Management Accounting Research and Systems

The provided assignment is related to management accounting research and systems. It includes a list of references from academic journals and books on the topic. The references cover a range of subjects such as strong structuration theory, emerging diversity in management accounting research, quality in management accounting, and sustainability/CSR research. Additionally, it mentions various management accounting systems like cost accounting system, job costing system, inventory management system, batch costing, and price optimization system. The assignment is likely from a university course on management accounting or a similar field.

PROJECT FRONT SHEET
UNIT: 5 – Management
Accounting (Core unit 5)
UNIT CODE: H/508/0489
Learning Hours: 60
Hours.
Self-learning hours: 90
hours.
Course: HND Business –
Level 4
TQT: 150
CREDIT VALUE: 15 CREDITS Term: 1
Unit Leader: Lecturer: Internal Verifier:
PROJECT TITLE:
Learners Name: Term: 1 C
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Intake: Sept
17
Registration Number HE05766 C
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Hand out Date: Week
Commencing
11/09/2017
Submission Date:
15/12/2017
Final Submission
where turnitin will be
blocked: 11/05/2018
Learning Outcome Assessmen
t Criteria
In this
assessment
you will have
the
opportunity to
present
evidence that
shows you are
able to:
Task Number Evidence Page
number
LO 1: Demonstrate an understanding of
management accounting systems
P1 P1 Explain
management
accounting and
give the
essential
requirements of
different types
of management
accounting
systems
P2 P2 Explain
different

methods used
for
management
accounting
reporting.
LO 2: Apply a range of management
accounting techniques
P3 P3: Calculate
costs using
appropriate
techniques of
cost analysis to
prepare an
income
statement
using marginal
and absorption
costs.
LO3: Explain the use of planning tools
used in management accounting
P4 P4: Explain
the advantages
and
disadvantages
of different
types of
planning tools
used for
budgetary
control.
LO4: Compare ways in which
organisations could use management
accounting to respond to financial
problems
P5 P5: Compare
how
organisations
are adapting
management
accounting
systems to

respond to
financial
problems.
Please see that you include the Turn-
it-in report. This work will not be
accepted without the Turn it in
report.
Report attached: Yes
No
If
n
o
R
e
a
s
o
n:
% of the turn it in
report.
Learners Declaration:
I certify that the work
submitted for this
unit is my own and
the research sources
are fully
acknowledged.
Learners Signature:
Ema Baciu
Date:14.12.2017
Plagiarism:
Any act of plagiarism will
be seriously dealt with
according to the colleges
and awarding bodies’
regulations. In this context
the definition and scope of
plagiarism are presented
below:
Plagiarism is presenting
someone’s work as your
won. It includes copying

information directly from
the web or books without
referencing the material;
submitting joint
coursework as an
individual effort; copying
another student’s
coursework; stealing
coursework form another
student and submitting it
as your own work.
Suspected plagiarism will
be investigated and if
found to have occurred
will be dealt with
according to the college
procedure. (For further
details please refer to the
plagiarism policy and the
student code of conduct.)

Table of Contents
INTRODUCTION...........................................................................................................................7
TASK 1............................................................................................................................................8
P1 various management accounting systems and their essential requirements......................8
P2 Formation of various type of reports in management accounting...................................10
TASK 2..........................................................................................................................................11
P3 Use appropriate method to determine net profit and make income statement................11
TASK 3..........................................................................................................................................16
P4 Tools in budgetary control and their advantages and disadvantages..............................16
TASK 4..........................................................................................................................................18
P5 Adopt management accounting system to respond financial problems..........................18
CONCLUSION..............................................................................................................................19
REFERENCES .............................................................................................................................21

