Financial Analysis Report: Management Accounting for Edwards Company

This report provides a comprehensive analysis of management accounting practices within Edwards Company, a vacuum-based engineering company. It explores various management accounting systems such as price optimization, job costing, inventory management, and cost accounting, detailing their benefits and applications. The report defines different types of management accounting reporting, including budget reports, accounts receivable aging reports, performance reports, and cost managerial accounting reports. It also delves into cost calculation using different management accounting techniques. Furthermore, the report assesses the integration of management accounting systems and reporting, highlighting their interrelation. The report also examines the use of planning tools for forecasting and the application of management accounting systems to mitigate financial problems faced by the company. Finally, the report calculates revenue under absorption cost and marginal costing, providing a detailed financial analysis of Edwards Company's operations.

Management Accounting

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY.......................................................................................................................................3
Activity 1..............................................................................................................................................3
Part 1................................................................................................................................................3
P1. Defining requirement of management accounting system types...............................................3
P2. Defining types of management accounting reporting....................................................................5
M1. Benefits and application of MA systems within organisation..................................................6
Part 2................................................................................................................................................8
P 3. Calculation of cost using various MA techniques....................................................................8
ANNEXURE A ....................................................................................................................................8
ANNEXURE B..................................................................................................................................15
Activity 2............................................................................................................................................15
Part A.............................................................................................................................................15
P 4 The advantages & disadvantages of different types of tools of planning................................15
M3 The use of different applications & planning tools for forecasting & preparing...................19
Part B.............................................................................................................................................19
P 5. MA system for mitigating financial problems being faced....................................................19
ANNEXURE C..................................................................................................................................20
CONCLUSION..................................................................................................................................21
REFERENCES...................................................................................................................................22

INTRODUCTION
The term management accounting is a process which main focus is on making plans, strategies,
organising & directing the system and operations of business for the betterment of company's goals.
It is related with preparation of internal managerial report for management decision making process.
The present report is based on Edwards (formerly known as BOC Edwards) Company which is a
Vacuum based engineering company having its headquarter in Burgess, UK. It is engaged in the
function of manufacturing and supplying abatement equipments, vacuum which are used in the
processes of advanced manufacturing function. It will focus on use of various management
accounting system along with its benefis and application in organisation use. Further, for better
understanding different management accounting reporting will be described. Also, by using costing
techniques income statement will be prepared. Explanation related to budgetary control with its
planning tool will be streamline. At last, report will focus on adaption of different management
accounting system by the company for overcoming all the financial issues being faced by the
company in an accounting period.
MAIN BODY
Activity 1
Part 1
P1. Defining requirement of management accounting system types.
This system involves business practice, concept related to preparation of business accounts,
reports by considering every financial part of the business operations. It assists managers in making
decison related to day to day business operations of short term nature. It includes all the business
standards and methods which are necessary for making effective plans for making a choice among
given business actions and practices . Further, it controls the flow of business operations by making
continous evaluation of performance level thereby making proper interpretation as well for the
better understanding of stakeholders and managers. Following are types of management accounting
system, by use of which Edwards can seeks benefits:
1. Price optimization system - a process which helps in determining the trend of consumer
demand at different price levelto be charged from its customer. It analyses consumers
behaviour by changing price of particular product (King and Clarkson, 2015). This tool
effectively evaluates the price of the varied products and services thereby combining data
with the levels of cost and inventory information to make suggestion or recommendations
related to different prices which will improve profit margin. By examining change in

