Management Accounting System Impact

This assignment delves into the crucial link between cost system design and its influence on overall performance within management accounting. Students are tasked with analyzing a collection of academic research papers to gain a comprehensive understanding of the key findings and insights surrounding this relationship. The goal is to critically evaluate the impact of different cost system designs on organizational effectiveness and efficiency.

UNIT 5
MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A. Management accounting and essentially requirement of management accounting...............1
B. Financial information and types of managerial account report..............................................2
M.1 Benefit of management accounting ....................................................................................5
D.1 Management accounting systems and management
accounting reporting...................................................................................................................6
TASK 2............................................................................................................................................6
P.3 Calculating the costs by using the appropriate methods.......................................................6
M.2 Techniques to be used to increase profit.............................................................................8
D.2 Interpretation of data............................................................................................................8
TASK 3............................................................................................................................................8
A. Budget types and advantages or disadvantages .....................................................................8
B. Budget preparation process....................................................................................................9
C. Importance of budget ...........................................................................................................10
M.3 Planning tools used in budgeting.......................................................................................11
D.3 Planning tool solve financial problem................................................................................11
TASK 4..........................................................................................................................................11
P.5 Comparing the organizations implicating various management accounting techniques to
deal with financial problems.....................................................................................................11
M.4 Financial problem, management accounting.....................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Administration accountancy is a process to manage financial factors in working
environment. In this context of use future decision making is based on financial sectors. On the
other hand, proper financial management is most important with the help of some method to be
used in working environment. This report is based on Tech (UK) Limited organisation. This
company is basically loathed in United Kingdom and provide different services in fill return and
manage account (Wijaya, 2015). Further, it covered income statement and cost analyses
management is help to distribution of income in different field internal working environment.
The payment and deduction of the explanation systems. As the computation cost to set up the
financial gain statement of the cited organisations. In this report focus on budget preparation and
manage cost in working environment. The main aim of this report is improved financial
condition of organisation.
TASK 1
A. Management accounting and essentially requirement of management accounting
Management accounting is help to manage the provision of accounting information and
make some improvement in future performance. It is help to make financial decision in working
environment. In this context management accounting is one of the most important part to all
financial department. It is a process of preparation of management report and manage the
financial information and day to day and short term decision in working environment (Liu and
Kuang 2014). Management accounting is focus on decision making and use budgeting and
costing method is most important at the time of management accounting in internal work place.
On the other side, some essentially requirement of management accounting and financial
management is totally different in work place.
Management accounting Financial accounting
1. This accounting system is provided relevant
information to the manager. It is help to make
new polices and rule is developed in working
environment. (Otley, 2016)
1. Financial management is an accounting
system which is help to manage financial
accounting in organisation.
2. This report is to be prepared as per the need
of the requirement of the organisation.
2. Financial statement is prepared at the end of
accounting period.
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3. Complete and Detailed reports regarding
various information.
3. Summarized Reports about the financial
position of the organization
4. There is no compulsion to prepare
management account reports as per the law.
4. Company Act, 2006 requires preparation of
final accounts of the company.
5. It provides monetary and non-monetary
information for assessing company's
performance. Non-monetary information such
as employees' productivity etc.
5. Financial information in terms of monetary
is provided which guides users of accounting
information to take decisions.
6. There is no specific format to prepare
managerial reports.
6. Format is prescribed by the Act and has to
be followed by organisation to prepare its
financials.
2. Importance of management accounting information for departmental managers
Management accounting is useful for Tech (UK) in order to maintain efficiency of
departments in the best possible manner. It is required that various departments such as finance,
operations, marketing, HR and production should be integrated with each other so that
organisation may be able to achieve goals with much ease. Reports provided by production
department lists down requirements of raw materials and as such, it is forwarded to finance unit
so that it may assess whether sufficient amount is available to purchase raw materials or not.
This in turn affects internal operations of the company. Thus, it can be said that management
accounting information assists departmental managers in taking effective decisions and as such,
requirements are evaluated in advance and as a result, efficiency can be achieved by taking
enhanced decisions.
In this report is to be focus on many factors and make some improvement in growth rate
and help to future development. Management accounting information system is most important
part and help to manage information is analysed and summarised information and improve the
function in working environment. There are some function are as follows :-
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 Cost accounting :- In cost accounting system is focus on to manage cost in internal
working environment. It inculcated profitability analyses, inventory valuation and cost
control is most important part for organisation. In this way, estimating the accurate cost
of product as per the need of the organisation and mange cost in working environment
(Otley, 2016). Cost accounting is three different part is actual, normal and standard
costing. On the other hand, cost is to be set as per the standard of the performance.
