Management Accounting Systems and Techniques

This document discusses the essential requirements of management accounting systems and evaluates different methods used in management accounting reporting. It also covers the calculation of costs using suitable techniques and the preparation of income statements. Additionally, it explores the implementation of a range of accounting techniques to produce financial reporting documents.

Unit 5: Management
Accounting

INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explain the essential requirement of management accounting systems................................1
P2. Evaluate different methods which are used in management accounting reporting...............2
M1. Evaluate the benefits of management accounting systems along with its applications.......3
D1. Critically evaluate that how accounting systems are linked with the accounting reporting.3
TASK 2............................................................................................................................................4
P3. Calculate the cost by using suitable techniques and prepare income statement....................4
M2. Implement the range of accounting techniques to produce financial reporting document. .5
D2. Produce financial reports that accurately apply and interpret data for complex business
activities.......................................................................................................................................7
TASK 3............................................................................................................................................8
P4. Evaluate the advantages and disadvantages of different planning tool which are used for
budgetary control.........................................................................................................................8

M3. Analyses the use of different planning tool and its applications in preparing budget and
forecast.......................................................................................................................................11
TASK 4..........................................................................................................................................11
P5. Compare how organizations follow management accounting systems to resolve their
financial issues...........................................................................................................................11
M4. Analyse that how management accounting leads to organization for sustainable success 13
D3. Evaluate that how planning tool used to resolve financial issues and leads towards
organizational success...............................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Management accounting is a specialized branch of accounting which includes reviewing
financial knowledge to generate and execute a corporate strategy (Brustbauer, 2016).
Management accountants also can assist with risk management, performance measurement and
strategic management for their companies. Skilled financial managers can operate for both
individuals and organizations throughout every area of industry. This report is based on City
Technology Limited which is UK based medium size company and deals in gas sensing units
which are their specialization. This assessment based on the several topics such as understanding
of management accounting systems, different types of reporting and planning tool which are
used for budgetary control. In addition, it also includes the demonstration regarding how
management accounting systems help in resolving financial issues of the company. Management
accounting is essential for the organization and it also helps the managers to evaluate the
operational performance and build strategies accordingly to improve the overall efficiency as
well as effectiveness.
MAIN BODY
TASK 1
P1. Explain the essential requirement of management accounting systems
There are several management accounting systems which are followed by the manager’s of
City Technology Limited to evaluate their operational efficiency as well effectiveness. All are
discussed below:
Inventory management system: With an efficient supply chain, it is the technology that
lets businesses monitor their inventory level. It optimizes the full range from buying stuff with
the service provider to order fulfilment for their client, evaluating a production company's
corporate pathway (Cooper, 2017). City Technology Limited management implement this
program into their business to monitor regularly the level of inventories in warehouses. It helps
in producing goods as per customer demands. This method is essential for managing the quality
of the product or being responsible in the organization. Manager is capable of creating a
successful plan for the organization to conduct its business well.
Cost accounting system: Costing tools are implemented by manufacturing businesses that
constantly track the flow of goods through the different phases of production and assess each
1

product's expense at particular points. Evaluation of the ultimate cost of the goods in the work-in
- progress and finish level is crucial. In addition, City Technology Limited executives are able to
create plans to reduce or manage costs throughout the development phase.
Price optimization system: It is the most critical accounting system because it helps the
enterprise to adjust the price of a product according to the wilfulness of the consumer which also
fulfils the goals of the organization. They want to link their net profits to earnings for City
Technology Limited, optimum retail rates are necessary and most specifically if the company's
goal is to increase profitability by retaining the same degree of consumer retention (Brewer,
Garrison and Noreen, 2015). This has become essentially crucial as price levels for individual
business units become strongly profitable. A range of organizations are already hoping to open
innovative brands including those in the consumer niche markets. Having the correct price
becomes much more crucially important in that sense or a business can end up wasting
substantial customer base itself on rivals.
Above discussed accounting systems followed by the managers of City technology
Limited in order to improve their overall operational efficiency as well as effectiveness.
Company manage their stock level, control their cost or set the suitable price for products which
meet customers and organizational objectives.
P2. Evaluate different methods which are used in management accounting reporting
Cost accounting report: In this report, managers include the several aspects such as each
unit cost, expenses of each activity which related to the production or help the organization to
maximise it demand among the customers (Fleischman and Parker, 2017). In context of City
Technology Limited, for the production of gas sensing unit management done several activities
and all are required cost to produce those items. All these information recorded in the cosy
accounting reports which help the managers or accountants to build strategic decision in respect
of the operations.
Inventory management report: Inventory control reports would also show how often
stock levels company have on their hand. Effectively trying to control stock level and makes sure
their valuable wealth has been used in the effective manner. This report helps the City
Technology Limited to customise their information related to stock such as how much inventory
are available on hand, how much used in the production and remained inventory for further use.
2

