The Role of Management Accounts Department

1 1.2 Representing methods of management accounting reporting4 1.3 Representing advantages of above management accounting system with its use6 1.4 Representing critical evaluation of system of management accounting along with its integration by reporting with organizational process 7 TASK 28 Income statement as per absorption costing8 Income statement on basis of marginal costing9 TASK 39 3.1 Representing benefits and limitations of planning tool with use of budgetary control9 3.2 Representing application of various planning tool for forecasting and preparing budget 12 TASK 413 4.1

The Role of Management
Accounts Department

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Management accounting and different type of management accounting system..................1
1.2 Representing methods of management accounting reporting................................................4
1.3 Representing advantages of above management accounting system with its use.................6
1.4 Representing critical evaluation of system of management accounting along with its
integration by reporting with organizational process...................................................................7
TASK 2............................................................................................................................................8
Income statement as per absorption costing................................................................................8
Income statement on basis of marginal costing...........................................................................9
TASK 3............................................................................................................................................9
3.1 Representing benefits and limitations of planning tool with use of budgetary control.........9
3.2 Representing application of various planning tool for forecasting and preparing budget...12
TASK 4..........................................................................................................................................13
4.1 Representing comparison of organization for purpose of adapting system of management
accounting to respond on financial problems............................................................................13
4.2 Representing analysis to respond to financial problems, management accounting could
lead organization for sustainable success..................................................................................15
4.3 Representing evaluation of planning tools of account for solving financial problems for
leading sustainable success........................................................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Accounting is referred as process of measuring, identifying and communicating
economic data for purpose of allowing different judgements along with informed decision
amount users of data. The present report will give brief discussion about concept of management
accounting with its requirements and essentials. Further it will reflect various planning tools
which will be used for responding to financial problems. With context of planning tool, it will
represent merits and their demerits with their organization. In the similar aspect, it will show
managerial accounting reports with their importance in Jupiter Plc.
TASK 1
1.1 Management accounting and different type of management accounting system.
Management accounting implies for the internal financial business activities analysis
which assists manager in developing competent strategies and policies for day to day operations.
Management accounting is the process of preparing management reports that includes the
accounting information to the management of the organisation so that they make effective
strategies and policies for the long term and short-term objectives of Jupiter Plc. It helps the
management of the company to perform their basic function of managing, controlling, planning
and directing (Fullerton, Kennedy and Widener, 2014).
Management accounting system is crucial for the effective operations of Jupiter Plc. It is
a process which helps in formatting a managerial report with the company's financial information
for the managers so that they identify different ways and decision making to run the company
more efficiently. Management accounting system helps all the department of the Jupiter plc.
Management accounting system focuses on the expenses that are incurred to the Jupiter plc in the
production of the goods and services. There are different types of management accounting
system that are required by Jupiter Plc in their management system:
Cost accounting system:
it is process that helps in determine the company cost in producing a single product by
evaluating its overhead cods and fixed cost. It is very important to evaluate the cost of the
product in order to analyse the profitability of the products, inventory valuation and controlling
of the expenses. By ascertaining the profitability of the product, the management can determine
the actual cost of the product. Cost accounting system is of two types:
1

 Standard costing: it is the techniques which are used to evaluate the variances of actual
cost of production and the cost that should be incurred in the production.
 Direct Cost: It is the cost or expenses that are assigned in the production of certain goods
and services. Direct cost is helpful to the manager in the process of making decisions
regarding the cost control.
Inventory management system:
It is process which helps in tracking goods in the entire process of the supply chain in
Jupiter plc. It helps in covering the flow of goods from the production process to warehousing,
and all other movement of goods until the final delivery to the client. It helps in evaluating the
total cost of the inventory which helps in generating high return of revenue to the company.
Inventory management system is important as it helps in evaluating cost that are hold with the
inventory produces. The inventory management helps in knowing the management how much
inventory needs to be produced, and the position of over stock and under stock in a store.
In regards to inventory management, business unit or management accountant can use
following methods:
 FIFO (First in first out): As per this method, priority is giving to selling inventory
which in turn purchased firstly.
 LIFO (Last in first out): It places emphasis on selling inventory first which purchased
in last.
2

 AVCO (Average value cost method): Under this method, stocks is valued at the
weighted average cost of all the purchases.
Job costing system:
3

