Management Accounting Report: RL Maynard Financial Analysis & Strategy

This report delves into the core concepts of management accounting, focusing on its application within the context of RL Maynard, a major UK retailer. It explores the fundamental principles and necessity of various management accounting systems, including cost accounting, job costing, batch costing, inventory management, and price optimization. The report then examines essential requirements for different management accounting systems such as lean accounting, transfer pricing, throughput accounting, and traditional cost accounting. It also covers techniques used for management accounting reporting, including budget reports, accounts receivable aging reports, job cost reports, and inventory and manufacturing reports. Furthermore, the report analyzes cost calculation methods using marginal and absorption costing, and evaluates the benefits and limitations of planning tools for budgetary control. Finally, it discusses the role of management accounting systems in addressing financial problems, providing a comprehensive overview of the subject.

Management
Accounting

Table of Contents
Management Accounting.................................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Concept of management accounting and necessary requirement of various types of management
accounting system..................................................................................................................3
P2 Techniques used for management accounting reporting...................................................7
TASK 2............................................................................................................................................8
P3 Calculate costs using appropriate techniques of cost analysis concept to prepare an income
statement using marginal and absorption costs......................................................................8
TASK 3..........................................................................................................................................10
P4 Benefits and limitation of different types of planning tools used for budgetary control 10
TASK 4..........................................................................................................................................13
P5 Management accounting system to respond to financial problems.................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Management accounting is a managerial technique which help the organisation for making such a
report which help the manager so that they can enhance the organisation growth and profitability.
Management accounting includes all the information, data which are essential to make an effective
planning of resources, funds so that manager can estimate the actual requirement of funds and resources
and utilize them effectively (Wajeetongratana, 2016). In this management accounting, includes all the
financial and managerial decision which help the organisation's growth. In this research report RL
Maynard is taken as a company, which is the UK's largest retailer company. In this report, it describes
the concept of management accounting and also explain the different type of management accounting
system which are essential in an organisation. It also explains the different methods which are used in
preparing management accounting reports. By calculating the cost by using absorption and marginal
costing method, it will also determine the benefits and limitations of several types of planning tools
which are used for controlling budget. This report also explain the role of management accounting
system so that it resolve the financial problem of an organisation.
TASK 1
P1 Concept of management accounting and necessary requirement of various types of management
accounting system
Management accounting is also known as a managerial function, by which managers will use the
managerial information, data and facts so that they can analysis there performance and take a correct
course of action to improve there performance and growth (Vosselman, 2014). Management accounting
also include the preparing of management reporting so that mangers can estimate the actual position of
funds and resources and allocate them in appropriate manner where such resources are really required. In
this way, management accounting involves the decision making, planning and managing perform,and
system and make an effective control so that organisation's will formulate and implement the strategy to
increase the growth of an organisation.
Management Accounting
It is the process of maintaining and monitoring financial data of company in order to evaluate and
measure business performance on regular basis. It is used by accountant because it clearly demonstrates
the figures of cash, sales revenue, debts, raw materials, inventory variance etc. Further, it is important for
RL Maynard to maintaining the record through this system in order to stand out in competition as it will
assist the management in understanding the actual position of business in context to all factors like,
profitability demand, sales etc. Moreover there are various methods of Management accounting system

which assist the organisation in understanding its business functions and determining performance which
are s follows:
 Cost Accounting System: It can be used by RL Maynard to estimate the cost of its products and
services which can also help in evaluating profits, cost effective technique and valuation of
commodities in order to maximize profits and satisfy customer needs and wants.
Advantages
It is used by firm to make optimum utilisation of resources and to eliminate waste.
It used by accountant of RL Maynard to identify and analyse the reasons behind profits and loss.
It is the best method which used by enterprise to ensure cost effectiveness in business operations.
Disadvantages
The major limitation of implementing this system is that, it evaluates the reasons and profits on
the basis of past performance of the organisation.
It does not even help the entity in solving the problem which has been discovered with the used
of this method.
 Job costing System: This system is used by R.L. Maynard to value the cost of manufacturing of
products according to market demand and competitors. Further, it helps in determining the best
possible cost which can assist the enterprise in valuing commodities successfully in comparison
to other retailers.
Advantages
It is beneficial of R.L. Maynard to measure profit from specific job.
It is used in the retails companies because it assists in evaluating performance of each individual.
Disadvantages
It requires specific data of organisation for every team and individuals.
It does not allocate overhead to finished products.
 Batch Costing system: In this system the organisation calculates the value of all the products
manufactured under one batch instead of determining value of individual commodities.
Advantages
It is used by R.L. Maynard because it assist in controlling the time of processing.
It helps in reducing setup and processing cost of products.
Disadvantages
It is time consuming system as it is based on data, storing and bulk process which needs time to
data appropriate information.

