Comprehensive Management Accounting Report: Excite Entertainment Ltd

This report provides a comprehensive analysis of management accounting practices within Excite Entertainment Ltd. It begins by defining management accounting and its role in decision-making, followed by an exploration of different management accounting systems, including cost accounting, inventory management, and job costing. The report highlights the essential requirements of each system and their benefits to the organization. It also examines various management accounting reporting methods, such as performance reports, cost managerial accounting reports, and budget reports. The report then delves into cost analysis using income statements under marginal and absorption costing. Additionally, it covers budgetary control, including planning tools and their advantages and disadvantages. Finally, the report evaluates how management accounting systems and planning tools help in solving financial problems, concluding with an assessment of the integration of management accounting systems and reporting within the organization.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1…………………………………………………………………………………………..1
P1. Essential requirement of different types of management accounting
systems………………………………………………………………………………………………………………………………………3
P2. Different methods used for Management Accounting
reporting……………………………........................................................................................................5
M1. Benefits of application of the management accounting system in an organisation.
…………………………………………………………………………………………………………………………………………………..7
D1. Management accounting system and management accounting reporting is integrated in an
organisation.………………………………………………………………………………………………………………………………8
LO2……………………………………………………………………………………………………………………………………………..8
P3. Cost analysis with the help of income statement under Marginal and Absorption
Costs………………………………………………………………………………………………………………………………………..8
M2. Financial Reporting documents………………………………………………………..................................10
D2. Financial report interpretation……………………………………………………………………………………………11
LO3……………………………………………………………………………………………
….12
P4. Explaining the advantages and disadvantages of different planning tools of budgetary
control.............................................................................................................………………..
M3. Analyzing the usefulness and application of different planning
tools………………….13
LO4………………………………………………………………………………………14
P5. Different types of management accounting systems that are used by the organization to
resolve the financial problems..........................................................................................…14
M4. Analysing how the management accounting systems leads to organizational success.
..........................................................................................................................................…15
D3. Evaluating how the planning tools help in solving the financial problems..............….15
CONCLUSION………………………………………………………………………………15
REFERENCES………………………………………………………………………………17

INTRODUCTION
Management accounting is defined as the process of preparing internal management and
financial accounting reports, records, accounts and statements with the help of available
information, statistics and other financial as well as non-financial data. Management
Accounting helps the manager and other users, stakeholders of the company in the decision
making process. Every company should always formulate sound business strategies, plans
and concepts which aids in analysing the business costs and operations in achieving the set
defined business goals and objectives. The present report is based on Excite Entertainment
Ltd which is engaged in the business of leisure and entertainment industry. The report will
discuss different types of management accounting systems available and how its benefits the
organization. Further the report will discuss about the concept of management accounting
reporting and its uses in decision making. Income statement of Excite using appropriate
technique for analysing cost factor will be disclosed. Furthermore, the report will disclose
about the budgetary concepts and how it aids in the decision making process. At last, the
report will shed light on advantages and disadvantages about different budgetary planning
tools and how it assists in solving the financial problems of the company.
MAIN BODY
LO 1
P1. Explaining the essential requirement of different types of management accounting
systems.
Management accounting system refers to the internal management system by which
Excite Ltd makes use of various measures so as to assess the performance of business, its
operations and activities. This system assists in evaluating the business process as well as
procedure which aids the management of company in making business decision.
Essential requirements of different types of Management Accounting System in Excite
Entertainment Limited are as follows:
1. Cost Accounting System – This method of management accounting system deals
with the cost factor of the company. With the help of cost accounting system Excite
Ltd can make proper estimation as well as evaluation and analysis of cost value which
is incurred for manufacturing their products and services (Hopper and Bui, 2016).
This method aids Excite Ltd in assessing the profitability level or the amount of profit
earned against the quality service rendered by them. It also helps in making of the
effective business plans and strategies for controlling the cost expenses incurred for
conducting production and manufacturing operations of the business. This method
consists of following sub parts:

