Management Accounting and Reporting: Essential Requirements and Methods

This document provides an overview of management accounting and reporting, including the essential requirements of various types of management accounting systems and different methods of management accounting reporting. It also explains how to calculate cost using absorption and marginal costing. Additionally, it discusses the advantages and disadvantages of various planning tools for budgetary control.

MANAGEMENT
ACCOUNTING
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
P1. Management accounting and provide essential requirements of various types of
management accounting system.............................................................................................3
P2 Explain different methods of management accounting reporting.....................................4
TASK2.............................................................................................................................................6
P3 Calculate cost by income statement using Absorption and Marginal costing...................6
TASK3.............................................................................................................................................7
P4 Advantages and Disadvantages of various planning tools for budgetary control.............7
TAKS4...........................................................................................................................................10
P5 Uses of management accounting systems in resolving financial problems in an
organisation..........................................................................................................................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
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INTRODUCTION
Accounting tool and technique is one of the crucial work for business in organisation.
This helps in presenting information related to finances to different users or stakeholders who
have keen interest in company and its operations. Therefore, term management accounting
relates to providing information and various resources which may be required to managers in
taking suitable decisions (Angelone, Neopost Technologies, 2015). Business organisation which
will be considered for this report is Brush Electrical Machines which is involved in manufacturer
of electrical generators. This report will contain understanding of management accounting. The
required cost will be calculated by using appropriate techniques of cost analyses so that income
statement can be prepared. This will make use of planning tools used in management accounting.
The last part of report will make comparisons of different ways through which companies are
adopting management accounting system in order to respond to different financial problems.
TASK1
P1. Management accounting and provide essential requirements of various types of management
accounting system.
Management Accounting: It is also known as managerial accounting and can be explained as
process of supporting managers with financial information for decision making. It is also use by
internal team of company because it uses statistical data to create base for decision making
process. It includes concepts and methods that are necessary to plan effectively for selecting best
alternatives from business decisions for evaluations of performance and controlling actions.
From Brush Electrical Machines point, there are many applications of management accounting
for instance, it helps in decision making, aids in planning process regularly, identify problematic
areas of operations and creates base for strategic management.
Essential requirements of various management accounting systems
 Presentation of financial position: Application of various type of management
accounting systems provide useful information to managers which help them, in present
financial reports. Further, data collected from different systems help in take right
financial decisions.
 Allocation of resources: there are various inventory management systems that help
managers in maintain an optimum level of stock within the organisation. EOQ is a tool
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that provide useful information to managers and help in identify the right time to reorder
the stocks to maintain an appropriate level of stock required to fulfil the requirements of
key customers. All this improve efficiency and reduce cost of company’s operations and
at the same time help in achieve set goals and objectives of the enterprise.
 Budgetary control: This is another significant tool that support in identify the future risks
associated with company’s project. All this help managers be aware about future risks
that are about to rise and help in formulate contingency plans for effective management.
Below is some management accounting which are used by Brush Electrical Machines in its
decision making process Cost accounting system: It is also known as product costing system which is a structure
used by business to find out cost of products for controlling cost, valuation of stock and
profit analysis(Appelbaum and et. al., 2017). Main benefit of this system to Brush
Electrical Machines is that it estimate accurate cost to measure profit margins and areas
of operations which are profitable to company. It also finds out value of stock, work-in-
progress and finished products of for financial statement which helps in decision making. Inventory management system: It is combination of procedures and technology that
monitors, maintain stock of company like assets, raw material or finished products.
Without this system goods will be in imbalance so to keep harmony in flow and record of
every stock inventory management system is necessary. In Brush Electrical Machines it
is used to maintained integrity in record of assets, location of item, information of
supplier and value of stock for generators. Job costing system: It is special costing method which is applied to execute specific
customer order work in strict manner. It totally depends on numbers of orders from
consumer so delivery is made on immediate basis (Chenhall and Moers, 2015). Main aim
of this accounting system is to estimate cost and profit or loss for each processes. Brush
Electrical Machines applies this system to find out which area of operation is more or less
profitable and to compare actual cost with budgeted cost of electric generators. There is a
specific process which is followed by organisation to use this accounting system:
following are the steps:
Receiving enquiry: It include procedure of get the customer’s views about quality of products
and time period require to complete.
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Estimate the price: This is done on the basis of preferences of customers.
Receive order: In this, order is places after getting assurance from clients.
Production order: As the name implies, in this order for production takes place.
Cost recording: Under this, each and every cost which take place during production of
product is recorded.
