Management Accounting: Costing, Budgeting, and Reporting

This management accounting report begins with an introduction to the field, defining its role in aiding managerial decision-making through the analysis of financial information. It then delves into the essential requirements of various management accounting systems, emphasizing their importance in effective business management, planning, and control. The report highlights the benefits of these systems, such as improved decision-making, accurate information, and strategic management. The main body of the report is divided into two parts. Part 1 discusses the importance of management accounting systems and reporting, including inventory management, job costing, and price optimization. Part 2 focuses on costing methods, with detailed calculations using both absorption and marginal costing techniques. The report includes a comparative analysis of the merits and demerits of both costing methods. Furthermore, it covers various types of budgeting and explores how companies utilize management accounting systems to evaluate financial performance. The report concludes by summarizing the key findings and the overall significance of management accounting in business operations.

MANAGEMENT
ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Part 1................................................................................................................................................3
Section 1......................................................................................................................................3
1.1................................................................................................................................................3
1.2................................................................................................................................................4
1.3................................................................................................................................................5
1.4................................................................................................................................................6
Section 2......................................................................................................................................7
2.1................................................................................................................................................7
2.2................................................................................................................................................9
2.3..............................................................................................................................................10
2.4..............................................................................................................................................12
Part 2..............................................................................................................................................14
Section 3....................................................................................................................................14
3.1..............................................................................................................................................14
3.2..............................................................................................................................................15
Section 4....................................................................................................................................16
4.1..............................................................................................................................................16
4.2..............................................................................................................................................17
4.3..............................................................................................................................................18
4.4..............................................................................................................................................18
CONCLUSION..............................................................................................................................20
REFERENCES................................................................................................................................1

INTRODUCTION
Management accounting is being defined as the practice or branch of accounting which
assist manager in taking decision for betterment and growth of the business. This involves the
process of analysing and interpreting the financial information in order to take effective decision
for the betterment of the business. The purpose of management accounting is that it supplies
financial information to required parties and this assists them in managing operations of business
in such a manner that it yields profit and growth for company. The present study will start by
discussing about MA and essential requirements of different types of the management
accounting system. Further it will highlight the different methods of management accounting
reporting along with benefits of these systems. Moreover the next section will discuss the
calculation based on the marginal and absorption costing and their merits and demerits. Along
with this different types of budget will be prepared based on the information provided. Further in
the end the comparison of the fact that how companies make use of management accounting
system in order to deal with financial performances will be highlighted.
MAIN BODY
Part 1
Section 1
1.1
Management accounting is defined as that branch of accounting which deals with
analysis and evaluation of financial information so that managers can take proper decision for the
betterment of company. For any organization it is very important that they have proper
management accounting system as this will assist them in managing the business in proper and
effective manner. this will guide the employees that how the decisions are taken based on the
financial information of the company and for development of the business and its operations. In
order to make the company successful the most essential requirement is that the business must
have effective management accounting system. This is pertaining to the fact that when the MA
system will be effective then complete and effective analysis will take place of the whole
business (Zyznarska-Dworczak, 2018). Thus, this will result in successful and effective decision
making for the betterment of the company. The major importance and prerequisite of
management accounting are as follows-

