Management Accounting and its Types

This document provides an overview of management accounting and its types. It discusses the benefits of different management accounting systems and their integration with business processes. The document also includes the preparation of income statements using absorption and marginal costing techniques.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1. MA and its types...................................................................................................................3
P2. Different methods of MA reports.........................................................................................4
M1. Benefits of MAS..................................................................................................................5
D1. Integration of MAS and MA reports with business process................................................6
TASK 2 ...........................................................................................................................................6
P3. Preparation of income statement by help of absorption and marginal costing.....................6
M2 Accounting techniques to produce financial statements.....................................................12
D2. Interpretation of produced financial statements.................................................................12
TASK 3..........................................................................................................................................12
P4. Advantages and disadvantages of different planning tools of budgetary control...............12
M3. Role of planning tools in order to make accurate forecasting and preparing the budgets.14
TASK 4..........................................................................................................................................14
P5. Difference between enterprises in order to sort financial issues by help of different MAS.
...................................................................................................................................................14
M4. Importance of MAS in the context of solving financial problems....................................16
D3. Role of planning tools in overcoming from monetary issues.............................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Accounting is a major aspect of corporations in order to help monitor financial
transactions. The MA is one of the major components of accounting. It is connected to the
process of acquiring financial and non-financial information in order to prepare internal
statements when administrators need it (Siverbo, 2014). Only the internal investors are provided
with these reports. The goal of the project report is to examine the position of this company
accounting. Alpha limited company, which is headquartered in the United Kingdom and
specializes in the production of pizzas, has been selected in the report. The report contains
comprehensive information on various MAS, MA reports and instruments for planning, etc.
Furthermore, the report also mentions the role of different MAS in the monetary problem
filtering aspect.
MAIN BODY
TASK 1
P1. MA and its types.
MA- It is characterized as a form of accounting that functions in the process of gathering
qualitative and quantitative data so that inner reports can be prepared by the accountant. These
documents provide the supervisors with a comprehensive structure for making important internal
decisions. Several forms of MA are shown below, such as:
 Cost accounting system - It is an accounting system that is applied with finance
department with the goal of making revolutionary budget estimates. Through having
estimates of additional costs, it then becomes easier for administrators to take appropriate
action to allocate funds as an arrangement of need in order to minimize costs (Granlund
and Lukka, 2017). This accounting system is important for companies to monitor the use
of funds and the total cost of running various functions performed. They use this
accounting system in the sense of the above-mentioned Alpha limited company to keep
costs lower than projections.
Essential requirement- This accounting system is essential for companies to track the
volume of cost of various kinds of operations and activities. On the basis of it, companies
take accurate decisions regards to allocation of funds into various tasks.

 Inventory management system- This is a form of accounting system correlated with the
process of monitoring regular stock value usage for the production of new goods. It is
entirely based on techniques of valuation such as last and first step, first method in first
method out and much more. It is important for companies to cut the storage costs as well
as to obtain information about the use of stock in undertaking manufacturing operations.
It is used in the dimension of the above-mentioned Alpha limited company, which allows
them to determine material use, finished products and many more.
Essential requirement- It is essential for manufacturing companies to compute cost and
quantity of stored stock. It determines about how much stock is remained in the
warehouses at the end of month or quarter that leads to better decision for managers.
 Price optimisation system- It can be described as a form of management system that is
effectively related to the process of pricing goods and services. It becomes feasible
because key information about consumer understanding, reviews as well as potential
market is used by sales team. Based on this, they set prices of different products for
different parts of the market and clients. It is important for corporations to adjust prices of
products in line with market research. Their sales team, like in the Alpha limited
company, set Pizzas rates according to market dominance and customer needs.
Essential requirement- It is essential for keeping prices of products and services at a level
from which companies cannot get any lose. This becomes possible because under it
prices are set in accordance of market research.
 Job order costing system- This is a form of cost system that uses the allocated number of
jobs to calculate the cost of each event (Kastberg and Siverbo, 2016). It is implemented
in those business entities in which portfolio of products is too larger because by help of
this they can assess cost of each performed functions individually. For instance in the
Alpha limited company, their managers implement this accounting system with an aim of
keeping control over the cost of job aligned to different number of activities and
operations.
Essential requirement- This is essential for determining cost of each output or product
produced by a company. Under it, cost is calculated in accordance of job cost aligned
with completing different activities.

