Principles and Practice of Management Accounting

This document provides an overview of principles and practice of management accounting. It discusses different types of management accounting systems, methods applied for management accounting reporting, and calculation of costs. The document also highlights the advantages and disadvantages of planning tools used for budgetary control and how organizations are adapting managerial accounting systems to respond to financial problems.

Unit 5- Principles and Practice of
Management Accounting

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1 Management accounting and different types of management accounting systems................3
P2 Different methods applied for management accounting reporting.........................................5
P3 Calculation of costs.................................................................................................................7
P4 Advantages and disadvantages of several kinds of planning tools used for budgetary
control..........................................................................................................................................9
P5 How organizations are adapting managerial accounting systems to responding to financial
problems.....................................................................................................................................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Management accounting is a process of evaluating a business operations and costs to
prepare financial records, accounts and report. This process will help the business managers in
their decision-making process for achieving the company's goals and objectives. Management
accounting will assist the organization by providing timely and accurate information and data of
the statistical and financial. It assists the management team in the short term and long term
decision. Alpha ltd company is a medium-sized manufacturing company. It specialises in the
production of local made pizzas. It is a medium size company because it has approximate 50
employees. And has turnover of 5, 00, 000 (Medium size company, 2019). The Alpha Ltd.
Company has fifty members of staff. The company has turnover of UK dollar 5, 00, 000 per
annum. The Alpha Ltd company started their business in 2001 as a small pizza company. Now,
the company has become a fast grown company and planning to develop its franchising business.
This report will include the explanation of management accounting and different types of
management accounting system and its role in the business operations. This report will also
highlight various methods of management accounting reporting and several advantages and
disadvantages of the many types of planning tools used fort budgetary control. This report will
also state that role of management accounting in solving the issues of financial problems.
MAIN BODY
P1 Management accounting and different types of management accounting systems
Management accounting plays an important role in any organisation. In the today's
business environment, effective management accounting is very crucial because it helps the
company in their wealth creation and profit maximization. In the Alpha Ltd company , the
management accounting assist in managing financial activities and budgetary issues.
Management accounting includes cost accounting and managerial accounting. Management
accounting is the best procedure to analysing the organization's operations and costs.
Management accounting plays a integral role in the preparation of internal financial account,
records and report that can assist the business manager in their decision making for the business
success. In other words, we can say that management accounting is a process to determine the
data of financial and costing and transform this data into effective information for the officers
and management in the Alpha LTD company (Raj, Walters and Rashid., 2017). Management
accountants also knowns as managerial accountants. Management accountants collects the

financial data and information from around a business and translate them into effective
knowledge and used in the decision-making. Management accounting also a procedure of
recording and analysing the businesses activities for the internal use of organization to enhance
the productivity and efficiency. Management accounting is known as a accounting process that
involve the combination of non financial and financial statements with the purpose of offering
great decision making opportunities for the Alpha Ltd company. Financial manager of the
company use the accounting information for gaining the effective control on decisions. It plays a
major role in management planning, management system of performance, integrated financial
reporting and decision making (Bismark Kusi Appiah, Majumder and Monaheng., 2020).
Management accounting providing a detailed outline regarding the product lines, customer bases
and profit percentages. Alpha Ltd company uses advanced management accounting in their
organisation for improving purposes of decision making. It offers a whole pictures of customer
bases, profit figures and products and services. It also assists in addressing and reporting the
accurate results of company's business. It generate a clear situation of company's business and
helps in finding solutions of various problems or causes. Management accounting manage
various activities in the company by using budgetary control, cost volume profit, cash budget,
absorption costing and marginal costing.
There are different types of management accounting systems that requires in any business
Types of management accounting systems includes cost accounting system, inventory
accounting system, job costing system and price optimization.
Cost accounting system
Cost accounting system will use by the Alpha LTD company to evaluate its product costs
for profitability analysis, cost control and inventory valuation (Morden., 2017). This system can
by applied by the company in two ways either by the traditional costing system or activity based
costing system. It is a effective management tool and also involved marginal costing, absorption
costing, budgetary costing, activity based costing, uniform costing, operation costing, inventory
control and standard costing. With the application of cost accounting system, Alpha Ltd
company will enable in analysing, allocating, recording, categorizing and summarizing all the
actions of business activities and controlling the whole operational and managerial costs.
Absorption costing system recognize the actual costs of product according to their production.
This considers fixed costs and also variable costs of product. In the Marginal costing, cost of the

