Management Accounting Analysis: Excite Entertainment Ltd Report

This report provides a detailed analysis of management accounting practices, focusing on the case of Excite Entertainment Ltd, a UK-based leisure and entertainment company. It begins with an introduction to management accounting, emphasizing its role in internal decision-making compared to financial accounting. The report then explores key concepts such as cost accounting systems, inventory management systems, and job costing systems, illustrating their application within the context of Excite Entertainment Ltd. It highlights the benefits of management accounting, including improved profitability and waste reduction. Furthermore, the report delves into the planning tools used in management accounting and their effectiveness in addressing financial problems. Finally, it concludes with a discussion of various strategies for mitigating financial challenges and ensuring the company's long-term sustainability. The report leverages information to provide a comprehensive overview of how management accounting principles are applied in a real-world business scenario.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Section A: Understanding management accounting Systems ....................................................1
Section B: Methods used for Management Accounting Reporting ...........................................6
LO2 Marginal and absorption costing method of Excite entertainment ltd................................7
LO 3 ..............................................................................................................................................10
Planning tool used in Management Accounting ......................................................................10
LO 4 Compare the ways in which management accounting will be used for reducing financial
problems....................................................................................................................................13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Management accounting is process that is used by the managers to prepared a report on
the basis of gathering information regarding to statistical and financial matters of the company.
This management helps the company to take longer and shorter decision for future growth and
perspective. To manage the accounts, it provides the stability to use the resource and make actual
and estimated budget to invest in any project or can take risk in market to achieve more
probability in business (Renz, 2016). Management accounting is prepared on the basis of
operational activities which can in terms of raw material utilized, inventory management, cash
flow budget and any other activities which help business to sustain their stability in market.
Present report is based on Excite Entertainment Ltd. which is leisure and entertainment industry
in UK. It conducts various promotional activities relating to concerts and festivals in UK. So to
mange their accounting department various facilities are required to address their effective and
sustainability in the market (Messner, 2016).
Report will include the difference between management accounting and financial
accounting and its various accounting concept and its different accounting reports. It also
includes the costs which are allocated in the business to identify the cost expenditure and income
in the management of business and its befits to be incurred in this system. Further it includes The
planning tools used in management accounting and its effectiveness in the business. Lastly the
report ends up with different ways to deal with financial problems and other relevant matters in
the organisation.
LO 1
Section A: Understanding management accounting Systems
Excite entertainment Ltd is one of the leading company engaged in promotion of their
concerts and festivals at different location throughout the United Kingdom. To manage their
business into large scale they have to organise their accounting systems in a systematic and
accurate manner (Management Accounting – Meaning, Advantages and Limitation, 2019). Thus,
management accounting is the process to manage the data and information of the company
internally so that they can take an appropriate decision for the growth of the business. Financial
accounting is that process which manages the finance of the business and transaction recorded
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regarding the cash flows and other income and expenses are also mentioned which is made at the
end of the financial year of the company.
Difference between management accounting and financial accounting:
Factors Management Accounting Financial accounting
Format of presentation It focuses on internal operation
of the company (Accounting V
Financial Management, 2019).
e.g. A proper format is used
regarding managing their
overall business plan and their
budgets.
It focuses on income and
expenditure and balance sheet
of the company which related
to financial matters of the
company. E.g. Manage the
finance of the company
regarding the assets and
liabilities of the company.
Legal Requirements It is not specified by law as no
proper norms and standards
are set to follow the rules
regarding operational
activities. eg. Government
can't put pressure to disclose
their information regarding
expenses incurred.
To maintain the financial
transaction of the company
they have to follow proper
rules as the financial matters
are prepared for the outsiders
and even government also
verify the company working
condition through this report
(Kaplan and Atkinson, 2015).
e.g. Company are requires
disclosing every material
information as per the
internation accounting
standards.