1. Job Order Costing Method – As per this method of cost accounting system, it
helps in assessing the value of cost incurred by the company for producing or
manufacturing a single specific unit or group of products.
2. Process Costing Method – It is a method which can be adopted by Excite with the
purpose of gathering and making assignment of cost related to
manufacturing processes or to the units produced. It is very helpful in when large
production has to be made of identical units.
3. Direct Cost -The term direct cost is a definite and a specialized form which helps
in making decision by analysing the cost factor specially using the variable cost. It
does not take into consideration the fixed cost assumed to be associated with the time
period in which they had incurred.
4. Standard Cost–This cost is associated with the all the cost related to
manufacturing process of company such as direct material, direct labour and
overhead. It is defined as the tool for making planning budgets, managing and
controlling cost and evaluating the management performance level (Christ, Burritt and
Varsei, 2016). It basically involves the process of estimating the required cost of
carrying on the production process.
2. Inventory Management System – This method of management accounting focuses
on two basic operations of business viz controlling and managing inventory and stock
level of the company. Excite Ltd can easily assess, monitor and track the quantity of
goods, inventory and stock it is having with itself through the supply chain or with the
help of areas in which business operations takes place. This method helps company in
making inventory valuation, improving the accuracy of inventory by maintaining
continuous workflow and its reorder so as to facilitate smooth functioning of business
operations. Valuation of inventory can be done with the help of following two
methods:
1. LIFO – It stands for Last In First Out. In this method, goods which are bought or
purchased at last are available for sale at first place.
2. FIFO – This stands for First In First Out, it emphasizes on selling first of that
stock which is purchase or bought in at first place.
3. Job Costing System – It is methods of management accounting in which Excite Ltd
can process for gathering or collecting information related to the cost incurred with
the production function of some specific job or product group. This method considers
every information which relates to direct materials, labour and overhead costs
(Jermias, Gani and Juliana, 2018). Under this system, information related to cost

incurred for every job work completed is submitted to customer for getting cost
reimbursed.
Difference between Management Accounting and Financial Accounting:
Basis Management Accounting Financial Accounting
Purpose It helps in planning, organizing,
controlling and decision making
process.
It helps in making record of the
financial performance for a definite
period of time so as to access the
financial position of the company.
Nature Uses both Financial as well as non
financial information
Makes use of financial information
User Internal user viz. managers and
employees of the company.
External users such as Stakeholders,
Creditors, Lenders, Suppliers.
P2. Different methods used for Management Accounting reporting.
Management Accounting Reporting is defined as a business process which provides
the management of the company correct as well as accurate internal statistical and financial
information. It also provides deep insight about the business operations and procedures which
is required for making day to day as well as short term decision making.
Different methods which can be used by Excite Ltd for management accounting reporting are
as follows:
1. Performance Report – This report helps Excite Ltd in reviewing and monitoring the
performance level of its business operations and processes. It also assists in evaluating
the performance level of each employee of the company and team as a whole (Xiaobo
and et.al., 2016). By using these performance reports, the management of company
can make important strategic decisions and plans about the future growth of business
organization. Performance related report provides a deep insight about the working
process, procedures of the company’s business activities. It also helps in monitoring
or assessing the strategy and plans formulated towards successful attainment of
business goals and whether these strategies are working towards mission statement or
not.
2. Cost Managerial Accounting Report – This accounting report helps in assessing
and evaluating the amount of cost value incurred for undertaking the manufacturing
and production function of any product or services. This assessment takes into
consideration all the cost related to raw material, overhead, labour and others factors.
This helps managers in realizing the cost and selling prices of their products and