Basically, this report helps the managers to make raw material orders accordingly and make sure
that company does not face the issues regarding shortage as well as wastage of goods.
Account receivable aging report: It is a management tool which may indicate that some
customers become credit risks and it reveal that organization should continue to do business with
chronically late payers customers. Accounts receivable aging has different columns
which typically divided into 30 day, 60 days and 60 date ranges. This report shows total current
balance receivables as well as previous due receivables. In context of City Technology Limited,
company follow this report to include all the defaulters and the remaining balance which they
have to recover.
M1. Evaluate the benefits of management accounting systems along with its applications
In context of City Technology Limited, manager of the company adopted several
accounting systems such as inventory management, price optimization and cost management
which provide several benefits. With the help of inventory management system, managers of the
City Technology are able to track the level of stock in the production unit and analyse the
required for the future production as well (Gray, 2015). Cost management system beneficial to
calculate the cost of each produced unit. It help the managers to reduce the overall cosy by
implementing strategic approaches and try to control the cost overall the period. In addition,
price optimization system used to set the price level for the goods & Services Company offer and
make sure that it will meet the both parties objectives such as maximise the profit for
organization and match the price level for the consumers. Applications of such accounting
systems help the City Technology Limited to maximise its efficiency as well as effectiveness.
D1. Critically evaluate that how accounting systems are linked with the accounting reporting
It has been critically evaluated that accounting systems and accounting reporting both are
linked with each others. It was critically examined that the cost management system allows the
manager to evaluate the expenditure of the good or service further mentioned in the cost
management report. This report allows managers to be using the relevant data when constructing
techniques that improve operational performance and operating cycle. In addition, for further
study, the inventory control system was used to monitor raw material supply and then further this
data reported for conscious choice taking by City Technology Limited managers in the inventory
control report. It is evaluated that documents and procedures of the accounts are interlinked. This
further beneficial for the organizations to achieve its business goals & objectives.
3

TASK 2
P3. Calculate the cost by using suitable techniques and prepare income statement
Absorption costing: This costing method is used to evaluate inventories for the production
purpose. It includes not only the costs of materials and labour, but also the operational costs of
both reliant and fixed production (Gullberg, 2016). Current value is also named the utilization
rate. It defines the value of the output concerning the fixed costs. Inland Revenue supports the
absorption costing process, as inventory is not underappreciated. The costing process of
absorption is often used to plan the financial statements.
Income statement by using absorption costing:
Income statement
Using Absorption Costing Approach
ITEM Number of
units
£
P.U
.
AMOUN
T £
AMOUN
T £
SALES 7,300 55 401500
Direct Material 7,300 9.5 69,350
Direct Labour 7,300 15 109500
Variable Expenses
7300
(7300*2 =
14600
machinery
hours)
2 29,200
Fixed indirect production cost 7,300 6 900,000
Total Production Cost 1,108,050
Total Production Cost 1,108,050
Gross Profit: sales – COGS -706,550
Admin Salaries 13,800
Admin Overheads 4,500
Profit Before Interest & Tax (PBIT) -724,850
Interest Expenses 355
4