Areas of courages within the
organisation
It manges the products and
services and other operational
activities to make an authentic
It covers the entire structure of
the organisation by managing
their financial activities and
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accounting. E.g. All the
department discuss their issues
and expense with the
accountant which shows their
expenses and income in the
company.
providing data to investors,
lenders and shareholder to take
and appropriate decision for
the growth of the company. e.g
it reflects the financial
capability of the company to
the outsider which help them
to invest in their company for
future growth.
Types of Data used It prefers to take cost
transactions and data are
recorded in terms of cost. e.g.
cash expense and income are
incurred in this accounting
purpose.
It incited with financial matters
of the company. e.g. It reflects
the assets and liabilities of the
company in systematic
manner.
Cost accounting Systems: This system is used by the company to mange their cost and
estimated the total expense incurred during the previous year to analyse the profitability of the
company in the upcoming year. This framework helps them to control the cash flows and
manage their operational activities in a better way. If company wants to grow their business into
large scale or expand their activities, cost management is the specific factors which manages the
company stability in the market. They are provided strategies to companies to invest in various
factors if they have optimum cash flows (Cost Accounting Systems, 2019). To manage the cost
accounting, it works by tracking the expense incurred in raw material to the process spend in
finished product.
Standard cost in cost accounting systems help them to manage the price which are
directly related to the prices of the products produce and services which they are offering for the
delivery of products (Standard Costing, 2019). Direct cost includes cost related to direct labour,
Direct materials and other expense which is beard by manufacturing company directly. Direct
material are those material which is directly consumed by the suppliers to the manufactures to
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produce such products. Direct expenses are such expense which directly charged on respect of
volumes of the cots incurred by the company. Variable cost are such cost which changes as per
changes in the prices of the products. It decreases in respect of decrease in prices or cost and
sxame increases with increases in cost. Company makes estimated cost before they deal in such
activities and after assembling all the matter they compare the actual cost with the estimated cost
which company bear at the time of production of products or services.
Steps used in standard accounting as firstly to set the standard in which the cost are
estimated or predetermined which is based on the targets of the company. e.g. in this the costs is
set for labour cost as 8000. Secondly to measure it with actual result as the cost which is set to be
measured with the actual cost which is disclosed. E.g. the actual cost arise is 8000.after
comparing both the results i.e. actuals and estimated the results arise the total cost which is
managed by the company. e.g. the actual labour cost is 14,400. After getting results the actual
results arises between the actuals and estimated cost is the variances. e.g. 6400 hrs. which is the
actual hours for efficiency variance. After that calculation, analyse the various from the available
data which gets the results in terms of cost of the company. After that various other factors which
is to incurred at the time of production or any process is also to be calculated which determined
during the work committed. Further lastly after gathering all the information calculated the
variance and make report regarding the standard costing of a particular product or management
of the company.
Examples:
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Inventory Management Systems: In management accounting, to mange the inventory is the
biggest aspects as company runs and depends in its production sales. Inventory involves the
supply chain of the business as it analysis the purchase or raw materials to the production activity
(Otley, 2016). The resource which are utilized and how much it cost depends upon the
management of the inventory. To mange the inventory there are various techniques which helps
the business to analyse the raw material usage and their usefulness in the business. Company had
to first check the stock available in their stores and then conduct an audit for that stock. Example
such as LIFO which means that last in first out as the company which produces the last goods
which are to be fresh had to more demanded as stock in the market. FIFO means first in first out
which indicates that goods are firstly sold if they are first produced.
If raw material are store for longer term it reduces their usage and are no useful. In that
case management is needed for the inventory and also it identifies the cost spend for the
significant inventory systems. This system also involves tracking the products and estimating
how much cost is needed for single inventory (Renz, 2016). This process helps the company to
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manage their productivity in the market and also take appropriate decision for taking risk in the
business.
Job Costing systems: It is the system which is involves the process of accumulating the
information in respect of cost assigned for specific products and services. This involves costing
of each cost recorded in terms of direct labour, Direct material and manufacturing overhead in
the manufacturing company and also helps them to assigned various cost in respect for future
perspective (Maas, Schaltegger and Crutzen, 2016). Usually this system is implemented on
individual to identify the unit of output spent in producing a product in the company.
