Management Accounting Research and Practices

The assignment provided is a compilation of various research papers and articles related to management accounting. It covers topics such as organizational change, social and environmental accounting, lean manufacturing environments, and information quality management. The summary also includes a list of sources used in the compilation, providing a comprehensive overview of the subject matter.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1 ..........................................................................................................................................1
P1 Management accounting & different types of accounting system.........................................1
P2 Different techniques used for management accounting reporting........................................4
TASK 2............................................................................................................................................6
P3 Different techniques of cost analysis.....................................................................................6
TASK 3............................................................................................................................................8
P4 Advantages and disadvantages of different types of planning tool ......................................8
TASK 4..........................................................................................................................................11
P5 Evaluate how companies are adapting different management account system ..................11
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Management Accounting refers to the process of examining business operations and costs
in order to make financial account, report and records to support the process of decision making
by managers of the firm so that goals of the business can attained. It is a process of determining,
measuring, examining, interpreting & communicating data and information in order to pursuit
objective of an organisation (Bennett and James, 2010). These accounting reports help managers
in making short term decisions by providing them accurate and timely information related to
finance and statistics. It is also known as managerial accounting. In the present assignment,
chosen company is Unicorn Grocery which is located in Chorlton, England. The firm sells
processed, fresh and dried organic food & drink with emphasize on fair trade and local sourcing.
Along with this, it also sells body care, household and general grocery goods. The report covers
various types of management accounting system and their essential requirements. It also includes
different methods used in management accounting reporting. By the use of suitable techniques of
cost analysis, various costs are calculated. Apart from this, merits and demerits of various
planning tools used in budgetary control are defined in the project.
TASK 1
P1 Management accounting & different types of accounting system
From: Management Accounting Officer Date: 21t February, 2018
To: General Manager of Unicorn Grocery
Subject: Management Accounting and Its Types
Management Accounting can be defined as an accounting activities which play an important
role in providing information to managers which helps in conducting company's operations. It
provides more detailed information as compare to financial accounting, for example if there is
any difference in revenue and expenditure in company products, then department will provide
comparative data that helps in analysing all the profitable and unprofitable activities.
This accounting provides faster information as compare to financial accounting in regards to
performance of company. It is a most important medium in providing future cost and revenue
rather than simply presenting past revenue expenditure. Further, it gives information more
quickly than financial accounting irrespective of giving annual report which is done financial
accounts it provides monthly, weekly or daily basis report that enable managers to consider all
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the feedback and shift it's concern towards management inefficiencies (Chenhall, 2012). It
enable in providing valuable management information for accurate estimates and tenders that
helps in negotiating prices.
Benefits of Management accounting:-
 It helps in forecasting future trends of business.
 Through management accounting insights must be developed that helps in decision
making both at operational and strategic levels.
 It helps in analysing the difference between what was predicted and what is actually
achieved.
 The cost control devices is management accounting enables the reduction in prices of
the product and good are supplied with quality at reasonable prices.
 Management accounting selects only those information which are relevant and useful
for organisations.
 It emphasis on those factors which helps in estimating future revenue and expenditure
like standard costing, budgetary control (Christ and Burritt, 2013).
 Management takes the proper decisions and better planning on basis of financial
accounting information.
 It select appropriate alternative from the available alternates which are normally more
attractive and profitable.
Types of management accounting -
 Job-Order Costing Method: This method uses material cost flow document, overhead
cost flow document, labour cost flow document and job cost sheet so to track the
manufacturing expenses related with producing job lot. Manufactures produce various
products and each of them is produced with different production process. Each job lot is
having its own specific budget according to which activities related to it takes place.
For example: Account manager of Unicorn Grocery will first track raw material cost,
then they will track their labour cost and lastly they will figure out overhead expenses.
Further all of these three cost combine together on a job cost sheet. If the entire
production plan went as per the defined plan, then the total cost of job lot will be on
budget & comparatively less than selling price.
