Management Accounting: Systems, Reporting, and Costing Methods

This document provides an overview of management accounting systems, reporting, and costing methods. It explains the advantages of different accounting systems, such as inventory management, cost accounting, price optimization, and job costing. The document also includes the preparation of income statements using marginal and absorption costing methods. Suitable for students studying management accounting.

Management Accounting

Contents
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
P1. Management accounting systems......................................................................................................3
P2. Management accounting reporting....................................................................................................5
M1. Advantages of management accounting systems..............................................................................6
D1 Evaluation of accounting systems and management accounting reporting that are integrated within
organizational processes..........................................................................................................................7
TASK 2..........................................................................................................................................................8
P3 Preparation of income statement by using marginal or absorption costing method............................8
M2.Application of wide range of management accounting techniques and production of appropriate
financial reporting documents...............................................................................................................14
D2. Financial reports which helps in interpreting business operational activities..................................14
TASK 3........................................................................................................................................................14
P4 Planning Tools..................................................................................................................................14
M3 Application to prepare and forecast budget.....................................................................................16
TASK 4........................................................................................................................................................17
P5 Use of management accounting system for responding few of financial problems..........................17
M4 Responding to financial problem, management accounting lead to sustainable success.................19
D3 Evaluation of planning tools for address financial problem.............................................................19
CONCLUSION.............................................................................................................................................19
REFERENCES..............................................................................................................................................21

INTRODUCTION
Management accounting involves different processes related to preparing along with
presenting annual reports in this way as to facilitate internal development in planning for the
future, formulating strategies and managing company activities (Bennett and James, 2017). Such
accountability has the purpose of assisting managers when making choices to enhance the
business. Any company does not need to follow management accounting, as its criteria rely on
organizational priorities. To better understand the concept of management accounting selected
Creams Ltd, who is dealing into ice creams, waffles, doughnuts and many other products. The
study addresses management accounting frameworks with their key criteria, accounting
procedures, use of acceptable market analysis methodology to prepare financial statements
utilizing absorption charges, and also marginal costs. This also requires tools for preparation
with benefits and drawbacks, the use of accounting management solutions to react to financial
issues that contribute that sustained performance.
TASK 1
P1. Management accounting systems
Management Accounting: Management accounting is a systematic process that involves
recognizing, defining, documenting, evaluating, assessing and transmitting financial and semi-
financial details to main executives in order to make strategic choices to achieve organizational
objectives. This reporting also deals with systemic considerations, as well as helps financial
professionals in the planning and presentation of essential financial reporting. It is also used by
Creams Ltd's executives when they make quick-term and lengthy-term actions to take through
activities or events without further obstacles.
Management accounting System: The management accounting system definition is a
long run-oriented approach that incorporates numerous processes and has broad range covering
different company divisions. Many of Creams Ltd's company information systems shown are as
pursues:
Inventory Management system: Inventory represents the amount of stock of the
products used at different levels to manufacture a finished brand and make it available for sale.
Such program is concerned with both administration and monitoring of business products. A

