Management Accounting Report: Analysis of Tech (UK) Ltd. Operations

This report provides a comprehensive analysis of management accounting principles and their application within Tech (UK) Ltd., a company specializing in manufacturing chargers and carry-on gadgets. The report delves into various aspects of management accounting, including the importance of management accounting systems, such as cost accounting, inventory management, and job costing systems. It examines different types of management accounting reports, including cost accounting, inventory management, financial reports, accounts receivable, and accounts payable reports. The report also explores cost analysis techniques like marginal and absorption costing and planning tools used for budgetary control. Furthermore, it discusses financial issues, their resolution, and comparisons with other companies, making recommendations for financial performance improvement. The report highlights the crucial role of management accounting in aiding effective decision-making and strategic planning for business success, providing valuable insights into financial and operational management.

Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Management accounting systems and its essential requirements to an organisation............1
P2: Different types of management accounting reports..............................................................4
M1: Importance of different management system......................................................................5
D1: Various reporting method and accounting system integration.............................................6
TASK 2............................................................................................................................................6
P3: Techniques used to analyse cost with marginal and absorption costs..................................6
M2: Various type of Accounting tool and techniques................................................................8
D2 Preparation of financial statements from collected data.......................................................9
TASK 3............................................................................................................................................9
P4: Different planning tools used for budgetary control.............................................................9
Planning tools for budgeting.....................................................................................................10
M3 Analysis of various planning tool and its application for forecasting................................11
TASK 4..........................................................................................................................................11
P5: Financial issues and resolution of these problem and comparison with other company....11
M4 Analysis of planning tool to deal with financial issue........................................................13
D3: Evaluation of planning tools for accounting respond appropriately to solving financial
problems....................................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Management accounting is an essential requirement of an organisation to form who
perform several functions such as identifying, analysing, calculating and recording each
transaction and presenting the financial information to the internal management so as to assist
them in making an effective decision and plans for the betterment of an organisation. In business
organisation whether small, medium or large various kinds of reports are prepared which
contains different informations such as total receivables, availability of cash, total revenues and
cost incurred in execution of business operation. Therefore, management accounting play an
important role in leading business towards success. Tech (UK) Ltd. which deals in
manufacturing Tech (UK) Limited, who is producing special charger for mobile telephone and
other carry-on gadgets for retail outlets in the UK is selected for the purpose of preparing this
report. The project includes different types of management accounting systems and its essential
needs to an organisation. Along with this, various management accounting reporting system are
also discussed under this report in detailed manner. The project also describes the costing
methods along with calculation of net profitability, planning tools to control budget and financial
tools to resolving financial issues that facilitate organisation to maintain their financial position
among their rivals in competitive market (Callahan, Stetz and Brooks,2011).
TASK 1
P1: Management accounting systems and its essential requirements to an organisation
Accounting: It is a systematic recording of financial transactions made by an
organisation on daily basis. It help in measuring the results of an organisation's economic
activities and communicate it to their variety of users such as investor, creditors, management
etc. It mainly consists of two parts such as management accounting and financial accounting
which are explained as under:
Management accounting: It is the process of identifying, measuring, analysing and
communicating relevant and accurate information to managers so as to make easy for them to
make an effective decision to achieve organisational goals. It provides both monetary as well as
non-monetary information which is useful for internal management to make better policies. As it
is formed as per the needs and requirements of company thus not mandatory.
Financial accounting: It is the process of recording, summarizing and reporting the
myriad of transactions made during execution of business operations over a period of time. Such
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transactions are summarised in the preparation of financial statements such as Profit & Loss a/c,
Balance sheets, Cash flow statement etc. that shows the actual and true financial position of
company over a specified period. It is more useful for external parties as it allows them to make
decision regarding further investment in company.