In this method errors are measured after processing of data which can impact business operations
and performance.
 Inventory management system: This process is used by retail company to manage the flow of
goods and services from manufacturers to warehouses. Further R.L. Maynard used this process
because it focuses on minimizing total cost of inventory and increases the ability to make
commodities available to buyers on time.
Advantages
It helps the enterprise in increasing efficiency and effectiveness in business functions.
It helps the management in organising cooperation and coordination between business
operations.
Disadvantages
The major limitation of this method is that it sometimes lead to in accurate data and information.
It has chance of risk and fraud regarding confidential information of organisation.
 Price optimisation system: It is used by Retail company to understand the reaction of buyers
towards the pricing strategy of the firm. Further, it helps the company in setting prices in such
way that it will help the enterprise in serving customer satisfaction and on other hand in
maximizing profits.
Advantages
It helps the company in attain customer satisfaction.
It helps the company in attaining competitive advantage.
Disadvantages
It is sometimes based on assumption regarding customer requirements
It is time consuming as it take time to make pricing strategy according to market requirements.
Essential requirement of different type of management accounting system
Lean Accounting- Lean accounting is mainly prepare by the lean enterprises so that they can
make an effective business strategy. Lean accounting focuses in traditional accounting method by which
organisation can measure or determine the excellent business activities and motivate to there employees.
In the given case RL Maynard will use the lean accounting so that they can lean focused on there
performance. They use box-score and make effective decision making process for the growth of an
enterprises. By using lean accounting, organisation eliminate traditional budgeting by using monthly
sales, operations. Organisation also used value based pricing so that they can manage there price of
products through lean accounting. In this way lean accounting is required in RL Maynard because it
provide accurate, timely information so that they can motivate the lean transformation and by taking

right decision they also increases the customer value, profitability and growth. Lean accounting tools
also remove waste thing from the accounting process so that they will make full financial control.
Transfer pricing- Transfer price is essential of management accounting system because by
transferring the price one organisation, or division, or subsidiary can transfer there price by selling the
goods and services to the another organisation, division and subsidiary. In the transferring price it
include labour, components and parts of the equipment which are used in production or nay kind of other
services. Transferring the prices affect three managerial accounting areas such as first are used in
determining the costs and revenue which affect the performance of the company. Second price
transferring affect the incentives of the division manager by selling good and services internally or
externally. Transfer price also make impact in demand of the division.
So that transfer price is important when goods are sold in internationally. Transfer price also
make impact of company's tax liabilities. Transfer price can be determined by the following factors
which are based on cost and market. In accordance to market-based method, transfer price is depends on
the noticeable market price for similar products and services. But in cost-based method, the transfer
prices is based on the production cost and markup profit which are earn by the organisation on internal
sales. In this way, transfer price plays an important role in determining the RL Maynard's whole tax
liabilities and help the organisation to securing its position in a future (Tappura, Sievänen, Heikkilä,
Jussila and Nenonen, 2015).
Throughput Accounting- Throughput accounting is a concept which is based on accounting
approach which helps the manager to make an effective decision plan and improving organisation's
profitability. It is a new accounting approach which help to identify the resources and make limitation of
such factors which create barriers of a company for reaching there organisational goal and help to focus
in there core- competencies for reaching there financial goals. It is a techniques which are used to