The major importance of using different types of management accounting systems is that
this assists in effective decision making (Quinn and et.al., 2018). The reason pertaining to this
fact is that when management accountants evaluate the financial performance and other aspect of
the companies then this reflects that they will take effective decisions. Hence, this will assist
managers in taking proper and in- depth decision for the development and growth of the
company.
Along with this MA systems are also of importance as this assists the companies in doing
proper planning for the organization. This is pertaining to the act that with help of the financial
performance analysis the managers can predict the future performance and plan strategies in
accordance to the financial performance of the company.
In addition to this another major prerequisite for the proper use of management
accounting system within companies is that this assists in controlling different business
operations. The reason underlying this fact is that when the manager analyses the financial
performance then they come to know the areas in which company is lacking and the areas
wherein company is good. Hence, they can decide for the strategies to control the areas at which
company is not much effective and try to improve those. Along with this company can try to
manage and maintain the areas in which company is good and always try to improve those areas.
Furthermore, proper use of MA systems will assist the company in having good strategic
management. This is pertaining to the fact that when the company is going to evaluate each and
every aspect of the business then they will come to know complete business working and they
will be in position to effectively manage the business and its different strategies.
Moreover, another important prerequisite of MA systems is that this assists managers and
decision makers to make effective budgets. This is pertaining to the fact that when managers
know that how much cost is applicable to which product and how much profit can be generated.
Then in that case these managers can easily predict the cost and income and an estimated budget
can be prepared (Fleischman and McLean, 2020). This budget will be helpful for the business as
this will assist the other employees to know the limit in which they have to perform the task and
make their products and services.
1.2
Management accounting reporting are the documents which are helpful to the company to
record the relevant data and information. These reports are assistive to the companies as they can

view this information and facts and figures later whenever there is requirement. These reporting
are guidance to the manager in taking effective decision as this records all the past data and
future decision are taken by analysing the past records and performance only (Doktoralina and
Apollo, 2019). Hence, he different types of the management accounting reports which are used
by the companies are as follows-
Inventory management system- it is a type of report which is being used by the
companies in order to record all the data and information relating to inventory which is coming
within the company. Along with this every little detail of allocation of the inventory to different
types of product is also being recorded and this assist in proper decision making. The reason
beneath this is the fact that these records can be analysed and compared with the current rates
and quantity and then in accordance to the requirement the inventory can be ordered.
Job costing system- this is another type of report which is prepared wherein the job
costing method is being applicable. The reason pertaining to the fact is that this is a type of
system which involves dividing the activities on the basis of different jobs present in the
company. Under this system or report all the cost is being allocated on the basis of the job and
the profit of every job is being individually presented. Hence, this report is of relevance to the
company as this provides information to the manager that every job involves how much cost and
with that how much profit can be generated. Thus, the manager can allocate cost to that
particular job on that basis only.
Price optimisation- this price optimisation is a mathematical tool which assist company
and manager in calculating that how the demand of the product varied at different price levels.
This system or report is helpful in deciding the fact that earlier how the demand of product
fluctuated with changes in price level. This is pertaining to the fact that this will guide the
decision takers that at what price they must sell their product so that demand will not vary and
consumer will like the rates.
1.3
The use of different management accounting system is very beneficial and helpful for the
companies (Drury, 2018). This is pertaining to the fact that these systems like job costing,
inventory management, price optimisation and others assist companies in taking better and
effective decision. The major benefits of using these systems are as follows-

The major benefit is that with help of these systems the managers are able to have
updated information. This is pertaining to the fact that when the company and manager analyses
the past information then only then they can analyse what is currently going on (Speckbacher,
2017). The reason to this is that when the person will compare the present and past information
then only they can realise that whether the data has been upgraded or being degraded and
accordingly they have to take the decisions.
In addition to this another benefit of using this variety of MA systems is accuracy of
information. The underlying reason for this is that when the manager is able to compare the
current facts and figures with past then they can identify the trends in both the data that is
whether it is increasing or decreasing. The reason pertaining to this fact is that when both past
and present record will have same trend then it can be stated that the data is accurate and
decisions are taken in correct manner.
1.4
As per the views of the Endenich and Trapp (2020) both management accounting system
and reports are very essential for the success of the company. When both the system and reports
are integrated together then this provides a wider base to manager at time of taking the decisions.
Hence, this will always result in the better evaluation and effective decision making. On the
other side, Abernethy and Wallis (2019) argues that in case there is not proper integration and
coordination among system and report then there are possibilities that there is mismatch within
the information and this can affect performance of company.
For the success of the company it is very important for them to record and manage all the
different types of reports. The reason behind their importance is that this will provide a wider
database to the managers of company at time of taking decision. Along with this when the past
data is being recorded within the reports then this can be compared with the present data. In
addition to this the present data in reports can also be compared with the data of competitors and
the present position within highly competitive market can also be analysed and evaluated
(Cooper, Ezzamel and Qu, 2017). As a result of this, it will assist company in more effective and
efficient decision making and will improve the performance of the company in comparison to its
competitors.