Tech (UK) Ltd. is a small-sized company which is engaged in manufacturing electronic
gadgets such as special mobile chargers and other carry-on gadgets to retail outlets in UK
therefore it is more important for company to record each transactions made by each department
on daily basis so that the actual position of company at present time can be easily identified. It
assist management in identifying the deviations which causes differences in actual and standard
output. Preparing managerial reports is well supported by different management accounting
systems which are briefly discussed as under:
Types of management accounting systems:
Cost accounting systems: It is considered as an effective system which is adopted to
identify the total cost incurred in the execution of different business functions. It prepares
management to form an effective budget for future time period after analysing the cost incurred
in business activities in previous years (Dražić Lutilsky and Dragija, 2012). By using such
system, the management of Tech (UK) Ltd. is able to record, categorising, estimating the cost of
business functions in order to achieve high profitability. Cost accounting system is basically
classified into three methods which are define as under:
Normal costing: Normal costing uses indirect materials and labour costs to estimate
production costs. It provides a more consistent valuation of production costs which eliminates
month to month fluctuations. Tech (UK) Ltd. produced 10,000 mobile chargers. The actual
materials used totalled to be $50.00 per charger and direct costs were $20.00 per charger. The
manufacturing overhead determined per charger is $10.00. So the managers determines it costs
the company $80.00 to produce one mobile charger.
Actual costing: Actual costing uses the actual cost of materials and labour to calculate
production costs. This is beneficial when analysing a specific portion of the production process
and an exact accounting of costs is needed. For example, a Tech (UK) Ltd. may estimate that
production of charger will cost $700, but the actual cost may in fact be $800. One often is not
informed of the actual cost until it is incurred.
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Standard costing: Standard costing is an effective accounting technique that some
manufacturers use to identify the differences or variances occurred in actual and standard results.
For an example, Based on historical data, a cost analyst determines that producing one widget
typically requires 1 pound of raw material costing $2 dollars and 1 hour of labour costing $20
dollars. These are the standard amounts and costs for material and labour.
Tech (UK) Ltd. is producing special mobile chargers for the UK retailers therefore using
such system help in tracking cost of producing product and prepare budget accordingly. It
enables in minimising the cost of production which makes positive impact on their profitability
as well (Granlund, 2011).
Inventory management system: It is a system which is concerned with supervision and
management of stock and non-capitalised assets of an organisation. It ensures organisation about
availability of inventory at present so that the management can take orders from their clients and
place order to the suppliers in order to avoid any interruptions in execution of business activities.
Using such accounting system, Tech (UK) Ltd. Is able to meet customers requirements on time
due to having sufficient amount of information about current level of inventory which indirectly
help in achieving loyalty and trust of their targeted clients. Inventory management system is
categories into different parts which are determined as under: FIFO: It is a method of valuation in which the assets produced or acquired first by
company are sold at first. For the purposes of taxation, FIFO has assumed that the stock
available in inventory are matched with the stock acquired or produced by company. LIFO: It is a method used to account for inventory where the goods produced fist will be
sold as first. For example, Tech (UK) Ltd. has produced special mobile chargers, then
using such method the cost of product produced first are the first to be expenses as cost of
goods sold that means the lower cost of older products will be reported as inventory. JIT: It is a management strategy that brings raw materials from the suppliers directly to
the production process in order to avoid any interruptions. It is used by companies such
as Tech (UK) Ltd. to increase efficiency and reducing wastage by receiving goods only
when the production process requires as it reduces inventory costs.
Job costing systems: It is concerned with identification of cost allocated to manufacture
product or bunch of products so as to examine the effectiveness of each product in the market.
Using such system, it enables management of Tech (UK) Ltd. to think whether to produce
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individual product or group of products in order to achieve huge profitability through incurring
minimum cost in production process. For example, Tech (UK) Ltd. Is producing special mobile
chargers thus it is important for management to identify cost incurred in production process so
that it makes easy calculation and measurement of cost incurred in individual job associated with
manufacturing process.
P2: Different types of management accounting reports
Every organisation whether engaged in manufacturing sector or retail or construction
activities is required to maintain accounting reports on specified time period in order to have
adequate amount of relevant and accurate information about the position of company during
decision-making process (JOSHI and et. al., 2011). Such reports must include information
related with both monetary and non-monetary terms as it aid management in making an effective
decisions and suitable plans for the growth and expansion of business organisation. Therefore,
Tech (UK) Ltd. Must required to prepare various kinds of reports to expand its business on large
scale. Such reporting systems includes financial report, accounting receivable and payable report,
inventory management report etc. It describes the overview of company which become more
beneficial to outside party of an organisation such as investors, suppliers, creditors etc. as it
makes easy for them to decide whether to invest more in such company or should stop. It can be
further understood under the below:
Types of managerial accounting reports:
Cost accounting report: Such report contains the information about the cost invested in
execution of different business activities which enables management to prepare an effective
budget for future executed business activities. Tech (UK) Ltd. must required to prepare such kind
of report in order to reduce business cost through estimating the cost incurred in future period by
analysing the information obtain from such report regarding cost incurred in previous business
activities.
