Management Accounting Report: Airdri Ltd Case Study and Analysis

This report provides a comprehensive overview of management accounting, focusing on its application within the context of Airdri Ltd, a small manufacturing company. It explores various management accounting systems, including cost accounting, inventory management, job costing, and price optimization systems, detailing their importance in decision-making processes. The report delves into different management accounting reporting methods such as cost reporting, budgeting, and execution reports, highlighting their roles in evaluating performance and aiding in financial planning. It also examines a range of management accounting techniques, including financial planning and financial statement analysis, and their application in achieving organizational goals. The report also discusses the significance of budgets as control tools and the use of planning tools to address financial problems and drive sustainable success. Overall, the report provides a detailed analysis of how management accounting principles and practices can be effectively utilized to support strategic decision-making and improve organizational performance.

Management Accounting

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................4
Management accounting and requirements of essential kind of management accounting
systems........................................................................................................................................4
Explain different methods used for management accounting reporting.....................................5
TASK 2............................................................................................................................................8
Range of management accounting techniques............................................................................8
TASK 3..........................................................................................................................................12
Budget an important tool for control.........................................................................................12
Use of different planning tools and their application for preparing and forecasting budget.. . .13
TASK 4..........................................................................................................................................13
Management accounting to respond to financial problems.......................................................13
How in responding to financial problems, management accounting can lead organisation to
sustainable success....................................................................................................................15
Planning tools for accounting help to solve problems and support organisations with
sustainable success....................................................................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Management accounting which also known as managerial accounting, chain of activities
by evaluating business cost and operations helps in prepare financial reports, records. It helps to
manager in taking important decisions for achieving goals and objectives. On other hand it
means managing financial and costing of data then translate into useful information within
management and organisation. This report is based on Airdri which is an small manufacturing
company that produce or manufacture hair dryers and accessories to give major attributes to
consumers. This report is based on various management accounting system and their methods
with their critical evaluation. Further it evaluates about management accounting techniques and
practical evaluation of accounting terms. It also includes planning tools and techniques and their
advantages with disadvantage and at last how organisation respond to management accounting
system by defending various problems (Arroyo, 2012). It also includes budget as an important
planning tool and technique to control each and every activity in an effective manner.
TASK 1
Management accounting and requirements of essential kind of management accounting systems.
Management accounting use by managers for provisions of accounting knowledge and
information before making important decision within their organisation and it helpful for
management and their performance to control works and activities (Hasniza Haron, Kamal
Abdul Rahman and Smith, 2013.). In preparing management accounting organisation have to
build reports and accounts that helpful in taking accurate and timely financial and statical
decisions by managers in day to day operations. Management accounting enables to managers
and others in taking crucial decisions and provides cost of goods and services in both condition
profitability or non profitability. Management accounting essential while Airdri taking important
decision such as open a new venture and while building budget. There are kinds of management
accounting systems that are activity based costing, cost accounting system, inventory
management system, job costing system and price optimization system (Laine, Paranko and
Suomala, 2012).
There are some key areas in which management accounting systems plays very crucial role that
are as follows:
For long and short term planning:

Management accounting enables in both long term and short term planning and
implementation for taking future decisions. It helps for long term plans and policies, strategic
management and formulation of various strategies according to market trends and interest.
Managing information system:
The management accounting system helpful in managing and running information
management system at every level in organisational hierarchy.
Management accounting systems:
Management accounting systems are collection of information and statistics by taking
help of external parties such as stakeholders, regulators and various lenders by obeying
principles of accounting (Klychova, Faskhutdinova and Sadrieva, 2014.). For an organisation
they have to follow various kinds of accounting systems after accessing needs and wants of
clients of particular organisation.
There are kinds of management accounting systems that are as follows:
Cost accounting system:
Cost accounting system or product costing system that is a structural criteria use by
organisation to analyse cost, profitability and inventory valuation by controlling various kinds of
expenditure (DRURY, 2013).. Finding accurate cost of goods and services are significant in case
of Airdri Ltd to find out potentiality. So it require for estimation of various kinds of cost,
profitability and value of organisational products and services (Maskell, Baggaley and Grasso,
2016. ).
Inventory management system:
Inventory management system is a combination of technology and various kinds of
processes that helps in oversee maintenance of products which are stocked, assets of
organisation, raw materials and finished products (Boyns, Edwards and Nikitin, 2013.).
Inventory management system helps in evaluation of every item of inventory and information
that associated with it. In case of Airdri it uses inventory management system to record all
necessary information.
Job costing system:
In job costing system involves chain of activities for collecting information regarding
kinds of cost while production or service job. It is beneficial at time of producing different goods
that are totally different from each other.

