Cost Accounting for Business Management

This assignment delves into the core concepts of cost accounting, examining its role in effective business management. It explores various cost accounting methods, including cost-volume-profit analysis and budgeting, highlighting their applications in different sectors like hotels and restaurants, libraries, and oil producing companies. The assignment also analyzes the historical evolution of cost accounting and its integration with scientific management principles.

Management Accounting
1

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P 1.1 Different types of cost classification..................................................................................3
P 1.2 Calculation of Unit cost by using unit costing method.......................................................4
P 1.3 Cost of exquisite using absorption cost..............................................................................5
P 1.4 Cost data of exquisite using appropriate techniques...........................................................7
TASK 2............................................................................................................................................8
P 2.1 Preparation and analysis of cost report for the month of September and variance analysis
......................................................................................................................................................8
P 2.2 Various ares of potential improvements using performance indicators ............................9
P 2.3 Ways to reduce cost and and enhancing value and quality ..............................................9
TASK 3..........................................................................................................................................10
P 3.1 Purpose and nature of budgeting process for Jeffery and Son's Ltd...............................10
P 3.2 Use of appropriate budgeting technique...........................................................................11
P 3.3 Preparation of production and material budgets .............................................................12
P 3.4 Preparation of cash Budget ..............................................................................................13
TASK 4..........................................................................................................................................14
P 4.1 Calculation of variances, identify possible causes and recommend corrective actions. . .14
P 4.2 Operating statements includes both budgeted and actual results......................................16
P 4.3 Identified responsibility center.........................................................................................16
CONCLUSION .............................................................................................................................17
REFERENCES .............................................................................................................................18
2

INTRODUCTION
Management accounting is also known as managerial accounting which is used by
managers as a tool to collect data and for the better use of accounting information so as to decide
matters within the organization as well as to make optimal decisions. In today's competitive era,
management accounting is a unit that plays a crucial role in business (Mohamed and Lashine,
2003). The present report is going to discuss about the different types of cost and their
calculations along with explaining the ways to reduce the cost and to enhance the level of value
as well as quality. This report is based on the case scenario of Jeffrey & Sons, a leading
manufacturing company that manufactures different kinds of products. The unit discusses about
various management tools such as budgets and variance analysis techniques for Jeffrey & Son's
so as to predict future causes of actions. In this report, management accounting is used as a tool
to increase the value of business so as to attain organizational goals. In addition to that, cost
sheet as well as operating statement are prepared to clarify the scenario. At last, various
calculations are quoted in respect with the given figurers and case scenario.
TASK 1
P 1.1 Different types of cost classification
Cost is a type of expense that a manufacturing company bears at the time of producing
goods or services. However, cost of production varies as per the volume of production. The cost
is classified on the basis of elements, behaviors, nature and function which are shown in below
points.
Behavior of Cost: Behavior of cost generally refers to the volume of production, it
means the cost changes as per the number of products that are to be produced for a specific time
period. On the basis of behavior, cost is divided into three areas such as Fixed Cost, Variable
Cost and Semi-variable Cost. Fixed cost includes those kinds of cost which do not change at any
volume of production (Cohen and Kaimenaki, 2011). On the other hand, cost which changes as
per the single change in the volume of production is known as variable cost. Nonetheless, Semi-
variable cost includes characteristics of fixed as well as variable cost, it means to a specific level.
This kind of cost remains unchanged with production level but after a certain changes in
production volume it become variable.
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Nature of Expense: According to the nature of expenses, cost is classified into material,
labor and expenses. Labor is the cost that is incurred by the manufacturing company in the form
of remuneration paid to the employees or workers. Material cost is one which is applicable to
the raw material that is used by the organization for the production purpose. However, expenses
are the costs of services provided by the company (Burns, Hopper and Yazdifar, 2004).
Functions / Activities: On the basis of functions and activities, cost is classified as per
the specific activities and functions of different departments of the company. Such kind of cost
include Production cost, Administration cost, Selling cost, Distribution cost, R&D cost and so
on.
