good and products by IKEA. In this report overall cost breakdown is shown which is spent on
each category of the cost. The cost related to each product manufactured in the company is
bifurcated in material, labour and others overheads. The cost accounting report is related with
defines each element of the cost spent to produce a single unit of product. This includes the cost
incurred form he time of procurement of raw material till the time is sent our from the factory of
IKEA for selling it.

Job cost reports: shows the expenses done on a specific project which is funded by
IKEA. The actual amount is then compared with the estimated revenues in order to evaluate the
performance of that job and its profitability (Smith, 2017). The job cost reports aids in
identification of the area with high earnings within the business and can divert it focuses on those
activities with putting in additional efforts which are more profitable. In this way the IKEA can
save time and resources from being wasted on jobs with low profits margins. This report
analyses the expenses incurred on a job while it is in the progress so the company can identify
the correct area of waste before cost spiral out of control.
Benefits of management accounting systems and their application.
Management accounting system is an internal system which helps in making evaluation
and assessment of business processes thereby preparing managerial reports and accounts which
aids managers in decision-making process.
Benefits of management accounting systems in IKEA are as follows:
 Cost Accounting System – With the help of this system, IKEA can determine the cost
incurred in carrying on business operations, manufacturing processes and also helps in
ascertaining the cost of goods sold.
 Price Optimisation System – It helps IKEA in analysing and understanding the pattern
of customer’s preferences for buying a product with different pricing which in turn help
the company in making decision related to pricing factor (Tucker and Schaltegger, 2016).
 Job Costing System – It helps IKEA in monitoring and tracking the business
performance in relation with the operational efficiency, productivity, controlling cost
expenses.
 Inventory Management System – This system of Inventory management helps in
tracking the level of inventory or stock available with IKEA for meeting customer
demand, orders, by making sales and delivery on time.
Evaluating management accounting systems and management accounting reporting is
integrated within organisational processes.
 Budget Report – With the help of budget report IKEA can control its cost and expenses
related to business operations by preparing estimated budgets. By making budget

company can compare actual outcomes with estimated budget for achieving goals &
objectives with maximum profitability with minimum cost of production and limited
budget amount.
 Performance Report – It can help IKEA in monitoring, reviewing and evaluating the
performance level of the business operations & makes relevant decision. It helps
company in formulating suitable business strategies & plans for attainment of goals.
 Cost Managerial Accounting Report – It helps IKEA in evaluating the costs of
producing a specific unit or group of units by considering direct raw material costs, direct
labour cost and overhead cost, and other costs (Boučková, 2015). It helps in making
realization of the cost and selling prices of the product and comparing for determining the
profit margins.
LO 2
Calculating costs & preparing an income statement using marginal and absorption costs.
Producing management accounting techniques and financial reporting documents
Interpreting data.
LO 3
Explaining the advantages and disadvantages of different types of planing tools used in
budgetary control
Budgetary control is defined as establishment of budgets relating to the responsibilities of
the executives to the acquirements of policy of IKEA. In this control system there is continuous
comparison of the actual and budgeted results in order to secure the individual actions of the
policy and activity and to provide a revisionary basis. The budgetary control is done through
various planning tools such a Zero bases budgets, cash budgets, fixed cost and flexible cost
budgets.
Cash budgeting:
The pros of the cash budgets are that it determines the cash requirement with IKEA in the
current as well future time, in order to meet the obligation of the company and to have funds to

conduct the operations of the business (Maas, Schaltegger and Crutzen, 2016). This budgets
assist in avoiding the debt liability of the business as it allowed company to have cash to meet
the immediate debt obligations. This assist the organisation in making it more resourceful by
eliminating the wastage and unnecessary use of the money. The cons of cash budgeting are that it
create a danger of theft and limits the spending power of the IKEA. The budgeted spending
when compared with actual expenses a huge difference can be seen sometimes and that create a
panic situation in the business.
Flexible cost budgeting:
The benefits of flexible budgets can be defined as it possess the quality of adaptability
with the real and constant changes. A flexible budget is one that is allowed to adjust based on a
change in the assumptions used to create the budget during management's planning process of
IKEA. All the expenses which are seasonal are considered by this budget. This allows the
avoidance of limits of missing opportunities of saving money. The drawbacks of this budgeting
are that it is quite confusing as it requires regular planning in order to track the expenses and
adjust the difference accordingly (Boiral, 2016). In preparation of flexible budgets more rules are
there, to be followed which increase the chance of them being bent or broken. This budgets are
less disciplined over the static budget as there is no strict requirement and rigid program to
adhere to the policies. This system is unlikely to foster the same discipline for a long term in the
IKEA.
Zero-based-budgeting:
The advantage of zero based budgeting can be summarised as it makes sure that
managers are accountable for what they spent in every financial year. In this the budgets are
prepared from the Zero base this directly mitigate the chances of misallocation of the resources
in various departments of the company (Maas, Schaltegger and Crutzen, 2016). The
disadvantage of this planning tool for budgetary control can be outlines as it give influence to the
short term thinking and golds and shift the direction of the long term objectives of the IKEA.
This can effect the objective achievement capacity of the company. This budgeting is resources
intensive which means it takes more time and efforts in reviewing and justifying the budgets.
This budget do not justify the time cost of the business.