demand and supply as per variation in price of the goods and services offered by Edwards.
2. Job costing system – a system which encompasses all information pertaining to the amount
of cost expenditure which has been incurred in conducting of some specific job or
production function. Job costing system provides information in form of short summary
which depicts all the details it has covering related to direct materials, direct labour and
overhead cost amount. By distributing cost expneses to individual production resulting into
better attainment of business goals. Thus it helps the management in analysing profitable
business unit for making it on priority so as to achieve high growth. Also, by keeping track
of all cost expenses associated with each job, business decision can be made.
3. Inventory management system - This method is related with the function of keeping track
on the quantity and amount of inventory and stock hold by the company at a specific time
period. It assists the management of Edwards company in managing its inventory level so as
to satisfies its customer needs and demand. By monitoring inventory situation via supply
chain, it supports company in making proper valuation of its inventory. Also, it ensures
improvement in inventory level by maintaining continuous workflow thereby reordering it
on time for smooth functioning. Thus, inventory valuation can be done with the help of three
methods:
Economic Order quantity – It helps Edwards company in determining the quantity of inventory to
be ordered for becoming capable of delivering customer services. EOQ is related with order
quantity which Edwards should place in order to minimize cost of ordering, holding and carrying
such inventory.
LIFO – Last In First Out method in which goods bought at last are available for sale at first place.
FIFO – This stands for First In First Out is related with selling stock on first priority as purchase in
first place.
4. Cost accounting system - Mechanism in which the cost expneses related to business
production are ascertained (Novas, Alves and Sousa, 2017). It helps Edwards in identifying
amount of cost value incurred for carrying on all manufacturing and production activities. It
focuses on maximizing profit margin with minimum operation cost thereby improving
product and service quality. It should always frame business concepts for identifying and
controlling unnecessary cost expenses & has following parts:
1. Job Order Costing Method – It determines cost amount incurred by Edwards in relation with
development of a specific product or group of products.
2. Process Costing Method – It assists in collecting and assigning process of the cost amount to all

units produced during a specific time period. This method is best for Edwards in case of identical
units produced i.e. where large production is taking place.
P2. Defining types of management accounting reporting.
A process emphasizes on designing of internal report considering all the managerial and
financial information of a definite time period. With the help of such report, management can make
crucial and relevant business decision for benefit of business as a whole. It further assist in
improving the performance level and focuses on maximization of profit level. By reviewing
different managerial report, Edwards company can take several decision which affects the overall
business performance:
1. Budget Report – provides assistance to company related to formulation of budget amount
for a specific period. Such report measures and compares performance of actual business
results with the estimated one. With the help of a proper and effective financial plan, every
business organisation can make right and accurate allocation of its limited business &
financial resources available with it. Budget helps in preparing estimated amount of
expenditure to be incurred for carryong on future business operations (Maas, Schaltegger
and Crutzen, 2016). Also, Edwards company can forecast its level of revenue after meeting
all the deductions associated with operations thereby focusing on attainment of business
goals and objectives. It further assist the management in allocation of financial resources as
per the need of business departments.
2. Account Receivable Aging Report – This reporting is suitable for those business
organisation which relies heavily on the function of extending credit facilities. By
considering such report, it helps the management of the company in identifying the amount
of balance due on part of its clients, customers or any business vendors. It defines the
average or specific time period in which Edwards will be able to recover its business and
credit amount due. By evaluating account receivable aging report, the managers of the
company can easily evaluates and determines all the problems and issues which the
company is facing in money collection procedure by depicting about defaulters contributing
in issue of money collection process. For overcoming such issue, it is essential for Edwards
to design strict credit policy and standards for smooth performance of credit business.
3. Performance Report – It provides detailed review of the performance level of both
company and its employees as well. This report provides a base on the basis of future
business operations are conducted. Performance report provides deep insight about the
success and progress level of its business operations and of employees as well. By
monitoring performance on regular basis, Edwards can assess which business department