Inventory management report: It is a document which contains accurate and relevant
details about closing and opening stock with the company. It facilitate management to manage
inventory movement that are maintained by Tech (UK) Ltd. Therefore, it is more useful for Tech
(UK) Ltd. to prepare such kind of report in order to reviewing current status of company
inventory by location, time of arrival and departure of inventory etc. It reduces inventory storage
cost of company which directly makes positive impact on the profitability. Just-in-time, EOQ
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and Turnover ratio are some useful techniques which are required to be consider by Tech (UK)
Ltd. to maintain inventory position.
Financial report: It is a document containing actual and reliable financial information of
company at the end of accounting period which can be recorded from various financial reports
such as Profit & Loss a/c, Balance sheets and Cash flow statement etc. Such kinds of reports are
prepared on annual basis which determines the cash inflow and outflow of an organisation.
Therefore, it is essential for Tech (UK) Ltd. to prepare such report as it assist management
identify the deviation which causes differences between actual and desired financial performance
and accordingly make an effective decisions to maintain strong financial performance in future
period of time (Kuula, Putkiranta and Toivanen, 2012).
Accounting receivable report: It is the document which contains the actual information
about the list of debtors having unpaid amount to company for the product and services received
by them in previous period of time. It enables management to identify the unpaid amount and
accordingly make strategies to recover the same within specified time period. It increases the
cash availability of company thus must required to prepare such kind of report by Tech (UK)
Ltd. In order to recover the pending amount from debtors and make relevant changes in existing
credit policies so as to avoid any loss of funds.
Accounting payable report: It is the report which contains the accurate information about
the payment that yet to be paid by company to their suppliers. It helps in identifying the list of
suppliers to whom the company should required to pay in future for the product and services they
received in earlier time period. Making payment to suppliers on time increases their loyalty and
trust due to which the suppliers also deliver raw materials used in production process of
company on time. This will help company in meeting customers requirements in more effective
and efficient manner. Therefore, Tech (UK) Ltd. Must required to prepare such kind of report to
achieve loyalty and gain confidence of suppliers by making payments on due date.
M1: Importance of different management system
Importance of such management accounting systems:
Presenting accurate right information: Such systems help in providing accurate and
reliable information about the current position of company which makes easy for outside parties
such as investors to make decision regarding further investment.
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Aid in decision-making: It also assist management to make an effective decisions and
suitable policies to maximises the interest and satisfaction level of interested parties such as
customers, employees etc.
To speed up process: Using various systems such as inventory management system
which enables management to make decision regarding placing orders to suppliers so as to meet
customers demands on time.
D1: Various reporting method and accounting system integration.
As Tech (UK) Ltd. utilises various management accounting system and reporting that
communicates useful information about financial position and current status to the shareholder
and other investors. The link among report and system of management within as organisation
process is said to be integrated accounting system. Performance reports, inventory management
report, account receivable report etc. are more useful for Tech (UK) Ltd. to prepare to acquiring
information about the actual position of business at present time.
TASK 2
P3: Techniques used to analyse cost with marginal and absorption costs
Cost: It refers to the amount value which is sacrificed or paid to acquire something. In
other words, it the combination of various aspects such as effort, material, resources, time and
utilities invested, risk faced etc. The valuation of such aspects is known as cost.
In business organisation, all expenses are cost whereas all costs are not expenses due to
inclusion of some of the cost in income generating process. Tech (UK) Ltd. Is operating its
business activities at small-scale due to which they have limited funds to invest in execution of
different business functions. Therefore, it is important for company to prepare an effective
budget in which proper allocation of cost are required to be made in order to achieve desired
profitability (Moser, 2012). For this, the managers of Tech (UK) Ltd. Are required to use
different costing methods such as marginal and absorption costing which are further understood
under the below:
Absorption costing: It includes all those fixed and variable costs which are invested in
execution of different business activities which includes direct labour, material and fixed and
manufacturing overheads. It is considered as an effective costing method due to bringing out
actual cost incurred in business functions which enables management to make an effective
decisions for further business activities.