Thus, it involves a separate record for each items produce or each individual person
worked to achieve that targets or special order which are passed by company requires the cost
procedure to be systematically mannered (Messner, 2016). Thus, in simple words job costing
method helps the companies to records and track the cost of manufacturing engaged in job rather
than the process which is used by the company to produce a product.
Benefits of Management Accounting Systems:
To manage the accounting concept there are various benefits which helps companies to
stable their business in the emerging world and stand the chance to face the risk without affecting
their reputation and goodwill of the company. First benefits is related to identifying the
profitability in the business. To manage the accounts and other operational activities of the
company this is the major benefits to analyse the company stability and integrity to produce
more products in the market (Quattrone, 2016). If company manage their internal activities in the
systematics and effective manner and clear their matter which can raise the defects and damages
in the near futures than company can raise more profits in the next year.
The second benefits is regarding controlling the wastage from the products. As
accounting management manages the internal operational activities so through this process is
helps them to reuse or save the products from wastage. They can control and estimates the results
through which the wastages occurs (Chenhall and Moers, 2015). They can coordinate with the
other department and also analyse the results relating to the matters which occurring losses in the
company regarding to that department.
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The Third benefits is related to Organising the work schedule and the persons are
responsible for their own defects. As in managing the accounts, everyone is assigned to assist
and complete the specific work and they are not responsible for the other work to be completed if
they are not assigned to them (Bromwich and Scapens, 2016). So if any mistakes occurs the
person is easily identifies and they are responsible for the damages which incurred in managing
the accounts or conducting any fraud in manipulating the data and information.
Section B: Methods used for Management Accounting Reporting
Different types of managerial accounting reports -
Managerial accounting reports helps the companies to evaluate their performance and
budgets in the upcoming year which can be analysed in appropriate manner. This report helps the
companies to take decision and analyse the factors which is most expensive and which bring
losses to the company. There are various types of managerial accounting reports.
11 Budget: Budgets is a tool that uses by company managers to plan and execute them in
effective way. Time and money is the biggest aspect which helps company to maintain
stability in market and this can only be achieved by making a proper budget (Ax and
Greve, 2017). Report involves the proper and authentic transaction which describes the
company working structure and it can only be achieved by adopting the budget technique.11 Performance report: This report is prepared to analyse the budget and performance of the
line managers and employees working in the business. This report is prepared so that
employees who engages more time and bring more productivity in the company are
appreciated and motivated through appraisal and incentives (Nitzl, 2016). Report includes
the list of employees and their incentives to be given under the profits identified through
them in company internal matters.11 Cost Reports: It helps the company to manage their resource utilized in manufacturing
the products and services (Malina, 2018). In this report it includes the cost spend in raw
materials and payment to labour and also added other cost which analyses the complete
review of the company. It helps the company to plan their future plans and also manages
their cost to expand their activities in near future.
The information presented should be accurate, relevant to user so that they can easily
finance and take interest in the internal matters of the company. As company can easily run if
7

shareholder, investors and lender have interest in their internal matter and they can provide
finance to the company to maintain their reputation in the market. As government can also
demand the company financial management report to identify the stability of the company and
how they run to achieve targets (van Helden and Uddin, 2016). They have to manage and present
their report in the systematic manner as it can be demand at any time. Even customers can also
demand their report and it's the duty of the mangers team to keep them up to date and also timely
rectify the errors if any incurred. Its advantages is that to provide timely details in internal factors
they can prepare the financial statement and also examine the budget to be used for internals
growth of the company. For external stakeholder is helps to know the status of the company and
their working criteria to secure their funds in the company.
Evaluating the management accounting Systems and management accounting report
within Excite Entertainment Ltd.