and area is lacking or performing weak i.e. Which requires to be improved for increasing
profitability and productivity aspects. It helps in determining whether company and
employees are working effectively towards the attainment of set defined business goals or
not. By formulating sound business polices, plans and strategies in line with aims and goals
can help Edwards company in seeking competitive advantages.
4. Cost Managerial Accounting Report – Also known as Cost report, is related with the cost
expneses being incurred by the company at the time of carrying of business operations. Cost
accounting report defines cost amount which has been associated with the process of
manufacturing and production function (Craig and et.al., 2018). It provides a brief summary
of all the cost heads covering raw material, overhead, labour expneses. It helps in realising
cost price and selling price of the item or product being produced. Thus, by monitoring cost
and selling price, profit margins can be estimated to be received from the future business
production function. It also assist in determining unnecessary cost expenses and reduces it
therey increasing profit level.
M1. Benefits and application of MA systems within organisation.
By using proper and relevant management accounting system, Edwards can maximizes its
value of firm and can minimize its overall cost of capital:
MA System Benefits
Price Optimization system  Company can determine behaviour
of its customer demand at different
price level.
 Also, by using this system Edwards
company can fix its product and
service prices in manner which
provides profit to the company
(Otley, 2016).
Job Costing System  This method of job costing system
assist in identifying cost per job
assigned to each business unit with the
aim of effective decision making.
 This system of jo costting helps
Edwards in monitoring, reviewing &
tracking performance of individual

employee & of team as a whole for
bringing relevant changes in relation to
minimizing cost expenses, improving
business efficiency, productivity and
profitability as well.
Inventory Management System  Edwards can get benefits in form of
reducing unnecessary cost expenses as
associated with the unproductive
business operations.
 By using this system, Edwards can
avoid stock out situation and have
proper inventory level by reordering it
on time.
Cost Accounting System  It helps in designing financial plan
for every accounting period so as to
compare actual costs incurred with
estimated one. It thus assess highly
cost incurring business area.
D1. Critically evaluating integration of MA systems and reporting.
Management Accounting system and reporting is a business practice or concept which
provides assistance in effective preparation of report for relevant accounting period. By making
sound and proper business strategies, plans and policies it can acquire large market share and
competitive advantages as well. Both are integrated to each other as in preparation of management
accounting report such as performance report, budget report, different methods of management
accounting system are used.
Such reports are considered as base for MA systems and thus are interrelated (Chenhall and
Moers, 2015). Absence of any one concept in the company can result in inaccurate preparation of
financial statements for that accounting period. For example, Job cost reports are prepared with the
help of Cost accounting system because all the costs related activites and information are available
there which assist in making decisions. These reports are useful at the time of report or accounts
preparation of Edwards company.

Part 2
P 3. Calculation of cost using various MA techniques.
ANNEXURE A
Assessmentof revenuew under the absorption cost & marginal cost for pretaining the 'table'
Cost
a cost is basically value for the money which has been used for producing something and delivering
the services and also it is not available for using any more. Cost is one of the effective acquisition
where the amount of the money has been expanded for acquiring the cost which has been counted.
Cost is a type of metric which totalling up the results of the process and also differential of the
decisions of all the results.
Marginal cost
Marginal cost is generally a change of the total cost which has been arising the quantity that has
been produced with incremented more units of the goods. At each and every level of the
manufacturing and time which has been considered for the marginal cost involves all the cost with
all the level of productions. The main function of the marginal cost is quantity of the cost function
which is non-linear and it fixed. It has been include the changes in the total cost which has been
arises. This cost added by producing the additional units of the goods and services.
Difference between marginal and absorption cost.
Cost Marginal Cost Absorption
It has been apply the all cost of inventory which
has been occur when each and every single unit
has been producer.
It has been apply the manufacturing cost of all
the units that has been produced.
It determined the variable cost which has been
considered the period of amount and cost.
It is fixed and variable cost which has been
considered the products cost.

Period 2
Particulars Amount (in £) Amount (in £) Net Amount (in £)
Sales (1700*590) 1003000
Cost of sales:
Opening inventory (650*330) 214500
Material (5200*215) 1118000
Labour (5200*90) 468000
Variable o/h (5200*25) 130000
1930500
-Closing inventory (4150*330) -1369500
-561000
442000
Contribution 442000
-Fixed costs -361500
Actual Net
profit/(Net Loss) 80500
Interpretataion: the table valuation and marginal cost has been analysed that the actual and net

