Management Accounting Systems, Reports, and Cost Analysis Report

This report provides a comprehensive analysis of management accounting systems and their application within Sam Weller Limited, a UK-based manufacturer. It explores various management accounting systems, including cost accounting, price optimization, and inventory management, detailing their advantages and integration into organizational processes. The report also examines different management accounting reports, such as inventory management reports, performance reports, and operating budget reports, highlighting their significance in decision-making. Furthermore, it delves into cost analysis techniques, specifically marginal and absorption costing, and demonstrates their application in preparing income statements. The analysis includes detailed calculations and comparisons between the two costing methods, providing insights into their impact on financial reporting and profitability assessment. The report concludes with a summary of the benefits of management accounting systems and their role in enhancing the efficiency and effectiveness of Sam Weller Limited's financial management practices.

Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................7
TASK 3..........................................................................................................................................13
TASK 4..........................................................................................................................................14
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Managing executives needs appropriate business data to make successful decisions. It is a
challenging task to gather data for this intent via various organizational processes. Most
businesses enforce accounting management to conduct such a complicated task as to enable
businesses to grow an efficient framework. Management accounting is almost always seen as
managerial accounting and it can be viewed as an efficacious structure that provides the
executives of inside the organization with financial information for quick decision-making. It is
primarily viewed by executives as an internal mechanism that seeks to maximize overall fiscal
and functional efficiency (Chandar, Collier and Miranti, 2012).
This report demonstrates multiple MA systems and crucial reports in context of Sam
Weller Limited, UK's leading manufacturer of decatising wrapper manufacturers in the world.
Company is working with cloth finishing sector, offering an wide range of services and products
though manufacturing and use of decatising wrappers. In addition, the report explores various
preparation methods and their use in organizational layout and analysis about how these aid to
tackle financial issues. In addition, this study consists of a detailed company comparison
regarding the formulation of systems to overcome distinct financial challenges.
MAIN BODY
TASK 1
P1. MA Systems and Reports:
Management accounting includes the use of specific skills and expertise in preparing
financial details to assist business in the development of strategies as well as the managing and
control of business processes. It offers the methods and procedures needed to select among
alternative organization practices, conducts and evaluation via performance assessment and
evaluation of effective planning. At regular periods, say monthly, quarterly, executives are
provided with fiscal data and non-financial information. This information includes a thorough
evaluation, forecasts and budgets. Thus, it allows managers to plan company activities. It also
requires several graphical graphs, estimates and analytical thinking which can be incorporated
throughout the decision-making process through controlling staff (Fiondella, Macchioni, Maffei
and Spanò, 2016).

Management Accounting Systems: MA contains some specific systems which help companies
like Sam Weller Limited in effective adaption of overall management accounting framework.
Each system of MA contains several significance which are utilised by managers in effective
managerial decision-making procedures. Following is a comprehensive discussion upon different
systems of MA, as follows:
Cost-Accounting System: This is an accounting system sort that is attributed to the procedure of
a coordinated cost prediction. It is attributed to financial department of the corporation in order
to allow them to establish effective controls over costs and expenses. Fundamentally, the main
goal of this accounting system is to define such activities that result in higher business costs. In
fact, it is critically vital for companies to reduce total spending appropriately. These systems are
incorporated in Sam Weller Limited to minimize the burden of manufactured products with the
aim of increasing the general profit margin for each unit manufactured by the corporation.
Because it embraces production executives to assign determinants that are the main trigger of
rising costs and regulating these variables result in decreased production costs.
Price optimisation system: This is another vital system which clearly exhibits liaison or core
relationship among demand and value/price determined for any product within an organisation.
It is significant aspect of cost and financial structure of company as to fix most relevant and cost
effective price for products where demand for product is maximum. Company Sam Weller Ltd is
also framed and implemented this system to analyse existing prices of its products and set most
appropriate with aims to achieve maximised demand and sales (Granlund and Lukka, 2017).
Inventory management system: This provide a framework for effective management of stock
and inventories items. This can be characterized as a style of management system associated
with the coordinated system that focuses on those procedures in a company related to the entry
and distribution of inventories. Usually a significant range of stocks / inventories are obtained
and manufactured along with several other factors in a supplier or distributor business for the
selling of goods. It allow inventory managers to establish routine check on different inventories
items. Corporations which are engaged in manufacturing operations like Company Sam Weller
Ltd, have large volume and distinct-distinct inventories items due to which managing and
controlling of such a large range of items is challenging scenario. Management in respective
corporation utilise this system to develop a organised structure for establishing proper control
overall numerous stock items. This system also enables enterprise to value its distinguish stock