INTRODUCTION
Each and every sort of company has to attain desired goals and objectives which is
decided by them. For above stated purpose, they need to follow some procedures and
management accounting is one of them (Ax and Greve2017). It is necessary to choose
appropriate data and information; therefore, it can be utilized to do an adequate interpretation. If
manager wants to acquire growth as well as success then, they have to take decisions quickly and
effectively. In this, proper data has to be gathered. Present report is based on Taj Stores which is
much famous firm in UK.
This PROJECT is going to describe many type of management accounting systems.
Along with this, there are various tools which are utilized by employer to find out cost in an
effective way. They can prepare budget for firm as it assists to control cost of operations. This
will help company to resolve financial issues as quickly as possible.
In this assignment, there is description about various management accounting systems
and their essential requirements. Some reports will be developed by manager in management
accounting. Company will use various methods to analyse net profits so that they will be able to
create income statement in a proper way. There are various budgetary tools are going to describe
into this report along with their advantages and disadvantages. Manager of an enterprise will use
many planning techniques. To reduce financial issues, organisation will utilize some system of
management accounting.
8

TASK 1
P1 various management accounting systems and their essential requirements
In an association, it is essential to follow accounting systems in an adequate manner
because this aids to attain desired goals as well as objectives within limited period of time. Along
with this, superior can easily take judgements without any delay. For above stated purpose,
employer has to gather required data and information; hence, they can use it appropriately. Data
which is collected by superiors, will help them to manager their intrinsic management adequately
(Lapsley and Rekers2017). This will never give by them to the extrinsic party or outsiders. There
are some important field in which this can be utilized, such as strategic and risk management and
in addition measurement of performance. Hence, it will be executed with assistance of many
systems which are mentioned as following. Cost accounting system, According to Gibassier
(2017), Data and information which is gathered by manager needs to be record appropriately and
for this they can utilize perpetual accounting. As per this methodology, entire procedure is
classified into many aspects which is fundamental to fulfill by Taj Stores. Primarily, it is
required for superior to examine inputs which can be used in production procedure. After that, its
value need to be determined; thus, employer can easily find out cost which can be occurred in
this relation. Manager can made some assumptions and then abilities which are connected with
entire process can be recorded. Therefore, it is necessary for manager to manage all things in an
effective way.
As indicated by Job Costing system method, to attain coveted targets within limited
period of time, it is fundamental for staff members to perform their job in an appropriate way. As
they are producing goods for people; so that, cost will be occurred in this context. Hence, it is
must for to find out entire expenditures and record them so that unwanted expenses can be
reduced (Wanderley and et. al., 2017). Along with this, employer will find out that what amount
they can spend into their procedure of production. They cannot identify it in a specific way; thus,
it has to be determined in respect of overall units. Inventory management system, According to
Gibassier (2017), it is needed for an organisation to manage their stock in a proper manner. They
have to utilize best quality of product; hence, they can attract many people towards them. It is
must for an employer to find out that how much inventory they can be retained into their
warehouse. If it is over stocked then, this will incur high cost of carrying. Apart from this, if it is
under stocked then they will not be able to accomplish requirement of their customers within a
9

specific time span. Therefore, it is necessary for management to do proper stock evaluation; as a
result, they can fulfil need of clients. Because if there is shortage of inventory them this can
provide impact on their profits as well as reputation.
Price optimisation system, Each and every kind of association wants to gain maximum
revenues and it is possible when people are willing to pay that amount which is settled by
employer of their goods and services. For above stated purpose, it is necessary for them to
consider many elements as this can influence judgement of firm which can provide impact to
demand of people. If prices of products are much high, then customers will not be able to
purchase that item. Therefore, it is must for employer to set value of goods which is affordable
for users and not affecting their revenues. Because if value of merchandise is high then this will
decrease demand of persons; as a result, this will develop losses (Soderstrom, Soderstrom and
Stewart, 2017). Batch costing, manager can start their production is batch. It portrays that, they
are going to produce items in group; thus, this can reduce their unwanted cost. But it is not
possible to find out cost of a single item. This technique is only utilized in those firm in which
they are producing only same kind of products. Hence, they can decrease cost of their production
process and improve their revenues. Along with this, there is no requirement to cater training to
employees as they are engaged in similar type of operation.
10
Management Accounting System
Cost Accounting System
Job Costing System
Inventory Management
System
Batch Costing
Price Optimisation
System