In this system of management accounting, a cost is assigned to every product that will
help in determining the manager the actual expenses in manufacturing the product. It helps in
assigning the manufacturing cost to every single item systematically in overhead expenses, direct
labour, material to evaluate the actual process of the product. It is an important system which
helps the management in controlling the use of raw material, labour hours by assigning each cost
for different customer (Messner, 2016).
1.2 Representing methods of management accounting reporting
Managerial accounting focus on gaining internal information via financial accounting.
The managerial accounting reports helps in giving information with requirement of trimming
cost, rewarding employees for high performing, avoiding languishing product line along with
investing in goods for offering the best financial return of Jupiter Plc. There is huge dependency
on kind of project for undertaking business along with time sensitivity with reference to financial
information which helps in producing reports on quarterly, monthly, weekly, yearly and regular
basis as well. The methods of management accounting reports are:
 Accounts Receivable ageing: This report is replicated as critical tool for purpose of
managing its cash flow for extending credit to its business consumers. With context of
this report, it breaks down balances about duration of its ownership. Generally, this report
consists of single column of invoices about 30, 60 or 90 days late or more than it. It
extracts issues with collection process of business entity.
 Budget Report: This report is useful for business owners for purpose of analysing
business performance and managers for analysing the control cost and performance of
department. The budget period is estimated which is directly based on expenses of actual
aspect through previous year. The budget report helps managers and owners to give
incentives to Jupiter PLC's employees. The budgeted funds might provide bonus to its
employees for accomplishing the financial objectives.
 Job cost reports: It reflects expenses of project which is financed through small business.
Generally, these are matched with revenue estimation for evaluating profitability of job
and determines high earning areas of business to focus on its additional efforts rather than
wasting money and time on job with context of low profit margin. It is useful for
analysing expenses with progress in project for correcting areas of waste prior to costs
out of control (Types of Managerial accounting report, 2018).
4

 Job order costing method: It is applicable when batch or job has significant variation
through other batch or job. In simple words, work is broken in jobs as every job is
recorded individually.
 Process costing: In this system, huge quantity of similar and identical products are
generated in mass. In simple words, it accumulates and records direct cost and indirect
cost is allocated via process of manufacturing.
Importance and application of these reports
The managerial accounting reports helps in ensuring to present accurate and right
information with aid in decision making. It decreases ambiguity with requirement of clarification
and to speed up process with surety of transparent and reliable information. With context of
application is used for predicting the future such as make or buy decisions. The cash flows could
be forecasted with appropriate understanding of various variances of performance. It analyses
rate of return with controlling cost and resources allocation.
1.3 Representing advantages of above management accounting system with its use
The advantages of management accounting system are stated below:
Cost accounting system:
 Cost accounting will help in enabling for improvement and measurement of efficiency by
performing appropriate comparison and analysing variations which should be observed.
 It would enlighten specific activities for upbringing margin and whose outcome is loss.
 It is mandatory for price reduction which is below total cost.
 It helps in appropriate work planning, so no section is over worked to remain idle.
 It provides information on basis of stock availability of different stores and material with
its constant availability of fresh stock and materials could be arranged where old
inventory is exhausted (Perin and et.al., 2016).
 The production could be expanded for deciding about producing single or increment in
product.
 Cost accounting helps in inculcating habit for reflecting calculations as it will check
consequences.
 It has huge affordability to be independent and very reliable for tracing accuracy of its
financial accounts.
 It serves control over its expenditures.
5

Inventory management system:
 This system helps in extracting exact amount of required inventory.
 There must be high inventory turnover ratio for ensuring that products are not disposed or
obsoleting its working capital.
 It will lead for repetition of consumers as it fulfils need on time.
 The good inventory management system accurate planning.
 This system optimizes warehouse for setup through putting its products which are close
together and could be accessed easily at each place. In simple words it speeds up
shipping, picking and packing process.
 This will help in empowering employees for managing inventory with barcode scanners
and other tools for utilising time and helps business for better application of resources
such as technological and human.
 It is great time saving tool as it tracks every product and proper coordination by suppliers
at every location with dependency on variations in demand and other factor as well.
 It helps in cost cutting or avoiding waste money on slow moving products (Suomala,
Lyly-Yrjänäinen and Lukka, 2014).
Job costing system:
 It gives proper basis for cost estimation of similar roles which are undertaken in the
future.
 Detailed analysis had been provided with context of cost of labour, material and
overheads of every job.
 Efficiency had been planned with control of confirming attention to its cost on basis of
individual jobs.
 It helps in determining spoilage and defective work with determination of responsibility
and job which might be fixed on its individuals.
 The pre-determined rate of overhead in job costing has been adopted as it will extract
budgetary control's advantages.
 It is mandatory for cost-plus contract with identification of cost price with reference to
cost.
6