maximizing company's profit by cutting there cost and reducing there expenses to earn profit in future.
This is essential for management accounting system, so that it can increases the speed by producing the
products in an appropriate manner. Throughput accounting will improves the profit performance by
taking better decisions through investment, operating expenses techniques etc. This techniques are used
mainly to non-profit organisation and profit making organisation too. In this way, in both cases they
should develop there goals and pay attention on each and every manufacturing activity of an
organisation. By using throughput accounting techniques, Throughput can be calculated,
Throughput = Sales Revenue- Total Variable cost
Throughput accounting Ratio = Return per factory hour/ Cost per factory hour
Traditional Cost Accounting- Traditional cost accounting methods are used to allocate
manufacturing overhead cost such as factory's indirect cost to the unit which bare produced, direct labour
hours or production machine hours. Traditional costing are used for preparing financial statement report.
P2 Techniques used for management accounting reporting
There are several techniques which is used by the RL Maynard company to make effective
management accounting reporting, which are as follows:
Budget report- Budget reports are effective tool for using management accounting reports. It help
the small business owners to analysis there company's position and performance so that they can
enhance there profitability. In this RL Maynard company, prepare the budget by analysing the actual;
expenses and income incurred during the accounting period. While preparing a budget report, manager
can determine the current position of available fund and resources and allocate in an appropriate manner
so that it can fulfil the future need of an organisation.
Accounts Receivable Aging Report- This report is used to managing cash flow for companies by
determining the credit to there customer. This report is used to analysis the customer balance that how
long the customer can hold there securities. In this way, manager of RL Maynard company, used this
reporting method so that they can determine the problems of a company and check how many customers
are not happy with the company's performance, after that they can resolve the issues by making effective
planning.
Job cost report- This kind of reporting techniques represent the expenses for a specific project. In
this way, all such expenses are matched with the revenue and analysis the company's profitability. In this
method, manager can determine high-earning areas of a business so that they can focus more and

increase there effort so that wastage of time and money can be reduced (Suomala, Lyly-Yrjänäinen and
Lukka, 2014).
Inventory and manufacturing report- RL Maynard company prepare inventory and manufacturing
report so that managers can identify all the inventory issues like wastage of inventory, per unit overhead
cost etc. In this way, manager make comparison between different assembly lines so that it can improve
the company's performance and increases there profitability.
TASK 2
P3 Calculate costs using appropriate techniques of cost analysis concept to prepare an income statement
using marginal and absorption costs.
Income statement show the company's actual financial position. It can used to calculate the net
profit/loss of a company during the accounting period (Simons, 2013). There are many organisations
who make the income statements by using absorption costing and marginal costing method. In the
present scenario, a cited company prepare there income statements, which are as follows:
Marginal costing Method
Absorption costing method
By using absorption costing method for preparing the income statements, in which cost are
related to the manufacturing process and it is necessary to create inventory valuation which are as
follows:

Interpretation- As per above calculation of table 1 and 2, in which net profit or loss are calculated in
income statements by using absorption costing and marginal costing method. By analysing the above
table 1, where marginal costing method are used for preparing income statements, where the cost is
£12600 in an accounting period. But in table 2 the net profit is £ 9300. This is done because in marginal
costing, both the variable and fixed expenses are used in calculation such as £1800 as variable expenses
and £ 3300 as fixed expenses. In this the net profit is higher by calculating the absorption costing method
such as £ 9300, so that the variance between total expenses of absorption and marginal costing methods
are £ 8400 and £5100. By analysing the above two methods, it is clear that there is less expenses while
using absorption costing method.
Difference between absorption and marginal costing techniques
Basis for comparison Marginal costing Absorption costing
Meaning It is a decision making strategy
by which total cost of production
But in absorption costing total
cost of the cost centres are

is determined in an organisation. determined in it (Schaltegger,
Gibassier and Zvezdov, 2013).
Classification of overheads In this fixed and variable
overhead are used.
In absorption costing, production,
selling, administration and
distribution overheads are
considered in it.
Cost recognition In this method only variable cost
is considered for making
calculations (Renz, 2016).
In absorption costing method
both fixed and variable cost are
considered.
Profitability In this method profit are
calculated by using profit volume
ratio.
In this method fixed cost will be
included so that profitability will
be affected.
Cost per unit In this method variance and
opening/closing stock influence
the cost per unit.
But in absorption costing,
variance, opening and closing
stock affected the cost per unit.
Highlights It present contribution per unit. But this method represents net
profit per unit.
Cost data In this cost data are presented to
outline of the total contribution.
But in this method cost of data is
presented in conventional way.
TASK 3
P4 Benefits and limitation of different types of planning tools used for budgetary control
Budgetary control is a process of measuring and evaluating several actual results with the use of
budgetary figures (Otley and Emmanuel, 2013). It is a continuous process which help the managers to
make effective planning and coordination in an organisation. Budgetary control is a process of
controlling costs by the help of budgets, coordinating with different departments and comparing the
actual results with the budgeted results so that so that organisation can maximize there profits. There are
various advantage and disadvantage of budgetary control, which are as follows:
Advantages
 The main advantage of budgetary control is that it provide an appropriate records of all the
business activities.