Elements of cost : There are three major elements of cost that are divided into Material ,
Labor and Expenses. These elements are further divided into direct and indirect forms, for
example: direct cost and indirect cost (Hirsch, 2000).
P 1.2 Calculation of Unit cost by using unit costing method
Particulars Total cost
Direct Material
50Kg* £4* 200 units £40000
Direct Labour
30 hours * £9 *200 units £54000
Variable production overhead
£6 * 6000 hours £36000
Fixed production overheads
(£80,000/20,000 hour) * 6000 hour £24000
Total cost for Job 444 £154000
Unit cost £770
From the above table, it can be said that units cost for the product is £770 which has
been acquired after adding direct Material direct Labour and variable production overhead.
However fixed expenses have also been added for calculating total cost for Job 444. At the end,
per unit cost for Job 444 is £770.
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P 1.3 Cost of exquisite using absorption cost
Particular
Basis of
allocatio
n
Total
Production Service
department
Machine X Machine Y Assembly Stores Maintenance
Indirect
Wages And
Supervision
£362,000 £100,000 £99,500 £92,500
Indirect
Material £253,000 £100,000 £100,000 £40,000
Light And
Heating
Machine
hours £50,000 £26,666.67 £20,000 £3,333.33
Rent
Area
occupie
d
£100,000 £20,000 £10,000 £30,000 £30,000 £10,000
Insurance
And
Machinery
Book
value of
machine
ry
£15,000 £3,529.40 £2,205.90 £4,411.80 £2,205.90 £2,647.06
Depreciatio
n
Book
value of
machine
ry
£150,000 £35,294.12 £22,058.80 £44,117.65 £22,058.80 £26,470.59
Insurance
Of Building
Area
occupie
d
£25,000 £5,000 £2,500 £7,500 £7,500 £2,500
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Salaries Of
Work
Managemen
t
No. of
employe
es
£80,000 £24,000 £16,000 £24,000 £8,000 £8,000
Total Cost £1,035,00
0
£314,490.1
9
£272,264.7
0
£245,862.7
8 £69,764.70 £49,617.65
Particular Production
Basis of
allocation Total in Machine X Machine Y Assembly
Primary
distribution (From
above table) £1035000
£314,490.19 £272,264.70 £245,862.78
Stores
Direct
material
£34,882.35 £26,161.76 £8,720.59
Maintenance
Machine
hours
£23,816.47 £15,877.65 £9,923.53
Total £373,189.01 £314,304.11 £264,506.90
c) The calculation of overhead absorption rate for every manufacturing department X, Y
and assembly
Overhead absorption rate Fixed overhead/ machine hours
Overhead absorption rate
Department X 14490.19+ 26161.76+ 15877.65/80000
= 373189/80000
= £4.66
Department Y 272264.70+ 26161.76 +15877.65/ 60000
= 314304.11/60000
= £5.24
Assembly 45862.78+ 8720.59+ 9923.53/10000
= 264506.90/10000
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= £4.41
The above tables are aiming at calculating the cost of exquisite using absorption cost. To
calculate the cost, various kind expenses are included in the total cost (Kinney and Raiborn,
2012). However, the The calculation of overhead absorption rate for every manufacturing
department X, Y and assembly are shown in the next section.
P 1.4 Cost data of exquisite using appropriate techniques
Particular
Basis of
allocation Total Production
Machine X Machine Y Assembly 1
Primary
Distribution £1035000 £314,490.19 £272,264.70 £245,862.78
Stores
Direct
material £34,882.35 £26,161.76 £8,720.59
Maintenance Labour hours 2:1.5:1 £22,052.29 £16,539.22 £11,026.14
Total Cost £371,424.83 £314,965.68 £265,609.51
Computation of overhead absorption rates on the basis of labour hours
Machine X 371424.83/ (2hr *100000 units) £1.86
Machine Y 314965.68/ (1.5 hr *100000 units) £2.10
Assembly 265609.51/ (1hr *100000 units) £2.66
The calculation of overhead absorption rates is done on the basis of labour hours for Machine
X, Machine Y and Assembly. The calculation is shown in the following section:
Machine X = 371424.83£/ (2hours*100000units) = 1.86£
Machine Y = 314965.68£/ (1.5 hour*100000 units) = 2.10£
Assembly = 265609.51£/ (1hour*100000 units) = 2.66£
There is seen a expect difference between the calculation of overhead absorption rate. It
was seen that the calculation of overhead absorption rate on the basis of machine hour rate the
rates were found to be 4.66£, 5.24£ and 4.41£ respectively. Nevertheless, while using labour
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hour rate the production department were seen continuously increasing i.e 1.86£, 2.10£ and
2.66£ respectively. The major reason is seen that total labour hours are higher than Machine
hours.
