Comprehensive Management Accounting Report: Toyota Motors

This report provides a comprehensive analysis of Toyota Motors' management accounting practices. It begins with an introduction to management accounting, its importance, and various tools and techniques used for financial analysis, including financial statement analysis, ratio analysis, and budgeting. The report then delves into the specific application of these tools to Toyota Motors, examining different methods of management accounting reporting, such as budget reporting, accounts receivable and payable reporting, and inventory costing. The report further explores income statements using both absorption and marginal costing methods, providing calculations and examples relevant to Toyota's operations. Additionally, the report discusses different types of planning tools used in budgetary control and analyzes how Toyota responds to financial problems using management accounting techniques. The report concludes with an overview of the key findings and references relevant sources. This report is designed to give insights into Toyota's financial strategies.

MANAGEMENT
ACCOUNTING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1. Management accounting and essential requirements of its different types......................1
P2. Different methods used for management accounting reporting.......................................3
TASK 2............................................................................................................................................5
P3. Income statements through absorption and marginal costing of Toyota.........................5
TASK 3 ........................................................................................................................................9
P4. Different types of planning tools used in budgetary control............................................9
TASK 4 .........................................................................................................................................11
P5. Organisation’s response towards financial problems by using management accounting11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Management accounting provides solution on future possibilities which can be happen in
the company. It is related to identification, analyses and presenting financial information. The
planning, decision making and controlling activities can prove to be effective only with proper
utilisation of information provided by such system of accounting. There are various tools and
techniques available with management accounting to provide administration with the necessary
information. A manager has to perform various functions of planning, organising, staffing,
directing and controlling. It includes techniques that are important for planning activities which
definitely help in controlling the performance of organisation. This project is based on the
Toyota Motors. This project will be provide information on different types of management
accounting, budgeting and costing methods which can be used by the company in making
provisions. Planning tools are also required for the organisation in budget making which will be
discuss in this project. At the end of this project will provide actions taken by managers towards
financials problems by using management accounting tools and techniques.
TASK 1
P1. Management accounting and essential requirements of its different types
A management accounting provides administration with various tools and techniques.
Financial statement analysis, ratio analysis, cash flow statement, fund flow statement, budget and
budgetary control, marginal accounting, cost-volume profit analysis are the common tools used
in management accounting. Toyota motors is the most successful company of Japan because of
its appropriate decisions at right time. Management accounting, an important kind of accounting
has generally provide administration with various reports and analyses of budgets that help
company to set targets and accomplish the same. The successful planning and analysis can only
be achieved with the help of management accounting. Making financial data as the most reliable
information is the main key of management accounting. For surviving in a dynamic
environment, smooth and effective functioning of various operations is must. That too can be
impossible without use of management accounting. Financial accounting only provides statement
of income and Balance sheet. The same can be of no use without analysing them. Management
accounting analyse such financial information and extract advantageous decision making data.
Toyota is the highest car producer organisation in world. They have ton deal with day to day
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challenges that has been arise with them time to-time. A manager has to perform its managerial
functions of planning, organising, staffing, directing and controlling. Such type of accounting
helps in various aspects of supply of raw materials, debtors, creditors, finance, budgets, revenue
generation, credibility and profit analysis. To have effective operations, management prepare
budgets such as cash budget, purchase budget, sales budget, and flexible budget too. The targets
are set based on such budgets and each division has to achieve its pre-determined targets. They
can able to frame various strategies of business to deal in dynamic environment with the help of
such system of accounting. It contributes to strategies formulation and gaining an advantage over
its rivals.
The environment in which an organisation deals became complex. The competition has
become cut-throat and surviving in such environment with presence of numerous rivals is very
difficult. Despite of these facts, Toyota Motors has made enormous growth and gained huge
profitability. They are among successful companies in auto mobile sector. Management
accounting is helping administration with determination of financial cost and managerial
performance of business organisation. Effective in managerial functions is the essence of
business. The reports are being presented to administration on a daily, weekly and monthly basis.