detailed database is kept to use such a method, which involves the date and time of the amount of
product brought into the company, and its storage, including the removal of larger quantities for
sale, it is simple to measure and assess the existing properties accessible and the inventory
needed for more activities(Christ, 2014). Within Creams Ltd's framework, administration utilizes
this method to monitor stock at various organizational places in order to obtain reliable
information connected to current storage volume that tends to make choices about additional
stock needed. The main benefit of the inventory management program is to maintain a
comprehensive stock level database in order to avoid overstock-related or stock-related issues at
different processing points. The essential requirement of maintain stock level in appropriate
manner and supply on time.
Cost accounting system: The system that succeeds in estimating the value of different
organizational goods and evaluating factors linked to productivity, assessment of stock and
regulation of costs. Estimating reliable expenses related with goods is very critical for
manufacturing leaders, as successful evaluation contributes to efficient processes. Creams Ltd
executives need such a method to measure the stock cost of the closure stock, the stock of
manufactured goods and the function in the stock of processes. The benefit of this method,
administrators establish appropriate accounting sheets are tracking the expense of raw resources
used when processing final fruit drink items such as sugar amount, berries, sugar, water content,
colors, etc. In order to measure the cost of various sales volumes of organizational goods as to
make finished reports, the cost accounting method is effectively necessary at workspace. The
essential requirement of this system to analysis the cost of every product that manufacturing by
an organisation.
Price optimization system: A statistical model in which production fluctuations are
measured at various price rates is called the method of market optimizations. Administrative
executives use it to monitor crucial-resource costs (Fullerton, Kennedy and Widener, 2014).
Creams Ltd's administrators decide user reply to various price points of ice creams, waffles, and
soft drinks would use such a model. To determining retail prices, it allows supervisors to assess
different flavors in this kind of way that maximizes the profitability. It is essential require to
efficiently distribute commodity prices resulting in the fulfillment of both functional and
corporate priorities.

Job costing system: The aggregation of inventory, payroll and wage costs for a specific
product or job is referred to as a method of labor costs. Such a program is implemented in the
workforce as multiple items are manufactured which are distinct from one another and require
considerable costs in each object. Moreover, it discusses production costs through sub-parts
including direct content, specific manpower, depreciation and therefore with the intention of
calculating real product costs. With respect to Creams Ltd, it is built a different section that is
responsible for controlling expenses including major product expenditures. The benefit of this
system to analysis job cost and essential requirement of this system that to analysis sub
production cost in authentic manner.
Thus, the successful use of any of the above-mentioned accounting systems allows Creams Ltd's
administration to regularly maintain perfect accounts of the events or procedures that occurred at
the workplace. All of this helps to boost the operating performance to growing the firm's
profitability.
P2. Management accounting reporting.
Management Accounting Reporting: Different types of reporting documents are
compiled in a company, all of which have important relevance when supplying details to top
management agencies. Financial reporting documents are written with the aim to assist in
preparation, success assessment and successful policy taking. Both administrators on the
employee compile these documents, since they provide consistent and reliable statistical or
financial records (Hall, 2016). Creams Ltd heads of departments arrange the preceding
accounting reports:
Budget Report: The critical report which aims to measure overall financial results over
the accountability term. They are organized by the executives at organizational and
administrative stage, which allows formulating the company's overall plan. Creams Ltd's
executives evaluate all previous fiscal assets output, and devise potential strategies to achieve
realistic results
Performance Report: As whole and performance documents are designed for the
intention of monitoring and assessing staff and organization results. Such a study offers a
comparison of results in each venture within overall results and dependent boarded output. The

variations determined by analyzing actual outcomes and regular output are evaluated specifically
and are described in these studies. Using all these reports, Creams Ltd's administrators evaluate
efficiencies as well as job performance failures and other operations, and assess real behavior in
order to make choices about the enhancements.
Account receivable report: These are perfectly portioned by companies that rely on
increasing balances and also helping to assess the repayment of questionable reports. It
categorizes the organizations' accounts receivable by the time remaining period associated with
an invoice. In addition, and use such a document, the administration of Creams Ltd determines
the financial situation of clients and produces a document by creating separate categories for the
money received and the money not collected from buyers, that allows to identify the identity of
borrowers by brief glance.
Inventory and manufacturing report: Organizations included in production operations
are planning this form of reporting document to document all operations centered on stock use
and product production so that the specific practices are accurate and successful. It includes
specific details including depreciation cost per unit, consumption of inventories and labor costs.
Creams Ltd's executives equate their current records with previous year as well the study to
assess the need for changes. By reviewing these report administrators may implement ideas for
making stock and service management efficient (Lavia López and Hiebl, 2014).
Therefore, all of the above financial documents are used by administrators of Creams Ltd
to track different costs as well as make changes in the fields they are missing inside which will
contribute in more effective performance of business units.
M1. Advantages of management accounting systems
Accounting system Advantages
Inventory management system This system is useful for maintaining stock information and
handling them correctly. With the aid of this device
Creams Ltd will help the environment and increase output.
In addition, using that same program organization can
position last ordering to raw resources that allows