TASK 2
P 2.1 Preparation and analysis of cost report for the month of September and variance analysis
Jeffrey & Son's job cost sheet is prepared as under:
Budgeted Output Actual Output
Budgeted -
Actual
2000 Units 1900 Units
Particular Per unit cost Total cost Per unit cost Total cost
Material £12 £24,000 £12 £22,800 £1,200
Labour £9 £18,000 £10 £19,000 -£1,000
Fixed Overhead £15,000 £15,000 £0
Electricity £8,000 £7,625 £375
Maintenance £5,000 £4,800 £200
Total £35 £70,000 £36 £69,225 £775
Working note:
Particular Calculation Cost
Material 12 * 1900 Units £22800
Labour cost 10 * 1900 Units £19000
Variable cost - Electricity 8000-5000/2000-800 £3.75 per unit
Fixed electricity 8000 - 3.75*2000 £500
Variable cost 3.75 * 1900 units £7125
Maintenance cost 5000 - 200 £4800
Working note
Material 12£*1900 Units = 22800£
Labour cost 10£ * 1900 Units = 19000£
Variable cost
Fixed electricity = 8000£ - 3.75*2000 = 500£
Variable cost = 3.75£*1900 units =
7125£
Electricity =8000£-5000£/2000-800 = 3.75 per
unit
Maintenance cost 5000£ - 200£ = 4800£
Variance analysis
8

From the above calculation , it has been witnessed that material variance raised to £1200.
The major reason for increased variance is that the production volume is charged and the
material price per unit remained same to £12. To a further extend , it was seen that the labour
cost variance is also raised to 1000£ as the labour rate is increased by £1. in respect with the
budgeted electricity expenditures it was found that it was seen to be £8000 which is greater than
the actual figures of electricity expenditures (£7625). It has been witnessed that per unit variable
electricity charges were remained same at £3.75 so it is considered to be the fixed cost.
Furthermore. it was witnessed that the other fixed cost remained unchanged with any level of
production. However, it can be said that a negative variance is seen in the areas of labour rate
variance and total material cost variance. This negative variance had impacted the function and
operation of manufacturing unit. From the calculation and in-depth analysis, it can be said that
the company should reduce their material and labour costs as to eliminate the negative impacts
of operations of company (Kont, 2012).
P 2.2 Various ares of potential improvements using performance indicators
In order to accomplish desired goals every business sets target and this in turn supports in
enhancing overall performance. Further, it is required for management to ensure success of its
entity on continuous basis. Large numbers of factors are present in the firm to identify potential
improvement. Turnover is regarded as one of the most significant factor which assist in
measuring business performance. Business which is capable enough in earning higher sales than
others will make high improvement. Moreover, cost as a factor is also considered as crucial as in
case when cost associated with organization is rapidly rising without growth in sales then
improvement is not at all possible (Lucey, 2003). Apart from this profitability level of the
organization also supports in knowing the level of improvement and growth in same shows
improvement and vice versa. Overall financial performance of organization also highlights how
healthy organization is and increasing overall assets of firm shows improvement in business
performance and vice versa. On the other hand other factors are also present through which
overall performance of business can be known easily such as level of customer satisfaction,
technology employed for producing goods, competitive position of the company etc. Therefore,
in this way with the help of performance indicator potential improvement is possible (Ward,
2012).