Completion of job: under this, report is offered to accountant to carry out final costing.
 Price Optimisation system: It consists of mathematical analysis that determine how
customer will react to different prices. It also combines information of cost and stock
level to suggests price that will increase profits for company. This model helps
organisation to find out pricing strategies for specific customer segments and their
responses to change in price. Brush Electrical Machines uses this model to estimate initial
price, promotional pricing and discount pricing for electric generators. This will help
company to attract customer and generate revenue that will effect profitability.
P2 Explain different methods of management accounting reporting
Accounting reports: These are essential part to make sure that company have adequate
information about every processes and operations. A detailed report is prepared every quarter to
provide overall view of business performance. These are important for new product line of Brush
Electrical Machines so that management will get critical understanding about electrical generates
from these reports. Below are some reports that are prepared regularly by Brush Electrical
machine: Budget Report: It is the most fundamental report in management accounting which
helps businesses to understand and control cost in processes and operations. It estimates
budgets through analysing past years expenses and earnings for unseen situations that
might arise (Chiarini and Vagnoni, 2015). It creates budget for each department and
overall business to achieve organisational goals or objectives while controlling its
expenses under estimated budget. In Brush Electrical Machines this report helps
managers to provide extra benefits to productive employees, reduce cost and negotiate
with suppliers. This report will help management to keep record of cost involved in
every process and evaluate performance by comparing actual cost with estimated one.
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 Account Receivable Aging Reports: This report is important tool for all those businesses
which extend credit to customer and manages cash flow. It includes different columns
for bills of 30, 60 and 90 days or more to monitor defaulters on time. This will help
Brush Electrical Machines to strict its credit policy, analyse regularly receivables
accounts, keep check on defaulters and to maintain cash flow (Cooper, Ezzamel and Qu,
2017). There are always some bad debts in accounting period of business but company
should not make this as habit. Cost Managerial Accounting Reports: It calculates cost of product that business
manufacture that includes raw material, labour and other costs. It provides summary of
information related to expenses incur to manufacture product that helps in determining
its selling price. Brush Electrical Machines prepare this report to estimate profit
margins, waste stock, per hour labour cost and variable cost to have clear understanding
of all expenses incurred in generators. Through this report company is able to distribute
resources for optimal uses. Inventory and Manufacturing Report: Brush Electrical Machines which manufacture
electrical generators and want to have zero defects in processes, this report will be
valuable. It includes costs of inventory, waste material, labour charges, other variables
involves in production process (Cooper, 2017). In electrical generators this will
highlight area of operations where improvement is needed and take corrective actions
within time. It also identifies departments which performs efficiently and effectively to
reward their efforts in achieving organisational gaols.
In order to perform business activities integration of management accounting systems and
reports is necessary to provide organisation with information needed for operations. These
reports and systems work together so that business processes will be carried out with ease. In
context with Brush Electrical Machines it uses different accounting systems like inventory
management and cost accounting system to find out cost and estimate profits margins. These
reports helps in establishing base for comparing actual performance with estimated one and take
corrective actions in case of deviations. If these systems and reports will be used simultaneously,
it is not possible for Brush Electrical Machines to gather information about each operations and
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find out its profits margins. This will reduce organisational overall profitability in terms of
revenue and productivity, hence they are important.
TASK2
P3 Calculate cost by income statement using Absorption and Marginal costing
Absorption Costing: It is method of management account costing which includes
expenses related to costs links with procuring product. It includes direct costs like wages of
labour, raw material and all extra variables used in manufacturing product (Harrison and Lock,
2017). In simple words, absorption costing involves every cost which is direct related in
producing goods as base. This type of costing technique is use by Brush Electrical Machines to
provide information to external financial and income tax reporting. Absorption costing
distinguished from variable costing as it is allocated fixed overheads costs which is per unit of
products that is produced within this period. It helps in allocation fixed overhead cost towards a
product even it is sold or not during this period. It means that there are more cost which is
includes in ending inventory and it is carried over towards the next period as an asset on balance
sheet. Mainly absorption costing is used for external costing and under absorption costing all
manufacturing costs are considered as product cost which is included under inventory. Overall
both inventory and product cost is included in absorption costing.