Profit Before Tax [PBIT-interest] -725,205
Tax @19% 220
Net Profit: profit before tax - tax -725,425
Marginal costing: In this costing method, every additional cost associated with creating an
output unit that can be calculated on the basis of the operational costs allocated to one unit. The
total value makes manufacturing costs easy to calculate and track. Mangers can focus on
maintaining and establishing clear and comprehensive production revenue by trying to avoid the
arbitrarily defined allocation of corrected overhead costs.
Income statement by using marginal costing:
ITEM Number of units £ P.U. AMOUNT
£
AMOUNT
£
Sales 7,300 55 401500
Direct Material 7,300 9.5 69,350
Direct Labour 7,300 15 109500
Variable Expenses
7300 (7300*2 =
14600 machinery
hours)
2 29,200
Total Variable Cost 208,050
Total Variable Cost 208050
Contribution 193450
Admin Salaries 13,800
Fixed overheads 900,000
Admin Overheads 4,500
Profit Before Interest & Tax (PBIT) -724,850
Interest Expenses 355
Profit Before Tax [PBIT-interest] -725,205
Tax @19% 220
Net Profit: profit before tax - tax -725,425
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The same amount of profit is reported under absorption costing and marginal costing as the
production is equal to sales.
On the basis of above calculation, it has been observed that net loss of the company by using
absorption costing method is -725,425 and the other side, company face the loss by using
marginal costing method that is -725,425 (Harrison and Lock, 2017). Net loss of the company by
using both methods is same because sales units in both cases are also same. The different is
occur because in marginal costing method fixed cost are deducted which create the huge
difference. Absorption costing method is beneficial for the company to evaluate its profit.
M2. Implement the range of accounting techniques to produce financial reporting document
Cash flow statement:
Particulars
Januar
y
Febr
uary
Ma
rch
A
pr
il
M
ay
Ju
ne
Ju
ly
Au
gus
t
Septe
mber
Oct
obe
r
Nove
mbe
r
Dece
mbe
r
Cash
receipts (A)
Sales 50000
5000
0
50
00
0
50
00
0
50
00
0
50
00
0
40
00
0
400
00
5000
0
600
00
6000
0
6000
0
Bank loan 70000
Total Cash
receipts (A) 120000
5000
0
50
00
0
50
00
0
50
00
0
50
00
0
40
00
0
400
00
5000
0
600
00
6000
0
6000
0
Cash
payments
(B)
Purchases 6000 6000
60
00
60
00
60
00
60
00
50
00
500
0 6000
650
0 6500 6500
Machinery
purchase 200000
Investment 150000
6

Repayment
of loan 1500
15
00
15
00
15
00
15
00
15
00
150
0 1500
150
0 1500 1500
Purchase of
cleaning
equipments 2000
Long lasting
products 1500
15
00
15
00
15
00 1500 1500
Rent 6000 6000
60
00
60
00
60
00
60
00
60
00
600
0 6000
600
0 6000 6000
Cleaner
salary 800 800
80
0
80
0
80
0
80
0
80
0 800 800 800 800 800
Supervisor
salary 1500 1500
15
00
15
00
15
00
15
00
15
00
150
0 1500
150
0 1500 1500
Withdraw 3000
420
0 4200
420
0 4200 4200
Total Cash
payments
(B) 370800
1580
0
17
30
0
15
80
0
17
30
0
15
80
0
16
30
0
190
00
2150
0
205
00
2200
0
2050
0
Net cash
(A-B) -250800
3420
0
32
70
0
34
20
0
32
70
0
34
20
0
23
70
0
210
00
2850
0
395
00
3800
0
3950
0
By using above data, it has been evaluated that cash flow statement prepared from the
period of January to December. Cash flow balance in the month of January was negative that is -
250,800; in February it was 34200, 32700 in March, and 34200 in April, 32700 in May etc. In
the month of December, cash balance is 39,500 which mean company have enough liquidity to
perform their daily basis operational task or achieve business goals & objectives.
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D2. Produce financial reports that accurately apply and interpret data for complex business
activities
Balance sheet:
Liabilities Amoun
t
Assets Amoun
t
Equity 6,900 Accounts receivables 6,100
Long term debt 2,000 Equipment 615
Accounts payable 150 Bank account 2,050
Other liabilities 1,465 Closing stock 1,750
10,515 10,515
First In First Out (FIFO):
Date Particulars Units
Amount
(£) Date Particulars Units
Amount
(£)
Purchases @ 75 17 1,275 Sales @ 75 10 750
Purchases @ 95 5 475 Sales @ 75 3 225
Sales @ 75 4 300
Sales @ 95 2 190
Closing stock
@ 95 3 285
1,750 1,750
From the above table, it has been observed that value of balance sheet is £ 10,515 which
indicates that company’s equity is £ 6,900 and short term liabilities are £ 1,615 and the other
side, value of account receivable is £ 6,100 and bank balance is £ 2,050. In addition, according to
the FIFO report, valuation of inventory will be done and the remaining closing stock units are 3
which valued at 95 each and the overall value is £ 285.
TASK 3
P4. Evaluate the advantages and disadvantages of different planning tool which are used for
budgetary control
Budgetary Control: It is the procedure which is used to ensure that the appropriate income
and expenses of an organization reported in the financial plan. The program usually entails
8