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Marginal costing: It is the cost incurred in producing one extra unit of output that can be
supposed by total variable cost incurred to one unit of product. Due to considering only variable
cost during calculation of net profitability of company, it is also known as variable costing
method. It includes only direct labour and material involved. The main objective of using such
method during net profitability calculations is to increase profitability of company due to not
considering fixed costs.
Calculation of net profit by using marginal costing method:
Particulars Amount
Sales revenue = (selling price * no. of goods sold = 55 * 600) 33000
Marginal Cost of goods sold: 9600
Production = (units produced * marginal cost per unit = 800 * 16) 12800
closing stock = (closing stock units * marginal cost per unit = 200 *
16) 3200
Contribution 23400
Fixed cost ( 3200+1200+1500 ) 5900
Net profit 17500
Through Marginal costing method the net profit for the Tech (UK) Ltd. is $17500 for
current if goods are sold at $55 selling price.
Computation of net income by using absorption costing method:
Particulars Amount
Sales = (selling price * no. of units sold = 55 * 600) 33000
Cost of goods sold = (total expenses per unit * actual sales = 23.375 * 600) 14025
Gross profit 18975
Selling & Administrative expenses = (variable sales overhead * actual sales +
selling and administrative cost = 1 * 600 + 2700) 3300
Net profit/ operating income 15675
Management uses absorption costing method to calculate net profit and result is $15675
that is $1875 less than marginal costing method. So Manger of Tech (UK) Ltd. must adopt the
marginal costing to calculate their net profit.
Break even analysis: The important point at which every cost and expenses needed to
provide equal outcomes for Tech (UK) Ltd. It is known as effective point in which company
neither get profit or nor goes into any kind of loss. In addition all expenses are equal to all
income at this point.
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A. Total number of product sold
Sales per unit 40
Variable costs VC = DM + DL 28
Contribution 12
Fixed costs 6000
BEP in units 500
Company make sales of 800 product at $40 for its and a break even in sales revenue at
$20000 for the current year.
b. Calculation of break even point in accordance to sales revenue
Sales per unit 40
Variable costs VC = DM + DL 28
Contribution 12
Fixed costs 6000
Profit volume ratio PVR = Contribution / sales * 100 30.00%
BEP in sales 20000
c. Calculation for getting desire profit of 10,000
Profit 10000
Fixed costs 6000
Contribution 16000
Contribution per unit 12
Sales 1333.33
Margin of safety: It is known as one of the certain prospect that is affiliated with better
management of various integral amount of stock at market value. It is termed as more certain
ways to provide impressive ways as an end sales volume which would be depend as appropriate
business range to overall break even analysis.
d. The margin of safety, if 800 products are sold
Actual sales in units 800
Break even sales in units 500
Margin of safety 37.5
M2: Various type of Accounting tool and techniques.
Management of company adopt various kinds of management accounting tools and
techniques that help them in receiving an appropriate internal details about company and also
easy the process of decision making. These accounting tools are discussed under the below:
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Marginal costing tool: As this tool facilitate to determine the actual cost incurred in the
production of one additional unit of outcome. It also one of the best tool that aid in calculating
net profit of company of company charging variable units.
Historical cost: This process is related to the measurement of value of assets that is used
in accounting on the balance sheet depending on its actual cost when acquired by the company.
D2 Preparation of financial statements from collected data.
Management of Tech (UK) Ltd. uses different costing method in order to increase its net
profit and resolve various issues that might arise in company. This will help manager to make
effective decision making. In Tech (UK) Ltd., marginal and absorption costing method are used
to calculate net profit for the present year. The total amount of net profit generated from
absorption method is $15675 whereas from marginal costing amount of profit is $17500. These
result are being calculated by using total fixed cost incurred in production process. So,
management of Tech (UK) Ltd. must adopt marginal costing system to make sufficient amount
of profit.