services which further helps in estimating the profit margins for the company in near
future.
3. Budget Report – This report is based on making future projections and estimation
related to the amount of money to be spent. It assists Excite Ltd in making budgetary
plans and strategies for the smooth functioning of business operations. With the help
of budget report, a company can make assessment of its performance as well as
profitability level (Al - Dhubaibi and Abdullah, 2016). Budget are prepared on the
basis of previous experience business has met with. With proper estimates and budget,
company can deal with future contingencies and cost expenses.
4. Account Receivable Aging Report – When company conducts its business
operations with the help of acquisition of raw material, labour on credit basis or has to
rely at large level on credit amount for carrying on business activities, then accounts
receivable aging report is helpful. With the help of this report, the manager of Excite
can determine defaulters of non-payment of money as well as it also helps in
assessing the problem or issues which the company is facing in its money collection
process.
M1. Benefits of application of the management accounting system in an organisation.
By adopting effective and proper management accounting system, Excite Ltd can get
following benefits:
Management Accounting
System Benefits to Excite Ltd
Cost Accounting System 1. It helps in making compliance of
estimated budget i.e. actual costs
incurred can be compared with budgeted
cost for assessing most costly part of
business and replacing it will the least
expensive business operations.
2. It helps in measuring the operational
efficiency & performance of business.
3. It also assists in providing information
related to the cost factor and any
improvement if required to be made for

reducing the cost expenses.
Inventory Management System 1. It helps Excite Ltd in minimizing the cost
expenses incurred for producing and
manufacturing inventory stock and product.
2. By managing inventory, company can
improve its delivery performance among its
customer.
3. Stock out situation or excess stock quantity
can be avoided by managing proper
inventory.
Job Costing System 1. With the help of job costing system, Excite
Ltd can calculate or track cost value per job
assigned.
2. It helps in tracking the performance of
individual employee as well as team and
emphasizes on factors such as cost-
control, operational efficiency and
productivity of business (Maas, Schaltegger
and Crutzen, 2016).
D1. Management accounting system and management accounting reporting is integrated in an
organisation.
1. Performance Report –Excite Ltd can evaluate and monitors the performance
level of its employees as well as of the business organisation. By performance
report, company can maximise its profitability level with the help of sound
business policies, plans and strategies. These strategies can assist company in
improving the quality of products and services, performance level and also
operational efficiency of the business.
2. Budget Report – A budget report is type of financial report which helps Excite
Ltd in monitoring and evaluating the actual amount of income and expenditure of
the business of definite period is compared to the budgeted amount for the same
definite period of time (McInnis, 2018). This report helps the managers of the

company in assessing whether forecasted plans are working on track or not, in
terms of financial aspects.
3. Cost Accounting Report – The term Cost accounting is defined as the process of
recording, analysing and allocating costs to various business operations and
process, and taking action for controlling such cost factor.From this report,
manufacturing cost of each product can be determined. Selling & cost price can be
determined for its products and services.
4. Accounts Receivable Ageing Report - It can help Excite Ltd in understanding
the amount of outstanding receivables along with their quality. The account
receivable ageing report can be used for assessing or detecting that invoices or
bills that are making payment process slowly. Also, from this report company can
identify the problems or issues coming in way of money collection process.
LO 2
P3. Cost analysis with the help of an income statement under Marginal and Absorption Costs.
Cost analysis refers to the mechanisms of determining the cost value associated with the
manufacturing or production function or any value assigned to a particular product.
Marginal Costing Income Statement of Excite Entertainment Ltd
For the month ended May 2019
Absorption Costing Income Statement of Excite Entertainment Ltd
For the month ended May 2019
Particulars Amount in £
Sales 120000
less Variable Cost 16000
less Prime Cost 32000
Cost of goods sold 72000
add Opening stock 7500
Contribution 79500
less Fixed Cost 40000
Net profit 39500