items through different approaches like First-in first-out, Last-in last-out and average-cost
method. Here below is explanation about such approaches, as follows:
Average cost method: Average cost approach attributes a price to inventory-item based
on overall cost of bought or manufactured/processes items over a duration divided by aggregate
amount of bought or processed products.
Last-in last-out: this approach is applied for inventory under which records least-
recently manufacture items are regarded as sold first. This is most widely accepted method of
valuing inventories.
FIFO method: This approach value inventories of business by considering that very-first
manufactured or processed item in inventories are sold first (Hirsch, Seubert and Sohn, 2015).
Job order costing system: This is a distinguishable and exceptional system where different
business activities are recognized as work and collated expenses are allocated to such specific
jobs. This method is interesting as it describes various manufacturing process employment and
increases productivity improvements by operating cost allocation. In Sam Weller Ltd, managing
officials utilise this system to determine the cost of different job processes and optimise them
while defining different job roles.
Management Accounting Reports: Managerial accounting reports could provide corporations
with the data they really want to reduce costs, recompense well-performing workers, cut
floundering products, and spend in products which provide enterprise with finest financial return.
Based on the nature of activities performed by the company and the time-sensitivity of fiscal
reports provided by the company, management in company may demand or produce reports
annually, quarterly, daily or monthly basis. As in company Sam Weller Ltd, management using
different reports of MA which assist company in performing different operations, as follows:
Inventory Management Reports: These sort of reports provides detailed and systematic
record of inventories like raw material, work-in progress, finished products, processes goods,
spare tools and other stock items. This is a classified report which segregates each inventory item
as per their nature and significances. Specially in manufacturing and production firms like Sam
Weller Ltd, this kind of reports are used for effective and real-time tracking of their wider
amount and volume of stock items. It help to evaluate factors which are resulting in increasing
inventory costs. Company can effectively manage and monitor inventories to achieve operating
effectiveness.

Performance Reports: This report allow owners and managing personnel to keep a
proper record of performance in all aspects of all employees. This report involves arranged and
classified data of performance of employees belongs to different divisions. Further reported data
of performance report enables top managers to assign different duties, responsibilities and roles
as per employees' capacities, competences, skills and previous performance in corporation. It
entails a comprehensive assessment of employee performance that is utilised by manager to
apportion duties to employees as well as work according to quality and abilities in results
(Hoque, Covaleski and Gooneratne, 2013). The fundamental objective of such a report is to
strengthen distinct employees' organisational capacities. Decisions also drawn on the basis of the
results of this report enable companies to regulate the turnover of employees in Sam Weller Ltd.
Operating budget report: This report demonstrates the overall operational performance
of company. An operating budget report comprises of all profits and expenditures that a
company or agency uses to schedule its activities over a duration of time (typically one quarter or
one year). In preparation of an accounting period, operating budget-report is defined as a target
or objective to be achieved by the company. In Sam Weller Ltd this report is prepared by
managers to asses the actual operating performance of company as in comparison with stated
budgeted figures in report. It allow company to effectively evaluate the operating effectiveness
of different manufacturing and production processes.
Benefit of MAS :
Name of MAS Advantages/benefits
Cost accounting system Major advantageous thing of this system is that it provide a
managed framework to minimise numerous costs and eventually
lead to enhancement in operational capacity in Sam Weller Ltd.
Price optimisation system This system develops a assistive framework for taking quick
derisions regarding determination of prices of different items with
object to retain or increase demands.
Job Costing System It advantageous for companies to define role of different jobs and
assess the real cost of each job process within organisation.
Inventory management
system
It facilitates corporation with effective valuation of different
inventories items and identify causes of increased abnormal loss

and theft of inventories (Horton and de Araujo Wanderley, 2018).
Integration of MAS and reports to organisational process:
All systems are strongly connected to different business structures in delivering data to
and from these discussed systems. The managers also attempt to incorporate MA reporting and
systems into business procedures for efficient system execution and reporting. Since accounting
procedures include vital data used in programs such as expense accounting and stock control,
and this division produces knowledge that is utilised by accountants to file financial reports.
TASK 2
P3.Assessment of costs utilising core techniques of costs-analysis with aim to frame income
statement though absorptions and marginal costs:
Marginal Costing: This is most relevant approach of costing under which variables costs are
charged to each unit produced. Here marginal cost involve only those costs which changes
simultaneously with change in production volume.
Absorption Costing: Under it all productions and manufacturing including fixed and variables
are classified as cost of sales to assess gross profit. It is simple approach where are all the
production costs are assigned to produced unit (Kastberg and Siverbo, 2016).
Income statement under absorption and marginal costing:
Absorption costing:
Absorption Costing Statement calculator
Unit Selling Price 8
Unit Cost (FC+VC) 5
Fixed Manufacturing Expenses 150
Non Manufacturing Exp 50
Budgeted Activity 75