They needs to spend massive amount of time considering such reports for taking important
decisions in business. Modern techniques focuses on providing reports even on a daily basis. The
budgets are prepared based on historical data. The targets are set and accomplish within
stipulated time. If found any deviation or variance, the same needs to be addressed and
supportive plans are being prepared. Management accounting is the accounting done for
administration of business organisation. Different kinds of management accounting can be
classified as follows-
Cost accounting system- Cost accounting system is one of the most kind of accounting.
Toyota is the highest car producer company in world. They needs to analyse cost of
manufacturing cars. Raw materials, components and parts that are being used. This overall helps
in determination of profitability of products and services that Toyota is offering. This system, of
accounting helps in cost determination and profitability. There are cost accounting professionals
that manage such system of finance.
Inventory management system- Inventory management system helps in management of
stocks in warehouses. They are the manufacturing company, hence required various tools, parts,
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components and other raw materials. They needs to identify how much stock gets in and out
from their warehouse. Each and every part that is moved in and from warehouse must be noticed.
This system is also known as stock controlling method of accounting. Wastage of products must
be reduced and eliminated. Future contingencies should also be kept in mind.
Job costing- An auto mobile company such as Toyota needs to keep track of cost of each
job. The work performed by an individual should be notice to increase their efficiency and
productivity. The cost of performing job in each project should be identified. To identify the cost
of task assigned to a given employee must be seen and evaluated. The main aim is to increase
effective of work assigned to each job performance. Every job that is performed is of utmost
importance and must be performed effectively as per customer specification. It consider both
direct and indirect cost involving in each job.
Price optimisation- The response of customers towards price fluctuations must be
determined. Toyota also follow leadership pricing policy. It is one of the kind of mathematical
analysis and are of utmost importance for business organisation. It generally involves cost of
operations, inventory and historical prices of products and services offered by an organisation. It
also calculates the variances arises in demands of products and services with using different
pricing policy. The company has various models which are made for various segments of market.
It determines value creation for company external customers. Their behaviours towards various
prices must be noticed.
P2. Different methods used for management accounting reporting
Toyota motors has huge turnover by serving worldwide. The management accounting
helps in assessing performance of business. The management accounting reporting are prepared
on the requirement basis i.e. as and when required. These all depends on type of project, manager
is dealing in along with time sensitivity. The management accounting reports are being prepared
on a daily, weekly and monthly basis. This overall gives complete view point of performance of
business organisation. The manager has great importance with such system of accounting.
Toyota give more emphasis on decision making aspect of business organisation. No matter in
what field of business, a firm is dealing in. This helps in achievement of organisational objective
along with greater profitability, improvement in financial stability. The financial reports are only
limited to statements. The administration is need of business information from time-to-time. This
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can be possible only with management accounting. These reports are generally prepared by
professionals. The different methods used for management accounting reporting are as follows-
Budget reporting- The management use to make plan for every aspects of business
organisation, often termed as profit plan or budget plan. The firm has limited resources. The
allocation and control of cost incurred on expenses is must. Budget preparation overall
contributes in achievement of such objectives. The management of business organisation prepare
budget plan of sales, purchase, cash and capital also. The target are being set and plan
accordingly. The management wants to attain business targets within stipulated time frame.
Extensive research and past records are required by team to frame targets that best fit to
organisation. It is also termed as quantitative plan on a daily, weekly and monthly basis. The
financial performance of business concern are being controlled by budget preparation.
Accounts receivable reporting- The accounts receivable reporting is also needed for
organisation like Toyota motors. If company deliver its products and services on a credit basis,
such reporting are of utmost importance. Debtors are the real assets of firm. The credit balances
of such debtors needs to be maintained in order get an overview of them. The collection process
of organisation must be boosted. Reporting is done so that it will reduce the possibility of bad
debts.