 It also help the coordination between various department's activities.
 It is a best tool by which a firm can easily rectify there problems (Morales and Lambert, 2013).
 It also help to make an effective strategic plans so that it can be implemented as per there future
goals and needs.
Disadvantage
 It is applied rigidly and mechanically, so it is the main problem of budgetary control.
 It also demotivate the workers.
 In this techniques, lack of participation of workers are done in an organisation.
 It also generates for making resources and politics.
 It also minimize the innovation, in there operational activity (Lavia López and Hiebl, 2014).
Planning tools of budgetary control
There are various planning tools of budgetary control which are used by RL Maynard comp-any,
which are as follows:
Variance analysis- Variance analysis is the quantitate techniques which differentiate between
actual and planned behaviour. For example: If a company prepare a sales budget of £20000 and there
actual sale are £16000, than by analysing the variance yields are £4000. So that variance analysis is
known as a deviation which are arise in the performance. It is divided into two parts favourable variance
and unfavourable variance. If the ratio of actual performance is higher than the standard performance, it
is called favourable variance. On contrary, the actual performance is less than the standard performance,
it is called unfavourable variance. There are various advantage and disadvantage of variance analysis,
they are:
Advantages
 By using variance analysis company can find out the deviation so that it helps the company to
take quick decision and reduce the financial risk.
 By analysing the variance, it help the organisation to enhance there efficiency and increases there
profitability (Hiebl, 2014).
 It also help the firm to control on there cost by find out the variance in performance.
 It also help to make effective planning of sales by the top level manager.
 It also help the management to determine the better results by minimizing the cost in an
organisation.
 It present all the inefficiency performance by analysing the deviation.
Disadvantage

 It is very time consuming process because it take lots of time for calculating the variance in an
organisation.
 To analysis the variance, it require high expertise person so that to hire a expertise person,
organisation spend large amount of money, so that it is very costly process.
 There are many conditions when variance shows the negative deviation, so that it make negative
impact on company's performance.
Responsibility Accounting- Responsibility accounting is the main tool of budgetary control system. It
helps the organisation to make an effective plan and control the firm's responsibilities by responsibility
centre. In each and every responsibility centre, manager used such accounting techniques for preparing
monthly and annual budget for a company. In this way, manager can easily separated there actual
performance by using responsibility centres, so that they could prepare a budgetary plan. Responsibility
budget also provide responsibility to each department manager to give there monthly feedback on there
management performance (Fullerton, Kennedy and Widener, 2014). There are various advantages and
disadvantage of responsibilities accounting:
Advantages
 It is used to controlling the cost of a company.
 It also make there differentiation from budgeted figure with actual performance of a company.
 It also gives the feedback that represents the reason of variation which make direct impact on
staff member work and there interest.
 It also help to increase the staff member's interest in an organisation.
Disadvantage
 It is a time consuming process because it takes lots of time for calculating and classifying the cost
in different responsibilities centre.
 It also make negative impact in company's operational activity.
Zero-based Budgeting- It is starts from zero base, inn which all expenses are adjusted for each new
periods. It is analysis to determine the company's cost and there requirement. It is allowed by top-level
managers so that it will implement in the budget process (Fullerton, Kennedy and Widener, 2013).
There are some advantages and disadvantage of zero based budgeting are:
Advantages
 It is a process by which each items are recorded in a cash flow give the accurate results. So that
accuracy of information and results is a main advantages of Zero-based budgeting method.
 It also help to increases the company' s efficiency.

 It is a activity which provided repeated activities in an organisation so that it is a cost effective
techniques.
 It also minimizes the deficiency and overcome such deficiency to achieve there future growth
(DRURY, 2013).
Disadvantage
 It is very time consuming process.
 To making zero-based budgeting, it require high human resources in an organisation.
 It require trainers for calculating the cost, so that this techniques includes lack of expertise
knowledge to perform the activities.
Adjustment of Funds- By making adjustment of funds so that it can be effectively and optimally
utilized by the different departments, adjustment of funds are essential for every business organisation.
In this way, adjustment of funds are effective tool of budgetary control in an organisation. There are
various advantages and disadvantages of adjustment of funds which are as follows:
Advantages
 It helps the organisation to rectify there errors.
 It help to manage the funds and resources so that it can be utilize optimally.
Disadvantage
 It is a time consuming process for calculating the available funds in an organisation.
 It require large amount of cash, so that organisation can hire expertise person so that they can
adjusted the funds effectively (Cullen, Tsamenyi, Bernon and Gorst, 2013).
TASK 4
P5 Management accounting system to respond to financial problems
Management accounting system is very essential for the RL Maynard company for resoving the
financial problems, which are as follows:
Lean accounting- Lean accounting is important and essential for management accounting system.
The main objective of using lean accounting is to remove and eliminate the wastage so that it can be
easily understandable. It also help to determine the factors which make positive and negative impact of
organisation's financial activity. In this way, lean accounting helps the managers so that they can find out
the financial problems which are faced by the company. Lean accounting helps to the managers that they
can determine the information in given time and relevant data which help the organisation, to solve there
financial problems and increases there capability. So that lean accounting, enable the mangers to take the
decision faster and reliable which are benefited for the organisation. So that it play an important role for
enhancing the company's profitability effectively (Cooper, Ezzamel and Qu, 2017).