 Inventory Management System: This type of management accounting system provides
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beneficial information to manager of Unicorn Grocery concerned with inventory or
stock. It provides information related with raw material, finished goods, inventory
turnover. Usually companies manage their stock on daily basis. It is considered as an
essential aspect of doing business. In simple words, it refers to the remaining stock after
company has produced goods as per the customer demand and also after completing its
day to day operation. It covers each and every aspect starting from production, to
retailing to warehousing to shipping. It is component of operation management that
supervise the flow of stock from production department to warehouse in an effective and
efficient manner so to avoid overstock and stock-out.
 Financial accounting – It presents the information in form of the financial statements
which is very crucial to the external parties such as stakeholders,creditors,lenders,banks
and other financial positions. These statements are based on the
rules,regulations,guidelines and directions of GAAP(generally accepted accounting
principles) which shows the past and current position. It includes the standards for the
financial information. Principles also contain the accounting
conventions,rules,regulations and other policies and accountant has to consider it before
creating balance sheet,operating statement. Reports are also created upon standards by
government bodies (Contrafatto and Burns, 2013). Company can also compare reports
and other information as they know their benchmarks. Through which they can also
improve their performance. Outside parties by evaluating these information take
decision to invest in the company.
 Management accounting – It gives information regarding the management which is
important to internal users. Users include managers,CEO owners,employees and
internal stakeholders who evaluates information. Through this they can check past and
present performance of the company. They can check their progress and take corrective
actions if any deviations are there (Dillard and Roslender, 2011). Managers can make
short,long term plans , policies and other objectives. It also helps them in sales
forecasting,making budgets. Executives can create their reports and can take decisions
related to future. Owners can also do the cost comparison of present with that of past
year and try to reduce the cost. So it is beneficial to the company.
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 Tax accounting – GAAP includes the different guidelines ,directions through which
reports and other accounting statements can be prepared to modify provisions of
taxes .Concepts,principles and other rules are based on GAAP. Through this company
can make tax planning,implementation of tax rules and they can pay taxes timely .Firm
can create tax reports ,returns and give advice regarding it to other areas of business.
They can calculate profits through deducting the profits. Organization will not face any
problem as they pay taxes timely .Through it government can also make their reports
and take short and long term decisions.
 Government accounting – It is referred to public accounting and this type of
accounting is used in public sector. Separate rules,regulations,concepts,principles are
there of this sector as compared to private sector. It checks past, present financial
performance of this sector and if deviations they take remedial actions to improve them.
They can make their reports,rules,policies, plans and objectives related to the budgets
and that of any other problems. Separate policies are created for their events and other
transactions.
 Forensic Accounting – It means the techniques ,auditing and use of other tools in
solving the conflicts in the management. Accountants are witnesses of the criminal and
civil disputes. They helps in detecting the fraud. It includes different cases such as
insurance,personal injury and other different frauds and claims (DRURY, 2013).
 Project accounting – It helps in checking the financial progress of the project. So they
are the standards. Managers can evaluate their performance and can take corrective
actions to improve them. It is beneficial for success of completing the project. It is used
as a competitive weapon for many companies.
 Social accounting – It includes policies,rules which evaluates different activities related
to protection of social environment. Company can make different environmental reports
which helps in making yearly reports. It helps in public awareness and thus helps in
development of society (Dumitru and et. al. 2011).
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P2 Different techniques used for management accounting reporting
From: Management Accounting Officer Date: 21t February, 2018
To: General Manager of Unicorn Grocery
Subject: Management Accounting Reporting
Management Accounting Reporting: Management accounts and reports are the sources by the
help of which goals and targets of the firm can be achieved. Managerial accounting emphasize
on information received by financial accounting and is used for decision making, planning and
controlling. Data and information are collected from various departments of the organisation
such as administration, production and operations, human resource, finance & accounts, sales
and marketing etc. Below described are some techniques used for management accounting
reporting which are as follows:
Budget Report: Under this method, future needs related to finance is forecasted and
arranged it on orderly basis accordingly. Budgetary control technique is used to monitor and
control financial performances of the firm. Through this, the operations of business are directed
in desirable direction. This technique is very useful for managers in order to control all the
operations and costs in given period of accounting.