products will be vary according to the variations in output. Standard costing is a effective costing
system that assists managers or leaders to control various factors of costs like labour, materials,
overheads for minimize the total cost of product. In the Activity based costing, the company will
allocate costs to products on the basis of several benefits that generate from indirect activities.
Inventory management
Inventory management included various methods of overseeing and controlling then use,
storage and ordering of raw material for use in the production activities. This management assist
the organization by managing all functions of raw material, finished goods and components.
Inventory management plays an effective role in Alpha Ltd company because it provides the
detailed information about the units in stock, exact manufacturing units, raw material, WIP stock
and finished goods (Clarke and Wilson ., 2018). It includes the process of restocking and storage
the inventory of organisation, for enhance the overall sales volume in the business. It also
includes two inventory systems such as perpetual inventory systems and periodic inventory
system. For the effective calculation of inventory, Alfa Ltd company can use First in first out
method and Last in first out method. The application of First in first out method is very simple
and it offers a reasonable approximation of the real flow of inventory.
Job costing system
This system will use in the Alpha LTD organization for allocation of manufacturing cost
to the specific product and group of product. The Alpha Ltd company produces Pizzas and the
job costing system helps the organisation to identifying ingredients use in per unit and per unit
cost. Job costing divide the batches of units and allocate total expenses and overhead cost on the
specific batches. Job costing is essential for the Alpha Ltd company because it provides a huge
assistance by managing total expenses on the basis of each unit and group of batches.
P2 Different methods applied for management accounting reporting
The implementation of effective management accounting processes will assist the Alpha
Ltd company in representation of managerial accounting information in a very effective or
operative manner. These can help the company in making their strategic decisions for effortless
transition of company's business (Geisler and Wickramasinghe., 2015). The Alpha Ltd company
uses management accounting process to improve their operations and make business profitable.
Management accounting is used in planning, controlling and decision-making process. Various
management accounting report can be used by company in their business like financial

statements, job cost reports, manufacturing and stock report and accounts receivable reports.
There are various reports that will applied for management accounting reporting such as:
Cost managerial accounting reports- Management accounting evaluate the
manufactured cost of products by concerning on the various factors such as raw material,
overhead, labour cost and additional cost and expenses (Sedevich-Fons., 2018). The total of all
the factors are divided into number of products that are produced. This report provides a
summary of all cost related details. This report will provides a information regarding the actual
cost of items and the selling price of items. This report assist the organisation by providing
ability to monitor or estimate profit margins and generate clear picture about the procurement or
production of the article. Overhead costs, hourly labour costs and inventory waste are also an
important component of cost managerial accounting report because they generate exact
identification of all expenses that is useful for effective allocation of resources between all
departments.
Budget report- Management accounting also plays an important role in the budget
preparation. Budgeting will be conducted by the management accountant by analysis budget of
past and future forecast. Alpha Ltd company can use the budgetary report to evaluate the
budgeted performance with the current performance. Company will prepared budget according to
the actual expenditures will be compared with the earlier performance. It is a very complex
report in measuring business performance. This report is very useful in small businesses and also
for large businesses. For identifying the great scheme of business, company will create budget.
A budget is prepared on the basis of previous experiences and also concern about the unexpected
circumstances and unforeseen situations. The Alpha Ltd company includes in their budget, all
the expenditures and source of income (Adler ., 2018.). According to the budgeted amount,
company will take necessary actions to achieve its mission and goals. The budgetary report can
assist managers to provide employee incentives, renegotiate terms with suppliers and vendors
and cut costs. So, the preparation of budgetary report is a very critical process. This report
provides major help to the owner of small business by analysing company's performance.
Performance report- For implementation of performance report, management
accountant use their budget report for compare the actual revenue and expenditure. The received
data used by the management accountant in preparation of new budget and performance report.
Performance report are prepared to understand the performance of the employees and company.