profit of the incopme and revenues is high and it gives profit to the company.
Under Absorption Costing
Absorption cost
it is a process of all the cost of accounting that imply the full cost of producing and providing the
services. Total absorption cost just not involves the cost of all materials and all the overheads of
manufacturing. Cost of each and every cost has been centred where all the direct cost easily find out
the individuals cost centres.
Particulars Cost per unit: in £ (Period 1
Direct Material 215)
Direct Labour 90
Variable O/H 25
Fixed o/h 61.5
Total absorption cost per unit 391.5
Period 1
Period 2
Cost per unit for Period 2
Direst Material 215
Direst Labour 90
Variable O/H 25
Fixed o/h 69.52
Total absorption cost per unit 399.52

Interpretataion: it has been analysed that the absorption cost of the compnay has been getting out
in the net profit where the it comes out in a way of profit and make it profitable for tehcompany.
Assessment of profit absorption costing & marginal costpertaining to ‘Chair’
Under marginal costing (Chair): Cost per unit

Under Absorption Costing (Chair)

Period 2

ANNEXURE B
Interpretation: From the upper calcualtion of profit and loss statement it is analysed that,
the selling of teh company. the plan 3 has created the profit of high amount. The break even point
of the plans is lowest that states the organisation is making higher rates profits. The break even
point of the firm states that, the organization is able to cover the production cost and also making
the high profit for the company.
Activity 2
Part A
P 4 The advantages & disadvantages of different types of tools of planning.
Planning tool is a type of device which basically helps for guiding the organization actions
and it has been related to all the implementations of a program and initiative or the interventions. It
helps in making effective and efficient plan and strategies as well(Aranda, Arellano and Davila,
2019). This all tools has been intended for guiding the analysis, operations, decision-making
process etc. Planning tools has been used for budgetary control which has been followed;
Budgetary control
It is a process of making the budget for various activities and also it has been compare with
the figures of budget for arriving at the deviation. Budgetary control is a system of coordinating the
cost and it has been involved the budget preparations, coordination of the working departments &
also it established all the responsibilities when it has been compared to all the real performance with
budget and it acts upon the results for achieving the revenues and profitability.
Budget helps the organization for managing and tracking the resources. It has been used various
budgets for measuring the developments and spending of the effective strategies for increasing the
revenues and assets. There are various types of planning tools that has been used in management
accounting such as;

Operating budget
Operational budget is an analysis and forecast for the projected expenses and incomes over
the courses for the specific period. Operational budget creates a real pictures, budget of the
operations must be accounted for all the factors such as production, sales, manufacturing, overhead,
administrative expenses and cost of the company(Clarke and et.al., 2019). It basically created on the
monthly, weekly, yearly basis of the company. It is an activity which has been stated in the way of
the classification of budget codes.
It generally forecast the expenses and revenues more for the future periods. Operating
budget is basically formulated by the team of management.
Advantages
5. Operating budget also helps the day to day plans and operations for running the
organization.
6. It also tracks the actual projecting for the future expenses & also allows for building the
investments & promoting the accountability as well(Fischer and Albers, 2018).
7. Operational budget also manage and maintain the current expenses and also building the
financial reserves for the organization.
8. The main importnace of the operating budget is it increases the accountability of the
organisation.
Disadvantages
5. The main traits of the operating budget is to introduce the organization to budgetary slack.
6. There are so many complications of federal taxes.
7. It needs so much long range planning of the operational budgets.
Sales budget
Sales budget is a planning process where the business sales has been outlook the figure of
units which expects for producing within the specific period of budget and also according to the
accounting tools. Budget of Sales is an estimate of sales for the future financial time. Organization
using the sales budget for making and setting & making the goals of department, forecasting the
manufacturing & also estimating all the earnings. Sales budget affect the master budget and
operating budget of the firm.
Without sales budget it is not possible to improving the performance and effectiveness of the
firm. It is estimating the earning from the products and services. It affects the operating and overall
budget system of the organization(Hesham and et.al., 2016).
Advantages
 budget of Sales is very much helpful in forming the sales program for achieving the targets

