Management Accounting BTEC Higher Nationals in Business (RQF)

Management Accounting

BTEC Higher Nationals in Business (RQF)

Module: Unit 5: Management Accounting

Programme Name: BTEC Level 4 HNC

Unit Code: H/508/0489

LO1- understanding of management accounting systems.

Introduction-

This task will provide the detailed information about the management accounting, its systems, benefits, it various types of reports etc. all this will provide the benefits an organisation can have through this system. This report also provides it’s the integration of all these concepts in context to ABC Ltd.

Management accounting-

The management accounting is the technique used by the management or the managers in which they use the information of accounting as their base for the decisions they make on various matters in an organisation (Chiarini, Vagnoni 2015,). That is why it is also known by name of managerial accounting and this also assists the control functions through their performance and management.

According to the Institute of Cost and Management Accountants, London, Management Accounting can be defined as: “The application of professional knowledge and skill in the preparation of accounting information in such a way as to assist management in the formulation of policies and in the planning and control of the operation of the undertakings.

Management accounting system-

MAS refers to the techniques that is used by the organisation and the managers for making the availability of the needed information to the administration of the company through use of various types of management accounting systems. The structure of MA supports the various records of financial and cost nature that helps in deciding and also delivering the factual position and transactions of the organisation (Takeda, Boyns 2014).

Integration: its integration to the ABC Ltd will provide the proper information to the appropriate person for good decision making to provide future growth and efficiency. This will also provide the reduction in costs and proper analysis of the cost related aspects.

Origin of management accounting-

The concept of management accounting was originated at the time of industrial revolution that had let the huge organisation and businesses which were dynamic as well complex. This had led to the invention of modern costing accounting or the management accounting that is being used currently in place of the traditional techniques.

Principles of management accounting-

• Planning- The management account8ng is the presentation of the non-financial as well as the financial record that are to be presented at the continuous intervals. These includes budgets, analysis and forecasting that helps in planning and assisting the activities of business (Chan 2015).

• Making decisions- The information prepared and presented in different forms and format in the management accounting is used by the managers to make decision.

• Early detection of problems- Through the use of management accounting the detections of issues and problem at early stage becomes easier and can be done on regular intervals.

Roles of management accounting-

• Profitability- the management accounting defines the profitability of an organisation in respect to its products, product line, and even the projects of the business.

• Analysis of new product- it helps in the preparation of the forecast of any new product that is under consideration by the management in terms of standard costing, its actual cost that are incurred and the deviation if any along with their reasons.

• Valuation of stock- it defines the cost pertaining to a particular stock, that is defines all its costs whether direct or indirect (Doorasamy 2016).

Difference between the financial and management accounting-

Management accounting	Financial accounting
It is used internally only for the management and the organisation. It is not controlled by any law. It comprises of all types of information whether non-financial or financial.	It is used for the external users and for reporting the stakeholders also, that is for internal and external use both. It has to be prepared and presented as per the standards of accounting. It includes only monetary or financial information.

Different types of management accounting system-

1. Cost accounting systems- this system is used by the company for computing the costs of its products for the valuation of inventory, the analysis of the profit and controlling the cost. For all these the system of costing uses the activity based costing or the old system of costing (Watts, et.al 2014). This system focusses towards the measuring and recording the products individually to record and measure the costs of the products and making comparison with the actual results so that the performance of the organisation can be measured.

Benefits- This system is beneficial as this provides the various tools of analysis which provides the efficiency to the organisation. This system also allows the cost calculation and rectify the deviations in the costing system.

2. Inventory management systems- this system of MA is used for the managing of inventory pf an organisation which includes the controlling, managing the orders, components of storage and such other areas in relation to inventory that is applicable to the production of goods. It includes managing goods, stock, supplies and the consumables (Rizza, Ruggeri 2018).

Benefits- this system helps in the providing the bottom line to the operations of business, improves the accuracy in inventory and also enhances workflow of the company.

3. Job costing systems- this system provides the allocation of cost of manufacturing to the respective individual items and the even to the products in batches. This also accumulated the cost data for the specified job.

Benefits- it helps in accumulation of three major cots that are direct material, labour and overheads. It brings accuracy in cost data of estimated system.

4. Price optimising system- this system applies the mathematical analysis to the organisation for determining the behaviour of consumers to the prices of goods and services.

Benefits- it is beneficial as this help in achieving goals through maximisation of the operating profit and also discovers the highest performance that can be achievable (Lee, et.al 2013).

Presenting financial information-

• The financial information shall be accurate as this creates the base for the decision to be made by the users. An accurate information will lead to accurate decisions. The reliable and up to date information keeps the users updated about the current scenario of the performance of an organisation. Hence all these aspects are very relevant to the users for the decision making.