Operational budget: This implies for the monetary plan or framework prepared by the
business unit for maintaining the smooth functioning of firm. Such budget contains income and
expenses pertaining to particular time period.
Advantages Disadvantages
 Facilitates budget flexibility
 Improved managerial decision making
and future planning
 Inaccurate projection may result into
employee demotivation
 Time-intensive exercise
By taking into account above mentioned budgeting methods business entity can make
evaluation of departmental performance through the means of variance. All such budgeting
frameworks give inputs in against to which actual income & e4xpenditure are evaluated. In this
manner, by conducting variance analysis firm can assess deficiencies in performance and thereby
would become able to take suitable action for near future. Thus, it can be stated that budgeting
tools facilitates effectual future forecasting and planning.
Capital budgets or investment appraisal tools: This includes several techniques such as
NPV, IRR, ARR and payback period. All such techniques are highly significant which helps
manager in assessing the extent to which potential investment proposal aid company’s growth as
well as profitability. Payback clearly exhibits the period within which initial investment will be
recovered. On the other side, NPV and IRR provides assistance in identifying returns associated
with the concerned project. In this way, by evaluating the viability of proposal manager can do
better planning about investment as well as company’s growth & profitability.
Advantages Disadvantages
 It presents input for decision making by
considering time value of money
concept
 Presents whether investment option
will increase firm’s value or not
 Estimation regarding discounting factor
is difficult. Inappropriate PV factor
may result into false results which in
turn negatively impacts investment
decisions.
For example: Ikea has two options for investment with similar initial outlay of £150000,
but different cash flows.

Payback period
Project A
Year Cash inflows (in £)
Cumulative cash inflows (in
£)
1 40000 40000
2 53000 93000
3 48000 141000
4 59000 200000
5 72000 272000
Initial investment 150000
Payback period 3
0.2
Payback period 3 years and 2 months
Project B
Year Cash inflows (in £)
Cumulative cash inflows (in
£)
1 43000 43000
2 59000 102000
3 51000 153000
4 62000 215000
5 75000 290000
Initial investment 150000
Payback period 2
0.9
Payback period 2 years and 9 months
NPV
Project A
Year Cash inflows (in £) PV factor @ 10%
Discounted
cash inflows
(in £)

1 40000 0.909 36363.63
2 53000 0.826 43802
3 48000 0.751 36063
4 59000 0.683 40298
5 72000 0.621 44706
Total discounted cash
inflow 201233
Initial investment 150000
NPV (Total discounted
cash inflows - initial
investment) 51233
Project B
Year Cash inflows (in £) PV factor @ 10%
Discounted
cash inflows
(in £)
1 43000 0.909 39090.90
2 59000 0.826 48760
3 51000 0.751 38317
4 62000 0.683 42347
5 75000 0.621 46569
Total discounted cash
inflow 215084
Initial investment 150000
NPV (Total discounted
cash inflows - initial
investment) 65084
IRR
Project A
Year Cash inflows (in £)
0 -150000
1 40000
2 53000
3 48000
4 59000
5 72000

Internal rate of return (IRR) 21%
Project B
Year Cash inflows (in £)
0 -150000
1 43000
2 59000
3 51000
4 62000
5 75000
Internal rate of return (IRR) 24%
Referring the above analysis, company is advised to select project B over A. Moreover,
in project B, payback period accounts for 2.9 years, whereas in the case of project A business
unit has to wait for 3.2 years for recovering initial investment. All such aspects clearly exhibit
that project B will contribute in the growth and success of Ikea over other available options.
Different planning tools and their application for preparing and forecasting budgets.
Budgeting is a process of making future plans for a definite period in which estimates or
forecast are made about the future needs of meeting cost expenses incurred during conducting of
business operations and activities in a cost effective manner which will also yield profit.
Following are the use of different planning tools for preparing and forecasting budgets:
1. Cash budgeting – Cash Budgeting depicts the inflow and outflow of cash or funds of the
company for a specified period. With the help of cash budget, IKEA can assess or
evaluate the cash position for any specific period (Barr, Rinnert, Lloyd, Dunne and et.al.,
2016). It helps in identifying the cash amount required for meeting the short-term needs
or obligations with making proper utilization of available cash resources. Cash budgeting
can be used:
1. Identification of Inflows and Outflows – The main objective of preparing cash budget
is to assess the amount of cash inflow and outflows for a specific point of time. It helps in
monitoring the amount of money or cash that will be required for meeting future business
expenses.