of the sales of the company.
 It is very much helpful in allocating all the sources which has been used in making the
sales budget.
Disadvantages
 The revenues and profitability of the organization is unpredictable because the profitability
is totally based on the sales forecasting.
 There are so many uncertainties has been occurred at that period of making the sales budget
and it requires a lot of understanding for the in credible intensives.
Production budget
Budget of Production generally refers to the calculations of the numbers of the units of
goods that has been manufactured and also drive from the sales combination of forecasting and it
has been planned according to the amount of inventory of the finished goods. The main reason of
making the production budget is to showing the cost of the manufacturing the products not the
revenues of the sales that has been estimated the sales during the periods of time. It always
identified the total calculation of the sales in the units and also the budget of the numbers which has
been produced. This report has been determined the number of approximation which has been
produced during the time(Isaac, Lawal and Okoli, 2015).
Production budget has been determined the amount and cost which has been spent on the
production of the goods & services. It also includes the estimation and identification of the products
cost of making the organisation.
Advantages
 It helps the organization in physical control of all the finished goods stock, raw materials
and also the work-in-progress.
 It also helps in forecasting the amount and cost for meeting the sales demand of the
products.
Disadvantages
 The main disadvantages of the production budget is there is lack of flexibility in the
manufacturing process and also avoiding the problems.
 Production budget creates so many comprehensive because of tedious job that consumes the
resources of organisation significantly.
 Production budget needs so many flexibility for taking place so many changes quickly and
it becomes very complex job for the production planning for such incorporate changes.
Static budget
it is a type of fixed budget where it remains unakltered to changes in the factors like the

volume of the sales and profitability(Oral and CenkAkkaya, 2015). Plumbing supply to the
company. It incorporates with the anticipated values about all the inputs and outputs which has been
convenience before the time of questions has been begins. This static budget has been compared the
real results which has been received the fact and numbers from the static budgets which often quite
and different from the real results.
Static analysis is generally specified the effect of immediate changes in the systems and it
has been calculated without regarding the long term response of all the systems which has been
changed. It is a dynamic analysis that attempt into the accounts and also respond over the period.
The most common use of this static budget policy is occurrence of statistical disputes and conflicts.
Advantages
1. It is very much helpful and useful for the organizations for highly predictable sales.
2. It gives best experience to the company from fluctuations.
3. It also compares to the real and actual results of the which has been received after the facts.
4. It also compare the numbers for allowing the flexible budgets.
Disadvantages
 Static budget has lack of mobility in their budget.
 It controls and manage the cost.
 It is not the accurate and right way to tracking the expenses and expenditure(Pavlatos, and
Kostakis, 2015).
Cash flow budget
Cash flow budget is the net and actual amount of the cash equipments and cash which has
been transferred the input and output of the business and also the fundamental level of the
organizational ability for generating the positive flows of cash and also more specifically for
increasing the free cash flows. A cash flow budget has been estimated all the receipts of cash and all
the expenditure of the cash which has been occurred during the specific period. It also estimated the
quarterly, monthly and bio monthly non-farm expenditures and incomes of products.
Advantages
 It finds out the required cash for fulfilling the short and long term goals.
 Organization using this for determining the information and also extent the sales which has
been credit.
 It makes a position of the company from providing the cash.
Disadvantages
 The transaction which is non-cash are not ignored.
 This cash flow budget shows all the inflows and outflows of the organization.