Accounts payable reporting- Accounts payable reporting is done to satisfy creditors and
have good relation with them. The records of creditors and timely payment to them is needed for
smooth functioning of business organisation. The suppliers of organisation need to be addressed
effectively. Toyota also buy several raw materials, tools, components
Inventory costing reporting- Inventory costing reporting is regarding inventory in and
out from warehouse. The main aim is to eliminate the wastage of raw material and stock. Toyota
is engaged in delivering high-quality cars to its customers. Thus, maintenance of stock and
inventory is essential. It helps in collecting data regarding inventory cost, labour and other
overheads.
Job costing reporting- Job costing reporting is regarding cost of job involved in projects
of organisation. The cost incurred by company on performing each job is up to mark or not. The
firm needs to frame various strategies and policies to tackle with the additional cost incurring on
performing each task. Effectiveness in job performance is very important from company’s point
of view.
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Performance reporting- Every organisation has keen interest in knowing performance
of business. They wants to improve the business performance for growth and expansion
purposes. Performance must be evaluated and thus, improvement will be done. Every business
has several aspects of business. Each component performance must be assessed and taken care of
to improve profitability of firm. Balanced scorecard is one such performance management tool
that overall helps in improving performance of various functions. Employees performance must
be seek and improvement must be done. Employees of firm are assessed based on sales and
profit. Stakeholders of company have more interest towards performance of business. Toyota
Motors is giving regular consideration on performance of each function (Weißenberger and
Angelkort, 2011). Thus, an organisation has performed so well and gained huge success in
present period of time.
TASK 2
P3. Income statements through absorption and marginal costing of Toyota
a) Calculation of number of units completed and packed
Number of units completed during the year = 2000 units
Number of units packed during the year:
Number of units completed during the year = 2000 units
Less: Units Unpacked = 400 units
Total units packed during the year = 1600 units
Calculations of variable and fixed costs:
Calculation of variable and fixed costs
Units
$ per
unit Total cost
Direct material cost 2000 45 90000
Direct labour Cost: Units
$ per
hour Hours
Total cost
($)
Total
prod
uctio
n Per unit ($)
Machining department 20 2000 5 100 500 2000 0.25
5

units/hr.
Finishing department
5units/hr. 2000 6 400 2400 2000 1.2
Dispatch department 20
units/hr. 2000 5 100 500 2000 0.25
Packing boxes 1600 0.5 800 0.5
Total variable overheads: 94200
Hours/
unit
Total
produ
ction
Total
hours
Absorbed
Rate($)
Total
cost($)
Total
prod
uctio
n
Price Per
unit ($)
Fixed overhead:
Machine department 0.05 2000 100 7 700 2000 0.35
Finishing department 0.2 2000 400 5 2000 2000 1
Dispatch department 0.5 2000 1000 1 1000 2000 0.5
3700
Variable costs: Variable cost costs that are good in the production of a business or in
proportion to the service. For example, variable manufacturing costs overhead costs are
unlimited costs, direct costs, not convertible costs are sometimes called unit-level costs because
they differ with the number of units produced.
Fixed costs: In economics, fixed costs, indirect costs or overheads are business expenses,
which are not dependent on the level of goods or services produced by the business. They are
related to the time, like pay or rent is paid per month, and is often known as overhead cost.
In the above calculation of fixed and variable costs, Machine, Finishing and dispatching
departments which is measuring by multiplying it with per hour is variable costs. On the other
hand, all fixed variables which is calculated on the basis of absorption rates are fixed costs which
doesn't changed with total production of units (Ward, 2012). It always remain constant until or
unless new plant is purchases.
b) Income statements for the period:
1) Income statements for the period using Absorption costing:
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Total absorption cost (TAC) is a method of accounting cost that emphasizes the full cost
of manufacturing or providing services. TAC not only includes the cost of materials and labor,
but also all manufacturing overheads (whether 'fixed' or 'variable') are also not included. Cost of
each cost centre can be direct or indirect costs.
Income statement by absorption costing for the period:
Price per
unit($) Total Units Amount ($) Amount ($)
Sales revenue 200 1500 300000
Less: Cost of sales:
Direct Material 45 2000 90000
Direct Labour:
Machine department 0.6 2000 1200
Finishing department 2.2 2000 4400
Dispatch department 1.25 2000 2500
Less: Unpacked 0.5 -400 -200
Closing Stock 49.05 -100 -4905
92995
Gross Profit 207005
Interpretation: In the above table, company is receiving gross profit of around $207005.