1.4 Representing critical evaluation of system of management accounting along with its
integration by reporting with organizational process
The management accounting integration is replicated as software application which helps
in standardising procedures for recording different transaction and appropriate dissemination of
financial information. Further, the activities are associated with reporting task of functional areas
such as front and back office, point of sales with stores of Jupiter PLC. In the similar aspect, the
input and output information of management accounting and financial reporting function. There
will be adaption of integrated financial system for enhancing efficiency, accuracy and speed for
purpose of appropriate process of financial information. The Jupiter Plc's accounting process is
simplified and reduction in identical work. It eliminates for reconciling various margin with
context to different accounting method.
It is considered in non-integral system with recording of financial accounting with proper
maintenance of level of accuracy in strict aspect as it acquires outsider’s requirement. It gives
accuracy, but its mix of entire data runs on risk by providing information with reference to
financial aspect. There are different financial reports which are framed on frequent aspect with
reference to Jupiter Plc operation with appropriate understanding of reader. In the similar aspect,
it eliminates similar entries and aggregate complexity's additional level for inserting data which
is considered in accounting side of business. The integral accounting has requirement of team of
financial accounting which is highly responsible for reports of every quarter for work and
production on report cycle of regular aspect for attaining need of its managers for their
operations (Tucker and Lowe, 2014).
TASK 2
Absorption costing is managerial accounting cost method where all expenses are linked
with manufacturing of single product with need of Generally Accepted Accounting principles. It
considers direct cost for manufacturing good as cost base.
Income statement as per absorption costing
Particulars Figures
(in £)
Figures
(in £)
Sales revenue (16000 * 50) 800000
Production cost (19000 * 37.6) 714400
7

Less: inventory at the end of period
(3000*37.6) 112800 601600
Gross profit (Sales – COGS) 198400
Less: Under absorption
Net gross margin
Absorption costing
Computation of manufacturing cost per unit
Particulars Figures (in £)
Direct labour 20
Direct material 10
Variable production overhead 2
Fixed production overhead 5.6
Total manufacturing cost per unit 37.6
Marginal costing is replicated as a technique where increment and decrement in total
production cost for considering one single unit of any item.
Income statement on basis of marginal costing
Marginal costing
Particulars Figures
(in £)
Figures
(in £)
Sales revenue (16000*50) 800000
Less: Variable expenses
Direct labour (19000 * 20) 380000
Material cost (19000 * 10) 190000
Variable production overhead (19000 * 5) 95000
Less: closing inventory (3000 * 35) 105000 560000
Contribution (sales – variable cost) 240000
Less fixed production overhead cost 100000
Net profit 140000
8

Computation of variable cost per unit
Variable cost per unit: 10 + 20 + 5
= £35
TASK 3
3.1 Representing benefits and limitations of planning tool with use of budgetary control
Budgetary control is referred as process with appropriate arrangement of budget for
future, it is controlled with context to actual income for identifying variances. The differences in
budgeted and actual amount must be used by management for purpose of assisting and locating
its variances. This is used for taking corrective actions in prompt manner. There are various
types of planning tool such as:
Static budget: It is based on anticipated level of Jupiter Plc of its revenue and output at
initial of accounting period for covering its designation (Static Budget, 2016).
Advantages: It helps in prioritizing as it creates differences among need and want of
things. It is very easy for implementing and following as there is no need for update on
9