 Actual costing
This costing system records actual cost incurred on raw materials, direct labour and actual
quantities used in the production to assess cost of product by the managers.
 Normal costing
The normal costing is used to determine cost of product and it calculates components such as
actual cost of labour, raw materials, standard overhead rate etc.
 Standard costing
This costing is used to anticipate i.e. standard cost of activities of Tech (UK). Moreover,
estimated costs are compared periodically to measure deviations occurred in actual costs.
 Inventory management system :- In this system is one of the most important system and
focus on to manage inventory in working environment (Jermias and et.al , 2017).
Organisation is focus on used in manufacturing industry to create work order and bill of
material. Examples of inventory that a manufacturing business may have included raw
materials, such as wood, to make a shelf. Work-in-process inventory, such as an
unfinished cake in a food manufacturing business.
 Job costing method :- Job costing is a method for assigning manufacturing cost to an
individual product and improve growth rate. In this context job costing is to be focus on
assigning overhead cost and improve production department. It is one of the most
important part and manage growth rate and increase the level of carrying into action in
market. For example : job costing is befitting for deriving the cost of constructing a
custom machine, scheming a software programme, constructing a construction, or
manufacturing a small batch of merchandise.
 Budgetary :- It is one of the most important part for each and every organisation is budget
(Fullerton and et.al 2014). To set budget for each and every activity in internal working
environment and focus on estimate towards requirement of the fund in working
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environment. This is help to manage growth rate and future development rate as per the
need of internal work place.
4. Inventory management systems
Inventory is an integral part of company so that desired production may be carried out in
the best possible manner. This help to produce units in adequate way. Tech (UK) also uses
inventory management system so that organisation may be able to manage level of stock quite
effectively. In this aspect, inventory report is prepared by production department in which
requirements are listed down and is forwarded to top management. Then, it scrutinises report and
as such, inventory is ordered to meet demand. This help to reduce wastage of resources in
effective manner. Type of management systems are barcode tracking and Radio Frequency
Identification (RFID). Barcode tracking means that inventory is updated when it is scanned
which allows clarifying level of inventory. While, RFID means every time, an inventory is
passed, software identifies and records the same. Thus, these systems are useful for company.
B. Financial information and types of managerial account report
Managerial accounting system is one of the most important part and focus on
management in growth rate in market. It is one of the most important part for organisation.
Managerial accounting is the mental process of distinguishing, measuring, examine, interpreting
and communication message for the pursuit of an organisation cognitive content (Chenhall and
Moers 2015). This types of accounting are help to manage growth rate and improve internal level
carrying into action in working environment. Managerial accounting is focus on day to day
operation and improvement in daily activity in finance department. It is help to manage work and
improve growth rate in market. To be focus on different types of report are as follows :-
 Job costing :- In this method is to be focus on level of operation make by profit and
make some improvement in growth rate (Chenhall and Moers 2015). It is help to
complete analyses of cost and make some improvement in internal working
environment.
Importance :- It is help to find out the cost of each and every department. On the other side,
increase satisfaction level in working environment.
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 Overhead allocation :- In this accounting techniques is help to improve the growth rate
and future development rate is most important as per the need of the organisation. It is
focus on allocation of fund and overhead expense and in working environment. It is help
to focus on cost analyse for the benefit of growth rate in future performance in market.
Importance :- It is help to determine the cost and other expense in working environment and
make some important in cost analyses.
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 Life cycle costing report :- In life cycle cost is help to analyses the economic condition
used in the selection of alternative impact on both past and future cost. On the other hand,
compare with initial investment option and identify the least cost in working environment
(Klychova and et.al 2015). This kind of cost is to be focus on complete evaluation and
make some changes in internal and external working environment.
Importance :- It is help to determine the particular level of the product and services which is used
from the start up.
 Standard costing report :- In this costing is to be focus on some techniques which is had
improved carrying into action is substitute cost. This is give a difference between
estimate and actual cost is to be used in working environment and make some change in
growth rate. This is focus on actual cost which is use and estimate cost which is give
impact on future carrying into action (Staffor and Karszes 2017). It is most important part
in management accounting and make some improvement in future cost and make some
improvement in costing method.