setting specific targets for budget based administrators, along with a series of incentives that will
be activated until the goals are met. Additionally, estimate and real assessments are regularly
given to those in possession of a line item of property; action is then required to be taken to
remedy any unfavourable variances. By using several planning tools, manager of City
technology limited able to control their budget and predict the operational expenses and income
for better outcomes.
Planning Tools: These tools that direct the measurements of corporate action relevant to an
plan, program, or activity. They will give comprehensive explanations of the action strategy for
the district, and how it has been created. Planning is essential towards meeting goals, if it’s a
corporate entity, an instructional body or perhaps an individual, setting goals and trying to reach
them is an important aspect (Hoque, Parker, Covaleski and Haynes, 2017). It may be various
goal types with differing degrees of significance and time periods. But one thing that stays
popular is to formulate a program that is sufficiently effective to help accomplish such goals.
City Technology Limited can accomplish goals by using an appropriate planning tool. There are
several planning tools which help the organizations as well as managers to take strategic
decisions to maximise company’s earning. Some of them are as follow:
Capital budgeting: It should be viewed as a budget related to evaluating the viability of
long-term investments in businesses such as on vehicles, plants, equipment etc. Department of
Finance provide valuable suggestions which concerns on the premise of this expenditure plan to
allow long-term investments. In relation to City Technology Limited, this planning tool used by
the experts to evaluate the effectiveness as well as profitability of the spending into any project.
Before considering this budget for decision making purpose, managers should evaluate
its benefits and drawbacks those are discussed below:
 Benefits: In this budgetary control method, investment appraisal will be carried out
using various investment calculation methods such as Net Present Value (NPV), rate of
return (IRR), payback time etc. Organization makes their investment related decisions on
the basis of low recovery period and positive NPV (Kenyon and Kenyon, 2016). Higher
NPV or IRR are the ways of selecting any project to invest and managers of City
Technology Limited followed it in well manner to maximise overall operational
efficiency and earnings.
9