continuous aspect in whole accounting period. It offers insight of cost and profit of company
with performance of variance analysis (Cooper, Ezzamel and Qu, 2017).
Disadvantages: There is lack of flexibility as it establishes budget on basis of specific
level of volume of sales and with this increment, it does not perform resource allocation to keep
it up. It could impact revenue stream of Jupiter Plc in negative aspect as it is based on previous
data as in new business it might be difficult for implementing and establishing it.
Flexible budget: It extracts various level of expenditure for variable cost which directly
depends on alteration in actual revenue. It accounts different range of volume possibilities.
Advantages: It helps in enabling accurate assessment of performance of management
and organization. It also predicts income and performance level at specified range of sales and
activity level.
Disadvantages: It has assumption of cost linearity as it rely on continuous aspect where
cost might actually behave in discontinuous or stepped manner. It could not compare actual and
budgeted revenue when two numbers are same as well.
Master budget: It is functional division of Jupiter Plc as it forms budget for division. In
simple words, aggregate of all divisional budget formed through all divisions.
Advantages: This budget helps in motivating staff of Jupiter Plc where budgeted and
actual performance could be compared. It summarizes the budget for getting overview of
business owners along with its management. It also indicates about its earning along with its
expenses. It determines unusual issues in advance and resolves as well. The main advantage is
that it is useful for attaining objectives of Jupiter Plc for long term perspective. The resources are
directly channelized and controlled for utilising its profit. It is a continuous process as it
performs as analytics tools. The differences are determined and worked for better outcome on
continuous aspect.
Disadvantages: With context of cons, Jupiter Plc's divisional staff is directly forced for
accomplishing its target along with practical difficulties because of high pressure via top level
management. In the similar aspect, it is very difficult for modifying and updating lengthy
description along with charts.
Operational budget: It is a financial plan which is framed for accomplishing various
debt obligations of Jupiter plc for sustaining growth over time.
10

Advantages: This budget will provide help for allocating money for short term along
with various quarters of continuous three years. The cost could be forecasted for managing its
spending of short duration for purpose of attaining different financial obligations. In the same
series, Jupiter Plc will allocate its resources in operational budget with absence of inflexibility
with description of spending.
Disadvantages: Operational budget has various disadvantages as it provides negative
effect with context of tax payment on Jupiter Plc. This would lead for complication of federal
tax. There must be appropriate alteration of financial information from each month as it would be
exceeded and fails for accomplishing different revenue projections.
Cash budget: It is appropriate estimation of outflow and inflow of cash for business over
specific duration. Generally, this is used for getting information about Jupiter Plc has enough
cash for its operation or not (Hiebl, 2018).
Advantages: It helps for avoiding debt as management could give huge concentration on
various factors without proceeding according to plan. In the similar aspect, communication must
be improved with objective of consonant relationship along with better understanding about its
employees. It creates coordination in every department with its activities and cost is minimised
for maximising profit.
Disadvantages: The Jupiter Plc will attain success as it is fully dependent on cooperation
of staff. It is very expensive and built with proper estimate as it is subjective. The productive and
morale is reduced by reflecting realistic target. For purpose of accomplishment, it is very time
consuming.
3.2 Representing application of various planning tool for forecasting and preparing budget
In the present scenario, various organizations use different type of budget such as
cash and operating. With reference to similar aspect, it is budget's alternative process with
total of its various behavioural inferences of budget will help management for undertaking
prompt and enough decisions.
2018 2019 2020 2021 2022 2023
Receipts £ £ £ £ £ £
Cash sales 10000 10500 10920 11575 11807 12397
Credit sale
receipts from
6400 6720 6989 7408 7556 7934
11

debtors
Other income
received 3500 3675 3822 4051 4132 4339
Total receipts (a) 19900 20895 21731 23035 23495 24670
Payments
Purchases 7000 7350 7644 8103 8265 8678
Wages- Labour
and overheads 4000 4200 4368 4630 4723 4959
Fixed costs 1000 1000 1000 1000 1000 1000
Capital
expenditure -
Plant 4000 4200 4368 4630 4723 4959
Advertising 1800 1890 1966 2084 2125 2231
Total Payments
(b) 17800 18640 19346 20446 20835 21827
Surplus/Deficit
(a) – (b) 2100 2255 2385 2588 2660 2843
Balance b/f 0 2100 4355 6740 9329 11989
Balance c/f 2100 4355 6740 9329 11989 14832
TASK 4
4.1 Representing comparison of organization for purpose of adapting system of management
accounting to respond on financial problems
Speedboard Assembly services and Jupiter Plc are considered in small size electronic
manufacturing organization. For purpose of responding to financial problems such as controlling
cost, for measuring employee performance and availability of funding, these both organizations
will adopt management accounting system (Nitzl, 2018).
Parameters Speedboard Assembly services Ovation systems
12