In Excite Entertainment Ltd. the accounting concepts helps them, to plan their activities
in a systematic and accurate manner. They can plan their internal activities and operational
process to gain more profitability in their business. They plan their budget and other expense
which company may incurred in the future and they can estimate the cost incurred which help to
take appropriate decision. The report is prepared in systematic manner with this planning and the
investors can easily invest in the business for future growth (Honggowati and et.al., 2017). To
commit a proper report it involves planning from all the department and their technique which
they used to achieve goal. As there are various advantages for planning tools as it helps company
to analyst the cost incurred and earned and can take risk in the business but the disadvantages is
that due to incorrect planning it results in huge losses to the company strategy to achieve targets
and they can be presentable to the investors to invest in their company.
LO2 Marginal and absorption costing method of Excite entertainment ltd.
Absorption costing basically indicates that all the manufacturing costs has to assigned to
the units produced by the company that is cost of the finished goods include the all cost of direct
materials, direct labour, variable manufacturing overheads and fixed manufacturing overhead.
This cost is generally required for the external financial reporting and for the income tax
reporting by the company.
Advantages:
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 It takes in account all the cost that is fixed overheads as well as variable overhead costs.
 It is the most suitable method for preparation of accounts to ascertain actual financial
performance of the business.
 It shows the decreased cost of sales and increases revenue of the company than the
marginal or variable costing especially when the inventory level is rising.
Disadvantage:
 This method cannot be used as effective monitoring tool to evaluate the profitability of
the business
 in this the cost is considered the both fixed and variable cost of product this method
cannot be used for further decision making and planning like budgeting and forecasting.
 The profits for period are required to adjusted for under and over absorption of the fixed
cost.
Marginal costing is that cost technique in which only the variable cost is charged on the
units produced while the fixed cots for the particular period is completely written off against the
contribution. The increase or decrease in the cost of producing one more unit is also referred to
the marginal costing.
Advantages:
 It facilitates short teem decision making process.
 Cost control can be used in better and effective way by putting more efforts in
maintaining the consistent marginal cost as fixed cost which is assumed to e constant.
 There is no requirement of calculating the overhead absorption rate which helps in
making the calculations easy
 It avoids complication of under or over absorption of overheads'
 inventories carried forwards to next year does not include the elements of current periods
foxed overheads,
Disadvantages:
 It ignores fixed costs of products
9

 it fails to recognize the fixed cost become variable in long run
 It makes the use of the historical data while decision by management related to the future
events.
 It assumes constant total fixed costs, per unit sales price and variable cost but in reality
they all vary which leads to inappropriate result of financial position of the business.
Income statement with using marginal costing
Income statement using absorption costing technique
From the above income statement it is been interpreted that marginal costs are the cost in
which the variable cost are taken as product cost and fixes cost are taken as period cost. Thus, the
purpose of marginal costing is to show how much the company have spended on the production
process. On the other hand, absorption costing is a method where company undertake fixed costs
and variables cost both as product cost. Thus, the purpose of absorption costing to display the
accurate profits and the revenue which is being earned by the company (Otley,2016).
However, the above marginal costing shows that the contribution of company is 98000
after the deduction of cost of production, opening stock and variable cost. On the other hand, the
10

above absorption cost shows that the company have earned gross profit of total 58000 after the
deduction cost of production, opening stock, variable cost of production and fixed cost from the
sales of the company i.e. 1,20,000.
In absorption has a benefit that in this costing method all the direct and indirect costs are
considered on the other hand, the benefit of marginal costing is that through this method the can
analyse the break even point of their financial statements.
LO 3
Planning tool used in Management Accounting
Tools used by company in Managing their accounts helps them to achieve their targets
and also provide access to identify their risk which associated for future transaction within
specified time. There are three planning tools which helps business to grow on longer terms and
achieve goals with the proper and effective management team.
 Zero Based budgeting: This is the best planning tool used by company to establish the
close relationship with their employees in the organisation. Budget means the starting by
coordination with different department and employees that which things they need to be
change and wants something in this workplace and accordingly budgets are designed
(Tucker and Schaltegger, 2016). This factor helps the companies to control their financial
matters and other strategic matter to grow the business in larger scale. The advantages of
Zero based budgeting are:-
1. This budget is more accurate and exact transaction are entered in the budget and also
ensure that it covers maximum activity that engaged in business activity.