Particulars November (£) December (£)
Sales 400000 700000
Less: Cost of sales -350000 -400000
Gross profit 150000 300000
Variable selling
overheads (10% sale
value) -40000 -50000
Fixed selling expenses -1100 -25000
Fixed Administration
Overhead -2500 -24000
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Under/overabsorbed prod
expenses -4000 -21000
Net Profit 102400 180000
Marginal Costing: It is that type of cost accounting which includes cost of that variable
used to produce extra unit of goods at break even point. While other fixed costs have been
written off completely by absorption costs for specified period. The term marginal costs
mentions additional cost incurred in producing one more item of good (Hitomi, 2017). This will
help Brush Electrical Machines in classifying fixed and variable cost, valuing stock, determining
price and maintain profitability by bringing together management accounting and reporting. The
basic to ascertain cost into marginal costing is determined as a cost nature that helps in giving an
idea of behaviour of cost which has large impact upon firm's profitability. It is not determined as
a different and unique way of costing such as contract costing, batch costing and process costing.
But it is a different technique that can be used by manager for making vital decisions and it also
helps in providing a basis to understand cost data for gauging profitability of different products,
cost centres and procedures. In marginal costing overheads of fixed productions are not
absorbed. Under this variable cost per unit remain same and costs either remain variable or
remain fixed. In this the opening and closing inventory is measured at marginal cost further, the
cost per unit only consists the variable cost of production.
Particulars November (£) December (£)
Sales 600000 500000
Less: Cost of sales
Direct Material Costs -120000 -200000
Direct Labour costs -50000 -50000
Variable Production
Overheads -20000 -35000
Contribution 428000 215000
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Less:
Variable selling
overheads (10% sale
value) -60000 -50000
Fixed selling expenses -12000 -15000
Fixed Administration
Overhead -25000 -30000
Fixed production
overheads -10000 -98000
Net Profit 321000 22000
TASK3
P4 Advantages and Disadvantages of various planning tools for budgetary control
Budget: It is an estimation of earning and spendings for future and is predicted to find
out actual performance in terms of finance. It is use as base for evaluation of performance to find
out less or more productive area of business operations (Kamal, 2015). It can be made for
individual, family, groups, business, government and country. From Brush Electrical Machines
perspective, it is an internal tool of management for performance appraisal and forecasting.
Budgetary Control: It is process of estimating performance and finding actual results for
future forecasting and comparison. It set standard by predicting productivity to compare it with
actual performance and find out deviations. At last, it takes corrective actions to reduce gap
between estimation and actual results in future periods. It is a continuous process which helps in
planning operations and co-ordinating actions with method for controlling (Kokubu and Kitada,
2015). It helps in finding out Brush Electrical Machines ability to manage budget while
monitoring and controlling costs of operations in given period. It is simply set of financial goal
that company wants to achieve in current accounting year and serves as base for estimation of
next year. The comparison which is between actual and budgeted figures helps the management
in identifying discrepancies and in taking important decisions.
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Process of budgetary control: To carry out this process of controlling over-expenses of
funds and resources effectively, Brush Electrical Machines have to follow series of step, as
discussed. Firstly, organisation will plan target or standard of performance keeping in mind
every activity of business (McLaren, Appleyard and Mitchell, 2016). After setting goal, it will
record actual performance of processes and departments. As now, information related to
estimation and acquires results is available, comparison will be done. If there are any differences
in planned and actual productivity, corrective actions will be taken to avoid this gap in near
future for Brush Electrical Machines processes.
There are number of planning tools and techniques to control deviations in budgets that is
use by Brush Electrical Machines in business operations. Some of them are as follows:
 Zero Based Budget: It is tool of budgetary control which involves estimation of budget
from zero base or taking new data to prepare budget. It includes re-analysis of each item
of income statement and validating expenses incur by processes or departments (Nielsen,
Mitchell and Nørreklit, 2015). It is a method of budgeting in which budgets are made
according to actual expenses and not on basis of changing expenditure year after year.
Brush Electrical Machines will examine each and every activity, determine revenue earn
that will be generated and budget will be planned for accordingly.
Advantages Disadvantages
As compared to traditional method of
budgeting it produce accurate results as it
re-look each item of cash flow.
It requires intensive research of every item
which makes its time consuming process.
As it identify actual data of processes will
help in allocating resources to every
department of Brush Electrical Machines
efficiently.
As intensive research is prerequisite for
this type of budget, it involves more
numbers of employees to collect data for
budget.
It reduces unproductive activities and
procedures that provides more cost
effective processes for Brush Electrical
Machines of carrying out operations.
It requires involvement of expertise of
Brush Electrical Machines so that each
item can be explained and thus respective
cost will ascertained.