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P 2.3 Ways to reduce cost and and enhancing value and quality
Different effective ways are present with the help of which it is possible to reduce cost
and enhance value of products along with quality.
Reducing cost: For reduction of cost better technology can be employed along with large
scale production, recycling of wastage, optimum utilization of available resources etc. All these
techniques are regarded to be effective for business and reduction of cost leads to rise in
profitability level which is one of the main aims of company(Lukka, 2007).
Quality: For enhancing quality level business can use new techniques, better use of
material and can implement quality measurement tool with the aim to offer quality products to
target market. This can lead to favorable outcomes such as rise in level of customer satisfaction
along with rise in sales volume along with profitability of the business.
Enhancing value: For delivering better value business can increase its earnings along
with stability in the operations. Further, by enhancing sales value but not the sale price it is
possible for organization to deliver better value. Further, with the help of diversification of
customers and industry organization can accomplish this objective. By lowering down the
overall cost business enterprise can easily develop a base against its competitors (Hansen
Mowen, and Guan,2007).
TASK 3
P 3.1 Purpose and nature of budgeting process for Jeffery and Son's Ltd
Budget is generally refers to a monetary plan of a specific department in an organization
that determines the possible expenses and income of future. Main purpose of budget is to
estimate probable income and expenditure for a company to a specific point of time (Burns,
Hopper and Yazdifar, 2004). Furthermore, major purposes of budget are shown in the below
points:
To estimate future income, expenditure and profitability of the company (Ahrens and Chapman,
2007).
To provide a financial framework to the managers for helping in effective decision-making.
To help production managers in the comparison of estimated output with actual performance.
Major purpose of Jeffrey & Son’s budget is to find out business revenues and
expenditures for a given period of time.
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Nature of budgeting process
Budgeting process is a major tool that is used to set anticipations for revenues and
expenses for the near future. Going through the process, company can estimates the availability
of cash in the organization as well as company can make control over the expenditures and can
get rid of the negative variance as well. The nature of budgeting process is shown in following
table:
To estimate the financial situation on the basis of last budget (Budgetary control. 2011).
To discover the future amount of cash that is going to be generated from sales and other
activities.
To define the necessary expenditure i.e. raw materials, labor, production overheads and
promotions.
Then subtracting estimated expenses from foretasted revenues so as to determine surplus or
deficit.
Review and revise of prepared budget.
At last, comparison of budgeting outcome with actual outcome (Budgetary control. 2011).
Variance analysis.
In respect with the given case scenario, Jeffrey & Son's managers prepare budgets by
forecasting future income and expenses in respect with the upcoming years. Manager pays
attention to sales volume and tries to enhance the sales along with reducing cost so that profits
can be increased. However, it is required to have an effective coordination in budgeting process.
As per the in-depth investigation into budget preparation of the mentioned company, it has been
noticed that incremental budgeting technique is used by the organization to prepare budget. At
last, the actual results are compared with the budgeted figures so as to determine the variance
along with taking necessary decisions to remove the negative variance (Sokolov, and Giniatullin,
2015).
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P 3.2 Use of appropriate budgeting technique
The present case is given in the respect with Jeffrey & Son's manufacturing company and
investigation and applied concept of management accounting show that company is going to
prepare budgets while making use of incremental budgeting system. However, some problems
are associated with the use of mentioned budgeting system. The major problem associated with
such kind of budgeting system is that volatility in the market as well as the significant impact of
volatility are being negated by the management at the time of preparing budget. This is going to
put a great impact on the budgeted incomes and expenditures of the company in respect with
actual outcomes (Datar and et. al., 2013.). As an effect of such negligence, Jeffrey & Son's
manufacturing company fails to meet the actual figures and positive variance. There is a specific
need for the organization to change the budgeting method that is previously adopted i.e.
incremental budgeting system. By looking over the current scenario of company and future
budgeting needs, company can make use of “ Zero base budgeting” as a method to prepare
budget (Kotas, 2014).