Characteristics of financial information:
 Reliability- This is essential for companies that their financial information should be
reliable as per the nature and activities of business.
 Accuracy- As well as financial information needs to be accurate so that accountant can
produce correct financial statements at the end of financial year.
 Timeliness- In addition, financial information needs to be presented to external and
internal stakeholders at the end of financial year. Any kinds of delay may lead to lose of
company.
P2. Different methods of MA reports.
MA reports – The term MA reports can be described as records that encompass important
information pertaining to all financial and anti-financial aspects. They prepare different kinds of
reports in the sense of the above-mentioned Alpha limited company, such as:
 Inventory report- It can be described as a type of report that includes key information
related to the opened and closed of the balance of various forms of inventory, including
raw resources, completed goods etc. This report includes all types of data in order to
assess stock quantities under LIFO, FIFO and the weighted average method. Managers
use this report in the above-mentioned Alpha limited company with the aim of staying in
touch to how much material they have at the end of a specific day.
 Performance report - This is a form of document that contains in depth key performance-
related information about each and every element. It's used by organization executives to
make logical decisions on employee growth. The overall performance of workers can be
hidden in the lack of this report. In addition to employee performance data, it offers key
details such as performance of various functions and tasks conducted, etc. The
accountants are conducting this document in the sense of the above-mentioned Alpha
limited company in order to ensure sustainable economic growth in different aspects.
 Budget report- It is a document that provides specific information about the performance
of the plan and the actual output (Hirsch, Seubert and Sohn, 2015). Using this document,
the division of finance becomes able to evaluate the difference between actual and
projected performance. The accountants generate this report in the scope of the above-
mentioned Alpha limited company to monitor variances and to maintain an extra finger
on actual performance.

 Accounts receivable ageing report - This can be described as a document which provides
comprehensive information on the maximum value of debt that will need to be
accumulated in the forthcoming period. Finance managers make further preparations as to
the need for funds to complete operations and events in conjunction with this report. One
of it's key features is that info is systematically reported under it so that executives can
easily check the debt level. In the Alpha limited company, they prepare this report and
their finance department collects funds according to information provided by report.
M1. Benefits of MAS.
MAS Benefits
Cost accounting system This accounting system is concerned, in accordance with the above
explanation, with the process of monitoring and reducing the costs of
various operations. They gain from this accounting in the above-
mentioned Alpha limited company by handling aggregate
expenditures and charges.
Inventory management
system
This helps companies' sales and manufacturing departments to
monitor goods usage and to calculate the opening & closing balance.
They benefit from this accounting, such as in the above-mentioned
Alpha limited company, by maintaining cost of storage low.
Price optimisation
system
It is attached to the organization sales department and to effectively
set prices of products. They update their pricing strategies in keeping
with the market environment in the Alpha limited company.
Job order costing system This is based on individually calculating the cost of various activities.
They are benefiting from this accounting system in the Alpha limited
company by tracking job costs effectively.
D1. Integration of MAS and MA reports with business process.
If companies struggle to align their divisions with accounting systems, it can become
impossible to operate lookup tables and activities efficiently (Chandar, Collier and Miranti,
2012). Their sales department is combined with price optimization system and inventory

management system, as in the Alpha limited company. Furthermore, their manufacturing
department uses important stock management report information and the accounting department
also evaluates important information from the account receivable ageing report.
Difference between financial and management accounting:
Financial accounting Management accounting
In this accounting only monetary information
is included.
While in this accounting monetary and anti
monetary information is included.
This is applied for assessing financial
condition of companies.
On the other hand, this accounting is
implemented for internal management.
Under it, financial statements are prepared as
per the accounting standards.
There is no any accounting standards to
prepare internal reports.
TASK 2
P3. Preparation of income statement by help of absorption and marginal costing.
It is necessary for companies to produce financial statements at the end of an accounting
period. For this purpose accountants become responsible to follow all standards and techniques
to prepare statements in an effective manner. Herein, below some techniques are mentioned that
are used to prepare income statements such as:
 Absorption costing system- It is also known as full absorption costing method for
assessing all types of cost that is aligned to manufacturing process. Different types of cost
like direct material, labour etc. are absorbed in this method. This technique needed by
generally accepted accounting principle for purpose of external reporting.