2.Predict shortage and surplus of cash – Budgeting is a process of making plans or
strategies related to the effective utilization of available cash amount with the company
(Yılmaz, 2018). IKEA by making cash budget can make prediction about future position
of cash i.e. whether there will be shortage or surplus funds available with the company to
meets its business operations effectively or not.
3. Company performance – With the help of cash budget, IKEA can evaluates the overall
performance level of the company's business as well as of the employees too. Cash Budget
depicting the profitability, liquidity and solvency position of the company which further helps in
decision making process.
2. Flexible cost budgeting – A flexible budget is a type of budget which helps in making
adjustments with the changes in the volume of business operations or any business
activity. It can be modified for actual the level of sales amount, changes in the cost of
production or business operating situation during the accounting year. The use of flexible
cost budgeting for preparing budget is as follows:
1. Performance Measurement – As flexible budget adjusts with the change in the level of
business activity or change in the sales level of the company, it becomes easy for IKEA
to makes performance measurement of its employees as well as for the company as a
whole (Ho, 2018). After evaluating the performance level, effective business strategies
and plans are made for improving the profit margin and quality of work.
2. Better for controlling cost factor – The Flexible costing budgets have the property to
react quickly to any change in activity level or on occurrence of any adverse business
conditions creating negative impact on the profit and performance of company. IKEA
by using flexible cost budget methods, can control cost expenses by maintaining the
cost of production minimum as per the change in sales activity level.
3. Zero-based budgeting – It is a method of budgeting in which all the expenses incurred
for carrying on business operations are need to be justified and get approved for every
new time period. The zero-based budgeting process starts with the base as zero and every

business function is monitored for its needs and costs requirements. IKEA can make use
of Zero based budgeting in forecasting of budgets in following ways:
1. Focus is on Mission objective – With the help of zero base budgeting, IKEA can reschedule
the allocation of cash amount or fund to be spend or incurred for smooth functioning of the
business organisation (Shah, 2018). It helps IKEA in examining the operational areas which is
incurring huge cost expenditure and also affecting the profit margins.
2. Redundancy is eliminated – IKEA can eliminates the level of redundancy with the help of zero
based budgeting which provides top to bottom review of business operation. It helps in
identification of that processes which is carried out by many employee instead of one.
Evaluating planning tools for solving financial problems.
Financial problem faced by IKEA can be solved by preparation of budget with the help of
available information about the company's business operations so as to improve the quality of
work and performance level. The evaluation of different planning tools used by IKEA are -
1. Bench-marking – It is a method in which the performance and processes of the company's
business is compared with the set standards performance and operational level of other industry
or company (Yılmaz, 2018). This planning tool can be used by IKEA in evaluating the gaps or
loopholes in the business process so as to achieve competitive advantage.
Advantage Disadvantage
1. It helps in making improvement in the
quality and performance level.
2. IKEA by making comparison with its
competitors can assess the true picture of
business growth, success and failure.
3. It also helps in reducing the costs and
expensive trials related to research.
1. By using this tool, IKEA cannot measures
the effectiveness of business operations.
2. It is doesn't consider factors such as
leadership, vision etc. for attainment of goals.

2. Key performance indicator – It is a tool which is used for measuring the success factor or
performance level of the company in quantifiable terms.
Advantages Disadvantages
1. It helps IKEA in establishing various
indicators for evaluation of performance
accurately.
2. It also helps IKEA in enhancing the quality,
policy compliance level.
1. By setting standards or targets & not
regularly monitoring them can lead to
reduction in productivity & market share.
3. Balance scorecard - It is a tool which can be used by IKEA for keeping a track on the
execution of business activities and monitoring the consequences arising from such actions or
activity (Smith, 2017). It also helps in improving the internal business operations and their
results.
Advantage Disadvantage
1. It helps in measuring whether the set defined
goals have been achieved or exceeded the level
set.
2. It provides a balanced view about the
performance level of company.
1. The information provided is not quantitative
in nature.
2. It doesn't consider individual performance
level.
4. Activity based Costing – It is a costing method which helps in identifying the business
activities and also assigns the cost to each business activity related to its products and
services as per the actual consumption done.
Advantage Disadvantage
1. While determining product cost, it provides
accuracy and reliability by making emphasises
on cause and effect relationship of the cost.
2. IKEA can reduce costs by making use of
1. It is costly and expensive method followed
by a complex process.
2. When the overheads are small then this
method is of no use.