Period 04/19 05/19 06/19 07/19 08/19
01/09/
19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 75 60 90 75 70 80
Production 75 75 75 75 85 70
Opening inventory
Closing inventory 0 0 15 0 0 15
0 15 0 0 15 5
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 600 480 720 600 560 640
Opening inventory 0 0 75 0 0 75
Add: Variable Cost[Production] 375 375 375 375 425 350
Less: Closing Inventory 0 75 0 0 75 25
Marginal Cost of Sales 375 300 450 375 350 400
Gross Profit 225 180 270 225 210 240
Adjustment for Overheads 0 0 0 0 -20 10
Less:Non Manufacturing Cost 50 50 50 50 50 50
Net Profits 175 130 220 175 180 180
Marginal costing:
Marginal Costing Statement calculator

Unit Selling Price 8
Unit Variable Cost 3
Fixed Manufacturing Expenses 150
Non Manufacturing Exp 50
Budgeted Activity 75
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 75 60 90 75 70 80
Production 75 75 75 75 85 70
Opening inventory
Closing inventory 0 0 15 0 0 15
0 15 0 0 15 5
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000] [£'000]
[£'000
]
[£'000
]
[£'000
]
[£'000
]
Sales 600 480 720 600 560 640
Opening inventory 0 0 45 0 0 45
Add: Variable Cost[Production] 225 225 225 225 255 210
Less: Closing Inventory 0 45 0 0 45 15
Marginal Cost of Sales 225 180 270 225 210 240
Contribution Margin 375 300 450 375 350 400
Less: Fixed Manufacturing Cost 150 150 150 150 150 150
Less:Non Manufacturing Cost 50 50 50 50 50 50

Net Profits 175 100 250 175 150 200
Reconciliation statements:
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000 ]
[£'000
]
[£'00
0 ]
[£'00
0 ]
[£'000
] [£'000 ]
Sales 75 60 90 75 70 80
Production 75 75 75 75 75 75
Opening inventory 0 0 15 0 0 15
Closing inventory 0 15 0 0 15 5
Period 04/19 05/19 06/19 07/19 08/19 09/19
[£'000 ]
[£'000
]
[£'00
0 ]
[£'00
0 ]
[£'000
] [£'000 ]
Net Profits under Absorption Costing 175 130 220 175 180 180
ADD : Fixed Overheads in opening 0 0 30 0 0 30
LESS: Fixed Overheads in closing 0 30 0 0 30 10
Net Profits under Marginal Costing 175 100 250 175 150 200
Problem 2a
1. Calculation of followings:
(A) BEP in units and revenues-

BEP (in units)= Fixed cost / contribution per unit
= 180000/ 12
= 15000 units
BEP (in revenues)= Fixed cost/ PV ratio
= 180000/ 30*100
= £600000
Working Note:
Contribution per unit- Selling price per unit- variable cost per unit
= 40-28
= 12
PV ratio= Contribution/ sales per unit*100
= 12/40*100
= 30%
(B) Contribution margin ratio
= 12/40*100
= 30%
2b If machine is installed:

2 c
Scenario 1. Machine is not installed:

Scenario 2. If machine is installed:
Accounting techniques to produce financial statements.
In order to develop financial-statements in corporations, bookkeeper uses various sorts of
techniques and procedures. In accordance with above function, the profit declaration is created
by two costing processes, which are absorption and marginalised costs. To contrast to the above
techniques, managers use other approaches to prepare reports, such as daily costing, company
costing and so on (Kober, Subraamanniam and Watson, 2012).
Interpretation of produced financial statements.
In addition to the above-mentioned income reports, the sum of overall profit in each of
these costing approaches will differ. As with the absorption expense process, net profit for the
months-April,May,June,July,August and September is worth GBP175000, GBP220000,
GBP175000, GBP180000 and GBP180000. In contrast to that, in the marginal costing cycle, net
profit for the above-mentioned duration corresponds to GBP175,000, GBP100000, GBP250,000,
GBP175,000, GBP150,000 and GBP200,000.