Importance :- This is beneficial tool in analysing the adequate costs to such operations on the
basis of budgeted and actual costs. This is one of the most important part and reduce exceed fund
from such kind of activity in working environment.
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 Financial account :- In this kind of techniques is help to focus on recorded each and every
transaction incurred in given period in internal and external working environment. This is
focus on summarised each and every information which is used in internal working
environment (Schaltegger and Burritt 2017). Moreover, it is help to manage internal work
and stakeholder and business planning is most important in working environment.
Importance :- This financial account is most important to analyses the income and expenditure in
working environment. Financial account is help to focus on framework and operation of working
environment.
There are all about the financial information to be used in internal and external working
environment and make some improvement in growth rate in market.
M.1 Benefit of management accounting
Management accounting is one of the most important part and help to increase internal
financial execution. It is help to make financial decision in working environment. In this context
management accounting is one of the most crucial part to all financial department (Uyar and
Kuzey 2016). The practical example is when Tech (UK) wants to reduce costs on production of
mobile gadgets, it may analyse cost accounting report to assess and minimise expenditures.
 Improve Cash Flow: Budget will be the most important aspect of the management
accounting system. As the cash flow of the firm will be efficaciously improve with the
application of proper direction explanation system.
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 Business Decision: it is the another benefits of the direction accounting which help to
take better concern decisions. According to the business concern decision, management
will analysis the chance to implement to form various modification in the organisation,
D.1 Management accounting systems and management accounting reporting
In this context is to be focus on management accounting system and management
accounting reporting both are total different in working environment. Management accounting
system is to be focus on manage day to day account in organisation and report to head of the
department (Uyar and Kuzey 2016). Just for them having their own particular significance and
reason to be incorporated into this report and to settle on the future choice with respect to
benefits, stock, deals and cost of the firm. Job cost report help to determine cost of products and
as such, pricing strategies may be made by Tech (UK. )
TASK 2
P.3 Calculating the costs by using the appropriate methods
Marginal Costing:
Income statement for the Tech (UK) Limited organisation as per marginal
costing
Particulars Details Details Amount
Sales revenue 1500*35 52500
Less: Marginal Cost of Goods sold
Direct Labour 2000*5 10000
Direct material 2000*8 16000
Variable production overheads 2000*2 4000
Less: Closing inventory
Direct Labour 500*5 2500
Direct material 500*8 4000
Variable production overheads 500*2 1000 22500
30000
Less: Other variable costs 52500*15% 7875
Contribution 22125
Less: Fixed Costs selling and administrative 15000+10000 25000
Net loss -2875
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Interpretation: From the above calculation as per the marginal costing techniques can be
easily determine that organisation in loss which is around negative -2875. This method precede
replicated with the utilisation of variable cost into operations. It shows that company is not in
demand of fixed cost to bring the measurements. Hence, the organisation closing inventory is
adopted from the operation is around 7500 which referred only variable cost. The fixed cost
selling administrative of the organisation is 25000 which can be impact on the firm cost.
Absorption costing:
Income statement for Tech (UK) Limited organisation as per absorption costing method
Particulars Details Details Amount
Sales revenue 1500*35 52500
Less: Cost of Goods sold
Direct Labour 2000*5 10000
Direct material 2000*8 16000
Variable production overheads 2000*2 4000
Fixed overhead costs 2000*5 10000
Less: Closing inventory
Direct Labor 500*5 2500
Direct material 500*8 4000
Variable production overheads 500*2 1000
Fixed overhead costs 500*5 2500 30000
22500
Less: Under-absorption on overheads 5000
Gross profit 17500
Less: Total production cost 17875
Net loss -375
Interpretation:From the above calculation of the income statement for Tech limited
organisations as per absorption costing which can be interpreted that company in loss at the end
by covering all the cost of the entity which can be labour material etc. but the firms closing
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inventory bring the cost around 10000 which can be included all the variable and fixed cost
involved in the organisation overall cost.
Working Notes:
WN 1:
WN 2 :
M.2 Techniques to be used to increase profit
In intercourse with instant the fruitful data set which reverberate the higher lucrativeness
as well as pat allocation of the expenditure. There are peripheral and absorption cost method
which will assistance the entity in terms of distinguishing the adequate net income. This kind of
techniques is assistance to increase growth rate and make some changes in market (Bariamis and
et.al 2017). Marginal costing techniques is aid to consideration of all the cost is to be used in
working surroundings. On the other side, absorption costing is focus on production cost and
indirect expanse to be used in work place.