While making use of the mentioned budgeting practices or methods, company can
overcome the limitations of incremental budgeting and can successfully meet the positive
variance. Furthermore, applications of “Zero base budgeting” enable aforesaid company to
estimate the entire operational cost as well as the anticipated revenues in respect with the proper
market behaviour. Organization can come closer to the accurate actual figures of budgets through
using this method. However, significant market changes can be analysed and budget will be
prepared through considering the impact of market volatility. At last, it can be said that Jeffrey
& Son's manufacturing company can remove or reduce the impact of market uncertainties from
the budgets by using “Zero base budgeting”.
P 3.3 Preparation of production and material budgets
According to given details in the company, the production and material purchase budget
for the organization has been designed to asses the anticipated experience made on production
and material. The production budget help in identifying the level of future production on the
other hand materiel budget represents the material used for future period.
Production Budget
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Sales 105,000 90,000 105,000
Op. Stock 11,000 13,500 15,750
Total 94,000 76,500 89,250
Closing stock 13,500 15,750 16,500
Production 107,500 92,250 105,750
Material Purchase Budget
Material Require 215,000 184,500 211,500
Less: Opening stock 52,000 45,000 52,500
Total 163,000 139,500 159,000
Add: Closing stock 45,000 52,500 55,000
Purchase 208,000 192,000 214,000
Required working notes are given as under:
Calculation of closing stock of production: 15% of next month
Month Calculation Units
July 15% of 90000 Units 13500 units
August 15% of 1050000 units 15750 units
September 15% of 110000 units 16500 units
Calculation of closing stock of material: 25% of next month
Month Calculation Units
July 25% of (90000 units * 2kg/unit) 45000 Kg
August 25% of (90000 units * 2kg/unit) 45000 Kg
September 25% of (110000 units * 2kg/unit) 55000 kg
The table above represents the Material Purchase Budget and Production Budget for the
mentioned entity, however the working notes are representing the calculation of closing stock of
production for 15% of next month and closing stock of material for 25% of next month.
P 3.4 Preparation of cash Budget
Cash budget is a financial tools that represents the future cash inflows and outflows of
business for a certain time period. In addition, it includes cash incomes and expenditures for the
company that are helpful in assessing surplus or deficit for a firm. The cash flow for the
company is designed in the following points:
Particular July August September
Opening balance £16,000 -£3,250 -£22,300
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CASH RECEIPTS
Cash sales £900,000 £821,250 £864,000
Total cash Income £916,000 £818,000 £841,700
CASH
EXPENDITURES
Material Purchase £364,000 £336,000 £374,500
Direct wages £322,500 £276,750 £317,250
Variable overhead £110,500 £99,550 £103,270
Fixed Overhead £75,000 £87,500 £87,500
Bad debts £47,250 £40,500 £47,250
Total cash expenses £919,250 £840,300 £929,770
Closing balance -£3,250 -£22,300 -£88,070
From the in-depth analysis of above budget is has been witnessed that the sales of
company is continuously decreasing as it has been decreased from 90000£ to 821250£.
However, in the month of September it has improved to 864000£. The cash income of business is
totally declined in the August and again it is increased in September. The direct wages for the
company has decreased from 322500£ to 276750£ in August. At the end, it was found that
budget have negative cash balance in the end of September to 3250£, 22300£ and 88070£.
From the overall cash budget, it was reported that the company should increase its sales and has
to focus on reducing cost throughout the months by cutting unnecessary expenditures (Jones, and
Clatworthy,2006).
