Management Accounting Report: Techniques and Analysis for Unicorn Ltd

This report provides a comprehensive analysis of management accounting practices within Unicorn Limited, a small-scale retailer. It explores various aspects, including the evaluation of management accounting needs, different reporting methods, and the benefits of various management accounting systems like traditional, lean, and throughput accounting. The report delves into specific techniques for developing income statements, such as marginal and absorption costing, and analyzes budgetary planning advantages and disadvantages. Furthermore, it examines the integration of accounting systems within an organization and compares the adoption of management accounting to address financial problems, offering insights into how management accounting can contribute to financial success. The report covers topics from cost accounting to inventory management and provides a detailed overview of financial planning and analysis within the context of a real-world business.

Management Accounting
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Table of Contents
INTRODUCTION..................................................................................................................2
TASK 1............................................................................................................................................3
P1 Evaluation and Analysis of needs of management accounting........................................3
P2 Different methods used for management accounting reporting........................................5
M1 Benefits of different management accounting system.....................................................6
D1 Integration of systems and accounting in process of organization...................................7
TASK 2............................................................................................................................................7
P3 Analysis of techniques for development of income statement..........................................7
M2 Applying a range of management accounting techniques...............................................9
D2 Development of report and interpretation of data..........................................................10
TASK 3..........................................................................................................................................10
P4 Explanation of the advantages and disadvantages of the varied kinds of budgetary planning
..............................................................................................................................................10
M3 Analysis of the usage of varied planning tools and implementation for budget forecasting
..............................................................................................................................................12
D3 Evaluating the tools of planning for solution of financial problems..............................13
TASK 4..........................................................................................................................................13
P5 Compare the adoption of management accounting system to respond financial problems13
M4 Responding financial problem through management accounting to bring success.......14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
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INTRODUCTION
Management accounting is considered as a significant process of analysing of data and
recording enteries of financial statements and reflects the reports which are used for
understanding the growth and improvement of organization. Thus, management accounting is
plays a key role within firm and therefore, it helps management of firm to make effective
decision making through using information provided in accounts. Currently businesses aims to
track their performance and thus goes beyond cost based information of historic general ledge
system provided by traditional financial accounting information (Christ and et.al., 2017).
Through creating a good management accounting it helps in involving the responsibility to
manage wide variety of critical management accounting information through using management
accounting system and management accounting techniques i.e. analysis of profitability through
volume of cost, manufacturing cost absorption and charging cost of variables in order to make
effective decision making.
Further, management accounting is also prepared by the businesses in regard to keep
monthly or weekly reports of businesses regarding their financial performance. Hence,
management accountant of any firm obtains the responsibility to follow all the rules and
regulations as per the accounting standard so that they do not hinder the system. Carrying out
management accounting within business it helps in obtaining information related to business and
then take managerial decisions upon them (Deegan, 2013). Present study has been undertaken
upon small business enterprise i.e. Unicorn Limited which is a small scale retailer. It employs
less than 50 workers and also it has annual net turnover not exceeding Pound 500,000. Here,
different tools are being used for carrying out management accounting reporting and thus
advantages and disadvantages of different planning tools which could be utilized for budgetary
control.
TASK 1
P1 Evaluation and Analysis of needs of management accounting
It is the process of preparing and analysing the statements as well as reports related to
financial information and thus later could be used by decision makers of firm. It provides useful
data or information related to finance so that managers could use the same in regard to carry out
regular short term decisions (DRURY, 2013). Management accounting is different concept than
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financial accounting in which managers generates monthly or weekly reports in relation to
Unicorn Limited. Preparing such report by the management accountant involves the information
in relation to cash available, sales revenue generated, amount of order in hand, accounts payable,
outstanding debts, inventory and raw material. Moreover, it also involves trend chart, variance
and other statistics. Also, it has been stated that financial and accounting of cost are considered
as the basis of management accounting. There are various kinds of systems of management
accounting are mentioned below: Traditional method - Such method has been used by different accountants and thus
considered as the traditional approach which is used by businesses. In order to carry out
calculation it involves direct cost, labour and overhead. Further, carrying out the
traditional cost accounting it involves cost driver which results in occurring of cost such
as direct material, labour and machine hours (Fullerton, Kennedy and Widener, 2013). Lean accounting- Further, it is another type of management accounting and thus
considered as new concept which is generally being utilized for different alterations
which are being made within accounting, controlling and carrying out different
management procedure and thus measuring business carried out by Unicorn Ltd.