This gross profit is identified after reducing all variable and fixed overhead costs from sales
revenue. As there's no separate selling and distribution costs, net profit is not calculated through
absorption costing (Soin and Collier, 2013.). There are total 400 finished products which are not
yet packed, hence these 400 products are reduced from dispatched departments (Scapens and
Bromwich, 2010). Also this unpacked goods are not considered under closing stock.
2) Income statements for the period using Marginal costing:
Marginal Costing is a costing method wherein the marginal cost like variable cost is
charged to units of cost, while the fixed cost for the period is completely written off against the
contribution.
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The term marginal cost shows the additional cost which is involved in producing an extra
unit of product output, which can be expect by total variable cost assigned to one unit. It can be
calculated as:
Marginal Cost = Direct Material + Direct Labour + Direct Expenses + Variable Overheads
Income statement by Marginal costing for the period:
Price per
unit($) Total Units Amount ($) Amount ($)
Sales revenue 200 1500 300000
Less: Cost of sales:
Direct material cost 45 2000 90000
Machining department per 100
units 0.25 2000 500
Finishing department per 20 units 1.2 2000 2400
Dispatch department per 20 units 0.25 2000 500
Packing boxes 0.5 2000 1000
Less: Unpacked 0.5 -400 -200
Closing Stock 47.2 -100 -4720
89480
Contribution 210520
Less: Fixed overhead
Machine department 700
Finishing department 2000
Dispatch department 1000
3700
Net profit 206820
Interpretation: The gross profit and Net profit calculated through marginal costing is
different from each other, because in absorption costing closing stock value is calculated by
multiplying it through absorption rate plus variable cost per unit. On the other hand, in Marginal
costing methods, closing stock value is calculated by multiplying it with only variable cost per
unit (Qian, Burritt and Monroe, 2011). Because marginal costs, write-off fixed costs from profit.
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C) Reconciliation between Absorption costing and marginal costing
Reconciliation Statement
Units ($) ($)
Profit per marginal costing 206820
Increase in stock level:
(2000 – 1500) (A) 100
Difference in Stock Valuation:
Absorption costing approach 49.05
Less: Marginal costing approach 47.2
(B) 1.85
(A * B) 185
Profit per absorption costing 207005
Interpretation: Reconciliation is combination of two costing methods to show
relationships between them. In the above table there's variance in cost per unit in absorption
costing approach and marginal costing approach of $1.85, which creates a difference between
final outcomes by both methods (Parker, 2012).
D) Recommendations to company
Toyota should go ahead with this project, as on the basis of Income statements through
marginal costing and absorption costing, company is receiving positive cash inflows from net
profit. And its production cost is approximate 42% which is more than idol margin (75%).
Therefore it is suggested that, company should accept this proposal of project.
TASK 3
P4. Different types of planning tools used in budgetary control
Budgets are like profit plans for an organisation. Toyota motors concentrates more on
preparation of budgets and would always like to achieve them in a specified time period. A
budget is essence for every business and also facilitates Cost allocation and cost controlling. A
budget is always considered vital technique based on history of elements involved. It also helps
in assessing performance and facilitates in improving it during future course of time. Planned
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budgets are being compared with actual performance, if find any deviation or variance. The same
will be sorted out as quickly as possible. The important decisions of business will be based on
such budgets only. The budgets are being prepared based on various aspects and divisions. Thus,
it facilitates smooth functioning of business operations. Toyota motors is the highest car
manufacturing company. They needs to make plan for each and every element of business.
Administration set up various targets and try to achieve them in specified period of time (Otley
and Emmanuel, 2013). Every department is required to work as per planned budget and try to
achieve the said target.
Source: Manage and Understand the Purpose of Budgets.