 Marginal costing system- This is a type of technique in that variable costs are allocated to
cost of unit and fixed costs are as period cost. It is opposite from above costing technique
because under this total incurred cost is not absorbed (Horton and de Araujo Wanderley,
2018).
Problem 1.
Income statement under absorption and marginal costing:
Absorption costing:
Absorption Costing Statement calculator
Unit Selling Price 8
Unit Cost (FC+VC) 5
Fixed Manufacturing Expenses 150
Non Manufacturing Exp 50
Budgeted Activity 75
Period 04/19 05/19 06/19 07/19 08/19
01/09/
19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 75 60 90 75 70 80
Production 75 75 75 75 85 70
Opening inventory
Closing inventory 0 0 15 0 0 15
0 15 0 0 15 5
Period 04/19 05/19 06/19 07/19 08/19 09/19

[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 600 480 720 600 560 640
Opening inventory 0 0 75 0 0 75
Add: Variable Cost[Production] 375 375 375 375 425 350
Less: Closing Inventory 0 75 0 0 75 25
Marginal Cost of Sales 375 300 450 375 350 400
Gross Profit 225 180 270 225 210 240
Adjustment for Overheads 0 0 0 0 -20 10
Less:Non Manufacturing Cost 50 50 50 50 50 50
Net Profits 175 130 220 175 180 180
Marginal costing:
Marginal Costing Statement calculator
Unit Selling Price 8
Unit Variable Cost 3
Fixed Manufacturing Expenses 150
Non Manufacturing Exp 50
Budgeted Activity 75
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 75 60 90 75 70 80
Production 75 75 75 75 85 70

Opening inventory
Closing inventory 0 0 15 0 0 15
0 15 0 0 15 5
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 600 480 720 600 560 640
Opening inventory 0 0 45 0 0 45
Add: Variable Cost[Production] 225 225 225 225 255 210
Less: Closing Inventory 0 45 0 0 45 15
Marginal Cost of Sales 225 180 270 225 210 240
Contribution Margin 375 300 450 375 350 400
Less: Fixed Manufacturing Cost 150 150 150 150 150 150
Less:Non Manufacturing Cost 50 50 50 50 50 50
Net Profits 175 100 250 175 150 200
Reconciliation statements:
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000 ]
[£'000
]
[£'00
0 ]
[£'00
0 ]
[£'000
] [£'000 ]
Sales 75 60 90 75 70 80
Production 75 75 75 75 75 75
Opening inventory 0 0 15 0 0 15
Closing inventory 0 15 0 0 15 5

Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000 ]
[£'000
]
[£'00
0 ]
[£'00
0 ]
[£'000
] [£'000 ]
Net Profits under Absorption Costing 175 130 220 175 180 180
ADD : Fixed Overheads in opening 0 0 30 0 0 30
LESS: Fixed Overheads in closing 0 30 0 0 30 10
Net Profits under Marginal Costing 175 100 250 175 150 200
Problem 2a
1. Calculation of followings:
(A) BEP in units and revenues-
BEP (in units)= Fixed cost / contribution per unit
= 180000/ 12
= 15000 units
BEP (in revenues)= Fixed cost/ PV ratio
= 180000/ 30*100
= £600000
Working Note:
Contribution per unit- Selling price per unit- variable cost per unit
= 40-28
= 12

PV ratio= Contribution/ sales per unit*100
= 12/40*100
= 30%
(B) Contribution margin ratio
= 12/40*100
= 30%
2b If machine is installed:
2 c
Scenario 1. Machine is not installed:

Scenario 2. If machine is installed:

2d. Should company install machine?
The above calculated data shows that installation of machinery can be beneficial for
company. It is so because computed data presents that there will be profit of 104000 pounds, if
they install machine. On the other side if they do not install the machine, then they may face the
loss of -18000 pounds.
M2 Accounting techniques to produce financial statements.
Accountants use various types of methods and practices to prepare financial statements in
companies. In compliance with two costing methods, which are absorption and marginal costing,
income statements are generated in the above task (Fiondella, Spanò, 2016). To addition with
the above methods, accountants also use other methods to compile financial statements such as
regular costing, activity-based costing, etc.
D2. Interpretation of produced financial statements.
This may be found to vary the amount of total profit in both costing methods in
compliance with the above formulated income statements. Like in the context of absorption
costing method, it can be find out that value of net profit is of 175000, 220000, 175000, 180000
and 180000 pounds for month of April, May, June, July, August and September. On the other
hand, in the marginal costing method, the net profit is of 175000, 100000, 250000, 175000,
150000 and 200000 pounds for above mentioned time period.
TASK 3
P4. Advantages and disadvantages of different planning tools of budgetary control.
In Alpha organisation in order to control the overall cost of the firm does use of various
budgets. These are the planning tools through which the targets are achieved within eh limits
given against the distinct operations. Some of these in context of the company are as follows:
Capital budget – This is one of the most important limit which is used for the
maintenance of big expenses of the company. It includes the cost of land, tools and construction.
Under this the top management also takes the decisions for future investment and gets the
consent on same (Teittinen, Pellinen and Järvenpää, 2013). In Alpha limited company, this
budget is produced by their accountant to manage cost of capital expenditures and for taking
wise decision regards to investment.