M3 The use of different applications & planning tools for forecasting & preparing.
There are various uses of different planning tools for preparing & forecasting the budgets.
Budgeting, forecasting and planning is a step of planning strategic process for detailing and
determining the company's long & short term financial goals and objectives. This process is
generally managed by the company by the organization department of finance under the financial
officers. There are so many uses and application which has been used by the organization such as it
needs gathering information, implementing the methods, usage of forecasting etc(SAVINKOVA,
ZINOVYEVA and PONOMAREVA, 2017).
Part B
P 5. MA system for mitigating financial problems being faced.
For mitigating financial issues being faced by Edwards company in form of inappropriate &
inefficient business operations & low productivity as well as profitability aspects proper and correct
application of management accounting system can help in overcoming such issues:
Benchmarking – It is defined as a business practice and methods with the help of which Edwards
can compare its own business processes with those business firms considered as best performer in
that industry market. It helps in identification of all the key business weaknesses and opportunities
which can help Edwards in improving its overall business performance and profitability aspects (Li
and et.al., 2019). By using such tool, Edwards company can formulates plans and strategies in line
with its objectives as per the standards and benchmark set by profit making companies. It will thus
resolve its issue related to inefficient business processes and operations resulting in decline in
profitability margin. Also it monitor performance of business department on individual basis & set
performance targets for bringing improvement in business operations etc.
Key performance indicators – A measure which determines progress and success journey of its
employees, operations etc. carried out for achieving business goals. It helps Edwards in assessing
whether it has been working in an effective and efficient manner for attaining its business
objectives. By monitoring performance of individual employee and department, Edwards can easily
determine which business strategies need to be changed, adopted for meeting the success. It helps
Edwards in overcoming its issue related to poor working culture and methodology used by its
employees resulting in low production and high cost. By imparting technical and appropriate
training related to use of new and better improved technology such issue can be solved
Financial governance – Is defined as a manner in which Edwards gathers, controls, organises and
monitor information of the financial nature. Edwards can control internal data for proper work flow

by ensuring its security with the help of assessing risk associated. It is considered as important tool
for solving financial problems by preparing budgets, plans and models which forecast future
correctly. This tool is related with monitoring and tracking of all the relevant and effective business
transactions of accounting nature which assists management in business decision-making process. It
also ensures that proper compliance of applicable rules and laws has been made for a specific time
period thereby making disclosure of material information in its financials (Berger, Imbierowicz and
Rauch, 2016). This tool can help Edward in mitigating its problem related to low customer and
stakeholders interest by identifying all frauds, error and mistakes which has been done while
preparation of financials.
Edwards company has been using financial governance to resolve its issue related to increase in
unnecessary cost expenses associated with the most unproductive business areas. Also, it will help
in timely compliance and identification of fraudulent activities made any. By identifying techniques
and concepts which is bringing success to other companies, it can bring improvement in it as well.
On the other hand, AFC Energy Plc is using Benchmarking tool for improving its business
processes and standards by setting benchmark as used by the best performing company of the same
industry in the competitive market.
ANNEXURE C

M 4. & D3. Analysing effectiveness of management accounting and planning tools in context of
sustainable success.
Edwards company by making use of effective management accounting system along with
appropriate planning tools can increase its overall business production, profitability and customer
base. Having a proper budget plan can help company in overcoming its problem related to
allocation of limited financial and business resources. Also it can help in identifying which
strategies need to changed for the betterment and improvement of performance. By formulating
sound and effective busiess strategies, plans and policies related to business production, sales and
operational function, Edwards company has been able to improves its own business performance
(Kaplan and Atkinson, 2015). Budget assist in making proper and effective comparison of actual
with projected one for identifying variances if any and for brining relevant changes in it for the
betterment of business goals. By making compliance of applicable rules, regulations & laws on
timely basis has help company in gaining competitive edge in the market and being able to gain
advantages out of it.
CONCLUSION
From the above report It can be summarised that management accounting process is relared
to preparation of internal report which aids in decision making process. It has defined by using
correct and accurate management accounting system Edwards company can use its limited
resources in effective manner as per the strategies and financial plan framed for improving business
performance. Furthermore, it has described about several benefits of using budget viz. Identifying
and controlling cost expenses, proper allocation etc. Also, it has defined that by making estimates in
form of budget related to future business expenses and revenue, company can eradicate its
unnecessary business expenses & increase its profit. The report has further provided income
statement as prepared along with its interpretations. Financial issue related to in proper disclosure in
financials, Financial governance tool is used by Edwards Company for making compliance as
required.

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