Particulars
Amount in
£
Amount
in £
Sales Revenue 120000 120000
less Marginal cost of sales 88000
Direct material 0
Direct labour 0
Prime cost 32000
Variable production
overhead 16000
Fixed production overhead 40000
Gross profit 32000
Less
Distribution &
Administration cost
Variable 0 0
Fixed 0
Net profit 32000
M2. Preparing Financial Reporting documents.
With the help of cost analysis, income statement can be prepared under two methods:
1. Marginal Cost - The term marginal cost defines the amount of change either increase
or decrease taking place in the total cost of a production. It considers cost incurred for
making one additional extra unit of the product. Thus, marginal cost at each level of
production function involves the cost of the additional resources which is required for
producing the next product unit. In simple terms, margin cost is the cost of producing
one more extra unit of product.
2. Absorption Cost – This is one of the cost accounting method which is concerned with
the inventory valuation process. Absorption costing includes all the costs which is
associated with the process of manufacturing or producing a product or good and also
includes both the fixed cost and variable cost (Fliedner, 2018). Under absorption cost
method, direct cost factor such as material, labour costs and indirect cost such as
overhead are also considered for the pricing of inventory.
In above cost analysis for Excite ltd, income statement prepared under
Marginal costing is yielding more profit i.e. £39500 as compared to absorption
costing method.

D2. Financial report interpretation.
The financial report helps in providing crucial financial as well as managerial information
related to the company’s performance. It also assists managers and investors in decision
making process. The accurate and correct interpretation of data can help Excite Ltd in:
1. Assessing the strength, weaknesses, threats and opportunities.
2. Decision making process related to investment, formulation of new business strategies
and plans.
3. It provides information about profitability and liquidity position to its stakeholders.
4. The profit earned by Excite Entertainment Ltd under Marginal is £39500 and
Absorption costing is £30000 for May 2019.
LO 3
P4. Explaining advantages & disadvantages of different budgetary control planning tools.
Budgetary control is defined as the process of making estimation for budget which
assists manager of the company in achieving the set financial and performance goals. With
the help of budget, company can make comparison of the actual results with estimated and
adjust performance, as it is needed. Different budgetary control planning tools available for
Excite Ltd are as follows:
Flexible Budget - Are those budget which can be adjust by making changes with the change
in the level of business activity or operation. In this budgeting approach, measurement of
actual revenues and other activity are recorded in the flexible budget after the completion of
an accounting period. The actual expenses incurred for carrying on business operations are
compared with the actual revenues earned so as to monitoring control over the cost.
Advantages Disadvantages
Facilitates change- Any change in the level of
business activity or operations are evaluated so
that accuracy in the results can be increases.
For example- increase in cost of material for
product, makes the item unprofitable
(Gooneratne and Hoque, 2016). This variance
can only be spotted by flexible budget and
management could take corrective action
Formulation- Though it is a good tool for
budgeting but it is difficult and complex to
administer and formulate as it includes the
changes. Also, a lot of time has to be devoted
in preparing this budget for developing the cost
formulas which incurs more time in the process
of budget.
Revenue comparison- It does not facilitate

timely for overcoming the variance.
Performance measurement- As flexible
budget inculcates restructuring based on the
change in other business resources, it
accounted as an effective tool for determining
the performance of the employees at regular
interval of time.
Creates opportunities- In flexible budget the
variable expenses are defined as % of sales.
For instance- If sales increases, greater the
flexible budget can be adjusted for higher
spending on the marketing for taking benefit of
unexpected rise in revenues.
comparison between the actual and the
budgeted revenues, as both contains the same
number. This budget is designed for matching
the actual and the expected expenses, and not
for comparing the levels of the revenue. It does
not highlight whether the actual revenues are
below or above the expectations.
Fixed Budget–This budgeting tool is designed for evaluating the performance level of single
business activity level and does not change, irrespective of the change in other business
resources. It is also known as static budget.
Advantages Disadvantages
Easy to frame- This budget is simple to use
and develop because It does not incur any
adjustments in relation to the volume of sales
and changes in turnover.
Tax simplification- Estimation of the taxed
owed by the Excite Ltd can be easily made.
Corporate usually assume the payment of taxes
on a quarterly, monthly or yearly basis by
adopting this budget so that interest payment
can be avoided on the money owed.
Master budget- Flexible budgets are often used
as the master budget for analyzing the data and
forecasting. Static budget is prepared for the
overall business and not for each department in
Inflexible- It lacks the flexibility in the budget
as it remains unchanged and any change in the
expenses and the revenue are not evaluated
which results in unrealistic budget.
Lacks forecasting- forecasting becomes
difficult in static budget due to lack of
presence of actual changes with the changing
environment.