In the large organisation, the departmental performance report are prepared. This report are very
useful for the Alpha Ltd company's managers to make strategic decisions for the future
operations of business. The company's workers or employees are rewarded for their attractive
performances and work commitment towards the organisation. This report will encourage the
company's employees for conducting efficient work. This report will set a direction for work and
provides a better guideline for achieving business goals. Performance report has major role in the
Alpha Ltd company to define right measure of business strategy towards their objectives or
mission.
Account receivable report – This report will assist the organisation by providing
detailed information about the cash inflows and cash outflows. It can help the business in
effective planning of credit lines of customers. If the company's business has huge burden of
credit then this report plays a vital role. This report will include the exact time period for amount
collection and various issues or problem in the amount collection process (Nasreen and Baker.,
2019). Company needs to concern about the implementation of credit policies to control over the
cash flows for effective operations of business. This report will involves the bad debt of
company or its written off.
Job cost report – It will assist the company by generating systematic review of total
costs or expenditure of particular tasks or project. The overhead costs will be effective allocated
on the specific batches of products. This report will show the actual expenses of a specific task.
It helps in evaluation of job's profitability because it usually similar with estimated revenue. Job
cost report assists recognize the business's higher earning areas so that business can focus on this
specific area and doesn't waste their time on other things which generate low profit margin. This
report will used in identify the expenses of project during their progress.
Manufacturing and inventory report – Manufacturing and inventory report will help
the organisation for making the manufacturing process more effective and efficient. The
manufacturing and inventory report will involve several items such as per unit overhead cost,
labour costs and inventory waste.
P3 Calculation of costs
Marginal costing means that the contribution generated by the product for the fixed cost and
profit for the business (Fourie and et.al., 2015). in accounting and business, Cost is the product's
monetary value that organisation will spend to produce various products or services. Cost is

spend by the company on the creation of goods or services. The sales value of the product is
always high from the cost of product.
Many types of costs such as Fixed cost, Variable cost, Direct cost, Indirect cost, Material cost,
Labour cost, Inventory cost etc. A fixed cost will remain constant or unchanged weather sales
revenue or output level changes. For example- interest, salaries, rent, insurance. The variable
cost is varies according to the changes in production volume. It the production process is stop
then no variable cost are develop (Peterson and Kelly eds., 2016). Examples of variable cost are
wage cost, bonus etc. Direct cost is completely allocated to the production of products like direct
material, direct labour cost. Indirect costs are not directly attributed to the product's production.
It may be fixed or variable, for example indirect material, indirect labour etc.
Contribution means total of fixed costs and profit or the difference between variable costs and
sales.
Total cost= variable costs+ fixed costs
Contribution= sales – variable costs
or profit= contribution – fixed costs
The each unit cost of product under marginal costing method:
Cost of 1000 units produced Calculation Cost per unit
Direct material= 5000 5000/1000 5
Direct labour = 3000 3000/1000 3
Variable costs = 2000 2000/1000 2
Marginal cost per unit of
product
10
The each unit cost of product Under absorption costing method
Cost of 1000 units produced calculation Cost per unit
Direct material = 5000 5000/1000 5
Direct labour = 3000 3000/1000 3
Variable expenses = 2000 2000/1000 2