However, accountant here requires focusing upon lean manufacturing and carrying out
lean thinking to obtain better information and outcomes (Zimmerman and Yahya-Zadeh,
2011). Throughput accounting- In such type of accounting it comprises determination of
constraints in the system of production within firm. However, such concept is based upon
the principle and approach of simplified management system. Therefore, in regard to
improve profitability, Unicorn uses such system and also helps them to make effective
decision making (Marginal and absorption costing. 2016).
 Transfer pricing- Further, it involves the price within movement of products or services
is being done and thus helps Unicorn to calculate cost as well as expenses in transferring
of products or services (Christ and et.al., 2017).
Following are the different examples linked with management accounting system that are
described underneath-
 Cost accounting system- It is considered as the tool that helps in utilising the business
towards making crucial estimation that involves cost of products in regard to identify the
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profitability, inventory and product sold etc. However, estimating the appropriate product
cost is stated as significant value for obtaining profitable business functions.
 Job costing system- Further, such system helps in comprising assigning the
manufacturing costs to the individual product or batches of products. However, it is being
used at the time of manufacturing products in appropriate manner that varies from one
another.
 Batch costing system- It is another method that is cost related method and thus helps in
developing the product which is computed in terms of batch instead of individual item
that involves comparison of costs of several sized batches which is produced within
different conditions.
 Inventory management system- It helps in carrying out supervision of non capitalized
asset and stock items. However, it is considered as the component of supply chain
management that helps in supervising the inflow of products from manufacturers to
warehouses and thus end to sales places.
 Price optimization system- Such method is used in regard to calculate the mathematical
analysis by business in regard to determine the price of products so that customers could
be attracted towards firm.
P2 Different methods used for management accounting reporting
Following are the different methods which is being used for management accounting
reporting such as-
 Financial planning- Carrying out financial planning helps in offering direction to carry
out business activity. However, if business possess sound financial planning it helps them
to enhance its profit condition (Deegan, 2013).
 Financial statement analysis- Further, Unicorn Ltd carries out financial statement
analysis and thus involves profit and loss account and balance sheet so that business can
enhance its financial position in market. However, such analysis could be done on yearly
basis (DRURY, 2013).
 Cost accounting- Such method is being used in regard to carry out management
accounting reporting and thus obtain information related to cost. Also, it helps in
revealing the information related to cost of products, process, department and obtains the
best information. It assesses that the actual cost borne by company is being compared
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with the budgeted information. Later, deviation is being identified in regard to improve
business performance (Fullerton, Kennedy and Widener, 2013).
It involves different examples that are related with management account reports which
are as follows-
 Job cost reports- It is one of the effective accounting report that help in tracking the costs
and revenues with the help of hob and help in standardizing reporting related to
profitability in regard to job.
 Sales reports- Such report helps in comprising data regarding all the sales that is being
made by firm considering the particular period.
 Accounts receivables reports- It is considered as the money that the business possess the
right to receive as it offers clients with appropriate products or services.
 Inventory management reports- Such report helps in comprising detail regarding the
available stock with the firm, the amount sold and requirement of stock for firm.
M1 Benefits of different management accounting system
Management accounting is the new concept which is also known as managerial accounting.
It determines various aspects that beneficial for assess cost and outcomes of the company at
workplace. Business owner of Unicorn Limited use management accounting system due to
following benefits:
 Reduce expenses: In order to perform functions and operations, management accounting
system creates various benefits. In this aspect, the company review the cost of economic
resources and other operations of company. It assists to create better understand running
cost within the company (Banerjee and Das, 2017).
 Cash flow enhancement: Budget is considered as major part which is determined under
systems of accounting. Business owner of the relevant business entity use it for future
business expenditure. Budget is based on historical financial information (Bhimani and
et.al., 2013).
 Increase financial returns: Owner of the company Unicorn Limited also uses
management accounting to assess financial returns. Management accounts prepare
financial statement to forecast relating to consumer demand and potential sales which
creates impact on consumer price changes (Chenhall and Moers, 2015).
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D1 Integration of systems and accounting in process of organization.
Management accounting is related with value creators that assist to make effective results
and performances at workplace. It is also considered with management accounting that strategic
planning of the company. As per the view of (Christ and et.al., 2017) management accounting is
based on performance based actions. In this aspect, management accounting looks with matter
related to the performances' enhancement. It assists to make excellent with profit margin and
enhance profitability for achieve competitive outcomes. Risk managing also takes at workplace
to measure risk decisions. On the other hand (Hecht, 2016) stated that management accounting is
concerned with planning and output that assist to make operational status. It assists to keep
records for ascertain progress and outcomes of Unicorn Limited. They possess that management
accounting is delivering effective functions and operations that requires for creates various
advantages. As results, objectives and goals can be maintained at workplace easily through
determines effective results and performances.