2. It motivates the employees to communicate and discuss with their senior managers and
provide liability to discuss freely in relation to any changes in work premises.
Disadvantages are:-
1. It is a time consuming concept as it requires more time to discuss every matter with every
department personally and sometimes it not liable to be a perfect budget.
2. In case of high range of employees or companies are engaged with large scale than this
budget is not useful to be implemented.
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Excite Entertainment Ltd prefers this budget to engage their business activities as this
budget helps them to coordinate and communicate more with their employees (Qian, Hörisch and
Schaltegger, 2018). As this helps them to motivate employees to discuss the issue which they
feel in the work place and also such resources which they need to produce more productivity.
For E.g. If company want to expand their employees internally and they need more place
for their comfort than this budgeting help companies to interact with employees personally and
make budget accordingly. They can coordinate with employees about the changes which they
need to feel motivated and comfortable to increase productivity and raise more profits in the
company. If they demand for more resources such as machines and chairs this is also included in
the company budget.
 Operating budget analysis: It manages the revenue and expenditure of the company
operational activities. It also interprets the overall operational activities of the company
and also examined various cost incurred in formulating this budget. It helps company to
estimated the cost incurred at the time of production and till the finished products are not
ready to dispatched (Smith and Driscoll, 2017). The operational activities can be judged
by the purchasing of raw material to the finally arranging the products in systematic
manner. In this budget sometimes the cost incurred is high depending upon the demand in
the market and their usage of productivity. Its advantages are:-
1. Through this budget it helps company to keep day to day transaction and provide
accuracy and systematic information regarding the operational activities.
2. This helps companies to make flexible budget as they can easily enter into market and
face the risks and challenge with the competitors.
Disadvantages of the operating budgets are:-
1. It is a time consuming concept as they have to analyse the proper transaction which is
engaged in operational purposes and the budget is prepared accordingly.
2. It incudes lot of wastages and cost is also high as lot of employees are engaged to
increase the productivity which result in lot of utilisation of resource which affects the
cost in the company (Jansen, 2018).
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Excite Entertainment Ltd prefers this planning tool to analyse the resource and
operational activities in the business. As there main wok is to organise the festivals and concerts
which requires lot of labour, materials to organise them and they need to make an authentic
budget to organise it in systematic way.
For e.g. Company bring new product in the market they have to verify the availability of
resources and then prepared an operational budget. This budget is prepared keeping in mind the
labour cost, raw material used or the process which is needed to develop a product (Boučková,
2015).
 Cash flow budget: This budget is mostly prepared by companies to analyse the inflow
and outflow of cash. They manage this report because they can estimate the performance
of the individual and also analyse the working in every department. This budget helps to
make an estimated budget of cash so that they can raise their funds in the market for
future perspective (Carlsson-Wall, Kraus and Lind, 2015). If company manages their
cash budget they can emerge into various activities which helps company to maintain
stability in the market. They can expand their operational activities and can engage into
more productivity which results in more profits to the company. The advantages of cash
budget are as follows: -
1. With the respect of managing the cash budget, companies examine their stability and
their capacity to invest funds in some other ventures which provide profits to them and
also enhance their reputation in the market.
2. Having surplus cash results in increase in more productivity which bring expansion in the
business. This activity helps company to grow at large scale (Hald and Thrane, 2016).
3. To have a surplus cash they can easily borrow money from lenders or investors can invest
money with the confidence that they get good returns from the invested money and their
money are secured with the company.
Disadvantages of Cash flow budget are :-
1. Due to having surplus cash it results in theft or distortion in the company management
accounting and it results to more fraud cases in the business.
13

2. It affects the behaviours of employees by viewing huge cash as they demand for more
salary or package or also make irrespective transaction in their accounting (Kaplan and
Atkinson, 2015).