Fixed manufacturing expenses
= 4000
4000/1000 4
Production cost per unit 14
Income statement using marginal costing
for the period ended 30, April 2019
Particular Unit Selling price per unit value
sales 1000 25 25000
Less: marginal cost of
product
Direct material 1000*5 = 5000
Direct labour 1000*3 = 3000
Variable manufacturing
overhead
1000*2 = 2000
Total marginal cost 10000 10000
Gross contribution 15000
Less: variable
administration expenses
3000
Net contribution 12000
Less: fixed cost
Fixed manufacturing
overhead
4000
Fixed administration
expenses
3000 7000
Net profit 5000

P4 Advantages and disadvantages of several kinds of planning tools used for budgetary control
1. Budgetary control
Budgetary control is a effective process by which business can arrange the budget for the
future and also compare the actual amount with them. Various objectives of budgetary control
such as make coordinated of tasks of all departments, make plans for achieving the defined
objectives, improve the management system and also enhance the productivity by eliminating
waste (Burger., 2016). Budget is a great tool to estimate expenses and revenue of the company
for a specific period of time. Budget will be prepared for the future purpose. It also includes re-
evaluation of expenses or revenue on a periodic basis. In the budgetary control, the actual
income and expenditure are compared with budgeted income and expenditure. It can helps the
organisation by providing better path to improve company's operations and manufacturing
activities. Several types of budgets like capital budget, operational budgeting, master budget,
cash flow budget and financial budget. In the capital budgeting process, company will evaluates
and determines potential investments or expenses that are immense in nature. Operational
budgeting is a short term budget, that estimates income and spending based on sales revenue
forecasting. Master budget is a overall budget planning that includes organisation's individual
budget and represent whole image of its health and financial activity (Ren and et.al., 2018). The
master budget involves many elements like sales, assets, income and operating expenses to
encourage Alpha Ltd company to establish mission and evaluate overall performance of
business. Cash flow budget consider elements like accounts receivables and accounts payable.
Financial budget of the company presents a business's strategy for properly manages its cash
flow, income, expenses and assets. This will be used by company to create a clear picture of
financial health of company.
Advantages of budgetary control
It is essential tool in any organization. It assist the organization in controlling the costs
and expenses and maximizing the profit. Budgetary control defines the exact plan, policies and
goals of the organization. It provides a major platform to fix the target by this every department
of company can work effectively and efficiently. It also manages the activities of all departments
in the organization and generate the best coordination among them. It helps in reducing
production costs by eliminating waste (Fleischman and Parker., 2017). It creates cost awareness
between the employees and managers in the company and improve work efficiency.

Forecasting – A business budget helps the company by forecasting annual expenses and
also future costs that may be occur. Budget assist in the proper management of cash flow or
money to ensure the company have money for production.
Price setting - Before allocating the prices of product, company should have to know the
overhead costs and manufacturing costs. To set the product's rates, fees or prices, budget plays a
major role. Budget helps the Alpha Ltd company to clearly identify marketing, wages, rent, debt
service, utility and other costs of the business, so that company can recognize the exact cost per
unit. This can assist to identify actual cost, by which company can set appropriate prices for the
product to make desirable profit. Budget helps in reducing cost in the specific area to gain
competitive advantages.
Flexibility – Budget can create a effective path for a business to conduct their activities
or operations in a very effective manner (Marshall., 2017). It also allow the company to make
essential changes to adjust costs and enhance investments to gain growth opportunities.
Credit procurement – The effective or attractive budget planning inspire the various
banks or venture capitalist to give credit or money to the company.
Disadvantages of budgetary control
The main disadvantage of budgetary control is, the preparation of accurate budget is a
very complex and difficult process. It also generates huge expenses that can impact the
profitability of an organization. The budgetary control process are used for organizing future
budget but the future is always unpredictable and undefined. The budgetary control process is
very lengthy process and it takes lot of time. Sometime, it can generate various diverse impact on
the performance of the company because it wasted huge time on estimating the data and
information (Woods, Linsley and Maffei., 2016). This process includes high risk because all
estimation based on the forecasting activities and that can create diverse results.
Expense allocation – The budget will determine expenses allocation according to the
products or service costs. In the organisation, many department's managers create a issues
regarding this because it is not necessary that the all department occurs same expenses.
Lengthy process – For preparation of budget, more time is required. It is a time
consuming activity. If the business has poor organized environment than budget creation
becomes a complex process. It needs specialist team and skilled people and also have a ability to
work in constantly changing environment.