Cost plus pricing:
Cost plus pricing refers to adding or including markup to cost of goods and services to
reach at selling price. In that pricing direct material cost, direct labour cost and overhead cost for
a product by adding to a markup percentage to reach at price of a product (Arroyo, 2012).. It
also be used within a consumer contract in which seller reimburse the seller for all costs that
incurred and pays negotiation profit with cost incurred.
Price optimization system :
Price optimization system used is an application that use for set prices and it is an
decision making process that uses employs data, software and algorithms to bring results in
proper manner (Malmmose, 2015.). It is most useful in determination of prices that helps in
attaining goals and objectives. Hence various kinds of management accounting system are
important for any organisation in taking important decision in terms of price, inventory and
many more.
Explain different methods used for management accounting reporting.
Management accounting which focus on collecting data and information with help of
financial accounting. It is very useful for preparing financial statements, income statements with
cash flow with balance sheet that helps in checking viability of a business project. Organisation
uses various kinds of methods or methodologies for accounting reporting that are as follows:
Cost reporting:
Cost reporting is one of important method in predetermined of price of products and
services. It helps in estimation of fixation of pricing, over head cost, labour cost and many more
pricing strategies comes under it (Cheng, 2012.). In cost reporting whole cost divides into total
items created into it and it helps to managers to oversee price of products and services with
selling cost. It is one source for planning and implementing various pricing strategies.
Budgets:
Budget is one of most important accounting tool that give direction and estimation of
spending plans and controlling measures of it (Burkhard and et.al ., 2012.). Budget managerial
accounting are very much critical for acquiring performance of an organisation and build as a
whole business in which department wise. Organisation build an overall budget to understand
their grand scheme of their business. In case of Airdri Ltd they build an effective budget by
evaluating income and expenditure so that important decisions should be taken.

Execution reports:
Management and accountants take benefit from various expenditure plans by contrasting
income and expenditure and by their sum (Allen and Desroches, Nyse Group, 2014). An
organisation implement budgets and procedures after analysing the entire data and statistics by
listed report performance.
Benefits of management accounting:
for an organisation management accounting plays crucial role that are as follows:
Management accounting helps in evaluating actual performance after comparing income and
expenditure with desirable performance (Leitner, 2013.).
It enables to manage and control by maximise capital employed that are crucial factor in
manufacturing of products and services.
In case of Airdri Ltd. To increase profitability they measure current position of an organisation
and evaluate by past performance also.
Budget report:
Budget report is an internal report used by an management by comparing estimation,
budget and their projections by comparing actual performance with predetermined goals and
objectives (World Health Organization. Management of Substance Abuse Unit, 2014.)
Performance report:
These reports are prepared to assess all business and workers performance. It aids firm to
develop effective strategies for their growth (Johansen and et.al ., 2014.). Airdri Ltd manger
produce this report to examine that its enterprise are performing appropriately or not.
Inventory and manufacturing report:
This is considered as a summary of items which are connected to company. This
facilitates comprehensive accounts of inventory or many products or services which served
through Airdri Ltd to their clients (Bergman and Bowe, 2012.). With the assistance of this they
may minimise the complexity into supply chain management (Hilton and Platt, 2013.).
Integration of management accounting system and management reporting within
organisational process:
Management reporting Integration with organisational process
Budget report Budget report integrate with organisational

