Strategic Management Accounting Practices

This assignment delves into the realm of management accounting, focusing on its role in shaping organizational strategy and driving performance. It examines various management accounting practices such as Activity Based Budgeting, Zero-based Budgeting, Marginal costing, and Absorption costing. The assignment also explores the impact of transfer pricing in global business contexts and ethical considerations within this domain. Students are encouraged to analyze research findings and real-world examples to understand the complexities and significance of management accounting in modern organizations.

Learning Outcome Assessmen
t Criteria
In this assessment you will have the
opportunity to present evidence
that shows you are able to:
Ta
Nu
LO 1: Demonstrate an understanding of
management accounting systems
P1 P1 Explain management accounting
and give the essential requirements of
different types of management
accounting systems
P2 P2 Explain different methods used for
management accounting reporting.
LO 2: Apply a range of management
accounting techniques
P3 P3: Calculate costs using appropriate
techniques of cost analysis to prepare
an income statement using marginal
and absorption costs.
LO3: Explain the use of planning tools
used in management accounting
P4 P4: Explain the advantages and
disadvantages of different types of
planning tools used for budgetary
control.
LO4: Compare ways in which
organisations could use management
accounting to respond to financial
problems
P5 P5: Compare how organisations are
adapting management accounting
systems to respond to financial
problems.
Please see that you include the
Turn-it-in report. This work will not
be accepted without the Turn it in
report.
Report attached: Yes
No
If no Reason: %
re
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Unit 5
MANAGEMENT ACCOUNTING
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO1:Demonstrate an understanding of managemnet accounting system
P1. Explaining management accounting along with essential requirement of its types.............1
P2. Explaining Different methods of Management Accounting Reporting................................4
LO2:Apply a range of management accounting techniques............................................................8
P3. Preparation of Income statement using different accounting techniques.............................8
LO3:Explain the use of planning tools used in management accounting......................................11
P4. Explaining advantages and disadvantages of different planning tools used in budgetary
control.......................................................................................................................................11
LO4:Compare ways in which organisations could use managemment accounting to respond to
financial problems..........................................................................................................................15
P5. Adaption of management accounting system in responding financial problems...............15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18
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INTRODUCTION
Management Accounting, has become an essential requirement to be implemented within
the organisation as it aids to the organisational success and development. Different management
accounting systems like budgetary control, pricing techniques, costing techniques, etc. provides
organisation relevant information that facilitates decision making process which in turn helps in
attaining business goals and objectives. Present reports talk about management accounting within
organisation and its uses. Small business that is opted for explaining features of this system in a
more appropriate manner is Bacovia Supermarket. Company is based in Wales, United
Kingdom. Reports to the General manager of Bacovia Supermarket has been prepared providing
knowledge about types of management accounting system and its different reports. Further,
income statement has also been prepared using two different techniques along with their
differences. Different planning tools like budgetary control by which organisation can prepare
and monitor budgets for various functions has been explained along with its advantages and
disadvantages. At last, how management accounting and its planning tools helps business in
attaining sustainable success is also explained in respect to the chosen organisation.
In this, report will shed light on different types of management accounting system and
reporting that can be used for managing operations prominently. Further, report also entails the
manner through which absorption and marginal costing system can be used for taking decision
about cost as well as profit. In this, report will provide deeper insight about the tools that can be
used by the business unit for planning purpose and responding financial problems.
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LO1: Demonstrate an understanding of management accounting system
P1. Explaining management accounting along with essential requirement of its types
Management accounting system is a management tool that helps management by providing
relevant information regarding various business operations and activities (Armstrong, P., 2014).