• The information shall be in the format that can be understandable because the information is of no use if it cannot be understood and interpreted by the users for their purpose. Hence it’s very essential that the presentation and preparation shall be such so that users can understand and interpret it better.

Different types of management accounting reports-

1. Budget reports- These reports are very essential for the performance of the company whether it is small or large. It helps in the creating of budget on its past for the betterment of future.

2. Account Receivable Aging Reports- These reports are used for recording the debtors of the company and keeping their record of balances, due dates etc. to track the debtors of company.

3. Performance reports- These reports helps in reviewing the performance of all the employees including the management for every department and organisation as a whole.

Integration of Management accounting and its reports-

The integration of reports and management accounting in ABC ltd will prove to be beneficial for analysis its performance, it growth, managing the inventories, preparing budgets. These all aspect will in combination will provide sustainability and come up with the financial problems by providing the efficiency and profitability (Lee, et.al 2013).

Conclusion-

Preparation of this reports has been very informative about the management accounting and the discussion of the light of its various aspects. It is the major concept and widely used with lot of benefits. As a junior management accountant in ABC its integration can be very beneficial for long term growth and profitability.

LO 2

Introduction

The report presents the methods that are used for costing. The report also presents the different methods of calculating the costs that is, through marginal and absorption costing. It can be seen that the cost of products are computed in a different manner according to the nature of the product.

Cost

In accounting, cost is the amount of money that is used for covering the expenses of production of goods and services. It is the total expense that would be borne or incurred during the process of manufacturing. This cost in not-inclusive of profits.

From the seller’s point of view, cost is the total amount spend for the production of units to be sold. If the goods are sold at the same price of their production, then they won’t be entitled to any profit (Drobyazko, et.al., 2019).

From the point of view of the buyer, the cost is the price of the product. It is more than the manufacturing cost as it is inclusive of marginal profit.

Different types of Cost are:

• Fixed Costs

• Variable Costs

• Total Costs

• Marginal Costs

Analysis of Cost

Cost Volume Profit: It is a method that is particularly used for the analysis of the costs that provides a varying impact on the volume of goods produced and how it would aid the firm in generating operating profit. It is also known as Break-even point for the analysis of different sales volume and cots structures. It is used by managers for making strategic decisions.

Flexible Budgeting: This is a method through which the company is able to adapt to the multiple changes that happens in the firm. These can be internal as well as external changes that could impact on the profitability of the company. Through flexible budgeting the company can expand its capital budgeting and yet have space for the other operational expenses that occurs in an organization respectively (Ellul, et.al., 2015).

Cost Variances: It is also known as budget variance. This determines and reflects the difference between the actual and budgeted costs of the firm. Every firm keeps a budgeted list of expenses that is based on the previous year’s expenses. Through this, they compare all the difference in the expenses, whether they are favourable or unfavourable. These are also extremely useful for the managers in making strategic decisions.

Product Costing

There are various means through which the cost of the product is determined by the organization. These are done through fixed and flexible costs. The costs are allocated according to the nature of the product that is being manufactured by the company (Chen, et.al., 2013).

Costing has a very crucial role in setting the price of the product. It is determined either by standard costing or activity based costing. According to activity based costing, the costs are based on the level of activities that takes place in the manufacturing unit.

Cost of Inventory

The total costs that are incurred in regards to storing the unsold goods is known as the Cost of Inventory. The final cost of this includes intangibles like depreciation and warehousing costs. The inventory costs of the business is generally about 20% - 30% of its total costs (Jones and Tuzel, 2013).

Different Types of Inventory Costs

There are 3 types of inventory Costs,

• Ordering Costs (also known as setup costs)

• Carrying Costs (also known as holding costs)

• Stock-out costs (also known as shortage costs)

Absorption Costing

It is a method of costing that is used for computing the final price of the product by involving all the costs- that is direct and indirect such as rent, direct Labor, direct materials, etc. It is also known as Full Costing. This method is used when the manager temporarily wants to increase the profitability of the company by shifting the fixed manufacturing overhead costs from the income statement to the balance sheet (Aurora, 2013)

Marginal Costing

This is a method of costing where only the variable costs are charged or taken during the computation of the total price of the product. Under this method, no fixed costs are considered. Under this method, the quantity produced by the company is increased by one (Nawaz, 2013).