TASK 3
P4: Different planning tools used for budgetary control
Budgeting: It is the process of establishing a plan to spend money in execution of future
business activities thus spending plan is called as budget. It helps management to determine in
advance whether to have sufficient amount of funds to execute future business activities or
should arrange funds from different sources. The main objective of budgeting is to prevent any
shortage of resources during execution of future activities and also minimising the wastage so
that desired result can be achieved within pre-determined time period.
According to ACCA, budgeting is an essential component of management control
systems as it help in providing a system of planning, coordination and control fro management. It
is an arduous process and often strikes dread in the hearts of those involved in budget preparation
(Quinn, 2011),(Schaltegger and Csutora, 2012)(Zimmerman and Yahya-Zadeh, 2011)
According to CIMA, budgeting is a plan quantified in monetary term prepare and
approved before defining period of time usual showing the planned income to be achieved and
expenditure that to be incurred.
Different planning tools for budgetary control:
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Planning tools for budgeting
Cash budgeting: Cash budget is one of the forecasting method for estimating cash
payments and cash receipts. It is also used for forecasting cash position for a particular time
frame. Cash budgeting is usually done on a short time frame in compare to other financial
statements. This is framed month by month or on week by week basis to find out accurate cash
position. Cash budgeting enable Tech UK to find out cash shortages and take major actions to
overcome this shortages. There are two types of cash budgeting namely:
(a) Cash receipts: Cash receipts is simple way to identify an keep track on sales of goods and
services when cash is gained by crediting sales and debiting transaction (b) Cash payment: Cash
payment is used in accounting to record and maintain those transaction that are already paid in
the form of cash.
Advantages of Cash Budgeting
 Firstly, it enables Tech UK to find and predict those areas where there is shortage of cash
and take action against it to overcome cash crisis.
 Secondly, it allows Tech UK to identify those areas excess cash are lying idle and can be
utilized in better areas for profit making.
Disadvantage of Cash Budgeting
 Firstly, there is always an issue with cash budget regarding danger of theft.
 Secondly, its lower down the ability to create a credit profile.
Variance Analysis: Variance analysis deals with estimating the difference between a
planned cost and the actual cost that is incurred. Tech UK use variance analysis as key of
planned costing system to maintain their costs and revenues. Variance analysis is accounting
method that refers to identify the deviations that is found in financial operation from planned
budgets defined by organization. Advantage of Variance analysis: It helps in analysis and computation of both costs as
well as revenues.
 Disadvantage: It adversely affects the working behavior of employees due to continuous
analyzing their performance.
Master Budgets: Master budgeting act as central nerves planning technique which
enables management to guideline the responsibility and activities of an organization. Master
budgets allows to handle various function which includes financial statements, financial planning
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and financial future forecasting. Preparation of master budgets usually presented in monthly or it
covers accounting year. Master budgets help Tech UK to plan and make correction for future
financial actions. There are two types of master budgets which are as follows:
(a) Income statements: Income statements are crucial to identify and evaluate the past as
well as future performance of any organization. Moreover, it helps to find out the risk in gaining
the past and future cash flows. Income statement is a record of organization suspense and
revenue including all the profits earned by organization within time frame.
(b) Balanced Sheets: Balance sheets allows to maintain a balance between organization
assets and liabilities. Balance sheet allows to track and maintain profit and loss account that
creates a blue print of business activities throughout the financial year. Tech UK uses balance
sheet to track organization liabilities and assets. Advantage of master budgets: Helps in tracking the increase in cost of goods sold or
returned.
 Disadvantage of master budgets: Its usually involves with judgments.
M3 Analysis of various planning tool and its application for forecasting
Budgetary control is useful for every company it help them to predict about future and
measure performance to achieve those future goal. Manager of Tech (UK) Ltd. uses various
important planning tool for budgetary control such as master budget, variance analysis tool, cash
budget. Among such tools, master budget is more useful to adopt by Tech (UK) Ltd. In order to
maintain its actual financial position in market.
TASK 4
P5: Financial issues and resolution of these problem and comparison with other company
In business world, it is very important for an organisation to maintain their financial
stability so as to compete with their rivals in more effective and efficient manner. Financial
performance can be adversely affected by various reasons such as weak budget development
practices, poor performance of employees, ineffective management information systems etc.