Section 2
2.1.
(a) Calculation of Cost Card Using Absorption and Marginal Costing
Cost card under Absorption costing
S.N. Particulars January Amount February Amount
(1) No. of units
manufactured
11000 9500
(2) Direct Material
Purchased
11000*3pound
per kg*4kg
132000 9500*3pound
per kg*4kg
114000
(3) Direct Labour wages 11000*2pound
per hour*4
hours
88000 9500*2 pounds
per hour*4
hours
76000
(4) Direct Variable
expense
11000*5
pound per desk
55000 9500*5 pound
per desk
47500
(5) Prime Cost (2) + (3)
+ (4)
275000 237500
(6) Factory overheads 20000 20000
(7) Cost of goods
manufactured (5) +
(6)
295000 257500
(8) Variable selling and
distribution expense
11000*1pound
per desk
11000 9500*1 pound
per desk
9500
(9) Fixed selling and
distribution expense
2000 2000
(10) Cost of goods
available for sale (7)
+ (8) + (9)
308000 269000
(11) Sales Value 11000* 35
pound per desk
385000 9500*35
pound per desk
332500
(12) Profit (11) – (10) 77000 63500

Cost card under Marginal costing
S.N. Particulars January Amounts February Amounts
(1) No. of units
manufactured
11000 9500
(2) Selling price per
desk
35 35
(3) Sales Revenue 11000*35 385000 9500*35 332500
(4) Direct Material
cost per unit
12 12
(5) Direct Labour
wages per unit
8 8
(6) Direct variable
expense per unit
5 5
(7) Variable selling
and distribution
overheads per unit
1 1
(8) Total variable
cost per unit (4) +
(5) + (6) + (7)
26 26
(9) Total variable
expense
11000*26 286000 9500*26 247000
(10) Contribution per
unit (2) – (8)
9 9
(11) Contribution
cost
11000*9 99000 9500*9 85500
(12) Fixed factory
overheads
20000/10000*11000 22000 20000/10000*9500 19000
(13) Fixed selling and
distribution
overheads
2000 2000

(14) Total fixed cost
(12) + (13)
24000 21000
(15) Profit (11) – (14) 75000 64500
(b) Merits and demerits of absorption and marginal costing
Merits of AC
 It is best costing methods because it covers all the production cost including fixed
production cost for calculating cost per unit (Raven and et.al., 2018).
 It provides accurate profit because seizes the fixed production cost into the closing
inventory of the product.
Demerits of AC
 It skewed the profit and loss along with mislead the management and investors of the
company because the fixed production cost is not deducted from the revenue until all
manufactured goods are get sold (van der Spek, Roussanaly and Rubin, 2019).
 It is not suitable for the comparison of the products line.
Merits of MC
 It is best and effective for controlling the cost of the products as it clearly divides the
total cost into fixed and variable cost.
 It shows the realistic value of the WIP and finished goods because it deducts the fixed
overhead cost from the overall cost of the product (Bhimani, 2020).
Demerits of MC
 In this the time value of money concept are ignored because in the short run the variable
and fixed cost is identifiable but in the long run all cost is variable (Solovida and Latan,
2017).
 In this method the semi-variable and semi-fixed cost are not consider by the mangers of
the company the impact of which is that it become difficult for the company to analyse
the overheard.
2.2.
Income statement under Absorption costing
Particulars January February Total
Sales revenue (A) 385000 332500 717500