process, in case of Airdri Ltd to reach at
accurate work and desirable outcome. With
help of budget an organisation can predict
about income and expenditure at every stage of
organisation and their respective process
(Contrafatto and Burns, 2013.).
Performance report Performance report is one of important aspect
in which organisational process should be
integrate with performance of an individual by
evaluating their key skills and accordingly
process and desirable results should be
accomplished (Grötsch, Blome and Schleper,
2013.).
Inventory and manufacturing report Inventory and manufacturing report is most
significant aspect that helps in allocation of
inventory and manufacture products and
services as require each step of organisational
success (Hoque, A. Covaleski and N.
Gooneratne, 2013). It gives direction for
accomplishing desirable goals and objectives.
Therefore, reporting within management accounting system that cover whole aspects of
company as well as integrates overall activities and crucial method for accomplishing all
organisational performance. Whole business concern process are interconnected with one
another in order to optimise their various costs of activity.
A) Job costing methods
Costing method:
Product costing method use for assigning cost for manufacturing products and services
(Allen and Desroches, Nyse Group, 2014). The major costing method are process costing,

direct costing and throughout costing and that applies on different production and decision
environment.
Batch costing method
Batch costing method is adopted in areas by calculating cost of each batch in which
consist of advertisements that can be ascertained by dividing cost of a batch by no. of items that
produced in a particular batch (Hoque, A. Covaleski and N. Gooneratne, 2013.).
Contract costing method:
Contract costing is the method of tracking costs that associated with particular contract
from a customer. For an example if an organisation bids for a large construction project with
their consumers and two parties are agree in a contract for a certain kind of reimbursement
( Grötsch, Blome and Schleper, 2013.).
B) Process costing method:
Process costing is a significant cost that use for assigning costs to various units of
production in an organisation by producing products in large quantity in homogeneous way (
Contrafatto and Burns, 2013). Process costing is cost of a product in each and every process.
TASK 2
Range of management accounting techniques.
Management accounting to reach at desirable goals and objectives organisation have to
apply kinds of tools and techniques that are as follows:
Financial planning:
The first and foremost objective of financial planning is to gain maximum profit and
enlarge business opportunities. Main goal of financial planning is to plan every aspect and then
coordinate according to planning (Lukka and Vinnari, 2014.). Hence it is one of most important
tool to execute plans and policies in an organised form. In case of Airdri ltd. They record all
financial works and procedures to comply with changes (Baker and Ricciardi, 2014). Also
through this respective company can ascertain their long therm as well as short term objectives
and also build a balanced plan in order to accomplish that objectives.
Financial statement analysis:
In financial statement consist of profit and loss account and balance sheet which come
under important financial statements and evaluated under various time duration (Cederholm and

et.al ., 2015.). It helps in analysis of management activities with growth of organisation (Leitner,
2013.).. It can be possible by various statements, financial accounting and profit and loss
analysis. Through this techniques Airdri Ltd can examine the activities of management with
their organisational growth by preparing the balance sheet, profit and loss statement and many
more.
Cost accounting:
Cost accounting is an significant tool and technique that enables in capture companies
cost of production by product wise, process, department and branch wise and many more. In that
cost data should be evaluated by predetermined goals and objectives (Modell, 2014.). In cost
accounting comparison between two costs helps them to finalise factors or reasons that bring
difference between two costs. With the assistance of cost accounting techniques respective
company can obtain manufacturing costs by evaluating the cost information through pre planned
objectives.
Income statement:
Income statement or profit and loss statement is one of most important financial
statement of an organisation that shows about revenue and expenditure in a particular time frame
(Lavia López and Hiebl, 2014.). It shows about how revenue and income should be transform
into net income or net profit. With the assistance of this Airdri Ltd can get to know that whether
firm is in profit or in loss.
To calculate various income and expenditure organisation have to evaluate various kinds of costs
that are as follows:
Techniques:
Absorption costing: Absorption costing in a managerial accounting cost method of all cost that
associated with production of a particular goods and services (Fisher and Krumwiede, 2015.).
In that cost not only includes cost of materials and labour cost but also includes variable and
fixed cost. It is also known as full costing.
Marginal costing:
Marginal cost of production refers to change in total cost that brings after producing an
additional unit or item (Talley, 2017.). The main motive of marginal cost is to evaluate at which
point organisation can gain economies of scale. In marginal cost includes all types of cost that
varies from level of production.

