Management Accounting Report: Edwards Company Financial Analysis

This report provides a detailed analysis of management accounting, focusing on its role in strategic decision-making and financial control within organizations. It begins with an explanation of management accounting and its various systems, including cost accounting, price optimization, and inventory management. The report then explores different methods of management accounting reporting, such as budget reports, inventory reports, performance reports, and cost management reports. It examines the benefits of management accounting systems, highlighting their application in organizational contexts. Furthermore, the report delves into costing techniques, specifically marginal and absorption costing, and provides examples of income statements under each method. It also discusses the advantages and disadvantages of planning tools used for budgetary control and analyzes how organizations use management accounting systems to respond to financial problems, concluding with an evaluation of planning tools for solving financial issues.

Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1. Explain management accounting and the important requirement of different types of
management accounting systems.................................................................................................2
P2. Explain different methods used for management accounting reporting................................4
M1 Examine the benefits of management accounting systems with their applications in
organisational context..................................................................................................................5
D1 Critically evaluate management accounting system and management accounting reporting
integrated with organisational process.........................................................................................5
TASK 2............................................................................................................................................5
P3. Computation of costs as per Marginal and Absorption Costing techniques..........................5
M2. Application of Management Accounting Techniques and production of appropriate
financial reporting documents....................................................................................................11
D2. Production of Financial reports which accurately apply and interpret data for a range of
business activities:.....................................................................................................................12
TASK 3..........................................................................................................................................12
P4. Explain the advantages and disadvantages of different types of planning tools used for
budgetary control.......................................................................................................................12
M3 Analyse the use of different planning tools and their application for forecasting budget...16
TASK 4..........................................................................................................................................16
P5. Comparison of manner by which organisations are using management accounting systems
to respond financial problems:...................................................................................................16
M4 Analyse how, in responding to financial problems, management accounting proved helpful
to get sustainable success...........................................................................................................18
D3 Evaluate planning tools for accounting respond appropriately for solving financial
problems.....................................................................................................................................19

CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20
.......................................................................................................................................................21
INTRODUCTION
Management accounting that also known as managerial accounting that defined as a
process to accumulating financial information and resources for the managers in taking important
decisions for future growth and enhancement. It is only used for internal team of the
organisation and that attribute makes in different from financial accounting. This report is based
on Edwards which is an vacuum engineering company headquarter is in London, United
Kingdom. This report is based on management accounting and its essential requirement of
various kinds of management accounting systems with various methods of it. It also includes
various costs and income statement by evaluating its attributes. In it advantages and disadvantage
of various kinds of planning tools and techniques for budgetary control, It focus on comparison
of management accounting systems to respond financial problems. It also evaluate various
practices by comparing and contrasting with management reporting in better way.
TASK 1
P1. Explain management accounting and the important requirement of different types of
management accounting systems.
Management accounting is a tool used by the company and managers regarding the formation of
strategies which require necessary information so this information can be assessed by them
which increases the efficiency of decision making. (Apak and et.al ., 2012.). This refers to a
process which is involved in planning and increase value of the performance managing systems
which increases the expertise level of financial reporting. Therefore, it control the management
strategy.
Management accounting system includes preparation of financial and statistical
information for business manger so they can form decisions regarding day to day operations and
short term managerial decisions.
The management accounting system has its scope in strategic management, performance
management and risk management ( Christ and Burritt, 2017 ). The accountant applies this
system to look forward and take decision regarding the future of the company. This helps