Therefore, it is important for Tech (UK) Ltd. to prevent such factors which can causes financial
problems. For this, the management is required to adopt various financial tools which can help in
resolving financial issues (Tsai and et. al., 2013). It has been identified that Tech (UK) Ltd. has
currently in facing financial losses in last financial year due to which their existence in
competitive market gets affected. Therefore, the management is responsible to make decisions
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regarding adopting various financial tools. There are various financial tools such as KPI, Balance
scorecard, Financial governance etc. among which Balance scorecard is more suitable financial
tool due to operating business at small scale. It is further understood under the below:
Balance scorecard: It is a management system having an objective to translate
organisational strategic goals into a set of performance objectives that in turn are measured,
monitored and changed if necessary to ensure that the organisational' strategic goals are met.
Therefore, it may useful for Tech (UK) Ltd. to use Balance scorecard as a financial tool as it help
in correcting their financial performance. It consists of four perspectives which are determined as
under:
Financial perspective: The primary objectives of such perspective is to ensure a return
on their investments made by Tech (UK) Ltd. In other business through managing risks so that it
supports their profitability and prevent any financial issues. For example, investing money by
Tech (UK) Ltd. in other companies which are attaining strong financial stability from last many
years thus receiving maximum return enhances the financial position of company (Ward, 2012).
Customer perceptive: In this, the company focuses on changing needs and buying
behaviour of targeted clients so that they can deal with them in more effective manner. For
example, Tech (UK) Ltd. Is producing gadgets for retail outlets of UK thus if the buying
behaviour of their clients are changes in terms of their existing pricing polices then it will enable
management to make some relevant changes in their policies so as to retain loyal clients for
longer period of time.
Internal process perspective: Under this perspective, the managers critically analyse the
internal processes in which organisation must excel. For example, adoption of advanced
technology and infrastructure help company in producing quality products which in results
achieving high sustainability and profitability (Zainun Tuanmat and Smith, 2011).
Learning and growth perspective: It mainly focuses on growth and development of
employees so that maximum contribution can be gained from them in enhancing performance
level of company. For example, changing needs and working behaviour of employees can affect
the financial performance of company thus it is important for Tech (UK) Ltd. to maximise their
working behaviour and satisfaction level through providing them suitable training programs on
regular basis.
Differences between Tech (UK) Ltd. and Cetronic Power Solutions Ltd.
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Tech (UK) Ltd. Cetronic Power Solutions Ltd.
It is operated its business activities at small
scale.
It is operated its business activities at large
scale.
Due to small in size, Balance scorecard will be
more useful to adopt as financial tool as it help
company in measuring and enhancing their
performance level through improving the
performance of their employees, maximising
return of investment and internal process etc.
Due to large in size, a company may adopt
Financial governance as as financial tool as it
help management in monitoring and
controlling financial information. It enables
company to
track financial transactions, managing
performance and controlling data,
compliance, operations and disclosures
It has narrow scope. It has wider scope.
M4 Analysis of planning tool to deal with financial issue
Financial problem can be resolved through use of various accounting tools such as
Financial Governance. It is important for future establishment of growth and earning that are
expected to be use by an organisation. Problem are related to future and estimated budgets and
upcoming.
D3: Evaluation of planning tools for accounting respond appropriately to solving financial
problems
Manager of Tech (UK) Ltd. uses various important planning tool to control budget such
as forecasting tool, contingency and scenario tool. Cash budget are useful in controlling cash
inflow and outflow which affect the profitability of Tech (UK) Ltd. Variance analysis tool help
in identifying the deviations which causes financial crisis. While master budget are helpful in
preparing financial statements which represents the actual financial position of Tech (UK) Ltd..
CONCLUSION
It has been concluded from the above project report that management accounting play a
significant role in achieving growth and success of an organisation through using various
management accounting systems such as inventory management system, cost accounting systems
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etc. along with various reporting systems such as account receivable report, financial report etc.
To prevent financial issues, the management of an organisation are required to adopt various
planning tools to control budget as well as financial tools such as Balance scorecard etc.
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