sustaining a lengthy-term market.
Cost accounting system It helps to reduce operational costs and monitor increased
demand inside Creams Ltd. Managers will predict all
expenditures and determine all manufacturing costs by
considering expenditures.
Price optimisation system Its benefit is to determine the quality of the services and
products. By using this process, Creams Ltd is gaining
advantage as it sets the prices of raw materials which
actually boost production and productivity. Institutions
should also use this method to set reasonable market rates
and also gain competitiveness.
Job order costing system This method offers a profit for Creams Ltd in distributing
employment to staff and handling research as per the goals.
The boss of Creams Ltd divides duty and organizational
accountability, and improves performance.
D1 Evaluation of accounting systems and management accounting reporting that are integrated
within organizational processes
Management report and accounting framework are combined with operational procedures
such as helping to assess, identify and make strategic decisions to operate a company.
Administrators prepare financial statements for the intention of matching standardized reports
with real evidence that allows taking the appropriate action. In Creams Ltd, director uses various
account systems such as price optimization, managerial accounting, job order costs and stock
control tool that helps to organize budget report, results, inventory control and account
receivable reporting to conduct commercial transactions that aid in administrative activities. If
Cream's administration utilizes these tools correctly and produces reports then company sector

priorities and targets can be achieved. As a consequence, high efficiency and competitiveness are
considered systems of organization (Maas, Schaltegger and Crutzen, 2016).
TASK 2
P3 Preparation of income statement by using marginal or absorption costing method
Marginal costing: The costing approach which is efficient and also commonly used is
variable costing. It is cost of production consisting of cost of production, fixed costs and labor
costs. Supervisors are using it to measure overall cost of producing approximate amount of
goods.
Income statement using marginal costing for January
Sales (10000*25) 250000
Less: Cost of goods sold 130000
Opening Stock 0
Add: Direct material 50000
Add: Direct labour 30000
Add: Variable manufacturing
overhead 20000
Less: Closing stock 0
Add: variable selling overhead 30000
Contribution 120000
Less: Fixed costs 70000
Fixed manufacturing overhead 40000
Fixed selling and distribution
overhead 30000
Profit 50000
Income statement using marginal costing for February
Sales (5000*25) 125000
Less: Cost of goods sold 80000
Opening Stock 0
Add: Direct material 50000
Add: Direct labour 30000
Add: Variable manufacturing
overhead 20000
Less: Closing stock (5000*10) 50000
Add: variable selling overhead 30000

Contribution 45000
Less: Fixed costs 70000
Fixed manufacturing overhead 40000
Fixed selling and distribution
overhead 30000
Loss -25000
Working Notes (1) Marginal cost unit
Direct material + direct labor + variable manufacturing overhead/units
50000 + 30000 + 20000 = 100000 / 10000 = 10 per units
Working Notes (2) COGS (January)
Opening Inventory + Production – Closing Inventory
0 + 10000 – 10000 = 0
As per the overall calculations it has been analysed that while calculating profits from
marginal costing the entity will generate profits of 50000 for January month and loss of 25000
for February month.
Absorption costing: The other costing form is absorption costing that involves all expenditures
specifically related to the development of the business's specific product. It provides correct net
returns, as it contains all expenses.
Income statement using Absorption costing for February
Sales (10000*25) 250000
Less: Cost of goods sold 140000
Opening Stock 0
Add: Direct material 50000
Add: Direct labor 30000
Add: Variable manufacturing overhead 20000
Less: Closing stock 0
Add: Fixed manufacturing overhead 40000
Gross Profit 110000
Less: Non manufacturing cost 60000
Add: Variable selling overhead 30000