company in building the organisation financial strength through proper use of financial
resources.
There are different types of management accounting system are as-
 Cost accounting system- The cost accounting system is also known as costing system
which is used to determine the cost allocation of different activity operated in business.
This accounting system helps Edwards to manage and control the cost of activities and
this tool is used by company to calculate the total cost of the company which incur in
performing different activities and it evaluates the cost and the reasons to incur. The
calculation of total cost incurred will help the company to calculate their profitability In
this type of accounting system the cost is allocated through various approaches such as
job-order costing, process costing etc. and these have their own. different structure and
benefits. The estimation of cost is necessary for Edward as the fixation of price is totally
based on it.
 Price optimisation system- This is the system which is considered as mathematical
programs which calculate the demand which varies according to the different price level.
The data is combined with the calculated cost and their inventory levels at recommended
prices which will increase the profitability (Edwards, 2013.). The Edwards uses this
programme to control the level of price by proper calculation of cost and it helps in
determination of price of the goods or products of the company. This provides benefits to
both company and customers as the cost calculation will lead to company in fixing lower
price and it allow customer to buy the product at reasonable price.
 Inventory management system- This is a system which helps the management of
company in managing and controlling the inventory level of the company (Farouk,
Cherian and Jacob, 2012.). The inventory word includes raw material, work-in-progress
and closing stock of the company. The Edwards use this system to control the raw
materials of the company which helps in reducing wastage as according to the demand
production is required to be take place. The system can be used by the company to
control the quantity of raw material by using LIFO and FIFO. These are the techniques
which are used by the company to maintain the quality of raw material. The last in first
out refers to the system where last produced quantity will be sold first and in FIFO the

quantity which is produced firstly has to be sold firstly. This system is used by desktop,
barcode scanners and other devices to determine the accurate level of inventory.
P2. Explain different methods used for management accounting reporting.
Management accounting reports helps an organisation to record their actual performance some of
them is given below:. These reports in the organisations are prepared as per the requirements.
Various types of reports which an organisation uses are as follows :
Budget reports : These reports are prepared for the prediction about the companies
future financial condition. Edwards is required to prepare this report in order to compare their
actual budget with the estimated one so that the company can evaluate their performance and can
determine the amount of expenses to be done during a year. These reports those which provides
an overview about the objectives of the companies and are also termed as the future reports for
the firms objective.
Inventory reports : This report contain the all the necessary information in detailed
about the stock that is currently present in organisation. In Edwards this will helps the
management to analysis the cost which is related with the quantity and price of raw material.
This document helps the organisation to maintain current level of inventory that helps to achieve
their targets. Moreover this helps an organisation to order required stock to its suppliers.
Performance reports : These reports are prepared in order to measure the performance
of employees as well as organisation's. The company like Edwards will be beneficial if they
prepare this report will provide them blueprint of the performance which can be compared to the
standard one (Gond and et.al ., 2012.). It will also help Edwards in identifying the areas which
are needed to be improve and will also allow them to take corrective measures. By measuring the
performance the Edwards company can enhance their productivity and profitability.
Cost managerial accounting reports : These reports are prepared to know the amount
of cost that incurs while performing the task. For The company like Edwards it is importance
focus on preparing this report as this reports will provide them the idea of amount that is to be
invested and the amount of cost that has incurred in carrying out the operations. It will also help
the company to control the overall cost of the operations and will also leads to decrease in their
unnecessary expenses .It also provides the detail about the income statement, balance sheets and
inflow and outflow of the cash so that the firm can make their investments accordingly.

Account receivable ageing reports : Account Receivables are the expected payments
due from the customers (Klychova, Faskhutdinova and Sadrieva, 2014. ). Accounts receivable
ageing report is a list of customers of the organization that provides necessary informations about
sum of amount due from the customers, due dates for receipts, over due receivables' dates,
interest on due amount, contact details of debtors, bad-debt and other important details regarding
payments from the customers of selected organization . The management of respective firm
Edwards prepares accounts receivable reports on a regular basis so that it can manage records of
its debtors and decide the potency of its credit collection period as this will give them a idea of
all their debt and credits.
M1 Examine the benefits of management accounting systems with their applications in
organisational context.
Management accounting system is to give assistance to the management team for
improving the quality of decisions. Management accounting systems proved helpful in planning
each and every attribute as per the future demands in market. After prepare financial plans
organisation control it with help of management accounting systems that are proved beneficial to
get right kinds of output for Edwards. So it proved helpful to deliver right kind of value to their
ultimate consumer base. In that aspect management accounting system helps in accumulating
cost in better way and price optimisation helps in evaluate prices according to the various
attributes.
D1 Critically evaluate management accounting system and management accounting reporting
integrated with organisational process.
Management accounting system and management accounting reporting closely related
with each other and provide desirable outcomes in organisational growth and enhancement. It
proved helpful in providing ERP solutions which are robust in nature. It gives assurance to
getting a right response and with it management accounting get full support with complete access
to potential outcomes in context of Edwards. Sometimes integration of both these objects hinders
self interest of an organisation that it create chaos in organisational managing objects. There are
great relation in system and accounting report that after evaluating system organisation can be
able to build a suitable accounting report to get right kind of outputs in an organisation.