Key performance
indicator
This organization comprises 120
employees so there is need of
analysing their performance. It does
not have quantitative nature with
context of measurable. It would be
reflecting to entire business entity for
framing communication with their
employees along with overall impact
on its organization's objective.
There will be effective use of
KPI as it would be cascading via
various strategic dashboards to
tactical and operational
dashboards. In the similar aspect,
it will trickle numerous
objectives of company with
regular operation of its
employees.
Financial
governance
There will be appropriate
consideration of internal control,
financial policies along with internal
and external audit. It would be
responding via data security, financial
control and data validation with
tracking as well. It would be
considered as individual data hub of
whole information as it houses real
time with past information. The
accountability and ownership would
be clearly reflected as outcome in
Speedboard Assembly services.
It is considered as method by
which Ovation systems will be
monitoring, collecting and
managing the financial
information. The financial
transactions would be tracked for
purpose of managing
performance along with
controlling data, compliance and
operations with context of
disclosure. There will be
application of software for
maintaining appropriate format
and data structure system for
validating data with specific
input. The Ovation systems will
be allowed for identifying risk in
huge aspect.
Benchmarking Speedboard Assembly services would
be concentrating on best practices as it
will strive for continuous
Ovation systems will lay special
emphasis on its various
performance measures. This
13

improvement. It would be partnering
for purpose of sharing information. In
the similar aspect, there is huge
requirement of competitive advantage
for proper maintenance. There would
be presence of adaption of its basic
needs of consumer after examination.
organization will directly strive
for quick bandage and fix. It is
framed with proper consideration
of corporate and to spy. There
will be presence of competitive
advantage with appropriate
attempt to other organization
with its process.
Balanced Scorecard
(BSC)
Speedboard Assembly services would
be booming for proper understanding
of its numerous core competencies.
BSC is referred for identifying internal
business process. There is engagement
of process of understanding for
purpose of attaining success along
with performance evaluation of
Speedboard Assembly services. There
is measurement of efficiency with
context of operation as well. In the
similar aspect, business would be
developed on constant aspect along
with evaluation of risk as obsolete.
With context of BSC, there is
consideration of growth and learning.
It will be directly measuring along
with capability for purpose of
developing knowledge and innovative
process. Further, development and
growth will be confirmed as dynamic
business entity (Saeidi and Othman,
Ovation systems will be
performing direct evaluation of
finance as it would be dealing
with margin as it is main purpose
of value creation of its
shareholder. Generally, it is equal
to others on frequent basis as it
will consider return on equity,
profit margin and assets. The
consumer perception would be
directly allowed for Ovation
systems with ascertainment of
consumers. There will be
evaluation of perception via
consumer and surveys with value
association.
14

2017).
The Speedboard Assembly services would be facing cash flow problems in operating and
investing activities such as decrement in revenue and increment in expenses so in this context it
would be using 6 investment appraisal techniques. In the similar aspect, Ovation system would
be facing problem of declining profitability so if organization are producing various products
then it will determine less making products which would be removed. Further, there will be
application of activity based costing for determining less profitable and profitable products. If
there is shortage of resources then Linear programming technique would be chosen for optimal
allocation.
4.2 Representing analysis to respond to financial problems, management accounting could lead
organization for sustainable success
The financial problem would be identified with use of Balanced Scorecard, Financial
governance, Key performance indicator and benchmarking. While setting benchmarks, various
issues are identified along with variance with objective of addressing without any delay. Jupiter
Plc has elaborated financial governance with appropriate understanding method for purpose of
preventing various financial problems. The business should use financial governance for
monitoring strategy on continuous basis. In the same series, effective strategy and system must
be appropriately developed with need along with timely reporting as proper disclosure of its
financial statements which are governed and owned via Jupiter Plc. The organization should be
guided for accomplishing sustainable success with capability of management.
 Identifying social and environmental trends with direct effect on entity's capability for
creating value.
 Presence of sustainable corporate challenge to specific business model, strategy, license
to function and performance outlook as well.
 Forming key performance indicator for supporting sustainable and strategic objectives.
 Generating report about information of impact of sustainability and informing decision
on basis of pricing and budgeting.
 Just in time is replicated as process of level of inventory at minimum. It decreases time in
production system along with responding to time from suppliers and to consumers as well
for attaining sustainable success.
15