Toyota motors uses plenty of budgets that are classified as follows-
Cash flow budget- Cash inflow and outflow are one of the most important concern for
business organisation like Toyota motors. Cash availability is of utmost importance. To keep an
eye on cash aspect of business is necessary. Cash flow management gives an idea to
administration as how much funds will be raised from what activities and how to effectively use
those funds (Nandan, 2010). Cash management is necessary for any management of business
concern.
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Illustration 1: Different types of budget.

Advantages: Cash flow budget are important for administration as they will look towards
the matter of important activities of business and spend more on those tasks that are valuable
rather than on less needy task.
Disadvantages: These cash budget causes distortion as the cash inflows are not equal to
the overall profit generated. The cash inflows always result from the security deposits, non
sustainable activities etc. thus the cash generated from these activities is not taken into
consideration.
Operational budget- Operational management is the necessity of business organisation.
Every business organisation look towards such aspects. There should be smooth functioning of
operational activities. Various activities covered under business organisation are all part of
operations. It involves revenue and expenditures on various operations of business concern. The
same can be prepared on a daily, weekly and monthly basis. There are various overheads
considered in such budgets. A manager would like departments to attain aforesaid targets in
specific period of time (Macintosh and Quattrone, 2010). It is an important tool used in
budgetary control.
Advantages: Operational budget helps in managing income and the cost factor in order
to run all the activities of business in effective and planned manner.
Disadvantages: There are target set which have to be achieved in specific time that have
been allotted to them.
Master budget- Cash flow, budgeted statement and balance sheet will termed as a part of
master budget. The different components of business are covered under such type of budget.
Toyota motors is a Japanese company and have ample of operations working under them. The
management will get various viewpoint that too helps an organisation to achieve its goals and
objectives. The net profit during a budgeted period will be assessed. While budgeted balance
sheet gives an overview about Toyota's liabilities and assets. Toyota motors has a vast group and
in order to have better strategies in such dynamic market (Lukka and Modell, 2010). They need
to have master budget with them.
Advantages: The major advantage of opting for master budget is that it helps in
ascertaining of problems which can arise in the future and helps in forming contingency plans.
Disadvantage: There is a lack of specialness with this budget as numerous fields and
activities are merged into single monetary fund.
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Static budget- Every division of business concern has fixed amount of budget that are to
be spend in various elements. Excessive expenditure will hinders smoothness in operation. The
cost of overhead can be one of the type of static budget. Static budget is such a profit plan where
expenses are generally remains stagnant with the revenue change. It is major type of budgetary
tool used for budgetary control.
Advantage: The major benefit which could be availed through opting for this budget is
that it is comparatively simple to develop and use and does not carry any complexities.
Disadvantage: The lack of flexibility of this budget is a major shortcoming as altercation
in the revenue and expenses cannot be included in this budget.
Financial budget- The resource available with an organisation are limited. Financial
resource management is an important task. Finance should be deal with cash availability and
expenditure on a daily and year basis. The capital expenditures are also important to be seen.
This all elements will results in reduction of financial resource availability. The management has
to keep an eye on revenue generation items and expenses. The expenses results in reduction of
availability of financial resources (Lee, 2011). The financial performance will be leveraged with
the help of such budget.
Advantage: It promotes necessary principles of coordination and communication in a
firm. Budget also used to identify savings in costs and overheads. The main importance of
budget is that it monitors progress as well as keep system fit.
Disadvantage: But it is bureaucratic and coercive too which shows major disadvantage.
Capital expenditure budget- The fixed asset management is also important for business
organisation. Companies like Toyota concentrates on budget of capital expenditures. Certain
fixed amount is being kept as a reserve for acquiring fixed assets, such as building, land etc.
Toyota is the highest car manufacturing company which require large number of capital
expenditure (Kotas, 2014). Thus, such budgets are being prepared as an important part of
planning tool.
Advantage: It helps management to choose best investment option which would assist in
getting high return. Capital expenditure budget always try to control over expenditure in a
particular project.
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Disadvantage: But taking decisions in capital expenditure budgetary system are for long-
term which are often irreversible in nature.