D.2 Interpretation of data
As per the above data marginal cost techniques is to be focus on to be had loss of – 2875
and absorption costing techniques is had loss on – 375. Both techniques are most important and
focus on improve internal and increase the growth rate in market. This kind of data is help to
manage the future performance and make some changes as per need of structure (Lavia López
and Hiebl 2014). This interpretation is help to manage the growth rate and make some
improvement to increase net profit.
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TASK 3
A. Budget types and advantages or disadvantages
Budget is one of the most important part and focus on improvement in internal and
external factor. In each and every working environment set budget for future carrying into action
and growth rate in market. Budget is set of financial plan, it is set once in a year and make some
improvement in working condition (Dobroszek and Szychta 2015). To set budget as per the need
of the organisation and make some changes as per budget is to be set in on the job surroundings.
It may be focus on planned sales volume and make some improvement as per the need of
organisation. Budget is to be focus on assets, expense and liability of organisation. All such
factor is one of the most important part and manage the growth rate in market. In this way,
planning is one of the most important part at the time to set a new budget and make some
improvement in internal and external working environment. It s help to keep better recorded each
and every transaction (Bennett and et.al 2017). To make up an accurate icon, operating
monetary fund must relationship for constituent such as gross revenue, production, labour costs,
worldly costs, overhead, manufacturing costs, and administrative expenses. In this way cost is
most important part at the time to set a budget. There are some other types of budget are as
follows :-
 Master budget :- In master budget is to be focus on company budget and allocation of
fund in different activity in working environment. It this way, cost is one of the most
important part at the time to set a budget in organisation (Bennett and et.al 2017). The
master budget is to be focus on sales, working capital and operating expenses. All such
kind of factor is help to increase the target carrying into action and execution.
Advantages :- It is help to improve services level and make some improvement in working
environment. This is required as a lower cost and budget is to be set as per the need of then
organisation.
Disadvantages :- It is time consuming way to set budget in organisation.
 Operating budget :- In this budget is to be focus on involves cost to be used in external
working surroundings. This is way production cost, overheads cost, labour cost and
working cost etc. all such kind of cost is to be inculcated and manage growth rate in
system (Soltani and et.al 2014). This is focal point is to manage the work in working
environment and make some change sin growth rate.
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Advantages :- It is help to improve the growth rate and make some change in operation
management and focus on each and every activity in work place.
Disadvantages :- It is costly process and take long time in internal working environment.
B. Budget preparation process
In this context is to be focus on budget preparation is one of the most important part and
budget process is focus on price and costing system to be used in work place. On the other hand,
some step to taken while planning for new budget is to be set for organisation and make some
changes as per the need of working environment. To be focus on five top most steps are as
follows :-
 Obtaining estimate :- In this context to be focus on obtaining estimate of each and every
small activity which is used in working environment. Organisation is followed estimate
of each and every activity like availability of resources in each division and department in
organisation (Mokhtar and et.al 2016). It is one of the most important part and make
some changes as per the need of the organisation.
 Coordinating estimate :- In organisation is to be focus on evaluation on different plan and
make some improvement in work place. Other than, different organisation plan is to be
submitted by each unit in company. This is help to identify the different unit of
performance and make some changes in growth rate.
 Communicating budget :- In this stage communicate the overall budget for responsible
person in company. It is one of the most important part to identify the problem in budget
in work place (Senftlechner and Hiebl 2015). In this stage some types of changes is to be
needed in working environment and make some correction as per the need of internal
worker and top management.
 Implementing the budget plan :- Budget plan is present by the manager and adopt as a
plan of operation in working environment. It is one of the most important part and make
whatever different service units in a business concern endeavour are needful to render the
indispensable physical, labour, installation and other beginning to transportation out the
monetary fund.
 Reporting process towards budget objective :- As a feedback of budget process, carrying
into action report is interspersed by department manager and top management about the
carrying into action achieved in terms of budget.
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There is complete process to be used at the time of budget and with the help of all such kind of
information is used to prepare best budget in organisation.
C. Importance of budget
Budget is one of the most important part and help to improve performance in
organisation. In this way, budget is to be set as per the need of structure and make some
improvement in internal and external working environment (Lin and et.al 2015). Budget is help
to improve the internal and external working environment and make changes in growth rate in
organisation. Budget is to be set in each and every activity in work place. To set a new budget is
use planning is most important part in work place. On other hand, planning is to be used in
organisation and make some changes in as per the need of company. Budget is set as per the
need of each internal department and help to increase the market share (Lin and et.al 2015). To
control budget is one of the most important part and manage as per the condition of then working
surroundings.