Cost of goods sold (B) 308000 269000 577000
Net Profit (A) – (B) 77000 63500 140500
Income statement under Marginal costing
Particulars January February Total
Sales Revenue 385000 332500 717500
Less variable cost (286000) (247000) 533000
Contribution 99000 85500 184500
Less Total Fixed (24000) (21000) (45000)
Net Profit 75000 64500 139500
2.3.
(a) Calculation of variable and fixed cost using high low method
Months Hours spent Expenses
January 630 7960
February 505 7410
March 705 8285
April 555 7535
May 780 9110
June 795 9820
Highest number of hours is 795 in June month and Lowest number of hours is 505 in February
month.
So, variable cost as per high low method is
9820 – 7410/ 795 – 505
2410/ 290
8.3103 pounds per unit
And fixed cost as per high low method is
9820 – (795*8.3103)
3213.31 pounds

Estimated expenses for July month is
Fixed cost + Variable cost
3213.31 + 650*8.3103
3213.31 + 5401.70
8615.01
Estimated expenses for August month is
Fixed cost + Variable cost
3213.31 + 750*8.3103
3213.31 + 6232.73
9446.04
(b)
(1) LIFO method
Calculation of cost of goods sold
130*13.8462 + 200*11 + 70*10
1800 + 2200 + 700
4700
Calculation of cost of closing inventory
30*10
300
Calculation of sales revenue
400*14
5600
Note: Because of the lack of information regarding selling price per unit it is assumed that the
selling price will be 14 per unit.
Calculation of profit
Sales revenue – COGS
5600 – 4700
900
(2) FIFO method
Cost of goods sold

100*10 + 200*11 + 100* 13.8462
1000 + 2200 + 1385
4585
Cost of closing inventory
30*13.8462
415
Sales revenue
400*14
5700
Profit
5700 – 4585
1115
(3) AVCO method
Cost of goods sold
400*11.6279
4651
Cost of closing inventory
30*11.6279
349
Sales revenue
400*14
5700
Profit
5700 – 4651
1049
2.4.
(a) Calculation of Break-even point
Formula in terms of unit
Fixed cost/ (selling price per unit) – (Variable cost per unit)
£2,000,000/ £300 - £200

£2,000,000/ £100
20000 units
Formula in term of pound value
Fixed cost/ Contribution margin*
£2,000,000/ 33.33%
£6,000,000
*Contribution margin formula
Contribution per unit/ sales per unit * 100
£100/ £300 * 100
33.33%
(b) Calculation of sales to achieve the target profit of £1 million
Let the sales unit be x
Particular Amounts (£)
Sales Value 300x
Less Variable cost 200x
Contribution 100x
Less Fixed cost 2,000,000
Profit 1,000,000
So, by solving the equation 100x – 2,000,000 = 1,000,000 the sales units will be received.
100x = 1,000,000 + 2,000,000
x = 3,000,000/ 100
x = 30000 units
It means that sales unit is 30000 and to sales value is 30000*300 = 9,000,000
So, to earn the profit of £1 million the company need to make a sale of £9,000,000.
(c) Calculation of profit on the sale of 50000 units
Particulars Details Amount (£)
Sales Value 50000*300 15,000,000
Less Variable cost 50000*200 10,000,000

Contribution 5,000,000
Less Fixed cost 2,000,000
Profit 3,000,000
So, on the sale of 50000 units the company will earn the profit of £3 million.
Part 2
Section 3
3.1.
(1) Schedule of expected cash collection for September
Particulars Amounts (£)
Cash sales 39000
Collection for credit sales:
July 392
August 4416
September 840
Total cash collections 44648
(2) Calculation of cash disbursements for merchandise inventory purchases in the month of
September
Particulars Amounts (£)
Payments for stock purchase in the
month of September
4800
(24000* 20%)
Add Payments for stock purchase in
the month of August
15000
Total Payments 19800
(3) Cash Budget for the month of September
Particulars Amounts (£)
Opening cash balance (A) 9000
Cash collection in the month of September:

Credit sales:
For July sale 392
For August sale 4416
For September sale 840
Cash sales 39000
Total Cash collection (B) 44648
Cash Payments in the month of September:
Payment for September inventory purchase
(24000*20%)
4800
Payment for August inventory purchase 15000
Selling and administrative expenses (after subtracting
depreciation of 4000)
9000
Payment for equipment purchase 18000
Dividend Payable 3000
Total Cash Disbursements (C) 49800
Balancing figure (A) + (B) – (C) 3848
Financial activity*
Bank Loan 1152
Closing Bank Balance 5000
3.2.
Flexible Budget at different level of activity
Particular 60% level of
activity
80% level of
activity
100% level
of activity
110% level of
activity
Variable cost:
Direct Material (A) 480000
(800000/100*60)
640000
(800000/100*80)
800000 880000
(800000/100*110)
Direct Labour (B) 360000
(600000/100*60)
480000
(600000/100*80)
600000 660000
(660000/100*110)
Indirect Labour (C) 18000 24000 30000 33000

(30000/100*60) (30000/100*80) (30000/100*110)
Electricity (D) 72000
(120000/100*60)
96000
(120000/100*80)
120000 132000
(120000/100*110)
Fixed cost:
Rent (E) 200000 200000 200000 200000
Rate (F) 40000 40000 40000 40000
Insurance cost (G) 20000 20000 20000 20000
Total Cost at
different level of
activity
(A+B+C+D+E+F+G)
1190000 1500000 1810000 1965000
Section 4
4.1.
(i)
Formula of return on capital employed
Operating profit/ capital employed*100
UCK furniture design division
5890/23100*100 = 25.50%
UCK furniture gearbox division
3600/31930*100 = 11.27%
UCK woodworks
6955/81230*100 = 8.56%
(ii)
Formula of assets turnover ratio
Sales/ Total Assets
UCK furniture design division
13000/23100 = .56
UCK furniture gearbox division
24900/31930 = .78

UCK woodworks
8150/81230 = .19
(iii)
Formula of operating profit percentage
Operating profit/Net sales* 100
UCK furniture design division
5890/13000*100 = 45.31%
UCK furniture gearbox division
3600/24900*100 = 14.46%
UCK woodworks
6955/8150*100 = 44.64%
4.2.
Importance of management accounting for improving the financial performance of the
company
Management accounting is used for the purpose of taking the short-term and long-term
financial decisions of the company and also for analysing the financial health of the business.
MA with the help of data provided by the financial statement of the company suggest the various
tools and techniques such as break-even analysis, cost analysis, profit analysis, process costing,
job costing, activity costing and many more. This helps the mangers in identifying the gaps
between the actual figure and the planned figure and also helps them in analysing the gap
between the favourable, unfavourable and balance criteria (Ameen, Ahmed and Abd Hafez,
2018). With the help of budgets, the company can easily predict the impact of the changes in the
environment over the company’s performance because budgets act as a base for the company’s
next year financial statement. By using the tools and techniques provided by the management
accounting, company can easily improve the overall efficiency of the company and also reduce
the cost of the production. It is because the break-even analysis help the managers in identifying
their no loss no profit point with the help of which further the company will decide their sales for
profit making.
4.3
Evaluating planning tools for reducing financial problem