Production cost per unit:
Absorption Costing = £40/unit
{10+20+5+100000/20000=40}
DM 10
DL 20
VOH 5
Total fixed production overhead cost = £100000
Use standard volume of 20000 units to absorb the fixed production overhead cost
Selling price = £50
Absorption cost = £40
Total production cost:
Budget:
Absorption
costin
technique
January
Production
Cost
Per Unit Total
£ £
DM 10 18000x10 180000
DL 20 18000x20 360000
VOH 5 18000x5 90000
FOH 5 90000
40 18000x40 720000 w1
Total cost of sales:
BUDGETED COST OF SALES
: January

£
Cost of production w1 720000
Opening Inventory 0
Closing inventory -80000
COST OF SALES 640000
Absorption costing:
ABSORPTION COSTING:
BUDGETED PROFIT OR LOSS
STATEMENT January
PER UNIT TOTAL
£ £ £ £
SALES 50 800000
COST OF PRODUCTION
DM 10 180000
DL 20 360000
VOH 5 90000
FOH 5 90000
40 720000
OPENING INVENTORY 0
CLOSING INVENTORY -80000
COST OF SALES -640000
STANDARD PROFIT 160000
ADJ. FOR UNDERABSORPTION -10000
BUDGETED PROFIT 150000
ABSORPTION COSTING: ACTUAL PROFIT OR LOSS STATEMENT
ABSORPTION COSTING: ACTUAL
PROFIT OR LOSS STATEMENT

January
PER UNIT TOTAL
£ £ £ £
SALES 50 800000
COST OF PRODUCTION
DM 10 190000
DL 20 380000
VOH 5 95000
FOH 5 95000
40 760000
OPENING INVENTORY 0
CLOSING INVENTORY -120000
COST OF SALES 40 -640000
STANDARD PROFIT 10 160000
ADJ. FOR UNDERABSORPTION -5000
BUDGETED PROFIT 155000
VARIABLE COSTING
VARIABLE COSTING: BUDGETED
PROFIT OR LOSS STATEMENT
January
PER UNIT TOTAL
£ £ £ £
SALES 50 800000
COST OF PRODUCTION
DM 10 180000
DL 20 360000
VOH 5 90000
FOH 35 630000
OPENING INVENTORY 0
CLOSING INVENTORY -70000

COST OF SALES 35 560000
CONTRIBUTION 15 240000
FOH PRODUCTION -100000
BUDGETED PROFIT 140000
Financial report:
BUDGET
£
FOH CHARGED TO PRODUCTION COST 90000
under FOH charged to Profit or Loss account 10000
FOH CHARGED IN THE MONTH 100000
FOH TRANSFERRED THROUGH CLOSING
INVENTORY TO NEXT MONTH OCT 2018 10000
FOH CHARGED 90000
TASK 3
Planning tools in management accounting.
Budget is an chain of activities in which a plan should be created to spend money in a
specified manner and that spending plan known as budget (TNielsen, Mitchell and Nørreklit,
2015,). It helps in determine whether organisation have enough money in advance to implement
things as organisation want. Budget defines about various aspects such as revenue, assets,
income and expenditure etc.. there are various budgetary tools that are as follows:
Budgetary control:
Budgetary control refers to how much in good manner manager and other authorities
utilize their budget by measuring and controlling operations during an accounting period
(Leitner, 2013). On other hand budgetary control is an chain of activities in which managers