TASK 2
P3. Computation of costs as per Marginal and Absorption Costing techniques
Costs form an integral part of every organisation and enable the business managers to
easily measure the strengths as well as weaknesses in the form of bottlenecks in an effective
manner (Moser, 2012. ). Based on the nature, size and type of organisations, costs can be
mainly divided in the form of direct and indirect costs, materials and expenses.
Costing techniques have been utilised to indicate optimal transparency as well as
exercise effective control for decision-making purposes (Pavlatos, 2015. ). Mainly,
organisations employ marginal and absorption costing techniques so as to prepare important
financial statements such as Income Statements and Balance Sheet among others. These have
been discussed as under:
 Marginal Costing Method:
Under this technique, fixed and variable costs are distinguished in order to determine the
additional, or marginal, cost incurred on the production of an additional unit of output.
Generally, this costing technique is employed by the organisation in order to ascertain the impact
of changes in input as well as output on the overall profit earned by the organisation. The main
purpose served through the utilisation of this technique is that the contribution of product cost in
terms of one unit is obtained by the business manager (Salterio, 2015 ). It is important to note
that under this methodology, fixed costs are not considered. Marginal Costing can be mainly
expressed in the terms of contribution earned per unit of output produced. Here, the variable cost
is represented by the product cost whereas fixed cost is assumed as period cost.
Annex (A)
Income Statement under Marginal Costing Method:
As per this technique, the income statement includes gross sales, calculates variable costs
of goods sold as well as selling expenses. The following table indicates the calculation of Net
Profit (or Loss) for two products A and B viz. Tables and Chairs relating to two time periods viz.
Quarter 1 and Quarter 2:

As per the above table, the net profit earned in Period 1 for Dining Tables and Chairs is
£721,000 and £150,000 respectively. Whereas the Period 2 net profit is accounted for Chairs
worth £186,500 whereas there is a net loss for dining tables worth £40,000. In the context of
Marginal Costing, this means that on the additional production of this product, the difference
between fixed and variable costs turns negative. Hence, it is not recommended to produce more
number of dining tables till 5,200 units.
Working Notes:
1.
2.

 Absorption Costing Method:
Under this technique, costs are determined once they have been already incurred on the
production of goods by the organisation. Contrary to the Marginal Costing Technique, this
method takes into account both fixed and variable costs that are related to operations, processes
and products. Due to this, Absorption methodology can be classified in terms of production,
distribution and Selling Overheads (Spraakman and et.al ., 2015.). The main purpose served
through the utilisation of this technique is that a transparent, reliable and accurate depiction of
financial information, especially bottom-line profits is obtained by the business manager. It is
important to note that under this methodology, fixed costs are not considered, only the additional
(or marginal) cost incurred on the production of an additional unit of output is taken into
account. Generally, this costing technique is employed by the organisation in order to ascertain
the impact of changes in input as well as output on the overall profit earned by the organisation.
Absorption Costing can be mainly expressed in the terms of net profit earned per unit of output
produced by the business. Here, both fixed and variable costs are represented as product costs. It
is important to note that through the implementation of absorption costing cost of each unit of
output is identified.
Income Statement under Absorption Costing Method:
As per this technique, the income statement includes gross sales, calculates variable costs
of goods sold as well as selling expenses similar to the marginal costing method. However, there
is no distinction made between fixed and variable costs while computing Net Profit or loss
earned by the organisation for a given period (Stergiou, Ashraf and Uddin, 2013.).
The following table indicates the calculation of Net Profit (or Loss) for two products A
and B viz. Tables and Chairs relating to two time periods viz. Quarter 1 and Quarter 2:

The above table indicates a profit earned in Period 1 for Dining Tables and Chairs worth
£721,650 and £154,000 respectively. Whereas the Period 2 profit is accounted for Chairs worth
£185,400 whereas there is a net loss for dining tables worth £37,150. In the context of
Absorption Costing, this means that the profit earned on each unit decreases with the increase in
production of Dining Tables whereas it goes on increasing with more production of Chairs .
Hence, it is not recommended to produce more number of dining tables beyond 5,000 units.
Working Notes (1&2):

Annex (B):
(b) Using ABC Approach:
This approach aims to identify and promote cost assignment, first, to overhead activities
and, then to, costs of products. Thus, Activity Based Costing (ABC) Approach helps in
identifying the manner in which costs, overhead activities and goods produced by the
organisation are related to one another (Strauss, Kristandl and Quinn, 2015. ).
The following calculations depict Product X and Product Y and shows a comprehensive
break-up of the costs related to overhead activities, Machine Hours and Cost Driven Rate for
each of them:

M2. Application of Management Accounting Techniques and production of appropriate financial
reporting documents
It is important to note that the income statements prepared under Marginal and
Absorption Costing methods show variations in Profit Computed for the same time-period. One
can clearly observe that for Quarter 2, the net loss accounted under both the methods is different.
While the profit computed through the preparation of Absorption Costing Income Statement is
more than that computed under Marginal Costing, the loss incurred is less in the former too.

Thus, it is recommended that the organisation must employ Absorption Costing Technique so as
to give a much more accurate and transparent view. Additionally, this technique is also more
reliable as it shows Net Profit earned per unit instead of simply stating Contribution earned on
each unit.
D2. Production of Financial reports which accurately apply and interpret data for a range of
business activities:
From the income statements produced using Marginal and Absorption Costing
Techniques, it is clearly evident that there is a difference in Net Profit earned on the same units
of products sold for a given time-period (Otley and Emmanuel, 2013.). This is mainly due to
the difference in treatment of Fixed Costs under both techniques. The Results signal a net income
of £721,000 and £150,000 for Dining Table and Chairs respectively under Marginal Costing
whereas £721650 and £154000 for both products respectively. Whereas there is a lower loss
accounted worth £37,150 in Q2 for dining table whereas loss of £40,000 is shown as per
Marginal Costing.
TASK 3
P4. Explain the advantages and disadvantages of different types of planning tools used for
budgetary control
A budget is that statement which represents the estimation of incomes and expenses for a
specific future period of time (Wouters and Kirchberger, 2015.). On the other hand, Budgetary
control is that process which assist a manager that how they can control on their cost and
business activities for enhancing organisational performance. In Edwards company, this will
guide them that how they can proper use of monetary resources and how they can make effective
planning and controlling for their operations. Along with this, it also help them to find the
reasons behind the estimated and actual figure so they can take some effective decisions for
overcoming this situation. There are described below about various kind of planning tools which
are used by a company for budgetary control:-
Zero based budget: This budget helps them organisation to start their activity from the
zero base. The main benefit of this type of budget is that every year company will make a new
zero base budget in which all the figures of ago years will be ignore (Otley, 2016. ). In the