It is recommended for Bacovia Supermarket to use this system along with its different types,
this will enable in identifying the actual performance of the company along with the loopholes
due to which business is unable to attain its ultimate goals and objectives. Below is the
explanation of management accounting system and its types:
Application of MA systems
Managers and owners of small business organisation uses management accounting
system within their organisation in order to identify, accumulate, analyse, prepare, interpret and
communicate relevant information used within the business entity. This system helps in
tracking allocation of different costs such as variable and fixed costs to different products and
services of the company (Bertz and Quinn, 2014). Main purpose of management accounting is
to provide relevant information to internal users which enables them in taking future economic
decisions. Different provisions are prepared by management for different non-financial and
financial decisions is respect to the business. This is also used in preparing different
organisational strategies. Following are the types of management accounting system:
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(Source: Cadez and Guilding, 2012)
Cost accounting system is used by for the analysis of profitability, cost control and inventory
management system by estimating cost of different products of an organisation. It is mainly
used by manufacturers in order to track their raw material during the production stage that turn
slowly to the finished goods (Bryer, 2013). However, this system can be used by Bacovia
Supermarket for estimating accurate cost of different batch of products as it is critical for
determining profitable goods. It is essential for a business to know its profitable goods so that
future decisions can be made in the favour of profitable operations and resources can be saved
from non-profitable operations. Which operations and products are favourable to the company
and which are not, can be determined by estimating the correct cost of those products and
operations. For instance: Total cost of £1500 incurred by the firm for 100 fresh fruit juice
packets. In this regard, by dividing total costs from number of products firm can determine unit
cost in the following way:
Unit cost: 1500/100 = £15PU
If business unit wants to attain 20% profit margin, then price can be determined in the below
mentioned manner:
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15 + (15*20%)
15+3 = £18 PU
On the basis of the above aspect, by charging £18 PU from each customer firm can recover cost
and would become able to get desired level of profit margin.
Inventory management system is most useful in the organisations like Bacovia Supermarket as
there are bunch of goods, thus, inventory management system helps in managing inventory of
the organisation (Cadez and Guilding, 2012). However, with the help of development and
technology there are many software's available in the market, for the purpose of managing
inventory. It is recommended to Bacovia Supermarket, to use any of such software, which will
enable them in monitoring their available stock in business along with the need of re-ordering
stock.
Job costing system is the system that accumulates information about different cost that is
associated with specific service or production job (DRURY, 2013). Like cost accounting
system, this is also more beneficial for manufacturing concerns, where manufacturing cost is
assigned to an individual product or batch of products. However, Bacovia Supermarket can use
this for assigning the cost of different services to its products. This system mainly accumulates
three types of information such as direct material, direct labour, overheads.
Using price optimization system, mathematical analysis is done by business in order to
determine respond of customers on different price levels of products and services (Fridson and
Alvarez, 2011). This helps in determining the best price of goods and services of an
organisation which enables in increasing their sales volume by attracting more customers.
It is recommended to Bacovia Supermarket to use these Management Accounting Systems in
their organisation in order to increase the efficiency of their business operations.
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P2. Explaining Different methods of Management Accounting Reporting
Management accounting system also produces different reports that provides relevant
information for several areas of the business which are then used to make future economic
decisions (Fullerton, Kennedy and Widener, 2013). With the use of these reports, Bacovia
Supermarket can evaluate different functions of the organisation. Management accounting
reports are the data sets of internal management that helps in monitoring the overall internal
performance of the business. However, like mandate preparation of financial statement every
year, preparation of these reports is not mandatory (Types of managerial accounting report,
2017). These are prepared when management feels the need of information. Bacovia
Supermarket need to prepare management accounting reports as these are the crucial part that
reflects actual picture of firm. Below is the explanation of different kind of management
accounting reports:
(Source: Groot and Selto, 2013)
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Budget report helps is used by managers and small business owners in analysing performance
of their entity and different departments along with cost control. These are also used in order to
provide incentives to employees (Garcia and et.al., 2016). The main purpose of preparing
budget report is to provide information regarding budgeted expenses and revenues for a specific
period by preparing budgets. These budgets are generally prepared on the basis of actual
performance of prior year and forecasted future events. Efficiency of business in allocation of
resources is also determined by budget reports. If the budget of prior year substantially
exceeded the average limit, them management had to find ways to trim the cost of current year
budget or should increase current year budget for more accurate level.