meaningful information on available
opportunities.
5. Financial Governance – It refers to the manner in which a company manages, collects,
analyses and monitors the information resource available to it related to financial matter.
It helps company in tracking all the transactions related to finance, performance
management, controls data activity, compliance processes, operations.
Advantage Disadvantage
1. It helps IKEA in making proper compliance
of applicable;r laws, rules and regulations in
relation to the financial transaction of the
company.
1. Proper and timely compliance of regulation
related to financial transaction is a costly and
expensive process.
LO 4
Adapting management accounting systems to respond to financial problems.
Management Accounting System is considered as the internal business system which can
be used by IKEA for measuring, assessing, monitoring and evaluating the business operations,
processes for effective management and smooth functioning of the business organisation. The
Management accounting system used for solving all the financial problem by the organisation is
as follows:
IKEA has adapted Benchmarking and Key performance indicators as management
accounting system for overcoming its financial crises:
1. Benchmarking – It is a process of making comparison between the current operations,
processes of the business with the set standards methods for conducting business activity as
followed by other industry or company. It helps in measuring the performance level of IKEA's
products and services with those business products which are considered good in quality. IKEA
is facing a financial problem of low profit margin which can be solved by making improvement
in the quality of its business processes, performance level by implementing new concepts,

methods and procedures which are used by profit making organisations for achieving maximum
profits. It also helps in assessing the current market position and business unit which requires
improvement.
2. Key Performance Indicators – It is tool which measures the success and growth level of
IKEA in quantitative value. It helps in analysing the success of particular business activity in
which it is engaged (Rich, Roberts and Zhang, 2016). By using this measure IKEA can solve its
financial problem related to Funding. It emphasises on measuring that factor which is intended to
be measured for better decision making process of IKEA.
3. Financial governance – The term financial governance is a way by which IKEA gets
involved in the process related to the collection, management, assessing and controlling the
information of the company especially in the field of financial perspective. It helps company in
tracking the business transactions in relation to financial activity, ensures compliances and
disclosures of relevant financial matters. IKEA by making compliance of all applicable laws and
norms on time can solve its financial problems.
XYZ Ltd has chosen Balance score card for solving its financial problem:
4. Balance score card – It is a performance measurement strategy which focuses on 4 different
aspects of company's health viz. Internal business processes, Learning & Growth, Financial and
Customer (Tucker and Schaltegger, 2016). It helps in measuring the performance level of
individual as well as company itself by making emphasizes on the core financial problems along
with its effective solution, strategies. XYZ Ltd. is having a financial problem of Cash Flow,
when cash is not returning in the business cycle easily. Balance score card assess any default in
internal business process and provides appropriate solution for that.
5. Activity based costing - It is method in which activities related to business operations are
identified and cost of each business activities are assigned to all products and services as per the
cost is incurred. XYZ Ltd. Can its financial problem of high cost of production by formulation
and implementation of cost effective techniques and strategies.

M4. Analysing how management accounting responds to financial problems.
Management accounting is a process which by which a company can get prepared and
recorded its internal financial and statistical information in the form of reports and accounts. This
reports and accounts can helps the manager of the IKEA in making sound and effective decision
for betterment of business goals and objectives.
With the help of proper management accounting system, IKEA can manage and control
the internal & external factors affecting the performance and quality level of company (George,
2016). By management accounting process, strategies, plans and decisions are made by keeping
in mind the people, resources, policies and information of the organization.
IKEA should conduct research study to ascertain the current market trends, demands,
preferences of its customers and future projection for making high level of profit and liquidity. It
should designs and formulate its goals and objectives by keeping ion mind the sustainable
development.
CONCLUSION
From the above report it can be concluded that management accounting is concerned
with the preparation of reports and accounts covering internal financial and statistical
information of the company which aids the manager of the company in making decision for
smooth functioning and achievement of organisational goals. The report was about IKEA, a
Swedish multinational company providing products and services related to designing, selling
ready-to-assemble furniture, kitchen appliances, home accessories etc. The report has cover that
how IKEA by using cost accounting and inventory management system has improved its
operational cost, controlled cost expenses and valued inventory. Further, it has been discussed
that on basis of performance and budget report, IKEA has makes changes in the operational
efficiency by making use of various budgetary tools. Report has also disclosed, use of bench-
marking, key performance indicators and financial governance by IKEA in controlling its cost,
measuring & improving performance level of both employee and company, ensuring proper
compliance of laws for overcoming financial problems.

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