(Source: Management Accounting System, 2018)
P2 Formation of various type of reports in management accounting
In management accounting procedure, manager has to formulate distinctive type of
reports; thus, they can record entire data as well as information which is gathered by them. This
will be utilized by them in upcoming future (Christ and Burritt, 2017). There are some kind of
reports which are stated as beneath:
Performance report is fundamental for an employer to evaluate performance of staff
members properly; therefore, this can be identified that they are doing their task in an adequate
way or not. As a result, if there is any issue then this can be eliminated within limited period of
time. Along with this, it will help them to enhance their total work performance effectively and
efficiently. To determine deviations, employer can compare actual performance with standard.
Reasons which are restraining growth of company has to be removed within limited time
duration; hence, coveted targets will be attained timely. Variable analysis report is a kind of
element can provide impact to revenues either directly or indirectly. This amount will fluctuate
according to the number of units which are manufactured. Therefore, it is necessary to control
this kind of component. It is directly connected with the profits of company. If it is high, then
profits of organisation will be less. Inventory control report is necessary for an organisation to
manage their stock in an appropriate manner (Lachmann, Trapp and Trapp, 2017). For above
stated purpose, they can utilize some methods such as Economic order quantity. This will help
employer to find out exact number of items which can be stored by them at warehouse. With aid
of this report, firm can easily determine their mistakes which are connected with under as well as
over stock. This trouble can influence supply chain of company in an adverse manner. Like if,
there is an issue of over stocking then this will incur carrying cost; as a result, profits get
declined. But if they do not have adequate inventory then, this will affect their reputation as they
are not fulfilling requirement of customers timely. Hence, this report will assist manager of Taj
Stores to maintain their inventory in a proper manner. Budget reporting: is like an estimation of
entire expenses as well as incomes of firm. It can be formulated by employer for a year or this
can be depending on policies of organisation. This sort of report aid superior to determine
distinguish amongst actual and in addition estimated performance. Management department will
provide proper budget to every division as this will help them to decrease unnecessary cost and
11

they will complete their task within provided budget plan. This needs to be prepare by top level
authority and for this they can consider past year data.
Account receivable report, Creditors are an essential part which comes under
stakeholders of company (Jack, 2017). It is required for firm to cater credit administration to
their regular users but if they are not doing this then, this will affect their success as well as
improvement. In this report, there is description about all the creditors who are debts of firm. It
can have prepared on weekly or monthly basis by the employer. This will can depend on policy
as well as size of affiliation. With assistance of this report, superior can decrease their debts,
which helps them to keep up their goodwill at marketplace. Job cost report, to gain maximum
profits, an association has to execute many activities. There are various activities which is
perform by staff members. Some are profitable for them, but many occur extra cost. With aid of
this report, an employer can find out that which activity is much beneficial for them. It is must
for superior to solve issues within limited period of time; hence, they can complete their work
timely. Along with this, they can decrease their expenditures. Management accounting system
will cater many sorts of benefits to firm. It is necessary for manager to use cash in an adequate
way; so that, all task will be done effectively. Many exercises which are not must to perform has
to be removed from the process of production. As a result, cost will be diminished, and this will
enhance revenues (Matter and et. al., 2017). Along with this, to make proper planning manager
can utilize some data as well as information. This will assist them to take appropriate judgement.
It is necessary for an employer to give some responsibilities to labours; therefore, they can
execute their performance properly. In order to develop or prepare adequate report, it is required
for a manager to gather data. For above stated purpose, they can take assistance of many system
of management accounting because this help them to collect adequate data. Fundamental reason
behind it to take judgement effectively, which will cater long term success to enterprise. Along
with this, employer can examine performance and those issues which are hampering their
growth. By doing this, they can easily attain desired goals and targets within limited time
duration (Novas and et. al., 2017).
TASK 2
P3 Use appropriate method to determine net profit and make income statement
It is needed for an organisation to calculate cost of their production process and it must be
undertaken by them appropriately. For above stated aim some methods can be used by them.
12