Accounts Receivable Aging: It is a critical tool mainly used for handling cash flow for
business entities that extent credit to their consumers. This Aging report divides the balance of
customer by the amount they have owned. Most of the report maintains separate columns for
invoices that are usually 60 days late or 90 days late or 30 days late. Accounts manager use
these report so to figure out problem related with firm's collection process. However, if
significant number of customers fails to pay their balances then company are require to tighten
their credit policies. In addition to that, if account manager of Unicorn Grocery periodically
examine account receivable aging then they are ultimately reducing the chances of overlooking
old debts.
Job Cost Report: These reports are mainly prepare for specific project that shows all
the expenses related to that particular project. Thy are matched with estimated revenue which
enables firm to figure to out whether they earned significant profitability in this job or not.
Along with this, it aid in determining high-earning areas of the company so that they can laid
stress on those areas instead of wasting money and time on low profit margin jobs. Unicorn
Grocery is using these report so as to examine expenses during on-going project so that
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managers can deal with wastage area in an effective manner and develop corrective action
before final costs increases or escalate.
Management Information System: For proper and effective functioning of business,
free flow communication is necessary within the organisation. Thus, management needs to
build the system by which every individual of the firm can assess information & data and used
it for discharging their responsibilities and taking decisions. Proper and clear communication of
information ensures attainment of set objectives and targets of the company in effective and
efficient manner.
Cost Accounting: Cost data is presented by this method of accounting in product,
process, department and branch wise. This method focuses to capture cost of manufacturing of
the company by assessing the cost of raw material at every production step and fixed cost. Data
is compared with predetermined cost data. This comparison enables the management to find out
the reasons that are responsible for variance among these costs. Various costs are considered in
this method of accounting.
Fund Flow Analysis: This is used to determine all inflows and outflows of cash in and
out of financial assets. It is useful for the management to ensure proper utilization of funds. The
data of present year is compared with previous one in order to know that whether capital is
properly utilized or not. By the assistance of fund flow analysis, funds from operations and
changes in working capital are also examined.
Marginal Costing: This method is use to set fix selling price, pick out best sales mix,
optimum utilization of scarce resources or raw materials, make decisions, rejection and
acceptance of bulk and foreign order etc. It is rely on fixed & variable cost as well as
contribution (Fullerton, Kennedy and Widener, 2013).
Decision Making Accounting: It is the method by which management choose most
profitable and best alternative to solve the issues related to business. Comparison of relevant
cost is done in order to select such alternative. Hence, accounting information and data are used
to resolve issues which arises due to increasing nature of complexity of business. This method
helps the managers of the company in making effective decisions which leads the firm towards
attainment of objectives on specific period of time.
Management Reporting: A report is prepared by management accountant on the basis
of balance sheet, profit & loss account content and submit them to top management (Granlund,
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2011). These reports reveal strengths and weaknesses in various areas of financial and operating
activities. These determination are very useful to manager in decision making and exercising
control.
Ratio Analysis: This method is useful to management in release of its general functions
of anticipating, planning, coordination, communicating and control. It coat the way of effective
control of firm's operations by undertaking appraisal of both monetary and physical targets. It is
used to analyse different aspects of financial and operating performance of the company such as
liquidity, profitability, efficiency and solvency of firm.
Financial Statement Analysis: Balance sheet and profit & loss account are crucial
financial statements. These are examined for different period. This analysis assist the
administration to know the growth rate of business entity. Financial statement analysis is done
by ratio analysis, comparative and common financial statements.
Revaluation Accounting: According to this technique, fixed assets are revalued so that
capital is clearly represented with the value of asset (Hopwood, Unerman and Fries, 2010). It
assists to determine fair return on the capital employed.
Cash Flow Analysis: Cash movement from one period to other can be determined by
this analysis. It is use to evaluate quality of firm's income. Positive cash flow shows increase in
liquid assets of company and negative indicates decrease in liquid assets.
Financial Planning: The main purpose of every business organisation is profit
maximization. This objective is attained by formulating appropriate and sound financial
planning. Thus, financial planning tool is considered as a best method for accomplishing
objectives and targets of business concern (Kotas, 2014).