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 Capital Budgeting: It made up of two words 'capital' and 'budgeting', which explains that
this type of budgetary control includes expenses related to capital expenditure like fixed
assets, research & development and expansion of business operations. It is done to set
targets to ensure optimal profitability (Otley, 2016). In Brush Electrical Machines it is
used as process to evaluate investments made on huge expenses to increase return on
investments and profits margins. It is useful in situations where businesses have to select
between two projects and choose best alternative to increase profitability. In this criteria,
there is use of complete and specific information because investment is for long period.
There will use of complete and appropriate information about this with us of NPV, ARR,
IRR and Payback Period because this is possible and appropriate for determining and
completing it.
Advantages Disadvantages
It helps Brush Electrical Machines to
identify, understands and control risks
involves in investment and effect on
return on investment.
Techniques of this tools are based on
assumptions and estimation which makes it
unreliable.
It helps Brush Electrical Machines to
select best alternatives from given
projects to increase profitability for
overall business.
These are majorly long term decisions and
are irreversible and impact Brush Electrical
Machines businesses on regular basis.
Basic advantage of this type of budgetary
control is that it provides adequate
control over expenses on projects.
Based on assumptions creates risks as
wrong decision will affect Brush Electrical
Machines in long run and will reduce
profitability for whole processes.
 Operational budget- There is setting of some budget for completing the task and
conducting operations in proper manner. It is important and relevant for managers of
Brush Electrical Machines to determine and evaluating changes properly. With
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performing activities, it will be easy for completing and making activities proper. In order
to determine and evaluate operational budget, managers of Brush Electrical Machines
must use of forecasting, variance analysis, standard costing, flexible budgeting, etc. with
the help of which proper analysis is possible for considering it.
 Operating Budgeting: It is a detailed statement which shows all operating expenses to be
made and revenues that are generated in specific period of time in year by Brush
Electrical Machines. Expenditure are raw material, interest, wages and salary, repairs or
maintenance, administrative expenses, etc. Incomes includes revenue from sale of by-
products and earnings by operations (Pérez-Méndez and Machado-Cabezas, 2015). It is
prepared before management accounting reports so that goals can be set for operations
for short-term period. Depending on structure, size, and nature of Brush Electrical
Machines processes, these are divided in sub-sections to understand budgets.
Advantages Disadvantages
It helps in meeting long-term financial
goals by estimating and controlling costs
in short term objectives of Brush Electrical
Machines.
If operational budgets do not reflect
changes to meet requirements of financial
projects, they are considered to be
inaccurate.
Operational budgets provide flexibility in
expenses to meet unpredicted costs like
unexpected failure of machine and
exploiting opportunities in market.
It can create confusion for Brush
Electrical Machines management as these
are change on constant basis to aligned
with organisational goals and objectives.
As they provide flexibility, it assists
management of Brush Electrical Machines
to collect required changes and work
according to situations of environments.
As these budgets do not consider every
aspects of income statement, decisions
made on basis of this can be irrelevant for
Brush Electrical Machines.
One of the most important tool of any business is budget. It allows management to plan
not only for expenditure but also to make changes according to need of business. With the help
of making budgets, it is made sure about the proper allocation of the available resources of the
company so that their use could be done on efficient basis and the performance of the
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organisation could not be effected due to unavailability of raw materials or other resources.
Along with this, there are also some miscellaneous expenses for which provision is also made
which helps the company to deal with negative situations. Budgets helps in future financial
planning to meet unexpected spending to maintain sustainability in Brush Electrical Machines
operations. It can be applied to business at any point of time to achieve its organisational
objectives in terms of finance. It highlights more profitable areas of operations and helps in
decisions making to make investment on processes to ensure productivity. It controls deviations
in expenditure and increase revenues over years which ensures sustainable success of business.
TAKS4
P5 Uses of management accounting systems in resolving financial problems in an organisation
Management Accounting Systems is process of preparing detailed income statements and
accounts which helps Brush Electrical Machines in accurate and timely information required by
management to make short and long term decisions.