TASK 3
P4. Explanation about main advantages and disadvantages of distinct sort of planning-tools
within budgetary control process:
Planning methods are particular forms and procedures by which organizations generate
forecasts and predictions for the monitoring and effective accomplishment of goals. Such
mechanisms offer guidelines for fiscal and non-financial priorities. Companies such as Sam
Weller Ltd use this method to build a tailored/organised structure to define business uncertainty
and mitigate it in order to reduce potential uncertainties. In this context here are several
planning-tools which are commonly used by respective company, as follows:
Master budgeting: Master budgeting includes all financial budgets as well as the
budgeted income statement. It is the planning tool used by the manager to direct the activities of
a corporation and to judge the performance of its various departments. This budgeting has
mainly three types of parts such as operating, capital expenditures and financial budget. It helps
in the coordination and communication information required at different levels. The master
budgeting is basically management 's strategic plan for the further performance of the company.
The benefits of master budget is to provide summary of the divisional work and helps in the
achievement of goal of the organisation. It is a continuous process which is prepared every years
and it is works as analytic tools for the manager. Such budgets serves as a motivation for the
employees as it provides job satisfaction and contribution in the growth of the business. The
disadvantage of master budget is that it is rigid in nature and difficult to update on regularly basis
(Leotta, Rizza and Ruggeri, 2017).
Cash Budgeting: Cash budgeting is the estimation of the cash inflows and outflows over
a specific period of time. It shows the cash position of the company in the future plan. In others
words, it include revenue collection, expense paid and loans receipts and payments. Under such
budgets manger knows the what is the position of its cash after sales is done in the organisation
and all the expenses are paid off. Their are various advantages of a cash budget like companies
can avoid the debt by maintaining budget for emergency purpose. It also provide to become more
resourceful by eliminating all the waste from the budget. Manger stay in touch with the reality.
They are able to communicate the financial position with their senior levels of management. The
disadvantages of cash budget are that it create danger for theft of available cash in the

organisation. And it limits the spending power available with the manger for the projects and
business purposes.
Flexible Budgeting: Flexible Budgeting is a process where production changes according
to the change in the activity level. This budget can be created into three levels such as basic
flexible,intermediate and advanced flexible budget. Whereas basic budget is the simplest, which
is prepared with different levels of production. Intermediate flexible budget measures the
expenditure variation other than revenue. Under advanced budgets, expenditure vary with certain
ranges of revenues. The advantages such kind of budgeting is that it helps in measuring the
performance with different types of activity levels. Other benefit is that manger give approval
for other fixed and variable expenses in proportion of revenues. The disadvantages of such
budget is that it is difficult to formulate with the changing levels of performance, other
disadvantages is that there is no comparison of budgeted to the actual revenues in the
organisation (Novas, Alves and Sousa, 2017).
Use of planning tools in order to prepare and forecasting of budgets:
All such planning tools addressed above include different approaches to budgeting which
are used by the administration to produce different kinds of forecasts and budgets. Just like Sam
Weller Ltd, the strategies of the Master Budgeting system are used to estimate the total
production potential of the organization based on current/existing results. Both methods facilitate
business decision-making and financial data prediction practices.
TASK 4
P5.Compare ways in which organisations could use management accounting to respond to
financial problems:
Due to present adverse and dynamic business environmental factors every organisation
facing financial issues. Sometimes due to some internal factors company may face financial
issues. These issues occurred through internal and external sources can lead to adverse situations
for company. Early identification and solution of these issue is essential to achieve sustainability
in business growth. Management always put their actions for identification of different issues
and resolve term shortly. Different financial issues may have short-term or long term impacts on
business enterprise. As Sam Weller Ltd is also facing some financial issues which affects
company's performance directly or indirectly. Following are some major financial concerns as
follows:

Increase in abnormal loss of inventories: This key issue in company structure, being a
manufacturing firm company have huge variety of inventories items and company is facing
problem of increased abnormal losses like loss of stock by theft, loss of stock-in-transit etc. This
issue ultimately leads to increase in overall inventories costs. Stock managers are unable to
identify the key causes of these abnormal losses (Prencipe, Bar-Yosef and Dekker, 2014).
Increase in cost of sales: Another main issue in company Sam Weller Ltd is that in
manufacturing and production processes costs are increasing continuously and eventually results
in increased cost of sales. This issue also affects company's gross profitability and increase in
cost of each single produced unit.
In order to resolve company can utilise different techniques which are also part
management accounting. These techniques enables enterprise to select appropriate measure to
resolve different issues and also to trace them in quickly manner. Below is explanation about
these different techniques in context of financial issues discussed earlier in Sam Weller Ltd, as
follows:
Benchmarking: This method matches the output of the products of companies with other
companies that are better viewed in the market, offering quality standards. Benchmarking allows
businesses to achieve the finest product requirements in market to strengthen their efficiency.
Benchmarking is also a comparison point in the corporate world. Nevertheless, they use
benchmarking papers as a means of contrasting them to others in sector rather than getting
specific comparisons in place. Benchmarking is corporate practice which contrasts core criteria
of its industry to other related businesses. Benchmarking is used by businesses to improve
productivity. When company look at what other firms do, they can recognize sectors where they
fail to perform. Organizations can also discover ways of improving their own processes by re-
creating the design. They have modelling from many other businesses in their sector to assist in
guide their improvements. Which can help company to minimise the effect of financial issues
(Schaltegger, Viere and Zvezdov, 2012).
Financial Governance: Financial management is framework of rules, procedures and
procedures that direct and regulate a business. It includes adjusting the desires of different
stakeholders, including shareholders, managers, clients, distributors, bankers, the government
and the society. Because financial governance also offers the mechanism for achieving the goals
of a business, it covers nearly every managerial area, from strategic plans and internal measures

to performance assessment and corporate reporting. This techniques allow managers to quick
recognisance of financial issues though strict control over suspicious business areas.
Key Performance Indicators (KPIs): These are management instruments in key areas of
business success to calculate and monitor progress. KPIs provide a broad overview of the
company's overall well-being. Gaining knowledge from KPIs makes it possible for company to
work proactively in making changes required in poor areas, thereby avoiding potentially severe
losses. The KPI categorization helps the organization to calculate the performance of its
activities. It phase ensures the long-term stability of business strategy and helps improve the
valuation of enterprise as in terms of investment. Also these indicators points out towards
existing and possible financial issues (Serena Chiucchi, 2013).
Based on above discussion on financial issues and techniques of management accounting,
following is a comparison of two enterprises with respect to adoption of MA and responding to
financial issues, as follows:
Sam Weller Ltd Whaleys Bradford Ltd
Issues and their impacts As discussed earlier for
company there are two
challenging issues which are
Increase in abnormal loss of
inventories and cost of sales.
Due to which company's
overall profitability level has
been declined.
Company is operating in same
industry and struggling with supply
chain issue and increasing operating
costs. Because of these issues
company's overall sales and net-
operating profits are decreasing
continuously.
Technique Enterprise can apply KPIs to
assess the effect of these issues
and recognise core reason of
these issues.
While company Whaleys Bradford
Ltd can apply financial governance to
assess the main factors which are
affecting supply chain of company
and operating profits (Siverbo, 2014).
System Here Sam Weller Ltd can apply
cost-accounting and inventories
management system to control
Whereas Whaleys can adopt cost-
accounting system and job costing
system in context of their financial

abnormal inventory costs and
minimise cost of sales to attain
targeted profits.
issues. Through job costing system
company can manage their supply
chain effectively by assigning job
roles of personnel engaged in supply
chain. While though cost-accounting
system company can control
operating expenses to maximise
operating profits.
Analysing how techniques of MA could aid in responding to financial problems and leading
organization towards sustainable success:
The most important task in enterprise is to find an efficient solution for different financial
problems / issues. Management are responsible for dealing with financial difficulties, and MA
techniques and procedures are applied in nearly all businesses to this end. Since specific
techniques allow a customized business process to recognise and address fiscal challenges.
Therefore, they advocate structures to reduce the effect of threats on business performance.
Financial issues are essential hurdles to reaching the goal of sustainable success, helping the
enterprise to achieve these goals through various techniques (Teittinen, Pellinen and Järvenpää,
2013).
Evaluation of how planning-tools can be applied to figure out financial problems and
leading organization towards sustainable success:
The tools of planning always play a vital role in solving a company's fiscal problem.
Because these methods provide huge financial components for companies that can distribute
different financial capital. The volatility in financial performance can also be tracked by the
company's master budgeting. Such instruments promote the considerable regulate of all business
practices as a effective safeguard against potential financial problems.
CONCLUSION
This has been stated from the above report that management accounting belongs to the
organizational structure. This is a wider term that includes processes, strategies, instruments and
approaches that assist leadership and tactical activities of the organization. External forecasting

methods such as master budgeting, cash-budgeting etc. allows companies to determine and
decide accordingly their expected results.

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