Standard costing: It is defined as a predetermined cost. It acts as a yard stick to measure
actual performance. This method is used to find out the reasons for deviations. Standard
costing is used by the firms to determine the variances between actual cost of products that were
manufactured and the cost that must have incurred for those goods. It includes the cost of direct
labour & material and manufacturing overhead.
Above mentioned are the different techniques used for management accounting
reporting . The financial manager of Unicorn Grocery use some of these methods in order to
attain objectives of the organisation. These methods are assistive in making financial decisions
and monitoring and control of performance of the organisation.
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TASK 2
P3 Different techniques of cost analysis
Computation of Net profit by using absorption costing
Income statements
Particulars Amount
Sales 35*500 17500
Less:
Production cost 6+5+2+3 = 16*500
8000 8000
Gross profit 9500
Less:
Variable sales overhead 500*1 500
Selling and administrative cost expenses (800+400) 1200 -1700
Total Profit / Loss 7800
Calculation through marginal costing using
Income statements
Particulars Amount
Sales 35*500 17500
Less:
Production cost 6+5+2 - 7800
Closing stock: 100*13 - 1300 -6500
Contribution 11000
Less:
Variable sales overhead 500*1 500
Fixed overhead -1800
Selling and administrative cost expenses (800+400) -1200 -3500
Total Profit / Loss 7500
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In above practical question, cost has been analysed via two techniques one is absorption and
other is marginal. In absorption costing, fixed cost and overheads are not taken into
consideration. Profit under marginal cost technique is £7500 and under absorption is £9500.
Difference between financial statement and financial planning:
Financial Statement Financial Planning
 This statement is generally prepare on
the basis of financial statement or
records such as income statement,
balance sheet, profit and loss statement.
 It shows the actual position of the
company in terms of numerical figures.
 This technique also determine the
capacity of Unicorn Grocery in context
of paying all debt and liabilities on
time.
 It anticipates financial needs, managing
different department and division and
identifies the needs in order to achieve
specific task.
 It assist in creating financial
procedures which further help in
achieving goals and objectives of the
company.
 With the help of financial planning,
Unicorn Grocery can identify the need
to capital requirement.
TASK 3
P4 Advantages and disadvantages of different types of planning tool
Budgetary Control refers to the process through which various business
enterprises prepare budget for future time period and match with actual performance in order to
detect any variances (Leitner, 2013). In simple words, budgeting means preparation of plans in
numerical figures for the specified future time-frame. Companies may develop the budget for
different divisions, departments, units or the entire organisation. The time period of budget is
usually for one year depending upon the firm whether they prefer accounting or financial year.
Organisations compare budgeted figures with the actual ones which is ultimately beneficial for
company as via this they can easily determine variances & take corrective measures without any
further delay. Budgets are the basis of control systems. They measure the performance of the
company in terms of financial figures and alleviate comparison among different levels or
divisions of Unicorn Grocery.
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Purpose of Budgeting:
 Assists the manager in co-ordinating financial resources and activities related to different
units or departments of referred firm.
 Helps in evaluating the performance of units and managers.
 Renders clear guidelines in context of company's financial expectations and resources
(Leitner, 2013).
 Centralizing the budgetary-control system of Unicorn Grocery.
 Effectively measure the variances and immediately take corrective actions.
Classification of Budget: There are three kinds of budgetary control systems which are
described as follows:
Advantages Disadvantages
 Budget promotes co-ordination and
communication in the business
enterprise.
 Budget set standards so that managers
can compare their actual performance
with that.
 It help the manager to maintain record
of each and every transaction.
 With the help of Budget, manager can
determine the inflow and outflow of
cash.
 Preparing Budget is time-consuming
process
 Budget are rigid.
 It hampers flexibility, change and
development of plan.
 Lack of certainty.
Classification of Budget: There are three kinds of budgetary control system which are described
as follows:
Classification of Budget: There are three kinds of budgetary control systems which are
described as follows:
1. Financial Budgets: This budget usually defines the sources through which Unicorn Grocery
is expected to receive cash for the upcoming time period (Moser, 2012). After notifying various
sources, they planned the way in which they are going to utilise cash. Cash source mainly
includes sales of assets, loans, sales revenues and issuance of new stock.