TASK 4
P5. Organisation’s response towards financial problems by using management accounting
Toyota motors is operating in a dynamic environment. The environment is always
dynamic. In order to deal with the same external environment, an organisation needs to build up
strategies and plans. Effective implementation of such strategies are also vital. These strategies
will help management to respond to problems that are being arise in such external environment.
The way Toyota motors deal with challenges arise in day-to-day operational activities decides
their standings in terms of competitors. Effective decisions will be taken with the help of
management accounting. They provide administration with the useful information. In such a
dynamic environment, Toyota has to consider various issues and challenges that are faced by
them time to time. The strategies needs to be framed in accordance with such challenges. There
are various tools and techniques available with an organisation from management accounting
point of view such as financial statement analysis, Ratio analysis, fund flow and cash flow
statement, marginal costing, absorption costing, cost-volume-profit analysis, budget and
budgetary control etc. There are several ways in which management uses information and reports
supplied by management accounting system (Fullerton, Kennedy and Widener, 2013). The
organisational response towards financial problems by using management accounting can be
described with the use of following points-
Provide credibility- Management accounting plays a vital role. It guides an organisation
with the use of essential information and reports generated by management accounting. It also
facilitates credibility. This is an important benefit for Toyota motors. It also facilitates advantage
of integrating sustainable and organisational challenges.
Value creation- Management accounting is the type of accounting done for
administration of business. This type of accounting provides management with the useful
information that helps in decision making aspect of business organisation. A firm needs to frame
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various strategies to deal with day-to-day challenges arise in dynamic environment. Effective
decision making will create value for Toyota motors (Cinquini and Tenucci, 2010). They have
great amount of goodwill. Also various managerial functions such as planning, organising,
staffing, directing and controlling are being able to perform well because of accounting done for
managers.
Link strategy and system- Linking strategies with the system is also an important
functions of management. This helps an organisation to respond towards problems that are being
arise in dynamic environment. An organisation faces various challenges in day-to-day
operations. To tackle with the same, strategies needs to be developed and implemented
effectively (Chenhall and Smith, 2011). The management accounting tools and techniques helps
in achievement of organisational goals and objectives.
The modern management accounting uses some methods that helps them to attain
competitive advantages are as follows-
Key performance indicators- Use of key performance indicators will definitely help
management to improve performance of various functions. An organisation can able to achieve
its goals and objectives in specific time period.
Bench marking- Evaluation of various functions of management and seeking areas of
improvement is the main concern for organisation (Banerjee, 2010). How effectively the
information is going to be used overall contributes organisation to achieve its goals.
Financial governance- Every organisation needs to complete legal formalities in order to
survive. The auditing should be done as per standards. The government has framed various rules
and regulations that mandatory needs to be obey (Baldvinsdottir, Mitchell and Nørreklit, 2010).
Disobeying the same will result in failure of business organisation.
For Comparison of traditional and modern approaches used in management accounting.
The two organisation that are taken for such differences are Toyota and Ford motors. It is
assumed that Ford uses traditional methods while Toyota give emphasise to modern technique of
management accounting.
Toyota Motors Ford Motors
Toyota Motors uses modern methods of
management accounting to solve problems
arise in dynamic environment.
Ford Motors uses traditional approaches of
management accounting. Key performance
indicators, Bench marking are not followed by
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them.
Toyota motors has gained huge success over
the years because of their lean management of
producing more with minimum use of scarce
resources.
The cost allocation and cost control is very
difficult for them as they do not follow modern
approaches.
They uses several tools provided by
management accounting such as ratio analysis,
budget and budgetary control etc.
They focus more on traditional approaches and
uses complex tools that make work more
difficult.
CONCLUSION
It can be articulated from the facts and findings of report that management accounting
reports help business owners and managers to monitor company's performance and are prepared
frequently throughout accounting periods as needed. Depending on the type of project and time-
sensitivity of information, an owner or manager may request reports quarterly, monthly, weekly
or even daily. Further, it has been assessed that a clear framework with a set of principles and
concepts can logically model and value an organization’s operations to generate high quality
information for insights, analysis and decision making.
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