TASK 2
P3 Analysis of techniques for development of income statement
Interpretation of cost price is recognised as the crucial part which helps in carrying out
managerial accounting practices. Thus, it is carried out because of inaccurate cost identified
within business and thus it affects the business in a negative way. However, management of
Unicorn is getting affected in terms of making pricing decisions so that ultimately customer
dissatisfaction would be raised (Horngren and et.al., 2010). Following are different techniques
which could be used in regard to carry out cost determination i.e. marginal costing, absorption
costing etc.
 Marginal costing- Such method is being used in regard to charge variable cost to per unit
of products manufactured by Unicorn and thus it is essential for them to compute the total
cost and then fixed it so that they could be charged in full against the contribution to
reflect the net return. Also, total fixed cost needs to be considered as periodical cost and
do not allocate the same to find total production (Kaplan and Atkinson, 2015). However,
it is considered as of great significance in regard to determine the total expenses which is
faced by Unicorn and incur additional unit of production.
Advantages-
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 Marginal costing is being carried out in terms of valuing inventory which is considering
through carrying out closing inventory items.
 It also helps in making required adjustments for under or over absorption of overheads to
control cost of products (Quattrone, 2016).
 Moreover, it is the best way through which firm is required to determine the total cost
and profitable upon a specific job.
Demerits
 Marginal costing is not useful in making pricing decisions within firm.
 Also, it is not helpful in controlling the cost of products produced by firm.
Difference between marginal and absorption costing
 Marginal costing method helps in valuing inventory at variable production cost while
absorption cost measures helps in inventory value at full costing. Thus, carrying out
under variable costing inventory valuation is understated (Saladrigues and Tena, 2017).
 Further, with high inventory absorption cost also helps in delivering large return while at
a low rate of selling inventory, it provides less revenue to marginal costing.
Application of absorption costing
Figure 1Profit by marginal costing method
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Figure 2Profit by absorption costing method
Interpretation:
Through evaluating the results, it helps in identifying that actual cost of production helps in
identifying under variable and full costing has assessed to 7800 and 11700. While, net profit has
been determined to 9300 & 9600. However, it has been evaluated that it is comparatively high in
marginal costing because of lower cost of sales. Also, contribution has been measured at 13200
that is above than the gross profit in absorption costing to 11500 which helps in assessing that
variable costing is being considered only those expenses that vary according to the output and
thus full costing method has been considered in regard to identify production expenses which is
either fixed of fluctuating.
M2 Applying a range of management accounting techniques
Through carrying out the above stated techniques it helps in evaluating that marginal
costing and variable costing are considered as two methods that is being adopted by Unicorn. It
can be assessed that variable costing ascertains total cost of products just by considering variable
cost. While, full costing helps in recognizing cost by measuring total cost and total variable cost.
Further, carrying out profitability is being quantified with the help of profit volume ratio and thus
it involves total fixed cost which helps in determining the cost and thus it directly impacts upon
the net profitability (Zimmerman and Yahya-Zadeh, 2011). Through assessing the marginal
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costing it helps in measuring profit through contributing per unit and thus identifying the return
in terms of net profit of per unit. Hence, it can be evaluated that out of these techniques marginal
costing is considered as suitable because it helps in measuring contribution and overall net profit
and thus managers need to carry out short term managerial planning.
D2 Development of report and interpretation of data
To: Unicorn’s Board of directors
Date: 1st April 2017
Subject: Determination of cost.
It can be evaluated that after calculating cost through using both the techniques it can be stated
that Unicorn helps in making marginal costing, actual profitability is quantified up to a high level
i.e. 11300. While, full costing method is valued at 9585.71 which is being considered as
comparatively low. Further, in the first it has been identified that expenses have been carried out
that they vary as per the changes in production or output within Unicorn. Moreover, it has been
assessed that both fixed and fluctuating cost of production has been evaluated and thus it helps in
identifying desired results (Gullifer and Payne, 2015). Hence, it results in identifying that low
profitability has been identified. Because of this closing inventory has been valued which is
reported very differently and under both this methods variable costing method has been valued
i.e. 1300. While, full costing has been evaluated that it is 1585.71 which is high. However, main
reason behind this is that full costing method has been taken into consideration and thus fixed
production overheads i.e. 2000 has not been involved within the cost of production and thus
identify that marginal cost results in computing manufacturing cost of products at Unicorn i.e.