M.3 Planning tools used in budgeting
Budget is one of the most important part in working environment and help to completed
work on time and make some improvement in growth rate. On the other hand, planning tools are
help to set budget as per the need of each and every activity in working environment. To achieve
financial saving goal to improve awareness in work place. Plan is to be set like months plan,
weak plan, yearly plan etc. all such of tool is one of the most important part and make some
changes in growth rate.
D.3 Planning tool solve financial problem
Organisation is focus on planning and improve the growth rate in market make some
improvement in structure. Planning tool is assistance to solve any problem and make some
improvement in financial management. This is way production cost, overheads cost, labour cost
and working cost etc. In internal on the job environment is to be focus on improvement in growth
rate and make some change as planning tools is to be used in company (Taylor and Scapens
2016). In master budget is to be focal point on company budget and allocation of fund in
different activity in employed surroundings.
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TASK 4
P.5 Comparing the organisations implicating various management accounting techniques to deal
with financial problems
As per settling the money related issues, different substances has connected systems to
overcome with such issues. These are the terms which are had to present and involved by the
experts as to make the sufficient development in proficiency and income social occasion of them.
Be that as it may, there are a few issues which can be comprehend as takes after:
 Key performance Indicators: This incorporates different procedures which empowers
the experts to make the sufficient examination over the utilization of assets and in
addition rolling out the successful improvements in the activities. It finds out and assesses
the execution made by association and representatives to achieving the business
destinations (Broccardo and et.al 2014). The key performance indicator will help to the
organisation in a effective analysis of the cost which is burden on the firm and assist in
the implication of various management accounting techniques to deal with the financial
problems. is the most productive strategy which helps in empowering and persuading the
workers to attempt fitting endeavours in accomplishing the hierarchical points. The
enormous substances in the retail business, for example, Tesco, Iceland grocery store
utilizes this system to incite the value of workforce.
 Bench Marking: This is the strategy which set an objective and break down the
execution of the association and the workforce in accomplishing the business goals. Be
that as it may, under this strategy the administrative experts set little targets and time cut-
off points to the staff and they inspire them to endeavour endeavours in accomplishing
such minor goals (Senftlechner and Hiebl 2015). Additionally, one might say that the
accomplishments over little points will lead the firm to achieve the expansive triumph.
The assembling units are embroiling such techniques into tasks, for example, Ford Motor
organization. As result the bench marking will the effective techniques which need to
implication for the various management accounting techniques which to deal with the
financial deal.
 Variance analysis: Under this technique it takes after the way toward breaking down the
distinction among planned and real expenses brought about in the business movement. It
is important to considered in the organisation to makes an estimation of overall budget
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which will help to deal with the company financial problem. The rest of adjust will be
convey sent to the following time frame (Bennett and et.al 2017). Be that as it may, such
adjust will e utilized as a part of the further costs and which is the best system to choose
the expenses over such capacities. Along these lines, the administrative experts will
anticipate decreasing the expenses and also making the addition in such expenses.
 GAPP Compliance: on of the biggest complaints about the management accounting
methods which is not manageable with generally accepted accounting principles or the
short GAPP. This need to implement in the organisation to deal with the financial
problems.
M.4 Financial problem, management accounting
Balanced Scorecard approach is help to identify the problem and solve them to improve
the growth rate in market. It is focus on all the internal working environment and make some
changes as per the need of company. It is help to identify and improve the financial carrying into
action and development rate in market (Ghasemi and et.al 2016). This approach is focus on
financial problem and make some improvement in approaching maturation rate. It is used in
measure and provide feedback to the organisation.
CONCLUSION
Form then above report is to be focus on improvement with the help to management
accounting system. This report is based on Tech (UK) Limited organisation. This company is
basically loathed in United Kingdom and provide different services in fill return and manage
account. As per the above report is based on different types of planning tools to be manage and
improve the growth rate in market. There are some costing techniques is to be used in internal
and external working capital and some changes as per techniques is to be used in work place.
Form the above report is to be focus on management accounting information as a decision
making tool which is help to increase the market share. In this report is based on to manage
inventory and improve the execution level in market. Job costing is a method for assigning
manufacturing cost to an individual product and improve growth rate. As result the bench
marking will the effective techniques which need to implication for the various management
accounting techniques which to deal with the financial deal in work place.
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