fixes financial and performance objectives by comparing actual results with pre determined goals
and objectives.
Advantages:
The most important and significant advantage of budgetary control that enables to management
to conduct and control its business in most effective way ( Stechemesser and Guenther, 2012.).
The reason budget prepared for effective utilization of resources.
Disadvantage:
It is impossible for an organisation to achieve budgeted targets because is so much uncertain and
can not be perfectly predictable.
Forecasting tool:
Forecasting tool is an predetermined plan about finance and other related terms that helps
in eradicate risk at maximum level. This types of planning tools is applied by the firm for
developing a structures for upcoming occurrences as well as events with the assistance of recent
and previous modification in trends and scenarios (Woon and Lo, 2013.). Future is uncertain so
forecasting is one of most important tool in which expert opinion, Delphi techniques and many
more methods are consist in it. That tool helps in forecasting and building budget to acquire
proper results.
Advantages:
This is one of most effective tool for enhancing performance to predict in better manner
and get best results out of them (Lukka and Vinnari, 2014). The main motive is to enhance
revenue by giving delighted experience to consumers.
Disadvantages:
organisation not able to forecast each and every aspect in accurate manner therefore they
are not able to predict in accurate manner.
Contingency tool:
Contingency is an budgetary control tool that enables in building plans and policies
response in direction of emergency and have potential impact on organisation ( Stechemesser
and Guenther, 2012.). It helps in taking important decisions such as financial resources and
managerial with technical responses. It helps in predicting future and build budget accordingly so
that uncertainties should be eliminated at maximum level.
Advantages:

it helps in building plans such as disaster relaxation operations and activities to over
come with and bring certainty.
Disadvantage:
That approach is not proactive but a reactive, so it hinders in predicting future events in
proper way.
Use of different planning tools and their application for preparing and forecasting budget.
It has been analysed that in forecasting of budget requires various planning tools that
helps in know forthcoming performance (Woon and Lo, 2013.). It is one of significant planning
tool such as forecasting, contingency and many more that helps in control the budget and
decision making. In case of Airdri Ltd. Use contingency tool then it helps in reduce risk factor
while producing products. Apart from that forecasting tool give future information to evaluate
expenses in future and limit them at maximum.
Static budget
Static budget is that budget which does not changes as volume changes. It is static in
nature and in some conditions the works and procedures related to budget changes to reap out
important advantage out of important dealings (Leitner, 2013.).
Kaizen budget:
Kaizen budget is an practice that based on continuous processes and work for reducing
cost. That concept brings gradual improvements for a long period of time ( Lavia López and
Hiebl, 2014.). That concept should be applied to budgeting by incorporating cost reductions for
planned results in a business.
TASK 4
Management accounting to respond to financial problems.
Management tool is one of important and significant tool that helps in act or control in
positive way by taking appropriate steps to beat competitors. In context of Airdri ltd. Avail
various accounting tools to reduce financial problems that are as follows:
Key performance indicator:
A key performance indicator is an value which can be measurable and demonstrates
about how an organisation can achieve organisational goals and objectives. Businesses use key
performance indicator for evaluation about targets to attain success. At high level performance

indicator shows overall performance of business, on other hand low level of performance
indicator shows processes according to each department such as sales, marketing, human
resource and many more (Yigitbasioglu and Velcu, 2012.). KPI indicates performances that
plays major role in organisational activities that inspires. All Organisation importantly follow it
and bring it in practice as any form of communication. To bring and developing KPIs strategy
organisation have to understand about organisational objectives and goals and planning to
achieve it with acts to achieve them. In that aspect management accounting plays crucial role to
come up with not achieving goals and objectives.
Benchmarking:
Benchmarking is an effective tool that helps in discovering best performance that should
be achieved, by an competitor and different industry. That use for evaluate gaps in organisational
processes to gain competitive advantage (Zhang, Uchida and Bu, 2013). Benchmarking is an
process to obtain measurement and states about how an organisation can achieve goals and
objectives. Before building benchmarking organisation have to be through understanding about
guidelines of organisation. It helps in eliminating financial problems by measure each and every
aspect also find gaps out of them.
Balance score card:
Balance score card is an best performance metrics used in strategic management by
identifying with improving kinds of internal functions in a business and brings best external
outcomes. It is one of most important measurement tool to evaluate feedback to organisations. In
balance score card quantitative results and interpretation in gather important information that
interpreted by managers and other executives to make better decisions (Hubbard, 2012). In case
of Airdri Ltd they use balance score card to measure performance and taking feedback to
organisation. With the help of this respective firm can simply identify the factors that hider the
performance as well as highlights strategic changes.
Airdri A C & V Ltd
In case of Airdri they face issues of over cash
flow and working capital requirement in that
case they use control system that helps in
decrease the issue and helps in achieve goals.
On other hand AC & V ltd facing issue of
mismanagement in inventory in that case,
organisation use inventory management system
that helps in coordinating every aspect and