For instance: Through making comparison of actual and standard cost of material usage
variance of £300 has assessed. From assessment, it has identified that high material wastage is
one of the main causes behind the occurrence of such variance. In this regard, by taking
strategic move or action firm, in relation to circulating guidance to personnel etc, can attain
favourable results.
Job cost report helps in showing the actual expenses of different specific projects within an
organisation. These expenses are then matched with the estimated revenue of those specific
projects so that profitability of different operations can be determined. This report supports cost
accounting system (Groot and Selto, 2013). By identifying high earning areas, firm can focus its
resources and efforts on those rather than on low earning areas. Bacovia Supermarket, by
preparing this report can analyse expenses of its in-process projects and operations so that
required corrections can be determined along with escalating extra cost and waste.
Inventory and manufacturing report is mainly prepared by those organisations having physical
inventory in order to make their manufacturing process more efficient. Main components of this
report are hourly labour cost, inventory waste, and per unit overhead cost (Hickman, 2016).
Different assembly lines are then compared by the company in order to determine any
improvements needed or not. Organisations that produce number of physical inventory with low
fault tolerance, generally produce this report. With the help of inventory manufacturing report
in order to identify the volume of dead stock along with reasonable low price to rotate the same
in market.
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Accounts receivable aging report is beneficial for those organisations who provide their goods
and service on credit to costumers as this helps in maintaining credit balances. It is the most
critical tool as well as crucial management accounting report. This report provides overall
overview of total credit balances from different customers (Hiebl, 2014). Generally, balances
over 30, 60 and 90 days late are considered in this report. Bacovia Supermarket can use
accounts receivable aging report to estimate actual amount of goods that are given on credit
along with provisions of bad debts to be prepared.
In conclusion section, it can be presented that by preparing timely as well as accurate reports
manager of the supermarket can measure performance and would become able to take
appropriate decisions. Thus, it is suggested to the concerned authority of supermarket to
evaluate performance through the means of budget report and take action for improvement.
The detailed explanation about management accounting system, its types and different
reports that can be prepared by management of Bacovia Supermarket, will provide following
benefits to the company. Using management accounting system like cost accounting system or
job costing report will help in estimating cost of different products and services along with
identifying the most profitable functions of the business (Higgins, 2012). Management
accounting system provides aids to future economic decisions. These decisions can be in respect
of the activities that are needed to be closed down and other business expansion options. MA
systems help in determining future inflow and outflow of cash along with its impact on
organisational functions. Future trends of business can be forecasted using management
accounting system and then various strategies and policies can be made accordingly. With the
help of budget report, variance between actual results and budgeted results can be determined by
management along with taking corrective measures.
Various benefits of management accounting system have been discussed above, more the
benefits more will be the need of implementing this system within the organisation. Key areas of
the business need to be identified where the integration of management accounting system is
required (Johnson, Larson and DeMersseman, 2017). However, in Bacovia Supermarket, in
following area's management accounting system can be integrated.
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LO2: Apply a range of management accounting techniques
P3. Preparation of Income statement using different accounting techniques
Marginal Cost: Change in the cost of total production caused due to increase in production
by single unit is taken into account by this method (Jost, Pfaffermayr and Winner, 2014).
This method generally measures opportunity cost. However, when income statement is
prepared using marginal costing, only variable costs are considered as a product cost.
Below is the income statement of Iceland Super market using marginal costing technique:
Income statement for Iceland Super Market
PARTICULARS Details Amount (£) Amount (£)
Revenue on production 600*35 2100
Cost 700*13 9100
Less: closing stock 100*13 1300
variable cost 7800
Contribution per unit 13200
Less: variable overheads on sales 600*1 600
Less: fixed cost
Production overheads 2000
Selling fixed cost 600
Administrative fixed cost 700 3900
Net Profit 9300
Interpretation: From the above calculation it is identified that, if company uses marginal
costing technique for preparation of income statement, it reflects profit of £9300.