Absorption costing, there are two kinds of cost which can be happened in an enterprise such as
variable and fixed. It is necessary to comprise both methodologies into this; therefore, this is
known as full costing. Fixed prices never fluctuate or in another word it always remains same.
To identify over as well as under absorption fixed expenditures can be analysed. This can be
used by superior while they are doing computation of net revenues. Apart from this, variable cost
will change according to the unit of manufacturing. As indicated by Marginal costing, when it is
going to be identified only variable cost is utilized by an employer; they never use fixed cost. If
there are any modifications in other elements, then there will be change in variable prices.
Therefore, it is fundamental to prepare adequate alteration of changes (Christ and Burritt, 2017).
Along with this, there is requirement to determine contribution and this can be calculating by
deducting variable cost from profits which is gained by firm. To take adequate decision this will
can be used. Hence, it has been comprehended that above mentioned methods are entirely
different from each other and can be used by manager to calculate cost. There is some difference
amongst them.
According to Marginal costing method, only variable cost is including into this, whereas,
to calculate absorption costing, both kind of cost i.e. fixed and variable. In marginal costing, both
product as well as period cost is identified. Fixed is considered as a cost of period whereas,
variable is considered as a product price. In absorption costing methodology, allocation of fixed
cost has been made; so that, both kind of price will be taken into under consideration as a cost of
period (Islam and et. al., 2017). Additionally, Profits can be examined with assistance of volume
of revenues in marginal costing. But, Absorption costing can be influenced through fixed cost
because this is included into this. Expenditure categorisation can be divided into two aspects, i.e.
fixed as well as variable. Whereas, absorption costing can be classified into production,
administration and in addition selling & Distribution.
If there is any difference amongst opening and closing inventory then this will not
provide impact to one-unit price (Gibassier, 2017). Whereas, it can be influence if there is any
deviations between them.
Calculation as per Absorption costing.
Working notes:
Absorption costing
13

Working 1: Calculate full production cost
Direct material £6
Direct labour £5
Variable cost £2
Fixed cost £3
Total £16
Working 2: calculate value of inventory and production
Opening inventory Production Closing inventory
0 700*19 = £13300 100*16 = £1600
Working 3: under/ over absorbed fixed production overhead
Actual fixed production: £2100
Fixed overhead: £2000
Total £100(over absorbed)
Administration Cost: In this budgeted cost is £800 and Actual cost is £700, Actual
Production: 700
Selling cost: In this budgeted cost is £400 and Actual cost is £600
Net profit using absorption costing £ £
Sales
(-) Cost of Sales:
Opening stock
Manufacturing
Closing stock
(Under)/ Over absorbed fixed prod.
O/h
Gross Profit
Less Expenses
Variable sales expenditure
0
11200
(1600)
600
700
21000
(9600)
11400
14

Fixed administration expenses
Fixed selling expenditure
Over absorption
Net Profit
600
(100)
(1800)
9600
Working 1: Calculate variable production cost £
Direct material 6
Direct labour 5
Variable production O/h 3
Variable production cost 14
Working 2: Calculate value of inventory and production
Opening inventory Production Closing inventory
0 700*14 = 9800 100*14 = 1400
Net profit using marginal costing £ £
Sales value
Less: Variable costs
Opening stock
Manufacturing
Closing stock
Contribution
Less Fixed costs
Variable Production expenses
Administration cost expenditure
Selling cost
0
9100
(1300)
2000
1300
600
21000
(7800)
13200
3900
15

Net Profit 9300
From above calculation it has been understood that company has to use absorption
costing into their business as this will aid them to gain more revenues. With assistance of this
right examination has been done which is much advantageous for enterprise. They earned almost
9600 pounds which is more than 300 pounds (It is calculated with aid of marginal costing). This
kind of deviations are there because of management of fixed price. Along with this, there is other
is reason also, that is variation amongst opening and closing inventory. Apart from this,
employer of Taj Stores uses marginal costing then this can enhance their burden which is
associated with contribution. Hence, it has been concluded that, if firm uses absorption costing
then, they can easily increase their profits. In each company, superior has to take adequate
judgements which is beneficial for them; thus, they can attain coveted targets within limited
period of time. For this, they can take help of many techniques of management accounting
system. Budget is most popular from them, as if manager prepare it then, they can control over
cost and will use resources adequately. As a result, this will cater success as well as
improvements to them (Kihn and et. al., 2017). Moreover, to determine cost, superior can utilize
some techniques, such as marginal as well as absorption costing. Deviations can be find out
amongst them because of the treatment of fixed price. With help of absorption costing, profits of
an enterprise will get improved but through marginal costing it gets diminished. This can be
identified by help of above example i.e. if association use absorption costing then their profits
are 9600 pounds whereas by utilizing marginal costing it is 9300 pounds (Nørreklit, 2017).
16