the entity.
Cash Budget – The cash budget is prepared with the estimation of the inflows and outflows of
cash for the business over a particular time period. It helps in monitoring and making proper
control over the cash flows taking place during accounting year or for a definite period of
time.
Advantages Disadvantages
Practical benefits- cash budget restricts the
spending of the entity which reduces the debt
of the Excite Entertainment Ltd It shows the
realistic assessment of the cash related
expenditure and incomes during the specific
period.
Self Evaluation- It acts as the base for
comparing the assumptions and forecast made
with the actual events. It helps in tracking the
spending as planned by the Excite
Entertainment Ltd
Communicate financial position- It
communicates the current state of the financial
health of the enterprise by determining the cash
received and paid. For example- reducing cash
levels reflects the entity's inability to payoff its
current debts and states chances of future
bankruptcy.
Relies on estimates- Previous year allocations
in relation to the inflows and outflows are used
for allocating the cash for the items in the
coming year (Mohamed, Kerosi and Tirimba,
2016). Thus, it is not possible that cash-flows
will remain same for every year and leads to
vague results.
Limits the spending power- several businesses
have stopped accepting the cash payment so it
reduces the spending power of the enterprise.
For example- some hotels accept reservation
only on the basis of debit and credit card
number. Thus, if Excite Ltd uses only the cash
budget, it may find difficulty in using the other
services that are required by the business. This
in turn limits the overall productivity of the
corporate.
M3. Analyzing the usefulness and application of different planning tools.
Planning tools Uses Application
Flexible Budget This type of budgeting tool can
be used for making assessment
of the business operational
It is applied in organizations
such as Excite Ltd, where the
level of business activities

efficiency and profit planning.
It provides effective control
function and provides a
balanced approach for
comparison (Lev, 2018). It is
also used for fixing the price
and for setting the budget
quotations.
varies at a regular interval of
time. It helps in foreseeing the
demand of the new business
product in the market.
Fixed Budget This budgetary control
planning tool allows the
business in measuring both
long and short term budgets. It
allocates a fixed amount
towards the essentials of the
business like overhead cost.
This budget is applied in those
companies where the activities
of the enterprise are constant
or stable. It is used where
business operates in a
consistent environment at the
workplace. Usually small
firms uses this budget as there
level of activities do not vary
period to period.
Cash Budget It is used to allocate the
budgeted source for the most
important part of business in a
future time period. It helps in
ascertaining the liquidity,
solvency and cash position of
Excite Ltd.
This budget is prepared and
applied so as to overcome the
cash shortage position of the
firm where it holds excess of
nonproductive cash balances.
LO 4
P5. Different types of management accounting systems used by organization to resolve the
financial problems.
Management accounting system provides a deeper insight about the internal financial
system of the company which assists managers as well as other stakeholders of the company
in making crucial investment related decision. For solving financial problem, Excite
Entertainment Ltd can make use of any of the following measures:

Key performance indicator–This is considered as a type of performance measurement. It
helps in evaluating the success of business operation or of a particular business activity in
which it is engages. It is thus considered as a measurable value which helps in assessing how
effectively a company is achieving key business objectives (Muda and et.al., 2017). For
instance- the goal of the Excite Entertainment Ltd is to attain the fastest growing industry in
the market in which it operates, the major performance indicator will be measuring the
growth of the revenues from one period to another. These indicators are attached to financial
aspect that focuses on profit margins and operational revenue.
Balance scorecard - It is a performance metric which is used in strategic management for
identifying and making improvement in the various internal functions of a business thereby
improving the resulting external outcomes. It is used to measure and provide feedback to
organizations. This tool is used to communicate the strategic goals of the enterprise that what
they are driving to accomplish. It assigns the routine activities with the strategies and plans to
be implemented. It assists the firms in monitoring the progress towards the strategic targets.
The purpose of using balanced scorecard is implement the mission, vision and actions as per
the set by the organization (Gooneratne and Hoque, 2016). This business approach has 4
business perspectives viz. Financial, Internal process, Customer and Business growth. All this
facilitate the firm in focusing on the financial performance, satisfaction of the customers,
operational efficiency of the business, knowledge and innovation.
Bench-marking- It is defined as the process of comparing the business processes and
performance level of one industry with that industry which has best business practices. It
helps in measuring the level of Excite Ltd product, processes and services against the
competitor's business product, processes and services. The dimension on the basis of which
performance is measured are time, cost and quality factor. Bench-marking supports the
planning, delivery and selection of the projects. The financial problems that are faced by the
entity can be resolved by using this tool as it leads to achievement of the business goals by
seeking competitive advantage in the current market.
Particulars Amount in £
Sales Revenue 40x
less Variable Cost 10x
Contribution 30x
less Fixed cost 120000
Net Profit 60000
Assuming number of units = x
(Sales Revenue - Variable Cost) - Fixed Cost = Net Profit
(40x - 10x) - 120000 = 60000
(30x)-120000 = 60000

30x = 120000 + 60000
30x = 180000
x = 180000/30
x = 60000 units
Therefore, Excite Entertainment Ltd should make sales of 60000 units for attaining
the objective of increase in profit of £60000.
M4. Analysing how the management accounting systems leads to organizational success.
Management accounting systems helps the firm in conducting the cost analysis with
accurate and reliable financial and statistical information so that the current cost expenses can
be determined and appropriate suggestions for minimizing this cost amount can be made
related to the activities in the future (Fliedner, 2018). Sound and effective business strategies,
plans should be formulated which can work towards the success of the organization in the
long run. Through the use of these systems better decisions making is possible.
D3. Evaluating how the planning tools help in solving the financial problems.
Planning tools used by Excite Entertainment Ltd are Balance scorecard,
Benchmarking and Key financial Indicators.
It has helped the company in making proper allocation of both the financial as well as
business resources for smooth functioning of the business operations (Ricks, 2016).
Procurement and effective as well as optimum utilization of the resources helps the company
in generating high profits with minimum cost expense. If gap in the process of controlling
cost and resources occurs it will enable the company in finding out the corrective measures,
action and thus helps in resolving the financial problems by filling the deviations. By
applying these tools, a sustainable growth and success of business can be gained by the
organization and can survive with a stable growth in this changing environment.
CONCLUSION
From the above report it can be concluded that management accounting is considered
as a process of preparing reports, records and accounts for the benefits of management
personnel and other stakeholders of the company. Timely and accurate internal statistical and
financial information of the company helps investors and managers in making crucial
investment decision. The report has discussed that how management accounting has helped
Excite Entertainment Ltd in decision making process with the available internal statistical and
financial information of the company. The report has also shown different management
accounting system used by Excite Entertainment Ltd in making various cost budget,
controlling cost expenses, inventory valuation and understanding the performance level of
company. The report has disclosed the cost analysis report of Excite Entertainment Ltd under
Marginal and Absorption Costing Method along with its interpretations. Different budgetary
tools are used by Excite Ltd for meeting its cost expenses, minimizing the cost of operations
and maximization of profit. Also, the company has used balance scorecard, benchmarking,
key performance indicators tools for solving the financial crises and problems which it is
facing.

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