Absorption Costing: As the name suggests, absorption costing absorbs all the cost of
product including variable and fixed both. This method id used for calculating cost of different
products by taking into account both direct and indirect cost (Khodzytska and Ivchenko, 2014).
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All the costs that are directly related to production of goods and services are accounted in direct
cost and all other costs that are not directly related to production of goods and services are
accounted to indirect cost. However, when income statement is prepared using absorption
costing all cost including variable and fixed costs are considered as product cost.
Income statement for Bacovia Supermarket
PARTICULARS Details Amount (£) Amount (£)
Sale revenue on production 600*35 2100
Cost 700*16 11200
Less: closing stock 100*16 -1600
Less: fixed production overheads -100
Cost of production 9500
contribution per unit 11500
less: variable overheads on sales 600*1 600
less: fixed cost
selling fixed cost 600
administrative fixed cost 700 1900
Net profit 9600
Interpretation: From the above calculation, it has been identified that, if Bacovia
Supermarket uses absorption costing technique for preparation of income statement, it will show
profit of £9600. This profit is higher than profit from income statement using marginal costing.
Difference Between Marginal Costing and Absorption Costing
From assessment, it has identified that significant differences take place between
absorption and marginal costing system in the following manner:
Basis of difference Marginal costing Absorption costing
Meaning Tool which helps in assessing
the total cost of production
It lays emphasis on cost
apportionment on the basis of
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known as marginal costing. respective centres.
Cost recognition Marginal costing method
considers variable cost as
product, whereas fixed in form
of periodical.
Both fixed and variable costs
are recognized as product
related.
Overhead classification It classifies overhead in two
aspects such as fixed and
variable.
Under absorption costing
method, overheads are
classified in terms of
production, administration,
selling & distribution.
Profitability PV ratio helps in ascertaining
profitability in the case of
marginal costing.
Under, absorption costing,
fixed cost places direct impact
on profit margin.
Cost per unit In this, cost per unit of output
is not influenced from the
variances take place in
opening and closing stock.
Unlike MC, opening and
closing stock variances have
an impact on cost per unit.
Indication MC method highlights
contribution per unit
By undertaking absorption
costing method net profit
margin can be assessed.
Here the techniques of marginal costing and absorption costing has been applies.
However, management of Bacovia Supermarket have many choices of applying different
management accounting techniques which are discussed above. These techniques help in
analysing the profit earning capacity of the organisation along with its spendings (Kool, Shenhav
and Botvinick, 2017). The two techniques used here are showing different results. By using
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absorption costing, company earns profit of £9600 and by using marginal costing, company
earns profit of £9300. There is a significant difference of results in both the techniques, this is
because both the techniques use different approaches to take into account the cost of production.
LO3: Explain the use of planning tools used in management accounting
P4. Explaining advantages and disadvantages of different planning tools used in budgetary
control
Different types of planning tools are used under budgetary control which can be used by
the management of Bacovia Supermarket for preparing budgets for different functions of the
organisation (McLellan and Sherine, 2013). Below are the types of Budgetary control along with
their advantages and disadvantages:
Activity Based Budgeting (ABB): Under this method past year budget is not taken as
base for the preparation of budget for current year. It takes into account the overhead expenses of
business unit (Activity Based Budgeting, 2017). For preparation of current year budget, those
activities are identified that requires high cost. After identification of such activities,
management tries to trim cost if possible and then resources are allocated accordingly.
Advantages: By conducting deep research it eliminates all the bottlenecks. This method helps in
saving cost by eliminating all the obsolete and unproductive business functions (Munira, 2017).