Advantages
 It helps organisation with long duration capital planning. Provide great assistance in taking judgements regarding which investment option to opt
for.
Disadvantages
 These are rigid decisions and cannot be altered easily if required.
 Such budgets cannot be prepared without experts.
Production budget – This is a separate budget in which it is estimated that how much
units will be produced in a particular time duration. It is derived from the sales and the planned
fixed units that has to be produced in coming time. In the Alpha limited company, their
accountant produce this budget to help their manufacturing department. It becomes possible
because by help of production budget, managers take suitable action regards to better use of
stored raw materials.
Advantages
 Full capacity utilisation of resources is made which further helps in maximising the
profit.
 The work force is made to work to a great extent as they have the targets to achieve and
therefore do not afford to delay. The wastage cost is eliminated as when budget is given it becomes necessary that the task
is completed in the given limits only.
Disadvantages
 This is a very time consuming process as lot of prior work has to be done before setting
the budget for a particular time duration.
 This budget only focusses on the results which can be calculated in terms of finance. It
avoids the quality criteria which is again very important.
Master budget – It is associated with the lower level limits that are formed in an enterprise
which includes different areas like budgeted financial statements, planning finance etc. It has a
number of components like the net income or loss, overhead and production and many more
(Prencipe, Bar-Yosef and Dekker, 2014). In Alpha limited company, this budget is used in order
to track the performance of different aspects and departments.
Advantages

 It helps an enterprise in recognising the possible issues of the enterprise which further
assist in planning the solution for same. It helps in evaluating the different departments that weather they are performing well or
is under performance.
Disadvantage
 Lots of different limits are included in this particular account and therefore it lacks the
quality of being specific. It is difficult to find out the performances of separate
departments.
 The other issue with this variety is that it is not easy to read and modify this budget as
lots of data is written all together which are also descriptive. Hence it is difficult to
interpret the information by a common person.
The above discussion shows that Alpha limited company has various options to make its budget
and as per the need and availability of resources it can make use of each and can bring control
over its overall expenditure of the firm.
How competitors set the prices?
The competitors set their prices in accordance of activities of customers. This is so
because if demand of product is higher then prices are kept high. On the other hand, if demand is
low then prices should be lower.
Balance score card- The balanced scorecard is a policy performance improvement tool – a semi-
standard standardized report that supervisors can use to track and evaluate the impact of these
decisions on the implementation of operations by staff. This technique is being used in order to
track and manage overall performance of companies in terms of monetary and non monetary
aspects.
M3. Role of planning tools in order to make accurate forecasting and preparing the budgets.
The budget is an extrapolation of financial elements for a given period of time. Distinct
planning tools play an important role in this context to make to effectively estimate the revenue
and investment of further timespan (Serena Chiucchi, 2013). There are different types of

planning techniques, such as capital budgeting, dynamic financial planning, and much more. For
example, their bookkeepers use numerous plan tools called cash budgeting, zero-based
budgeting, etc. in Alpha limited company. We all benefit from these methods in order to predict
future budgets. They benefit from all these tools to predict future futuristic budgets. This
becomes feasible because comprehensive info about possible operations that arise in the
forthcoming timeline under these scheduling tools.
TASK 4
P5. Difference between enterprises in order to sort financial issues by help of different MAS.
Financial problem - There are a variety of issues in the perspective of corporations that hinder
their productivity and growth. In fact, they need to address the financial problem in much less
time so that depletion of funding can be prevented. Simply, financial problems arise in
corporations due to inefficient management of monetary resources. As a result, businesses find it
difficult to fulfil any need for funds to achieve goals.
 Decreasing in efficiency of generating revenue - It is a sort of financial problem that
arises in businesses as the value of overall sales profits declines (Leotta, Rizza and
Ruggeri, 2017). Because of this financial problem, making payment of miscellaneous
expenses becomes challenging for corporations. As well as they get unable to manage
overall monetary resources in an effective manner. As with Tesco plc, they are facing this
financial problem as their overall sales profits have been significantly reduced.
 Increasing in total expenditures- This can be defined as a problem faced by businesses
due to inefficient control over total expenditure. It mainly affects the profits and
advancement of corporations in a negative way. Their departments face the problem of
higher operating costs in the Sainsburry plc.
Methods to identify financial issues:
 Key performance indicator – This is a strategy that focuses on those elements whose
output is below or above the standard. This makes easier for executives to discover out
the overall shortfall level (Schaltegger, Viere and Zvezdov, 2012). There are both
financial and non financial performance indicators. Under financial KPI's profits, cost etc.
are included and in the non financial KPI's employee relation, suppliers relation etc. are