TASK 3
P4 Tools in budgetary control and their advantages and disadvantages
For each sort of association it is essential for them to formulate budget. As this will assist
them to make comparison amongst actual as well as desired performance. Deviation can be
identified in statistics then it will be easy to compare it with others. It is required to develop an
adequate control; thus, issues cannot be incurred in future. For this, manager can use some
strategies as well as policies; hence, they can attain coveted targets within specific period of
time. If an effective budget is prepared, then this will help to remove wastage. There are certain
pros and cons of budgetary control which are mentioned as beneath: Advantages of Budgetary
control, Organisation will complete their task within provided resources in an effective way.
This will aid to decrease wastage; therefore, revenues will be gained by them (Aouni, McGillis
and Abdulkarim, 2017). To use resources adequately, it is required to maintain proper
coordination amongst all divisions. Disadvantages of Budgetary control, this is much lengthy
procedure; so that, it consumes more cost. Risk is high because it is always made on estimation
basis. Apart from all of this, there are certain kinds of budget which are mentioned as beneath.
Master Budget, with assistance of this manager will get data as well as information which is
related to every division. They will acquire entire info at a single place; thus, it is easy for them
to examine it. There are some pros and cons of it which are stated as beneath. it makes an
appropriate coordination with other units. With aid of this, firm can attain their short-term targets
(Mikes and Morhart, 2017). This is considered as an effective way of communication with
another divisions. This aids to remove confusion amongst all units and help to take quick
judgements. Disadvantage, it prepared on forecasting basis. Future is uncertain. Many times, it
will not be right.
As per Cash Budget, each transaction which are related with cash need to be record into
this. When an enterprise is doing activities then there is outflow as well as inflow of cash.
Fundamental aim of making it is to ensure that firm has an adequate amount of cash or not
(Herasymovych, 2017). Some of advantages and disadvantages of this budget is described as
beneath. advantages, it is required for every firm as this will assist them to control over the
expenses. If an association has sufficient cash then, they can easily accomplish their operational
activities in an effective way. This will aid them to boost their confidence and performance.
17

disadvantages, this will not enable to determine modifications in many current liabilities and
assets. It is much risky as it always prepared by utilizing previous year information and data.
With assistance of Operating Budget, employer can concentrate on some aspects, such as
production process and in addition administration division (Machado and Alves, 2017). Apart for
this, it will be useful to find out those expenses which are linked with activities of
manufacturing. Hence, there are some advantages and disadvantages of this budget is mentioned
as beneath. advantages, it is most popular tool which can be utilized by an organisation as this
focus on improvisation of revenues. With assistance of this, firm can decrease their wastage. It is
associated with short term planning as superior can modify things without influencing entire
working procedure. disadvantages, this will increase burden of finance on association. Enterprise
is not much financial strong; hence, this can affect their plan of expansion. Through this budget,
staff members of firm will get confused (Lassala and Feliu, 2017). To prepare budget of
company it is required for an employer to gather necessary data as well as information. For
above stated purpose, they can utilize some techniques and methods which are beneficial for
them. It is fundamental to apply budget in an adequate way and need to be communicate in every
division. Therefore, they can use resources appropriately and accomplish their targets within
specific time duration (Bennett and James, 2017).
18