Edwards company managers adopting this budget for preparing the budget with transparency.
There are mentioned below various advantages and disadvantage of this budget:-
Advantages Disadvantages
 This budget brings clarity and accuracy
in the budget results which is the main
advantage of it.
 It is strategic budget for the
organisations as a company want to
grow, attract a range of customer etc.
this budget help them do all these
activities in an effective manner.
 This budget is becoming more complex
as needs detailed attention and analysis
which creates a big issue.
 Also, it is more time and cost
consuming budget which is not good
for the organisations.
Master budget: Master budget is total of all the budgets which represents the summary
of company's future plan which are related to the sales, production, financing etc. By preparing
this budget Edwards company is able to find all the details in one budget and take the effective
decision according to all the activities. (Parker, 2012.). Although, this budget is beneficial for
the company but it has also some disadvantage. There are mentioned below some advantages and
disadvantage of this budget:-
Advantages Disadvantages
 The main advantage of this budget is
that it give company's management a
brief overview of all the functions of
organisation.
 This will help to make master planning
of their activity like if one department
is spend beyond its limits then they can
some expense of another department.
 As it comprises information of all the
organisational functions, so it includes
various number, charts, and
descriptions which creates problem of
reading and updating.
 This budget is time consuming budget
which is not perfect for smaller
companies.
Flexible budget- A flexible budget is suitable for all the companies as it helps the
business to make changes according to the organizational activities (Renz, 2016.). With the help
of this budget Edwards company can cut or increase their spending according to the market

conditions. Moreover, it is more beneficial for them as compare to static budget as it help them
to avoid sudden problems and take advantage of opportunities.
Advantages Disadvantages
 This budget is more flexible, it helps
the managers to conduct their activities
according to the changes in
environment.
 It helps them in evaluates overall
performance of their organisation.
 In this budget there is a great place of
confusion because managers have to
concentrate on the every functional
change which create a big confusion.
 Every cost is the changing nature like
fixed cost, it can not be changes
according to the change in every other
element.
Annex (C)

NPV: -
Project X = Dis Cash Flow – Initial Investment
= 5416.647 – 5000
= £416.647
Project Y = Dis Cash Flow – Initial Investment
= 7182.647 – 8000
= - £817.353

M3 Analyse the use of different planning tools and their application for forecasting budget.
An organisation use various kinds of planning tools and techniques that proved beneficial
for forecasting budget to get right kind of outputs in benefits of organisation and deal in positive
way. In planning tools consist of master budget, zero budget and many more that play crucial
role in forecast or predict budget in better way. Master budget helps in summarise all plans for
future in an organisation and helps in forecasting budget in better way. Zero budget, master
budget are very important tools for planning that helps in forecasting the overall budget to get
right kinds of output in organisational process.
TASK 4
P5. Comparison of manner by which organisations are using management accounting systems to
respond financial problems:
Financial problems refer to those circumstances wherein an organization faces
problems related to finance or financial resources. Every entity should have adequate amount of
funds to allocate them properly so that hard financial times may be avoided (Soin and Collier,
2013.). The plans and strategies implemented by a company may create positive or negative
outcomes for it. These are the major challenges in which the importance of management
increases. Management accounting may not be related to finances of the company but it has
direct impact on taking control of such problems. Furthermore, there are various tools and
techniques which can be used in to overcome the financial problems. The financial problems
facing by the company are as follows:
Ineffective money management: This problem is related to financial resources which is
available in the form of money. The employees charged with the responsibility of managing the
money should the required knowledge of principles of accounting, standards and rules which
should be followed while making transactions with the money. Furthermore, the management
should have the adequate information by which this problem can create (Ward, 2012. ). This
affect the books of accounts where by the mismanagement of recording can trouble the company
in money management. The staff of the company are not being able to allocate the money due to
which money management system gets affected. This can contribute to financial risk impacting
the financial position in the marketplace.