11100 and 7800. While, less cost is the main reason for high contribution i.e. 12600.
TASK 3
P4 Explanation of the advantages and disadvantages of the varied kinds of budgetary planning
Budgetary control is regarded as the procedure in which Unicorn management is required to
develop the budget for the future duration of time by means of projection as well as comparing it
actual performance for the purpose of detecting the variances to take corrective measures without
making any delay. There is presence of several methods and tools that are important for the
preparation of budget in the years to come (Agrawal and Cooper, 2015). These are enumerated in
the manner stated as under:
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Incremental budgeting: This tool is on the basis of making smaller alterations in the prevailing
budgets in order to make preparation of new budget for the prospective year. This is considered
as effective way in terms that each year, incremental amounts are being added to the budget of
previous year as well as makes sure that funding is required on day to day basis. On the other
hand it encourages expenses as well as do not offer any kind of incentive to the managers for
cost curtailment (Marginal and absorption costing. 2016).
Advantages: It possesses merit in terms that it is simpler to be created. Along with this it makes
sure smaller or little deviations. Along with this it maintains equality in all the Unicorn
departments.
Disadvantages: It has disadvantage in terms that it encourages unnecessary spending. Along
with this there is no incentive for the control of cost. Further perpetual resource allocation system
is its major demerit (Romano, 2015).
Zero based budgeting
The manager of Unicorn can make development of budget considering into account zero as base.
Further it includes analysis of requirements as well as attached cost of each function along with
suitable justification by market research. It offers real figures regarding the potential operations
as managers assess the external market situations and after that forecast the future. Thus,
unnecessary actions are removed that encourage saving (Banerjee and Das, 2017).
Advantages: The main merit of such is that there are real figures with the judgement. Along with
this it assists in suitable planning. Further it lays emphasis on cost curtailment.
Disadvantages: It has major demerit in terms that it is time consuming. It has need for high
funding. Along with this it has demerit that is manager needs to be highly skilled in order to
assess trends within the market as well as challenges for the preparation of budget.
Fixed Budgeting: It is considered as the financial plans that do not differ in accordance with the
actual volume of production of Unicorn (Bhimani and et.al., 2013).
Advantages: The major merit it has is that it assists in measuring as well as examining the
performance. Further it assist in strategic decisions and plan related with growth. In addition to
this it keeps the cost at minimum level for the greater returns.
Disadvantages: The demerit it has is that it does not offer any kind of assistance for comparing
the outcomes in case the standard as well as actual output varies. Along with this it cannot be
altered in accordance with the actual level of activity.
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Flexible budgeting: In comparison with fixed, such kind of budgeting plan pays greater attention
to more than one production output (Chenhall and Moers, 2015).
Advantages: It assists in making adjustment of target as per the actual volume production of
Unicorn. In addition to this it offers assistance for optimum allocation of funds in accordance
with need. Along with this it makes adjustments in relation with market volatility that is inflation
and other.
Disadvantages: It needs to continuously monitor for tracking the changes within the external
environment that is time consuming process. Along with this there is an issue in determining the
data that results in arising complexities within the construction of budget (Christ and et.al.,
2017).
Activity based budgeting: In the modern era activity based budgeting is being utilized by the firm
for the preparation of the budgets. In accordance with the method Unicorn makes construction of
budget wherein each activity that bears cost in daily functionality is being reported. The essential
aspect of such is that income is being allocated to the associated activity cost.
Advantage: It is considered as the most suitable tool as it makes allocation of the revenue that is
being produced for each activity to its associated expenses. Further it lays emphasis on
controlling of overheads by means of taking distinctive measures of cost control.
Disadvantage: However demerit associated with such is that it needs managerial training for
training of individual in order to use the methods. Moreover it requires extensive managerial
skills as well as knowledge to possess in-depth understanding in relation with planning of budget
(Hecht, 2016).
M3 Analysis of the usage of varied planning tools and implementation for budget forecasting
Out of the above discussed tools of planning, it is being suggested to Unicorn to make use of
Zero based budgeting that demonstrate real projected figures regarding the future time. I=Under
this budget is required to be developed for greater than one activity volume. This means it is
flexible in nature for the sake of adjusting budgeted outcomes as per the actual production
volume in order to compare actual performance of firm with target set. In accordance with such
departmental manager of Unicorn can make comparison of operational effectiveness in
successful manner (Horngren and et.al., 2010). Identification of causes in relation with the
failure assists in bringing out the positive alterations as well as streamlining functionality of
regular basis for attaining success.