 Value chain is considered as set of activities where organization is operating in particular
industry which performs for delivering valuable service or product in market to
accomplish sustainable success.
4.3 Representing evaluation of planning tools of account for solving financial problems for
leading sustainable success
There are various planning tools on basis of accounting with objective of solving
financial problems for attaining sustainable success such as:
 Key Performance indicators: It is used for identifying various indicators of success of
Jupiter Plc for framing different target about performance. The business entity's success
would be measuring with aid for analysing different business areas which could be
improved. However, it is disadvantage about progress which is not followed that
indicators are accomplished or not. For example, analysing region for accomplishing
objectives of sales helps in giving appropriate feedback for areas which are
underperforming.
 Benchmarking: The performance could be improved as there is setting of foundation for
purpose of enhancing competitiveness. The organizations are forced for identifying best
practices of business process, but it is not adequate for getting information or to measure
overall effectiveness of metrics. However, benchmarking is complacent with reference to
arrogance as well (Pros and Cons of benchmarking, 2018). For instance, target will be set
from its competitors then there will be following of policies of that target company which
helps for solving financial problems.
 Balanced Score card: There is presence of ability for providing visual mean with
context to sustainable success and objective as well. In the similar perspective, there are
16

various perspective with reflection of measurements in separate aspect along with
visualize and clear picture. However, it is very expensive and time consuming as high
significance is given to understanding with context to work process. For instance, net
promoter score is considered as best method for indicating growth or organisation for
long term perspectives To identify this, quarterly survey will be performed to customers
for getting recommendation about organization.
CONCLUSION
From the above study it had been concluded that there is huge role of management
account in Jupiter Plc. and various other organization as well. It had shown different types of
management accounting where every system has their own role, pros and cons to organization. In
the similar aspect, integration management accounting system has very effective role for meeting
objectives. It has been summarised by stating comparison among organization for responding to
financial problems for attaining sustainable success.
17

REFERENCES
Books and Journals
Cooper, D. J., Ezzamel, M. and Qu, S. Q., 2017. Popularizing a management accounting idea:
The case of the balanced scorecard. Contemporary Accounting Research. 34(2). pp.991-
1025.
Fullerton, R. R., Kennedy, F. A. and Widener, S. K., 2014. Lean manufacturing and firm
performance: The incremental contribution of lean management accounting practices. Journal
of Operations Management. 32(7). pp.414-428.
Hiebl, M. R., 2018. Management accounting as a political resource for enabling embedded
agency. Management Accounting Research. 38. pp.22-38.
Messner, M., 2016. Does industry matter? How industry context shapes management accounting
practice. Management Accounting Research. 31. pp.103-111.
Nitzl, C., 2018. Management Accounting and Partial Least Squares-Structural Equation
Modelling (PLS-SEM): Some Illustrative Examples. In Partial Least Squares Structural
Equation Modeling (pp. 211-229). Springer, Cham.
Perin, M. G. and et.al., 2016. Network Effects on Radical Innovation and Financial Performance:
An Open-mindedness Approach. Brazilian Administration Review. 13(4). p.1.
Saeidi, S .P. and Othman, M. S. H., 2017. The mediating role of process and product innovation
in the relationship between environmental management accounting and firm's financial
performance. International Journal of Business Innovation and Research. 14(4). pp.421-
438.
Suomala, P., Lyly-Yrjänäinen, J. and Lukka, K., 2014. Battlefield around interventions: A
reflective analysis of conducting interventionist research in management accounting.
Management Accounting Research. 25(4). pp.304-314.
Tucker, D. and Lowe, R., 2014. Practitioners are from Mars; academics are from Venus? An
investigation of the research-practice gap in management accounting. Accounting, Auditing &
Accountability Journal. 27(3). pp.394-425.
ONLINE
Pros and Cons of benchmarking. 2018. [Online]. Available through
<https://brandongaille.com/10-pros-and-cons-of-benchmarking/>
18

Static Budget. 2016. [Online]. Available through <https://budgeting.thenest.com/key-advantages-
disadvantages-using-static-budget-22387.html>.
Types of Managerial accounting report. 2018. [Online]. Available through
<https://smallbusiness.chron.com/types-managerial-accounting-reports-58384.html>.
19