To manage the planning tool in accounting this helps company to face risk that can be
associated in the near future and they can save their cash by managing through other department
and also analyse the expense incurred which is not respective to any such transaction (Otley,
2016). That's the reason this planning tool is effective for Excite Entertainment Ltd as they
organise various concerts which require surplus cash to manage their programs.
For e.g. If company had income statement showing $125000 and expenses showing as
$95,000, the remaining amount will result to company surplus cash which they can save for next
years or can engages to raise funds or expand their business for future perspective.
Thus, balance score cards manage all the activities of the company as results if they
mange their internal activities it directly reflects the result in external activities. They manage
their day today activities, make priority regarding the projects and product which is to be
delivered first and communicate with various department in the organisation. In case of financial
activity, the balance score card is divided into 4 perspectives which is customers, learning and
achieving goals, internal management team and financial matters. As if the management team
manages all the activities, they can easily solve their financial problems by managing their
accounts, cash flows and various other purpose which reflect their internal working to achieve
goals. Though this process they can mange their financial activity for longer run of the Elite
Entertainment Ltd.
LO 4 Compare the ways in which management accounting will be used for reducing financial
problems
Calculation Of Break Even Analysis
14

BEP= 120000/30= 4000 units
Number of units to be sold to earn target profit = ( TFC+profit)/ contribution margin
= (120000+60000)/30 = 180000/30= 6000 units
Units TFC TVC TC SR Profit
1000 120000 10000 130000 40000 -90000
2000 120000 20000 140000 80000 -60000
3000 120000 30000 150000 120000 -30000
4000 120000 40000 160000 160000 0
5000 120000 50000 170000 200000 30000
6000 120000 60000 180000 240000 60000
7000 120000 70000 190000 280000 90000
8000 120000 80000 200000 320000 120000
9000 120000 90000 210000 360000 150000
10000 120000 100000 220000 400000 180000
15

Break even analysis is a method through which company would be able to estimate about
how many products they need to sell in order to cover the cost which is being incurred by the
company (Ax and Greve,2017). However, the break even analysis help the company to
determine at what stage they will be earning the profits. Thus, BEP is a point where company is
left with no profit and no loss, hence, all the cost that is being incurred by the company be
incurred.
However, from the above BEP, it is being interpreted that the break even point of the company is
2990 and the sales of the company is 90000 after the addition of profits.
Cost volume profit us basically used to determine that how the changes in cost and
volume affects the company's operating income and net income. While performing this analysis
there are different assumptions which required to be made that is :
 sales price per unit is constant.
 Variable cost per unit are constant
 total fixed costs are constant
 No closing stockholder costs only affected when activity changes
16

CVP analysis focuses on that all the company's costs including manufacturing, selling and
administrative cost can be identified as variable or fixed. Fir calculating the CVP the company
needs to calculate contribution margin and contribution margin ratio.
This can be calculated as Break-even sales volume= Fixed costs/(Sales price- variable cost) or
Fixed costs/ (contribution margin)
CVP:
(£)
sales 120000
Less:prime cost 32000
Less:variable costs 16000
Contribution 72000
Contribution margin ratio=72000/120000*100 =60%
Whereas fixed costs is given as 40000 than break-even sales volume will be:
40000/60% =66000 approx
17

In this all other variable remain same apart from volume that is the volume is the only
factor which causes the revenue and costs to change. Similarly if there is change in the sale mix
than revenue and profit will also change.
CONCLUSION
This report briefly summarizes about the difference between the management accounting and the
financial accounting system of Excite entertainment ltd. Further, the project have highlighted
about the cost accounting system which is being adopted by the company. Moreover, the
assignment have framed about inventory management system of company and along with that it
have outlined about the job costing systems that is being followed by the company. On the flip
side, the project have highlighted about the income statement of the company using absorption
and marginal costing in order to calculate the profits that is being earned by the company.
Further, the project have highlighted about the planning tools which is adopted by the
management accounting system of the company namely, zero based budgeting, operating budget
analysis, and cash flow budget. Eventually, the project have outlined about the break even
analysis of company the company.
18

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<https://www.accountingcoach.com/standard-costing/explanation>.
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