Blame for outcomes – It the one department of organisation does not receive its
favourable results, than they will blame on other department of providing inadequate services.
Consider only Financial outcomes – In the budget, only financial or related activities
will be considered, This is a big disadvantage for it. It focus on only financial management of
business because budget is a numeric activity. Their major intention is increase profitability and
proper management of finance.
Sales budget gives a best estimation regarding the volume of goods and services that
company offers to sell in the future. It is used by the Alpha Ltd company to estimate their future
sales and complete their operations accordingly.
Labour budget helps the Alpha Ltd company to identify the needs of direct labour hours
to complete their target within a specific period of time. It also calculate the allocated labour
time on the making of each unit or group of batch.
2. PORTER'S FIVE FORCES of Alpha Ltd. Company
Threats of new entrants – Low
In the Alpha Ltd company, the threat of new entrant is very high. Because in the food
industry, the entrants of competitors is very easy process.
Threat of substitutes- Low to medium
In the food manufacturing industry, various substitutes are available in the market and
people are very attractive towards the different different food products. It will create major threat
for Alpha Ltd company.
Bargaining power of suppliers – Low
In the Alpha Ltd company, the bargaining power of the suppliers is low because food
market has large suppliers base.
Bargaining power of buyers- Low
In the food manufacturing industry, the bargaining power of buyers is low because people
are more attractive towards the food, and they don't consider the cost of food.
Competition among existing players
In the context of competition in this industry, it is identified that mass merchandiser
target operates in a highly competitive retail environment. Due to wide variety of merchandiser,
there is higher intensity of competition in this industry. Some competitors of this company
includes: Walmart, Kroger etc.

Advantages of Porter's five forces model
 The main advantage of implementing this model is it helps companies in gauging
competition.
 It helps the company in analyse all factors that can give negative impacts and it can also
identify its actual position in the market.
 By applying this model and analysing intensity of forces it can identify ways on
improving relationship with suppliers and buyers.
Disadvantages
 The main disadvantage of this model is, by this company can analyse forces of these 5
forces only as there are other factors which increase and decrease competition in the
market like social trends, technological factors etc.
 This model cannot be fit in all type of industries.
P5 How organizations are adapting managerial accounting systems to responding to financial
problems
All types of companies have to face some financial problems in implementing some resources,
retaining talent, reliability, Brexit, automation and others. Mismatching balance sheet, bad debts,
wrong inventory valuations etc. All these problems impacts on finance and management of cost.
In this context and solving this problem, companies focus on marginal analysis in which they
determine the amount for profit and cash flow that company generates from specific products
and customers. Rather, marginal analysis, Alpha Ltd company and Mira capo Pizza focus on
break even analysis, target costing, inventory analysis etc.
There are several tools available that can help the company in analysing and identifying
financial problems and solutions. Some tools of identifying financial problems and measuring
effectiveness of practices and tools are described as follows:
Alpha Ltd company Mira capo Pizza
Benchmarking is a great tool to identify the
performances of Alpha Ltd company's products
or progresses as compared to other competitors in
the market. It provides the identification of
various internal opportunities for enhance
But in the Miracapo Pizza Company,
benchmarking encourages towards the team
building to becoming great competitor in the
market. Key performance indicator measures
the performances of employees or managers.