Add: Fixed selling and administrative
overhead 30000
Profit 50000
Income statement using Absorption costing for February
Sales (10000*25) 125000
Less: Cost of goods sold 70000
Opening Stock 0
Add: Direct material 50000
Add: Direct labour 30000
Add: Variable manufacturing overhead 20000
Less: Closing stock (5000*14) 70000
Add: Fixed manufacturing overhead 40000
Gross Profit 55000
Less: Non manufacturing cost 60000
Add: Variable selling overhead 30000
Add: Fixed selling and administrative
overhead 30000
Loss -5000
The above calculation of absorption costing is showing that when it will be used by the
organisation then the total amount of under absorption will be around 51000 in February and the
net profits will be same as marginal costing.
January February
Managerial cost for profit 50000 -25000
Add: Production overhead
fixed cost element in closing
inventory 0 20000
50000 -5000
Less: Production overhead
fixed cost element in
opening inventory 0 0
Absorption costing profit 50000 -25000
Calculation of variances:

From the above calculations of variances, it has been determined that labour rate and
quantity variances for the organisation will be 3638 (a) and 6428 (a). Material cost and quality
variance for the organisation will be 900 (f) and 2000 (f).
M2.Application of wide range of management accounting techniques and production of
appropriate financial reporting documents
Management accounting methods are commonly used against company's bookkeepers to
routinely prepare financial statements. Creams Ltd's Accounting Administrators use marginal
costing accounting methods including absorption costs when generating paper reporting. These
records are also used for informed decision taking by outside entities including shareholders or
stakeholders. Various departments’ managers are accountable for recording all operations in the
corresponding documents and sending them to the division of finances for additional operations.
Business managers review all details on these documents critically and then review financial

information including financial statements, financial position, cash flow reports and the like to
assess the organization's financial standing in a competitive situation (Malina, 2018).
D2. Financial reports which helps in interpreting business operational activities
Financial statements are known as essential records that are used by shareholders or stakeholders
in a financial year to assess the corporate results in monetary terms. They review financial
statements to decide on potential investments. It is interpreted from the above financial
statements which Creams Ltd is receiving earnings at the November and December moths. The
observed net income for the couple of days of November is £50,000, and for December is
£10,000 negative, through absorption costing methodology. In about the exact time, net income
for November is £60,000 by marginal costing strategy, and £100,000 for December. The
financial statements contain all expenditures that help to accurately analyze all company
financial transactions.
TASK 3
P4 Planning Tools
Budget: The statements or budget containing intended money flows, earnings volume,
expenses, resource amounts and more for specified period is funding. All businesses prepare
funding since it provides instructions to devote the limited capital in different pursuits. Budgets
empowers proprietor Creams Ltd to focus more about cash flows to ensure you could keep costs
down and boost investment yields.
Budgetary Control: This is a mechanism that is used to manage costs by formulating
timely budgets and comparing real results with projected data. This is essentially a tool that lets
Creams Ltd managers track company practices by taking reasonable remedial action to obtain
optimum efficiency and efficiency on the basis of the analysis (Messner, 2016) .
Rolling budget: Once the latest budget cycle is finished, a rotating budget is regularly
revised to include a proposed budget cycle. The rolling budget therefore includes the gradual
expansion of the overall budget template. In doing so, a company has always had a budget which
stretches to the potential for a period. A rotating expenditure requires far more managerial effort
than was the case when an organization generates a static one-year budget, since certain budget
updating activities often has to be replicated every month. Furthermore, Creams Ltd uses