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After receiving cash, referred firm determines the ways of utilizing it. It commonly
includes purchase of assets, pay debt or expenses, pay dividend, etc. The types of financial
budgets are: Cash Budget: This budget determines the inflow and outflow of cash on daily, weekly
and monthly basis. It enables the firm to maintain good working capital and fulfils
current obligations in an effectual manner. With the help of this budget, Unicorn Grocery
can easily determine the accessibility of excess cash reserves which they can utilize it in
future profitable investments. Capital expenditure budget: This budget mainly emphasises on purchasing of major
assets in the form of new land, machinery, equipment or plant. Companies usually take
loans or borrowings from other sources in order to acquire or buy such assets as they
provide long term benefits to organization.
 The balance sheet budget: This budgets defines the relationship between total liabilities
and assets of company (Otley and Emmanuel, 2013). This is often known as financial
statement of the company as it depicts its actual or current financial position of the entity
as compared to its competitors.
Advantages Disadvantages
 Financial budget provides awareness in
terms of earnings and expenses of
business enterprise.
 It outlines the exact inflow and outflow
of cash.
 Assists in the expansion of company.
 Time-consuming as at the end of every
month or weak, company has to prepare
its cash budget.
 Lack of flexibility
 Lack of non-financial factors
2. Operating Budgets: These budget statements outline the planned operations of business
enterprise for a specified time-frame. Following are the types of operating budget: Revenue or sales budget: This budget focuses on the earning or income of business
entity from different sources in order to carry out its day to day operations in an effective
way. Firms earn money via doing normal operations (Parker, 2012). Managers of
Unicorn Grocery prepares this budget in order to understand or analyse the future
financial perspective of their company.
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 The expense budget: It depicts anticipated expenses of the firm for a particular time
period. This budget mainly describes the current and future expenses that firm has to
overlook. With the help of this, managers of referred company prepare themselves to
meet future expenses in an effective way.
 The project budget: This statement mainly emphasizes on anticipating differences among
the expenses incurred and revenue generated by business enterprise. If expected profit
figure remains lower in number, then company will be liable to take corrective measures
in order to minimise the expense figure.
Advantages Disadvantages
 It helps in managing current expenses
of company in a systematic and
structured way.
 With the help of operating budget,
company can effectively identify its
long and short range of planning needs.
 Provides financial freedom and
flexibility in terms of spending amount.
 Costly method as it includes extensive
research in order to analyse the long
range planning needs of company.
 Time consuming as managers are
required to keep updating operational
budget timely.
 Any unmatched figures adversely affect
the expenses and project budget.
3. Non-Monetary Budgets: These types of budget statements are mainly prepared in order to
analyse the non-financials revenues, expenses, sales or profits. It includes: Fixed Costs: These are those expenses which company is bound to pay. This cost does
not change with the passage of time (Qian, Burritt and Monroe, G., 2011). Unicorn
Grocery is paying fixed cost in terms of giving salary to their employees, managers or
rent of building. Variable Costs: Such types of cost changes with any modification in operations. It is
figured out on the basis of change in production or expense. It is directly proportionate to
the output quantity. This budget helps the firm in identifying those factors that change
with passage of time.
 Semi-Variable Cost: It is a composition of both variable and fixed costs. Such type of
costs may vary for particular unit of production. For example: cost related to repairs,
maintenance and advertising comes under this. This cost is very difficult to anticipate as
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they change with the passage of time and not related directly to operations (Shah, Malik
and Malik, 2011).
Advantages Disadvantages
 Provides stability in company
 It facilitates efficient and effective
control.
◦
 Any increase in fixed cost adversely
affect the per-unit cost.
 Variable cost changes rapidly.
TASK 4
P5 Evaluate how companies are adapting different management account system
Management Accounting refers to the process of making and providing statistical and
financial information to company's managers on timely basis which further assist them in making
both long and short term managerial decision. It is different from financial accounting as it
prepares financial report for the business enterprise on weekly or monthly basis (van der Steen,
2011). It normally covers the cash reserves, revenue generated, outstanding debt, accounts
receivable and payable, closing and opening stock etc. There are various tools and techniques
that aid in measuring the final result in an effective and efficient manner are discussed below:
Key Performance Indicator: This is considered as the most suitable tool in terms of dealing
with all financial problem in a structured and systematic way. These are mainly used in order to
find out the performance of a business enterprise as well as individual throughout the year.