 Drawbacks: In this budgetary control planning tool, changes over time value is not
considered which make differences in the results of NPV. In addition, change in the cost
of capital can change the final outcomes which further influence the decision making
process of the company to invested into any project. Because of the difference in
operating cost, the end result of the capital expenditure can be distinct and that the the
whole return of the project will be further changed.
Flexible budgeting: This expenditure and all other factors can be changed in quantity.
Flexible budgets are relatively simpler and more reasonable than a static budget. The flexible
schedule will be adjusted for operating volume-varying expenses, since the system should offer a
set interest rate by each unit instead of a constant overall sum. The current account deficit, in
short, is a more potent way to measure the performance of an employer. City Technology
Limited's manager can obey the entire budget, but considering its advantages and disadvantages
as follows is critical in advance:
 Benefits: Compared to other expenditures, this spending plan is much more essential since it
includes all analyzing the financial documents (Kerr, Rouse and de Villiers, 2015). Market
firms consider it more beneficial, as inadequacies in depth and budget value shortfall appear
to be shown. By evaluating spending gaps, it helps us to reduce the amount of expenditure.
It is also useful for the potential mitigating of the disturbance predicted.
 Drawbacks: This document indicated variations among budgets but this would not elaborate
on the precise specifics or key examples of the variations that could be revealed. For
examples, flexible budget are prepared for a visible quarterly and annual basis function etc.
The biggest downside is that it shows an adverse condition in the budget and may have a
detrimental effect on consumers or clients. Incorrect or extremely rude budget will also
ensure that the company's public sentiment and activate the union's collapse.
Master budget: This budget serves as a descriptive budget integrating the practical budgets
of its part but which is eventually implemented and used. The master budget is therefore deemed
in many ways and authorised as per the changed conditions with certain minor or significant
changes (Liff and Wahlstrom, 2018). Once a budget is agreed and authorised then it estimate is
usually by the Committee on Budgets and provides recommendations for each organization
operation. The master budget shows the specific budgets for the customer service, marketing,
and all the other divisions to make a new annual cost. Before considering this planning tool,
10

manager’s of City Technology Limited should evaluate its benefits and drawbacks which are as
follow:
 Benefits: The master budget includes the costs and profits for each particular field of the
company where they to sum up all the expenditures of those areas to see the actual earnings
and costs of the firm. The master budget shows how much more the business earns and
invests as a whole, which reveals that the corporation is in low or bad financial shape. The
master budget could even show the company if one department spends beyond its limit, so
that the team invests more than it earns every month. To solve the issue, by examining at the
individual agency budgets, they can determine which agency is spending unnecessarily. It
would either split the expenditures of that unit, or make cuts in other divisions to free up
funds to handle that extra expenditure. It is harder to spot spending problems by just looking
at departmental budgets separately.
 Drawbacks: A master budget could also be hard to read and comprehend because of the
detailed explanations and maps. Please remember that the master budget contains all the
expenditures and financial information of the entire business. If the company is a
multinational company or has thousands of staff in many divisions, it can be somewhat less
extensive. Company will not be able to evaluate just how much marketing team spends on a
regular basis since the quantity will be formed as one sum to all of the other
company's spending.
Above discussed planning tool help the City Technology Limited to maintain their budget
reports to achieve business goals & objectives.
M3. Analyses the use of different planning tool and its applications in preparing budget and
forecast
In the sense of City Technology Limited, discussed planning tools such as capital or
flexible budgeting allow more choices that are more advantageous to optimize productivity as
well as improve the overall performance. The use of multiple budgets for forecasting purposes is
essential to the effective analysis of business reserves and to reliable predictions of future events
and programs. Concerning City Technology Business, accounting specialists are finally equipped
critical budget spectrum such as capital or elastic budget. Both of these proposals play a
significant role within the system of accurate revenue and spending forecasts. This is reasonable
also because company's managers is reviewing past performances with the help of budgeting that
11