control situation.
How in responding to financial problems, management accounting can lead organisation to
sustainable success.
In case of Airdri which recently face issue of working capital requirement, cash inflows
etc.. and it impacts negative on organisation (Zhang, Uchida and Bu, 2013). In that case
organisation by adopting key performance indicator that helps in bring sustainability and
overcome from financial issues.
Planning tools for accounting help to solve problems and support organisations with sustainable
success.
To overcome from kinds of financial issues organisation have to avail various planning
tools that helps in enhance their capability and control operational activities (Miller and Power,
2013). Also planning tools helps in forecast various future events and adopt various measures to
overcome from them.
Flexible budget
It is a budget that adjusts with changes in volume or activity. Flexible budget uses
revenues and expenses produced in current production as baseline to estimates how revenues and
expenses will change based on changes in output (Yigitbasioglu and Velcu, 2012.). It is a good
tool to evaluate managerial and organizational performance. Disadvantage of such budget are
that it rely on assumptions.
Rolling budget
this budget continually updates to add new budget period as most recent budget period is
completed. Newly updated budget takes place of old version when it expires. Rolling budget
helps in planning and controlling more accurately by reducing uncertainty. It is very time
consuming method.
Zero base budget
in this budgeting, management accounting involves preparing budget from scratch with a
zero-base and all expenses must be justified for each new period. Advantage of this budget is
that it helps in efficient allocation of resources (Woon and Lo, 2013.).. It require involvement
of large number of employees this is disadvantage of budget.
Activity based budgeting

this is method of budgeting where activities that incur cost are recorded, analysed and
researched (Boyns and Edwards, 2013.). Irrelevant activities are eliminated and consider only
necessary activities is advantage. Disadvantage is that it focuses on short team gaols of business.
Financial problems:
Airdri is an manufacturing organisation that are processing, assembly and material
handling with storage, inspection and testing and at last control are the major functions of
manufacturing and also of Airdri.
Shortage of financial resources:
While producing products and services organisation needs financial resources in context
of Airdri they are large operators and possess limited resources (Belfo and Trigo, 2013). They
have limited investors that invest money in their business. Airdri while manufacture products and
services they not have sufficient finance.
Failing revenue:
While they assemble and handle materials they face the problem of failing revenue that
they don' t have sufficient revenue that hinders self interest of them and they are not able to
occupy changes accordingly in proper way (.Boučková, 2015. ).
Cash flow problems:
Cash flow is one of important factor to lead in market and it also helps on coordinate
each and every activity in proper way (Miller and Power, 2013..). In context of Airdri while
assembling resources organisation face cash flow problem and they are not able to deal in proper
way.
Paying too much tax:
Paying taxes is one of the major factor that hinders self interest of an organisation to reap
out important results ( Lukka and Vinnari, 2014.). In context of Airdri with too many tax
regimes they have to pay too much taxes that hinders self interest of an organisation to deal in
positive manner .
Cost escalation:
cost escalation defined as an changes in cost or price of specific goods and services in a
given time period (Chiwamit, Modell and Yang, 2014.). In context of Airdri they have to
changes prices as per the change in strategies of their fierce competitors in better way.

CONCLUSION
From the above report it has been summarised that management accounting is one of
most important aspect for an organisation to evaluate their performance. Managing reports give
knowledge about viability of an organisation and each department in business operations . To
analyse financial performance of an organisation, absorption and marginal costing gives
important attributes to reach at desirable goals and objectives. Budget and factors associated with
it give future projections and decisions that based on them are very much crucial for an
organisation. Financial projection is very much important for an organisation to take important
decisions. Also, tools are used such as key performance indicators, balance scorecard,
benchmarking and so on for resolving the financial problems of the company.

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