Delay in payments by buyers: Every kinds of businesses has credit policy in the
company to grow. Customers are the key stakeholder of the company who purchase their
products or services. The sales ad profit are dependent on the number of goods sold by the
company. Credit is a way to attract a customer. Credit policy allows customers to buy the
products at credit without making payment at the time of purchase and giving them a fixed time
to pay the amount within that time period. However, there are some customers who fails to make
the payment within the specified time. This affect the working of the company resulting in
creation of financial problem.
The above-mentioned are the financial problems which is generally faced by an
organization. These can overcome with the help with two techniques of management accounting
which are as provided:
Key performance indicators (KPI): It is a method or metrics which is used by company
to assess and track the factors which can affect the growth and profit of the company. By using
KPI, organizations can calculate its performance which can be expressed in quantifiable numbers
(Weetman, 2013.). There are software for this wherein it can be distinguished into financial and
non-financial aspects. The working of KPI starts from assessing the defects and errors affecting
the capabilities of the company. It determines whether the organization is using its resources to
the optimal level or not. This is done to identity contingencies. The other use of KPI is to review
the activities associated with different departments or units. By this, Edwards can focus on
activities which are creating can be made good and the activities which are working properly can
be improved in order to increase the efficiency. This system can be used to respond the problem
of management of money. This will help the entity in handling the money so that activities can
be conducted and flow of money can there in the company. The company can make provisions
for unexpected circumstances so that no financial burden has to be faced by it.
Benchmarking: It is a process which is used to measure the performance of company
products, services or processes against the best in the industry. This technique is used in strategic
management to measure the goals and objectives. Mainly, the exemplary competitor is used as a
standard for measuring the actual strategies and plans. This is done to assess the difference which
can be reduced with proper strategies and plans (Soin and Collier, 2013.).. There may arise
situations in which the processes need to be changed according to the requirement. The company

can use this method to assess the problem related to later payment by the buyers in order to
implement it effectively. Also, changes can be done in the processes as per the needs.
Financial governance: It refers to main principles which should be considered by the
business in making and preparing the books of accounts. The managers of a company should
overcome the financial difficulties such as money management and late payments. This will help
the company to record the transactions effectively without making any defects. Preparation of
books of accounts as per the guidelines and principles can reduce the errors and defects. This
increases reliability and accuracy.
Edwards Focusrite Plc
Managers use price optimisation system for the
purpose of setting appropriate prices for its
products and resolve the problem of late
payments by clients (Spraakman and et.al .,
2015.). When customers will receive goods on
right price then they will be satisfied with the
company and make payments on time.
Inventory management system is used by
managers in the organisation for the purpose of
dealing with inventory related challenges.
Cost accounting system is used to deal with the
problem of improper money management
system because with the help of it appropriate
information will be recorded in books and
problem will be resolved.
Job order costing system is used by managers
of the organisation so that detailed information
of all the activities that are performed
according to specification of clients so that
problems such as late payments by them can be
analysed and they could be asked to pay owned
amount as soon as possible.
M4 Analyse how, in responding to financial problems, management accounting proved helpful to
get sustainable success.
Management accounting is one of most crucial tool that helps to managers in controlling
and evaluating each and every phrase of planning in better way. With help of management
accounting organisation can be able to plan in better way by coordinating activities related to
future plans and policies in better way (Stergiou, Ashraf and Uddin, 2013.).. In context of

Edwards by better planning they easily respond to financial problems to get sustainability in
market. They by accumulating necessary knowledge and information to get right kind of outputs.
D3 Evaluate planning tools for accounting respond appropriately for solving financial problems.
For an organisation planning tools are very much important to coordinate each and every
attribute by delivering right kind of value by forecasting in better way. Zero budges, masters
budget are important for an organisation to coordinate and manage each and every factor in an
organisation in better manner by responding in positive manner with financial problems.
Financial problems in which resources are not adequate for forecasting budget that hinders self
interest of an organisation to deliver right kind of value to ultimate consumers in better way. In
context of Edwards by using planning tools they solve their financial problems that are scarcity
of resources and many more.
CONCLUSION
From the above report it has been concluded that management accounting is one of
effective tool for planning and coordinating each and every attribute in better way. For an
organisation various kinds of planning tools and techniques proved beneficial to manage and
coordinate each and every attribute regarding future so that effective results should be
accomplished in better way. Organisation faces various kinds of financial problems but effective
tools and techniques helps an organisation to get right value to reach at desirable outcomes.

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