performances. It develops the company more
profitable and efficient. Improve employee's
knowledge regarding the internal processes and
cost structures.
It also evaluates various activities such as
programs, products, projects or other
initiatives in which the company is engage.
The board members of the company plays a
effective role in any organization to resolve
financial problems. They ensure that company's
funds are used to assist beneficiaries. They also
ensure about the company has enough funds,
effective senior management and organization
operates according to law. Management
accounting skills includes planning and reporting,
technology, decision-making, operations and
leadership.
All these skills is used by organization
to prevent financial problems. It helps in
finding a effective replacement or alternative for
one big expense (Woods, Linsley and Maffei.,
2016). It will provide a clear solution for
eliminate the unnecessary expenses and assist in
maintain proper financial management. By which
Alpha Ltd company can recognize the excess
expenses that will reduce. It increases the
company's awareness regarding the expenses or
spending. By adopting the effective accounting
management, the company can create spending
plan to prevent financial issues and plan a
attractive budget to solve financial problems.
The Miracapo Pizza Company are adapting
managerial accounting system to eliminate
various financial issues. In this process,
firstly, organization will identify the
financial issues with the use if budgetary
targets, benchmarks and main performance
indicators and find exact issue. After that
company will specify financial governance
and take necessary actions to prevent the
financial issues (Upping and Oliver., 2016).
The Alpha Ltd company use financial
governance in observing strategy. With the
uses of effective management accounting
skills and knowledges, the Mira capo Pizza
Company can solve various issues such as
misappropriation of resource and reduced
performance.
The Alpha Ltd company can also develop
effective system and strategies with the proper
With the effective and efficient
management accounting and marginal

management of accounting and use this to resolve
various financial problems. The management
accountant plays an important role in the solving
the financial problems and successes of business.
They will identify the environmental and social
trends that can effect the organization's
operations and performance. They will
implement KPIs to enhance the sustainable
growth of an organization and also establish
strategy for reporting.
costing Miracapo Pizza Company can create
a ability to remove the diverse impacts of the
financial issues (Chiarini and Vagnoni.,
2015). In addition, it is also analysed that
Marginal costing techniques also plays an
important role in dealing with financial
problems. are mainly used for fixing the
selling prices, selection of the best sales mix
in order to make an effective decision. This
tool and effectiveness of this tool is mainly
dependent on fixed cost, variable cost and
contribution.
Some financial problems which Alpha Ltd is
facing and can occur in this company due to bad
debts and wrong inventory valuation. This
problem can create several other problems such
as: associated income statement and balance
sheet account got incorrect that directly impacts
on the net income.
For solving this problem, Alpha Ltd make an
effective use of balance score card. Balance
score card is an effective tool which allows
manager of this company to manage all activities.
They can also see if their employees are
performing according to the plan and how their
activities are impacting to the overall growth of
the company. For successfully implementation
they need to follow 4 processes such as:
translating the vision, communication, planning
and feedback.
Mira capo Pizza is suffering from the
problem of missed payments in credit card
and increasing debts on loans. It can impact
of money management and financial
illiteracy sometimes.
On the other hand, this company makes an
effective use of activity based costing which
is a costing method help companies in
identifying activities and assigning cost to
each activity according to the actual
consumption by each activity.

So, from the above, it can be said that all these tools like Benchmarking and KPI can help
both companies in improving financial management and generate positive results. Management
accounting is very useful in the proper management of finance. The positivity of management
accounting can positively affect the financial management of the company.
CONCLUSION
From the above report, it is concluded that the Management accounting is a best method
to evaluate operations and costs of business to set up financial records, accounts and report. This
will assist the organization in their decision-making process for achieving the company's goals
and objectives. It will help the organization by offering accurate data of the statistical and
financial. Various kinds of management accounting systems improve the business performance
such as cost accounting system, inventory accounting system, job costing system and price
optimization. Management accounting also used in business planning, controlling and decision-
making process. Budgetary controlling helps the organization to maintain cost effectiveness in
the company.

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