It also supports performance management and scorecard techniques. Further, it is easy to be
prepared and to be understood by those who have little knowledge about commerce.
Disadvantages: It is hard for small businesses like Bacovia Supermarket to implement activity
based budgeting technique in its business as it requires huge amount of resources. It does not use
Generally Accepted Accounting Principles for preparing report, and thus, it is not preferred
valid. Data that is used under this report can be easily misinterpreted and hence, it requires lot of
care (Nørreklit, 2014). This method is complex to operate and can be operated by professionals
only as it requires deep understanding about all the functional areas.
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Zero-based Budgeting: Generally, budgets are prepared using past year expenses as a
base, but in this method, prior year expenses are not used. Instead, zero is taken as a base under
this method for preparing budgets for future year (Zero-based Budgeting (ZBB), 2012). For
example, if the administration expenses of Bacovia Supermarket of prior year were £7000, then
management cannot ask for the same amount of budget for administrative expense for the next
budget. It is a flexible method, resources are allocated to the functions as per requirement.
Different ways of effective costing can be determined for better operations. As this
method is based on the requirement and need of the resources for different functions, this
facilitates, efficient and effective allocation of resources. It has focused operations and lower
cost along with more disciplined execution (Novas, Alves and Sousa, 2015). Further, it can be
adjusted as per requirement as it is flexible.
However, on the critical note, it can be said that preparation of budget as per ZBB is time
intensive process. As the base for allocation of resources is not clear under this method, it
involves more expenditure. Manipulation of amount and personal bias is easy under this method.
In order to implement this in an appropriate manner, it is required to be understood by all level
managers.
Incremental Budgeting: This method uses prior year budget as a base for preparing
budget for current year or future year. Only small rectifications are made in the base budget in
order to arrive at the present year budget. This process continues for the preparation of budget
for successive years.
Advantages: The easiest method for preparation of budget and allocation of resources. Responds
are reflected immediately to the impact of change. This method of budgeting ensures continue
funding whenever there is the requirement.
Disadvantages: Under this method non-effective operations are not identified; hence it is not
effective. It is not an economical method as more amount is spent in making budget.
Forecasting future economic activities help in preparation of budget for different level of
activities of the organisation. Thus, forecasting of future events is done by using different
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planning tools of management accounting (Peppard and Ward, 2016). By using such tools
management can estimate cost required for different segments of firm. Following are some of the
planning tools that can be used by Bacovia Supermarket:
Mark-up pricing: This is the method of pricing of goods and services. As per this method
a mark-up percentage is added to the total cost of product and services. Using mark-up pricing
method ensures a definite percentage of profit on selling of products and services. For example,
of the cost of product A is £10, 20% profit percentage is added then due to which selling price
becomes £12. This shows on selling of each unit of product A, business will earn profit of £2.
Process costing: This method is generally used in manufacturing industries, where
products have a significant difference and cannot be identified separately. Manufacturing is
carried out from multiple stages before reaching to the finished goods.
Operation Costing: This method is applied where products are identical to each other.
Per unit cost and profit or loss of overall production is determined under this method by
preparing cost sheet.
Competitive Pricing: This is another pricing method where prices of products and services are
set by identifying price of competitors (Soheilirad and Sofian, 2016).
Above discussed planning tools plays significant role in responding and solving financial
problems within the organisation. Planning tools like budgets are prepared for a specific period
and then budgeted results are compared with the actual results, variances are determined and
analysed. Reasons causing variance can be corrected by taking necessary actions. By this non-
effective area can be eliminated and overall resources of the organisation can be allocated at
optimum level to the effective areas. Planning tools also includes pricing methods which helps
management in determining best prices for its goods and services
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.