There are many different types of the financial problem which the businesses face during
the normal course of transaction. Hence, for the success of the company it is essential for them
that they make the effective use of different types of planning tools (Petera and Šoljaková, 2020).
These planning tools are different types of techniques which assist business in managing and
solving all the different types of the financial problems. Hence, the different types of planning
tools used under management accounting for reduction and solution of financial problem by
UCK are as follows-
Budgeting- this is a type of technique which is defined as the estimation of income and
expenses for a specified period of time. This estimation acts as a control in managing and solving
financial problem. This is pertaining to the fact that when the company face any problem and
they set some estimation that they have to perform at least up to standard then automatically the
problem is being solved (Ahmad, 2017). The reason behind this is that employees knows that up
to what limit they have to perform and if they performance will be less than standard then this
will affect their pay then they will perform in such a manner that any financial problem will not
occur.
Project appraisal or evaluation- this is another technique in which the project of the
company is being evaluated and all the positive and negative aspect relating to the project are
listed. This will assist the manager in applying different capital budgeting tools like IRR, NPV
and other and evaluate that which project is better (Ax and Greve, 2017). Hence, the project
which will be good in returns will be selected and this will save the company from any of the
financial problems.
4.4
Importance of Variance analysis
Variance analysis is the tool of management accounting with the help of which the
managers of the company prepare the budgets more accurately and smartly. It is because this
analysis helps the company in identifying the gap between the expected cost and actual cost. This
plays more crucial and significant role in building the corelations between the different
departments, process, activities etc (Oboh and Ajibolade, 2017). It is also important for setting
the benchmark of the company along with encourages the companies towards the forward
thinking and achieving the future targets in best manner possible.
Material variance with formula and illustration

MV is the difference between the actual cost for purchasing the actual quantity and
standard cost. It is useful to determine the ability of the company to incur direct material cost as
per the standard cost planned by the company.
Formula to calculate material variance is
Actual Quantity * (Actual Price – Standard price)
Illustration: The standard quantity and cost to produce the 1000 units of product includes
Material x with 1100 quantity and the cost per unit is 38
The actual units produced is 1500 and the actual material is used to produce the product is
Material x 1300 quantity and cost per unit is 40
Solutions:
Actual Quantity * (Actual Price – Standard price)
1300* (40-38)
2600 Favourable
Labour Variance with formula and illustration
LV is used to calculate the difference between the actual cost incurred to produce a
product and the standard cost planned by the managers for production.
Formula to calculate labour variance is
(Actual hour* Actual rate) – (Standard hour * Standard rate)
Illustration: The following labour hours and labour rate information is given to produce the
product of the company:
Actual hours: 4200
Actual rates: 15 pounds
Standard rate: 14 pounds
Standard hours: 4600
Solutions:
(Actual hour* Actual rate) – (Standard hour * Standard rate)
(4200*15) – (4600*14)
63000 – 64400
1400 Unfavourable
Overhead variance with formula and illustration

Overhead’s variance is the difference between the actual overhead cost incurred and the
standard cost allowed for producing the actual output of the company.
Formula to calculate O/Hs cost is
(Actual quantity* Actual O/Hs cost) – (Standard quantity* Standard overheads)
Illustration: The following cost is incurred to produce the product of the company
Actual quantity: 4500
Actual variable overheads: 20 pounds
Standard variable overheads: 15 pounds
Standard quantity: 4000
Solutions:
(Actual quantity* Actual variable O/Hs cost) – (Standard quantity* Standard variable overheads)
(4500*20) – (4000*19)
90000 – 76000
14000 Favourable
CONCLUSION
From the above it is concluded that management accounting is a concept which deals
with analysing the financial performance of the company and then taking decision for the
betterment of operations of business. With the above analysis it was clear that MA is very
important for business as it provides direction to manager to take better decision for increasing
profitability of the company. Major prerequisite of MA form above decision was effective
planning, decision making and others. Also it was evaluated that there are different MA reports
like inventory management, job costing reports and others along with their benefits like accuracy
and others. Moreover it outlined that cost can be calculated with help of marginal as well as
absorption costing. Further it analysed that use of budgeting is also very important as it provides
for a target to be attained by the company. In the end it was evaluated that using MA in
managing financial performance is very helpful as this guides the employees how they can
manage the problem. These tools identified from above discussion were project appraisal and
budgeting.

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