participatory saving money to build its budgets on a rotating basis, the cumulative worker time
worked over most of the period of a year is important.
Advantages Disadvantages
This method has the benefit of making
someone continually watch over the premium
model and revising budgetary expectations for
the plan's last cumulative duration.
The drawback to this strategy is that it does not
produce a budget that is more realistic than the
conventional static budget, because there is no
adjustment of the budget cycles until the
additional monthly just introduced.
Rolling is simple to implement as financial
statements of previous periods, the field is
normally available on which this technique is
predicated.
The method surveys only the minor
modifications from the final budget at the
detriment of any amount of fundamental
changes in the internal ecosystem that could at
best call for a re-assessment or, at the worst, a
redesign of the entire system.
Cash Budget: Cash budgets are used to represent or forecast a company's potential
financial status. It demonstrates various sources from which cash can be generated in the
potential and also displays expected cash demand and allocation to fulfill the demand. For
Creams Ltd, it includes a standardized overview of the planned cash flow for the entire company
to ensure proper day-to-day operation avoiding disruption due to cash abnormality. In regard to
the drawbacks relating to the cash allocation, the below are few advantages:
Advantages Disadvantages
Include successful compromise among cash
flow and money with day-to-day operations to
maintain convenience (Modell, 2014).
It is dependent on potential revenues and other
transactions projections, so these predictions
restrict the efficacy of the money expenditure
because it is not focused on accurate
information.
Provide appropriate oversight over cash It does not involve un-financial considerations,

expenditure by careful tracking of various
agency expenditures.
so it does not reflect the true role of the
company.
Zero based budget: It is a budget that requires planning the Zero foundation or protein
scale schedule. It involves reassessment of any component, and it also needs proper explanation
of all investment. In this tool, as can be seen by discrepancy grounds, all repayment for current
periods is calculated on a structured premise (Nielsen, Mitchell and Nørreklit, 2015). Creams
Ltd makes use of the Zero base budget for new goods only, making it possible to collect details
on real expenditures and revenues.
Advantages Disadvantages
Offer additional value-effective ways to
enhance operations and to distribute capital
effectively based on requirements and rewards.
This is difficult approach because all
expenditures need acceptable reason.
It helps reduce financial waste and those out
of-date activities by offering new forms of
spending and profit estimates.
It needs serious and an in-depth details of
every monetary element, and therefore requires
for administrator and worker obstetric learning.
Other budgets: There are mentioned some other planning tools such as:
Activity based budgeting: Budgeting dependent on operation is a form of money
management in which expenditures are planned utilizing Activity Based Expense while
recognizing the overheads. Simply put, activity-based financial planning is a budgetary
technique that does not allow the expenditure of the previous year to meet the existing budget of
the year.
Investment appraisal: Investment appraisal is a way for a organization to determine the
feasibility of new investments or ventures based on the results from many various capital
budgeting and funding strategies.

M3 Application to prepare and forecast budget
In preparing and predicting the future economic budgets, scheduling instruments play an
important role. A prediction is essentially the co manager’s estimation and estimate of future
circumstances. Planning methods involve elements such as rolling budget, cash budget, zero base
budget and many other budgets, which include calculating and projecting potential revenue, cash
flows, etc. data, thereby providing a basis and promoting the planning of the organization's
overall budget.
TASK 4
P5 Use of management accounting system for responding few of financial problems
Most of the companies now face profit-related issues recognized as financial issues for a
few months. When the corporation does not have enough economic capital to carry out business
processes. Creams Ltd is struggling to deal with some of them too. These all influence the
corporation’s corporate implementation practices (Otley, 2016). All the business's issues relating
to cash are as pursues:
 Sudden expenses: There are different forms of expenditures which may arise
unexpectedly and Creams Ltd's management are expected to put up to them in a
satisfactory manner. Both these contribute in a shortage of money for company
operations. For instance, equipment maintenance is one of the unforeseen costs that may
happen unexpectedly and then administrators are forced to pay them out of the allocated
sum. It generates a financial deficit for the company.
 Late payments by clients: Often consumers purchasing products on loan make tough
payments which can lead to financial problems. This influences Creams Ltd's operating
performance. For executives, tightening the payment framework is very necessary, so that
the company can collect the unpaid balance on schedule.
 Improper money management system: In context of Creams Ltd's financial
management method is not adequate as the administrators do not use the appropriate
accounting rules. Hiring qualified team members is quite essential for the organization so
that all the operations connected to bookkeeping can be carried out in a proper way.