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D3 Evaluating the tools of planning for solution of financial problems
The financial manager of Unicorn can make use of variety of management tools in order to make
viable decisions and gain success within the market. The discussion of such is presented in the
manner as below:
Variance analysis: The budgets are being constructed for the sake of examining the effectiveness
of functions of business through comparative analysis as well as examining set of standards with
actual outcomes (Kaplan and Atkinson, 2015). Deviations can be either favourable or adverse,
later presents negative outcomes of actual performance of business. Through such management
Unicorn needs to make determination of causes of favourable variances that includes higher
price, lesser demand as well as making sound quality decisions in relation to sustainability.
Ratio analysis: Financial success as well as operational performance can be measured through
use varied kind of ratios. This includes profitability, solvency, liquidity and other. It is the most
suitable means of financial statement analysis that assist in formulation of suitable strategies,
growth and expansion plan in order to attain success.
Capital budgeting: For the sake of making qualitative decisions in relation to investment in non-
current assets, Unicorn is required to make use of project evaluation methods that is payback,
net present value and interest on investments (Quattrone, 2016). Before making investment in
any project, management of unicorn needs to make determination of NPV of project after
making adjustments in time value and putting funds in profitable and viable investment
opportunity.
TASK 4
P5 Compare the adoption of management accounting system to respond financial problems
With the help of assessing management accounting it focuses upon identifying the tracking
of varied types of cost and assess production and manufacturing (Baccouche and Omri, 2014). It
is also considered as not common and unused management accounting system which has been
used by Unicorn in regard to avoid the possibility of any financial considerations are stated
below-
Key performance indicators: It is regarded as quantitative tool for measurement which can be
used by Unicorn in order to carry out examination of their organizational performance as well as
financial position. There is presence of varied kind of KPIs that act as an aid for the managerial
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team in measuring the solvency, liquidity, efficiency as well as profitability (DRURY, 2013).
Through the means of computation of several ratios they make evaluation of the success with
organizational operations and financial health that in turn facilitates in rationalizing planning as
well as decision that is management of cash, credit decision, liquidity management, cost control
measure etc.
Benchmarking: Under this the firm that is Unicorn can make comparison of their key
performance indicators with the set benchmark of the industry (Christensen and et. al., 2015).
Within this performance is being compared with the leading retail business in the industry that is
functioning in most effective manner. This assist business in setting the targets that firm needs to
attain for the sake of becoming leader in the market.
Budgetary targets: Budgetary toll is considered common and has important role within the
success of the business. In relation to Unicorn manager make development of set targets through
forecasting budget as well as making communication to all the division whose executive is
involved in decision making regarding policies, monitoring of the plan so that targets can be met
with greater effectiveness (Ball, Grubnic and Birchall, 2014).
M4 Responding financial problem through management accounting to bring success
Ratio analysis is considered as high level of help to the managers in regard to evaluate that
whether organization has attained success or not by carrying out its daily operations. Through
carrying out profitability ratio it is essential for business to obtain good return or not and thus
assess that it aids in overcoming financial issues so that best pricing decision could be taken.
Further, carrying out liquidity analysis results in maintaining high level balance within its assets
and liabilities so that firm could have sufficient quantity of working capital. Solvency ratio also
state that it helps in providing assistance so that design capital structure results in managing
financial cost and thus leads to attain success within firm (Weygandt, Kimmel and Kieso, 2015).
Further, another tool which is adopted is investment appraisal in regard to evaluate the
profitability of different projects so that current investment opportunity helps in driving
maximum return through having high NPV. Hence, it is essential for firm to minimize financial
risk and thus it helps in reducing risk of bad decisions to be made related to cost. Also, variance
analysis is being carried out in regard to facilitate managers to make strategic decisions and
policies and thus improve high profitability in order to attain high success (Collier, 2015).
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CONCLUSION
It can be concluded from the study that management accounting is essential part of
business as it helps managers to record the day to day information related to cost incurred within
firm. Further, management accountant within Unicorn Ltd uses different techniques and tools for
analysing cost, variance and capital budgeting. Also, such system is useful for interpreting the
financial information and thus provide benefits to firm in terms of carrying out growth and
strategies and thus maximize their return and success.
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