Financial Problems: All organisations irrespective of its size, processes, structure,
product offered, etc. face issues related to finance. Running a successful business comes with lot
of hurdles, basic one is maintaining financial stability in processes of organisation (Quattrone,
2016). This may arise due to lack of cash flow, inadequate sources of funds, over expenses on
advertisement campaign, improper planning in budgeting, unnecessary spending, etc. Some of
financial issues faced by Brush Electrical Machines are as follows: Insufficient working capital: For businesses, working capital is heart that is critically
important for its functioning. Organisation should maintain capital value of at least six
months of expenditure to ensure proper performance of its activities. It can create
roadblock for company to target new consumers and in product development. So with
the help of proper management of their working capital, it will be possible for the
companies to make sure about the efficient working of their organisation and make
possible to achieve the goals and objectives of their organisation. Unexpected Costs: As business environment is dynamic and uncertain in nature, future
can not be predicted effectively. In addition to this, businesses are unsure about changes
in UK tax code and its impacts on organisation. Expenses like sudden breakdown of
machinery, up-gradation in technology, financial losses, etc. are counted in unexpected
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costs (Ross, 2017). It is important for the companies to make reduction in the
unexpected costs so that the cost of production could be lowered down and products and
services of the company could be provided to them at an easier costs.
 Late payments by clients: Mostly, small businesses faces late or delayed payments very
often. Brush Electrical Machines deals in credit regularly to attract retailers and whole-
sellers but it end up in financial problem due to this policy. Due to late payments by the
clients, the working of their organisation also gets affected in negative ways. So it is
important for the companies to manage proper amount of working capital with the help
of which it could become possible for them to ensure about their efficient running of the
business.
There are number of planning tools available to solve financial issues for business
operations and are adopted by Brush Electrical Machines and its competitor Refresco Beverages
UK. Winder Power Ltd which manufactures electrical generators (Schneider and et. al., 2015).
Some of planning tools used by both the companies in different ways to overcome financial
issues. Benchmarking: The term refers to adopting standards of leader company within industry
to one's processes for comparison with business functions. Basically, quality and cost are
used as benchmark to compare and improve processes to increase productivity. From
financial point of view, it involves financial research and comparison of actual
performance to determine processes competitiveness, productivity and efficiency
(Wagner, 2017). It is important for the employees to work according to the set standards
by the company so that it could become possible for them to provide their customers with
the best quality of products and services.
 Key Performance Indicator (KPI): It is used as measurable value that shows effectiveness
of company in achieving organisational goals and objectives. There are many indicators
like profits, cost, revenue, sales, customer satisfaction, consumer lifetime value,
percentage of defective products, etc. These indicators are used to evaluate performance
in reaching objectives of organisation. With the help of this tool, it will be possible for
the companies to have proper knowledge about where the employees of their organisation
stands. Additionally, it will also help in knowing about the areas where there is
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improvement needed in the work of their employees. As the profits will make clear
whether the employees are working effectively or not. By considering this, it will be
possible to work on the issues faced by the employees in relation to their work.
There are different ways in which both organisation apply these two planning tools to
solve financial issues arises in their processes. Way of applying these techniques differently by
Brush Electrical Machines and Winder Power Ltd UK is discussed below:
Particulars Brush Electrical Machines Winder Power Ltd
Insufficient working
capital, late payments
by clients and
Unexpected Costs
To overcome this financial issue,
Brush Electrical Machines uses
benchmarking technique to set
standards of leader company in
industry and compare with actual
results. After this comparison, it
finds out reasons for deviations
and take corrective actions to
avoid such in future (Warren Jr,
Moffitt, K and Byrnes, 2015).
This helps company to cope up
with improper planning and faulty
decisions as standards are set
according to industry level.
On the other hand, Winder Power
Ltd uses KPIs as tool to reduce
financial issues related to inadequate
working capital, unexpected costs
and late payments by vendors
(Welford, 2016). Firms have set
revenues, profit, sales and cost as
indicators to analyse environment
and show any uncertain behaviour.
These factors gives clear picture to
management about unforeseen costs.
Actions are taken on time to create
opportunities and increase financial
stability in organisation.
CONCLUSION
From the above report it can be concludes that accounting tool and techniques are
important for business processes as it provides accounting information to interested parties and
helps in decision making. Brush Electrical Machines will be using all data to manufacture its
electrical generators find out different cost of operations. Management accounting reports are
detailed documents of accounting information and can be stored to refer in future to make
budgets and set organisational goals. Different reports serves need of various decisions of
managerial functions. Budgets are estimation of future cost incur by business in manufacturing
products and need to be controlled by various tools of budgetary control. There are planning
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tools of Brush Electrical Machines to use as controlling tool in business operations with their
own advantages and disadvantages. At last, it will study that these management accounting
systems will also help in overcoming financial issues of Brush Electrical Machines and its
competitor Winder Power Ltd with the help of benchmarking and key performance indicators
(KPI). This reports clearly shows that company is in profits and stable in terms of financial
capabilities.
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