TASK 4
P 4.1 Calculation of variances, identify possible causes and recommend corrective actions
Particular Per unit cost Budgeted
Sales 4 16000
Material 0.96 3840
Labour 0.8 3200
Fixed Overhead 4800
Total Cost 2.96 11840
Profit 1.04 4160
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Required working note:
Material cost 0.4kg*2.40£*4000 units = 3840£
Labour cost 6/60*8£*4000 units = 3200£
Profit 16000£ - 11840£ = 4160£
Variance = Budgeted values – actual values
Material Rate variance = 2.40£ - 2.40£ = Nil
Material quantity variance = 0.4kg – 0.41 Kg = (0.01) kg
Material cost variance = 3840£ - 3420£ = 420£
Labour variance = 3200£ - 2690£ = 510£
Labour rate variance = 8£ - 7.80£ = 0.20£
Fixed overhead variance = 4900£ - 4800£ = 100£
Sales variance = 16000£ - 13820£ = 2180£
Profit variance = 4160£ - 2810£ = 1350£
Sales variance: It is regarded as the difference between actual and budget sales of
enterprise. Further, through this variance it is possible to measure performance of the sales
function and business results can be analyzed with the aim to better understand market
conditions. The main cause of this variance is due to presence of higher inflation which leads to
higher selling price. Further, it can also take place due to worst quality or decreasing purchasing
power of consumers along with their unawareness. In order to overcome with the issue of sales
variance business can reduce its selling price and products along with services can be delivered
to target market which is of high quality so that overall sales volume can be enhanced easily
(Mohamed and Lashine, 2003).
Material variance: It is considered as the difference between actual cost incurred for
direct materials and the excepted cost of those materials. The main cause of material variance
can be rise in the level of quantity which is required for producing single unit of a product or
commodity (Weygandt and et. al., 2009). In order to deal with the issue of material variance
15

company can undertake skilled and qualified labor hours and their overall impact can be
eliminated up to extent.
Labor variance: This type of variance takes place due to variation in labor rate and the
labor hours. The corrective actions which can be taken to deal with this variance is to decrease
the labor rate to 7.8£ which can positively influence the entire firm. Further, budgeted and actual
labour hours are 400 and 345. Further, to eliminate this impact company can modify its labour
policies (Kinney and Raiborn, 2012).
Profit variance: It takes place due to material, sales and labor variance. Further, in order
to deal with this variance company must take initiative to meet sales target and materials must be
purchased at a budgeted rate with the motive to enhance efficiency of the staff members present
within workplace.
P 4.2 Operating statements includes both budgeted and actual results
The table mentioned below represents the operating statement of Jeffrey & Son's that
includes reconciliation of budgeted figures and actual outcomes.
Particular Per unit Budgeted(4000 Units) Per unit Actual(3500) Variance
Sales 4 16000 3.94 13820 -2180
Material 0.96 3840 0.97 3420 420
labour 0.8 3200 0.77 2690 510
Fixed
Overhead 4800 4900 -100
Total 2.96 11840 3.14 11010 830
Operating
profit 1.04 4160 0.8 2810 1350
P 4.3 Identified responsibility center
Purchase department: Main responsibility of this department is to purchase the right
kind of material required in the production process. Further, it is necessary to purchase material
at budgeted rates so that issue linked with variance may not arise (Hansen, Mowen and Guan,
2007).
Selling department: Main responsibility of this department is to achieve the sales target
as per the decided value and volume (McMillan, 2007). Considering the scenario of Jeffrey &
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Son's firm was unable to meet actual sales to the budgeted one. So, it is necessarily required for
the entire department to identify the level of negative variance so as to eliminate it.
Production department: The first and foremost duty of this department is to analyze
overall demand for product in the market as supply of commodity is based on the demand for
product. Jeffrey & Son's production department is responsible for producing the required
quantity of commodities through which it is possible to satisfy need of target market in
appropriate manner (Tappura, and et. al., 2015).
Marketing department: This department is responsible for development of effective
marketing plans so as to develop awareness in the market. Further, main stress is on providing
appropriate knowledge and information to customers regarding product range. Through this it is
possible for Jeffrey & Sons to enhance sales volume and can assist in earning higher profits.
CONCLUSION
The entire study being carried out has supported in knowing about the concepts of
management accounting which assists manager of the enterprise to use information in effective
manner. Further, decisions which have to be taken on daily basis can be made easily for the
growth and development of business. On the other hand, concept of directing, planning along
with controlling can be implemented within the workplace so that business can reduce its overall
cost and this can enhance profitability level of the business. Apart from this, different effective
ways are present of reducing cost, enhancing value along with quality of product which are
beneficial for company.
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