LO4:Compare ways in which organisations could use management accounting to respond
to financial problems
P5. Adaption of management accounting system in responding financial problems
As already discussed above, management accounting provides necessary and relevant
information to management so that they can take future economic decisions. This is the main
purpose of management accounting. Decision-making process is facilitated by this system which
helps in effectively responding and overcoming financial problems that are faced by the
organisation. Hence, it increases the need to be used by Bacovia Supermarket, as it is a small
firm that faces number of financial problems in its day to day operations (Tucker and Parker,
2014). Management accounting system is used to implement changes within the business
environment effectively. This system can be used in an effective manner. However, its
usefulness is affected depending upon the ability of management to try new endeavours and new
ideas along with the optimum use of resources. Bacovia Supermarket will be able to respond to
its financial problems in a better manner by using following tools of Management Accounting
System:
Budgetary Control: Budgets that are prepared by the management are monitored and
controlled under budgetary control system. It helps management in controlling expenses and
costs of different functions of the business. Budgetary control eliminates risk of overspending of
cash resources by specifying fixed amount to all the functional areas. In order to monitor, this
method then analyse variance between budgeted results and actual results. After analysing
variances, reasons are identified, and key personnel of the organisation are then made
responsible for taking corrective actions.
Key Performance Indicator: In order to attain organisational goals and objectives,
efficiency of business is evaluated by this method. This method is used by the managers at all the
levels of company to determine and evaluate effective performance to reach desired targets
(Hiebl, 2014). There are two level of KPI's i.e. low level and high level. Low level KPI's focuses
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on the performance of small segments of the business unit such as administration, sales,
marketing, etc. and high level KPI's focuses to the performance of overall business unit.
Financial Governance: Various functions and process of the organisation must be operated
and managed as per the rules and regulations of the regulatory authority and resources used by
the firm must be reported accurately as per the requirement of financial governance (Garcia and
et.al., 2016). With the proper adherence to the financial governance, Bacovia Supermarket can
gain the trust of stakeholders easily. This will also help organisation in saving valuable time and
money.
Benchmarking: With the standard measurements of similar products and functions,
products and functions of business are compared is known as Benchmarking. With the help of
benchmarking technique, firm can identify those units where there is need of improvements
along with analysing different ways through which business can achieve high performance level.
By responding financial problem effectively, in various ways business can lead to sustainable
success. Social and environmental trends are identified that have a significant impact on the
ability of the firm to create more value of time. Developing key performance indicators will help
Bacovia Supermarket in supporting its sustainable and strategic goals (Fridson and Alvarez,
2011). Management accounting system produces reports that includes data regarding impact of
price, decisions, investment appraisal, strategic planning, etc. By applying various techniques
and tools of management accounting, in order to, integrate matters of sustainability into decision
making process. Impact of sustainable issues can be explained in robust terms of business.
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CONCLUSION
Overall the report is all about management accounting that is essential to be implemented
within the organisation in order to attain desired organisational goals and objectives. The above
report discusses use of management accounting in Bacovia Supermarket. Different types of
management accounting systems are discussed along with different reports that can b prepared
by management. For Bacovia Supermarket, inventory management system is most essential to be
used in order to manage its inventory. Ways to integrated management accounting system within
the organisation are also explained. Income statement has been prepared for Bacovia
Supermarket using different techniques and it is concluded that using absorption costing
technique will be fruitful for the organisation as it is showing profit of £9600, which is more than
the profit of marginal costing technique. Results are also reported to the general manger of
Bacovia Supermarket. Further, how management accounting system and different planning tools
helps an organisation in attaining sustainable success is also explained.
RECOMMENDATIONS
 It is recommended to Bacovia to lay emphasis on undertaking modern budgeting tools
such as ZBB. By employing such technique firm would become able to allocate and
make effectual use of financial resources.
 Further, it is advised to Bacovia to make focus on undertaking KPI, financial governance
and benchmarking technique. This in turn helps in assessing financial problem and
responding the same.
 Company should make focus on preparing managerial reports on a periodical basis. This
in turn helps in assessing issues take place in the existing operations and thereby helps in
developing strategic framework.
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