Creams Management Ltd. Using two distinct methods to classify all the financial difficulties.
These are as obeys:
KPI: These are the efficiency metrics the companies use to assess the effectiveness and
weakness of the systems the organization uses. Within Creams Ltd. The supervisors are using
KPIs to recognize the issue of sudden expenditures. It directs the administrators to assess
potential unforeseen expenses (Renz, 2016).
Benchmarking: It is a method used to contrast the practices of the corporation with
rivals in order to evaluate the company's problems. In Benchmarking administrators are using it
to recognize the issue of inadequate handling of money and late payments by customers by
contrasting the company's approaches with everyone.
Financial Governance: All of Creams Ltd's financial challenges are addressed with the
aid of financial governance practiced by the executives. It directs the organizations to incorporate
all the applicable criteria so that the budgets can be properly developed. The issue of unsuitable
financial planning program is addressed by adopting the right rules, the question of unforeseen
expenditures is dealt with by holding sufficient resources to them and the challenge of late
payments is addressed by increasing the organization's credit controls.
Difference between Creams Ltd and Bake Ltd
Creams Ltd. Bake Ltd
In Creams Ltd., cost accounting system is
being used by administrators to resolve the
issue of unsuitable managing money method
by maintaining correct cost records.
The company uses the inventory management
technology to keep control of the products used
during the procedures.
Organization administrator’s use work costing
program to resolve the problem of unforeseen
expenditures by holding accurate details of the
organization's operations.
The supervisors use the work costing
technology to keep control of all the tasks that
are done as per the buyer’s requirements.
Price optimization system is being used by Executives have used the cost accounting

supervisors to address the issue of customers'
late payments as the director's proposals to laid
down that percentage for the brands where
customers can pay the whole amount of cash
instead of purchasing them on loan (Salterio,
2015).
method to evaluate the costs required
to development processes.
M4 Responding to financial problem, management accounting lead to sustainable success
Such as Creams Ltd. has numerous kinds of problems which adversely affect functional
performance. The company executives are applying benchmarking, and KPI to identify all of
them, and financial governance can also be used to handle them appropriately. Such concerns
cause savings-related challenges for the company, causing detrimental influences on
productivity. The three methods the company uses help to better define and address them so
company can be efficiently conducted such as Key performance indicator, benchmarking and
financial governance (Schaltegger and Burritt, 2017). These are helping to business to effectively
recognize all the problems and sort out on the time to get success for longer period on time.
D3 Evaluation of planning tools for address financial problem
In the context of Creams Ltd. administrators uses three various kinds of planning tools, like
operating, master, and zero-based budget. Every one of them assists by predicting them in ahead
of time to cope with financial difficulties including late payments by customers, unforeseen
circumstances and an inappropriate financial management scheme. Most of them allow
administrators in the potential to be prepared for the problems so that they can be properly
handled. These planning tools that direct the administration to act appropriately when faced with
a trouble condition, so that they can assign probabilities (Shields, 2015).
CONCLUSION
It has been inferred from this project study that management accounting is the method of
tracking, assessing, managing and increasing company's efficiency. Organizations use different
types of programs to conduct business in a suitable manner. Things include cost accounting, cost
of operation, inventory control and quality optimizations. The company executives also produce

accounts receivable for various kinds of management documents, inventory control, expenditure
and efficiency to keep records of organizational details. Three forecasting instruments such as
running, master and zero-based plans will be used by the administrators in the system of
organizational management, so that expenditures can be developed accordingly. Business
organizations use KPI and benchmarking to define financial difficulties, and they use financial
governance to address problems.

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