Transfer pricing- There are various rules and regulation that help the organisation to transfer
there prices so that it can maintain the fairness and accuracy of information which shows the positive
position of a company. In this way, transfer pricing provides the financial document which are approved
by the auditor so that, it will help the manager to estimate the current prices of products which are
available and determine the corrective course of action so that company can overcome there financial
problems.
Throughput accounting- It is primarily focusing on credit. It mainly business concern on
restriction that are distributing in the factory's indirect expenses to the each items factory-made based
upon the production such as working hours for labour, production per unit and machine hours for
production etc. The primary advantage of throughput accounting is to answering the financial problems
and make managerial decisions that are growth-oriented (Van der Stede, 2011). It also allow them to
make report faster and assist individuals in operations to know the basic accounting. In this way,
throughput accounting plays an important role for resolving the financial problems, which are generated
in an organisation.
Cost accounting- It included the complete information of cost so that managers can make full
control on cost and determine the current operations of a company. By using the cost accopunting, it
provides the opportunities to the finance mangers, so that on bases of such information, they can analysis
the actual position of a company. The utilization of cost accounting is that to find out the cost of process,
products and project etc. for the purpose of reporting the real and faithful measure of fiscal statements.
Thus, it also helps the management in decision-making, planning and controlling the organisation.
Furthermore, it is also helpful in computing the operational and capital budgeting, variance analysis,
transfer pricing, standard costing and activity based costing etc. Thus, it also helps the management in
decision-making, planning and controlling the organisation (Brandau, Endenich, Trapp and Hoffjan,
2013).
Management accounting system which assist R.L. Maynard determined and dealing with
financial problems of retail sector are as follows:
Key Performance Indicator: It is used by retailing to measure its performance according to set
goals and objectives. Further it helps in gaining effectiveness and efficiency in business operations
which helps the management in making optimum utilisation of resources and eliminating waste. For
instance, if the enterprise is losing efficiency in work the company can used this and can compare to
actual and planned performance in order to make effective decisions for maximizing profitability.
Bench Marking: It helps RL Maynard in evaluating its performance according to its market
competition of same industry. The system provides the access over external factors of organisation

which helps the enterprise in determining its loopholes and shortcomings according to its rivalries. It is
step wise process in which the firm determines its targets after comparison then it evaluates its current
performance and plans the strategy to overcome its shortcomings. Strategy to over come weakness
covers the identification of researching about competitors, analysis of data and appropriate usage of
findings.
Budgetary Target and control: In order to deal with financial crisis or problems, RL Maynard
make use of budget controlling system because according to this it evaluates the difference between
actual and planned goals which represents the idea over performance. Moreover, this method helps the
retail company in establishing cost effective functions. It is adopted by management because its provides
reliable and quick functioning of business operations I n case of financial problems.
Financial governance: It assists the retail enterprise in complying with all the necessary rules
and regulations in order to carry out smooth functioning of organisational functions. Moreover, its is
used by enterprise to identify the best alternatives to deal with financial problems of the entity. Thus, it is
used by R.L. Maynard to monitor and control business performance according to set standards.
CONCLUSION
As per the above research report, it have been concluded that management accounting is a
process that helps the managers to make an effective plan for organisation's growth in future. It also
includes all the information, which are recorded in an appropriate documentation manner, so that by
which manager can take effective decision for an organisation. In this way management accounting
increases the profitably of an organisation. In this report, there are various costing techniques which help
to make effectively budgetary planning (Bodie, 2013). By help of lean accounting, throughput
accounting etc. helps the organisation to overcome there financial problems. By measuring actual
performance to standard performance, managers can control there budget effectively. It assist the
managers to finding out the discrepancies so, they can easily take proper corrective measures at proper
time period. It has been also concluded that management accounting system is useful for the R.L.
Maynard. Thus, management accounting is totally different from financial accounting in which the
information used for the purpose of making future decisions (Armstrong, 2014).

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