TASK 4
P5 Adopt management accounting system to respond financial problems
There are lots of alterations in surrounding of business from last many years. There are
various new techniques as well as methods are using by an enterprise to improve their work
performance. Lean accounting is utilizing by Taj Stores into their business. There is another
organisation named Vectair holding which is using traditional accounting methods. Taj Stores is
using methodology of lean accounting into their business procedure; therefore, they can decrease
their wastage. This aids to reduce confusion which can occur in many units (Ax and Greve2017).
Vectair Holding is utilizing traditional methods to record their transactions. It is not much
difficult but by using this manager will not cover entire part of their business. Taj Stores is using
unique methods into their association; thus, they can easily take quick decisions which will help
them to beat their rivals at competitive world. By using old approach, it is not possible for
employer of Vectair Holding to transfer data and information in fast way. Hence, they have to
wait to gather proper info. It leads to delay is decision making and they can suffer from heavy
losses. It is not much easy for a Taj Stores to use lean accounting as it is very difficult. Along
with this, to use this method in business, management needs to have sufficient amount of fund.
Utilization of traditional methods are much easy, and this is used by Vectair Holding as this can
be applied easily and in addition manager do not have requirement to cater additional training to
their staff members. There is no need of too much finance as it decreases load of firm (Lapsley
and Rekers2017).
There is some important aspect of it, i.e. latest tools and software. They are using manual
techniques to record transactions and also some tools which are outdated, slow as well as
ineffective. When an affiliation is doing their business then, they have to face numerous
challenges like financial troubles. There are various tools as well as methods which are linked
with system of management accounting, can be utilized by Taj Stores. These are stated as
beneath: Key performance indicators, many elements which aid to decide that firm is doing their
activities effectively or not. With assistance of SMART targets, they can easily solve their issues
which are related with finance. Fundamental objective of association is that, they want to
improve their profits by 20% in next two years. Hence, it has to be measurable as well as
attainable. Along with this, goals and targets need to be real not fictional. Rather than this, it is
required for manager of Taj Stores that they must set adequate time duration under which staff
19

members need to accomplish their objectives (Wanderley and et. al., 2017). Bench marking is
requisite for each and every type of company to set standards which is associated with their
quality of items and their cost. By following these benchmark, they can easily reduce their
troubles connected to cost of capital as well as flow of cash. Additionally, if they are following
set standards properly then, it will be easy for them to enhance their fund.
Financial governance is fundamental for a firm to take care of interest of their
bondholders as they are an integral aspect of each company. It is essential for them to do their
business by following standards of ethics as this will aid them to maintain their reputation at
marketplace (Soderstrom, Soderstrom and Stewart, 2017). Along with this, they can face issues
relating to finance effectively. With assistance of system of management accounting an employer
can easily analyse their risk which is associated with their business. If they have sufficient
amount of fund then, they can easily survive at market for longer time duration (Lachmann,
Trapp and Trapp, 2017). To resolve troubles in an effective way superior can utilize many sorts
of methods. This will assist them to enhance entire working performance of an enterprise.
Through find out many fund sources, employer will increase their revenues (Christ and Burritt,
2017).
CONCLUSION
Through above discussed PROJECT it has been understood that to manage business in an
adequate manner, employer has to use management accounting system. With aid of them,
manager can solve issues quickly. Along with this, they can take decisions within specific time
frame and this will cater benefits to them. It is required for management to prepare budget for
their firm; as, this will help them to eliminate unwanted cost and they can use available resources
adequately. Apart from this, by resolving troubles an enterprise can survive at marketplace for
long period of time. Company need to use management accounting techniques into their firm;
therefore, they will be able to run business in an effective manner. This helps them to attain
coveted targets within limited period of time. Manager need to formulate budget for each
department and provide it to them. In this manner, they will be able to use resources
significantly. Training needs to be give to staff members; hence, they will reduce unwanted cost
and wastage from business procedure proficiently.
According to me, organisation is operating their business in an effective and efficient
manner. For this, they are using accounting methods; in this manner, entire data and information
20

will be recorded by them in a proficient manner. Brand image and profits of Taj Stores is much
adequate which enables them to take benefits from contenders at marketplace. They are having
an appropriate customer base. They modify products and services as per demands and
requirements of people. Therefore, they will easily pull attention of numerous individuals
towards them effectually.
21

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