Benchmarking: Under this, certain standards has been set by the company and they measure
their performance according to that. These benchmark assist the company in knowing whether
company is performing as per the given defined standard or not. They measure actual
performance with the defined one.
Financial Governance: Under this various government bodies frame rules and regulation for
business enterprise so that they can smoothly carry out their operation or activity.
With the help of different management accounting techniques and procedures, it
becomes easier for manager to take strategic decision which yield higher profitability and
revenues for the firm. It is act as support tool as it provides information to the business owners
related to its financial figures. Although it is focusing on enhancing firm's operation, but still
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there are few problems that exist in the business function and that has a strong influence on
management accounting (Zamora, 2011). Thus, managers or owners are required to pay attention
towards using management accounting techniques in their business operations. Below mentioned
are some financial problem and their solution in context of management accounting:
 Price Deciding: It is considered as an important part of manufacturing and production
companies. Managers determine various factors before finalising the price for the
product. Generally two types of expenses are related with production cost at its initial
phase and they are direct and indirect cost. Operational Manager of Unicorn Grocery first
determine both direct and indirect cost and then according to that they decide price for
their products. For instance, Direct cost normally deals with direct expenses related to
labour, raw material, wages, electricity, fuel etc. Indirect cost includes daily expenses,
administration expenses and other factors that are changing continuously. Unicorn
Grocery are require to adopt marginal and absorption cost system. With this techniques,
they are able to easily determine both indirect and direct cost and after analysing that,
they decide the price of product so that they can yield profit on that.
 Costing system: Every business enterprise use different types of costing method in order
to determine total cost incurred on particular task or project. Companies divides its
process into batch or division. Then they use techniques in order to identify the total cost
related with each batch or division. Cost analysis is mainly done in three ways which
includes actual, normal and standard costing. Unicorn Grocery is applying the concept of
Process costing in their business operation with the help of which, referred firm can
refine the production process in the form of one single dimension.
 Strategic Planning: This tool help the organisation to make strategic decision so that
company can accomplish their objectives in an effectual manner (Albelda, 2011). With
the help of this, firm can easily identify its strength, weakness, threat and opportunities.
This tool enable the firm to prepare themselves for future unforeseen contingencies. Cost
related to day to day activities largely influence the financial position of the company.
Financial numbers helps the firm to gain competitive advantage over their rivals in the
marketplace. This tool entitles the firm to yield higher profitability and capture large
market share.
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 Reliability: Manager analyse the figures of the company and prepare the statement which
depicts their position in terms of figures. But the main disadvantage with this technique is
it is not reliable (Wilson, 2015). For instance if a person wants to analyse future sales
they have to wait for an year as the figures kept on changing very rapidly.
Unicorn Grocery Zylla Company
 As the referred firm deals in selling
grocery items so they are require to use
various operational control device so to
measure the activity of all operational
level in an effective manner.
 Financial Governance can be
implemented in an effective manner so
that they can control their losses and
profit systematically.
 As the company is operating their
activities on large scale, they are
require to use Key Performance
Indicator which aid in determining their
financial performance during the year.
 The company can also SMART tools as
these are considered as the most used
and effective tool.
CONCLUSION
As per the above mentioned report it can be concluded with the help of management
accounting, manager can analyse the financial position of the company. It helps the managers in
making effective decision related with profitability and revenues. Different types of management
accounting enables the firm to accomplish their goals and objectives in an effective and efficient
way. With the help of different budgetary-control method, company can make classify their
entire budget into financial, operating and non-monetary budget. Their advantages and
disadvantages enables the firm to chose appropriate method that yields higher profitably and
market share for the business enterprise.
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Online
Implementation of management accounting tool in organisation, 2017. [online] Available
through <https://www.mckinsey.com/business-functions/sustainability-and-resource-
productivity/our-insights/how-companies-can-adapt-to-climate-change>
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