provide several benefits to predict future activities and actions. Then it can be stated that budget
estimation methods are too vital to ensure precise predictions of particular components of
income statement and it further make business able to achieve goals through taking effective
decisions in context of organizations.
TASK 4
P5. Compare how organizations follow management accounting systems to resolve their
financial issues
Financial issues: It starts because of in-sufficient strategies that formulated and operated
by the managers. In simple words, circumstances where businesses fail to perform various tasks
due to the lack of adequate resources. These financial problems are faced by City
Technology Limited Company and are discussed below:
 Over expenses: The aspect which generate most financially trouble to the companies
such as over-spending commitments (Meidell and Kaarbøe, 2017). Organizations tend to
make themselves look very effective and control their spending as they really are.
 Poor accounting practices: It will generate a multitude of troubles in the financial or
accounting department. Since they don't currently have to hire a professional accountant,
a few other conferences on how to use generally accepted accounting tools can be held at
least by accountant.
Techniques:
 KPI (Key Performance Indicators): It is a measure that used to represent long term
success or progress toward a given objective. KPIs aim to chart progress in meeting the
strategic goals normally articulated on a strategy graph. Financial KPIs are generally in
addition to the economic statements such as income statement and could also report
changes in sales development or spending. Furthermore, non-financial KPIs typically
include steps related to customer support, personnel, operating operations, efficiency,
cycle time and the union's delivery network or facilities.
 Benchmarking: This is a way of assessing the effectiveness of the products, services or
processes of an organization to another enterprise which is considered to be the best in
the market, or best in class (Monden, 2019). Benchmarking is for seeking internal reasons
for improvement.
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 Financial governance: It means how a firm builds up, retains, oversees and assesses
financial data. Financial control includes how businesses track money transactions;
manage performance and reporting records, audit, processes and reports. Poor financial
governance involves risks such as fraud, theft, content mistakes, regulatory fines, poor
decision-making and a decline in stakeholder confidence.
Comparison of organizations:
Basis Tesco ASDA
Financial problem Business is faced with the
financial problems that affect
their operating operations, which
also become attributable to low
competitiveness and
profitability. Tesco faces the
issues of high advertising
expenses which maximizes the
total cost of the commodity and
therefore decreases overall profit
margin.
Management faces problems with
poor accounting system in the
company of ASDA that further
tends to lead to stock wastage due
to placing an order upwards of
required inventory. Unproductive
accounting practices reveal the
erroneous figures that influence
the choice of the management
team for the production
requirement throughout the
context of stock.
Techniques Managers should incorporate key
performance indicator (KPI)
techniques to evaluate the activity
is monetarily useful to the
company or not, in order to
overcome the monetary issues of
the Tesco. Furthermore,
company should follow the cost
management system properly to
approximate each cost of the
activities.
In order to evaluate that how
competitors manage their
accounts and further operational
activities, company must follow
benchmarking techniques.
Helping managers better develop
their plans to optimize
organizational performance as
well as efficacy accordingly.
Management By using cost management Managers of ASDA should focus
13

Accounting system system, Tesco able to evaluate
their product cost and minimise
the overall cost which helps in
maximising profit margin.
Company should spend optimal
level of money on marketing
strategy.
on inventory management system
to reduce the wastages through
identifying that actual
requirement of stock for the
production process. this system
helps in ordering inventory as per
the requirements.
M4. Analyse that how management accounting leads to organization for sustainable success
This has been critically examined that there may be numerous accounting methods which
are used to fix the financial problems that the City Technology. In the sense of organization by
using benchmarking because company’s main success metric and other accounting frameworks,
such as price management and cost accounting. Organizations experienced unneeded spending
problems in which the costing system needs to be implemented by managers, people fix their
price strategy and resolve the financial problem of this business. Strategic management is
important for the coordination and presentation of financing assets that will in fact solve
financing problems. Spending plan must be interpreted as budget negotiations are compatible
with an appropriate process of evaluating the variables of financial statements. In the above-
mentioned City Technology Limited's manager applies a variety of strategies such as balance
score-card, financial monitoring, KPI etc. Almost all of such techniques are important for
organization to tracking gaps which allow for action being taken to solve issues.
D3. Evaluate that how planning tool used to resolve financial issues and leads towards
organizational success
Within the City Technology Limited framework, managers can incorporate tactical approaches to
manage monetary problems such as poor accounting standards, increased spending etc (Smith,
2015). While using the capital budgeting method, each project can be reviewed by the company
to ensure that it will achieve the expected advantages or not. If not, the plan will be dismissed
and even another hand must support the boss in developing effective approaches to address their
financial problems.
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CONCLUSION
From the overall discussion, it has been concluded that management accounting is essential
for the organization to perform their responsibilities or maintain the operational effectiveness
with the help of using accounting systems or types of management accounting reporting. In
addition, by using costing method, management able to calculate income for the period and by
using planning tool them able to control their budgets for the forecasting purpose.
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REFERENCES
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