covered. This program is used in the context of the above Tesco plc to determine the
actual level of problem.
 Benchmarking - This is a method in which financial side equate two corporate entities
between each other. Comparison is aimed at finding out those elements where the
company's performance is weaker and needs to improve. Like in the Sainsburry, they use
this strategy to find the real financial problem. As well as they find alternatives to sorting
out issues.
Financial governance -This is a type of method that focuses on the purposeful recording of
money transactions. The aim of this method is to continue to focus on those elements that are
causing in businesses as a financial issue. This technique is being used by companies in order to
overcome monetary issues. It becomes possible because under this, financial transactions are
recorded in an effective manner. As a result, financial managers become able to act as a
monitoring strategy to sort out issues.
Basis Tesco plc Sainsburry plc
Financial
issue
The organization is trying to solve the
problem of decreasing the value of
sales revenue generation. As a result,
they get all the issue of insufficient
funds to complete operations and
practices.
The financial problem above business
enterprise is to increase in total
spending. As a result, they do not have
enough resources to meet the need for
working capital. Therefore, failure of
making payments to external actors is
also substantially decreasing.
Accounting
system to
solve issue
This company is implementing price
optimisation method to solve its
financial problem (Novas, Alves and
Sousa, 2017). As an arrangement
between large customer groups, they
updated their marketing strategies. As
a result, more customers made
purchases through this accounting
system after changing the price. The
In order to maintain operating costs
lower, their executives have enacted cost
accounting system. As a result, the total
number of spending was effectively
reduced. It had become feasible because
spending is routinely tracked by this
accounting system. Thus, this
accounting application aided them to
solve the financial issue of increased

issue of lower revenue has therefore
been resolved as after an increase in
total sales revenue.
spending volumes.
M4. Importance of MAS in the context of solving financial problems.
Businesses that address their financial problem in less time are able to generate higher
sales in this competitive marketplace. The function of accounting systems in this aspect is too
essential. This is because the executives become able to assign funds effectively by adopting
these systems (Kober, Subraamanniam and Watson, 2012). These accounting systems also lead
businesses in discovering the actual level of issues and options to sorting the problem in much
less time and cost. Different accounting systems such as cost accounting system, price
optimization system, job costing system and many others are used in Alpha limited company.
Their separate departments are interconnected with each other by means of these management
system. Furthermore, above-mentioned stores such as Tesco plc and Sainsburry plc are using
cost and price optimization system that helped them to effectively sort financial concerns.
D3. Role of planning tools in overcoming from monetary issues.
The planning tools also contribute in a similar manner as MAS in regards to sorting
monetary issues. In the above business, their accountants implement various types of planning
tools like capital budgeting, master budget etc. In addition to these planning tools, organizations
are provided with a structure to recognize financial concerns and execute effective methods to
resolve financial problems (Hoque, Covaleski and Gooneratne, 2013). As in the above-
mentioned Alpha limited company, this can be noticed that they are using different types of
planning methods such as cash budgeting, zero-based budgeting and many others that can help
solve financial difficulties.
CONCLUSION
As accordance of above project report, it has been articulated that businesses can not
control and manage overall activities in an effective manner in the absence of applying MA. This
is so because by help of it, various number of department gets linked with each other. Under the

project different number of accounting systems namely as stock management system, job order
costing system etc. are described along with their importance. In addition, MA reports like
performance report, stock report etc. are also concluded. The further part of report concludes
regards to preparation of income statements on behalf of given data and about planning like
capital budget, master budget etc. As well as it can be concluded that installation of machinery
will be beneficial for company in compare to not installing. In the end part of report, two
enterprises are compared with each other with an objective of determining way by which they
overcome from their issues.

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