Provided for Budgeted Report,

Absorption Costing Method

Budgeted as per Absorption costing-
Production of units:
Particulars	January
Sales (Units)	16,000
Production (Units)	18,000
fixed production overhead cost	1,00,000
selling price	50
using absorption costing -
calculation of production cost per unit
direct material cost per unit	10
direct labour cost per unit	20
total cost of production per unit	30
calculation of cost of sales
direct material cost per unit	10
direct labour cost per unit	20
variable production overhead	5
total direct cost (variable)	35
(direct material + direct labour + variable overhead)
total variable production overhead	560000
( total direct cost * sales units)
fixed production overhead	1,00,000
total production cost	660000
total sales in units	16000
cost of sales	660000
calculation of sales
sales in value (selling price * sales in units)	8,00,000
Less: cost of sales	660000
budgeted profit as per Absorption costing	140000

Marginal Cost Method

Budgeted as per marginal costing-
Production of units:
Particulars	January
Sales (Units)	16,000
Production (Units)	18,000
Opening Stock (Units)	-
Closing Stock (Units)	2,000
Using marginal costing-
calculation of production cost per unit
direct material cost per unit	10
direct labour cost per unit	20
total cost of production per unit	30
Total Production cost
direct material cost per unit	10
direct labour cost per unit	20
variable production overhead	5
fixed production overhead	5.56
total production cost	40.56
fixed production overhead=	total fixed overhead / units produced
	100000 / 18000
	5.56
calculation of cost of sales
direct material cost per unit	10
direct labour cost per unit	20
variable production overhead	5
fixed production overhead	5.56
total production cost	40.56
total sales in units	16000
cost of sales	648960
(sales in units * total production cost per unit)
calculation of sales
sales in value (selling price * sales in units)	800000
Less: cost of sales	648960
budgeted profit as per marginal costing	151040

Provided for Actual Report

Absorption Costing Technique

Actual as per Absorption costing-
Production of units:
Particulars	January
closing stock (Units)	3,000
sales in units		16,000
Production (Units)	19,000
fixed production overhead cost	1,00,000
selling price	50
using absorption costing -
calculation of production cost per unit
direct material cost per unit	10
direct labour cost per unit	20
total cost of production per unit	30
calculation of cost of sales
direct material cost per unit	10
direct labour cost per unit	20
variable production overhead	5
total direct cost (variable)	35
(direct material + direct labour + variable overhead)
total variable production overhead	560000
( total direct cost * sales units)
fixed production overhead	1,00,000
total production cost	660000
total sales in units	16000
cost of sales	660000
calculation of sales
sales in value (selling price * sales in units)	8,00,000
Less: cost of sales	660000
Actual profit as per Absorption costing	140000

Marginal Costing Technique

Actual as per marginal costing-
Production of units:
Particulars	January
Sales (Units)	16,000
Production (Units)	18,000
Opening Stock (Units)	-
Closing Stock (Units)	2,000
Using marginal costing-
calculation of production cost per unit
direct material cost per unit	10
direct labour cost per unit	20
total cost of production per unit	30
Total Production cost
direct material cost per unit	10
direct labour cost per unit	20
fixed production overhead	5.26
total production cost	35.26
fixed production overhead=	total fixed overhead / units produced
	100000 / 19000
	5.26
calculation of cost of sales
direct material cost per unit	10
direct labour cost per unit	20
variable production overhead	5
fixed production overhead	5.26
total production cost	40.26
total sales in units	16000
cost of sales	644160
(sales in units * total production cost per unit)
calculation of sales
sales in value (selling price * sales in units)	800000
Less: cost of sales	644160
Actual profit as per marginal costing	155840

Conclusion

It can be said that there are various types of costing such as Direct Costs, Indirect Costs, Fixed Costs, Flexible costs and many more. The report also sheds light over the inventory costs, what are their types and how are they used and implemented in an organization. The report also mentions about the two methods of costing through which the budgeted and actual profit of the company can be measured.

LO3- Application of planning tools used in Management Accounting-

Introduction-

This report is based on the planning tools that are being used by the management of the company for achieving the sustainable success and the growth in the performance and the financial position of the company. These planning tools helps the organisation for achieving its efficiency and effectiveness in the production level and the operation as well.

Budgets for planning and control-

1. Preparing a budget-

The preparation of budget helps in the creating plan for the spending to be made in the future. It also assures that it should be prepared in such a way the sufficient funds are kept for those things that are important to be done. The company shall follows the budget prepared or the plans prepared for its spending so that the burden of debt cam be reduced or will not be created (Sarkisyan 2018).

2. Different type of budget-

Capital budget- These are prepared with the aim to focus on the investment strategy. They are mainly prepared for the long tem which are being reviewed and updated on a regular basis. These type of budgets re prepared for the duration of more than 5 years and up to 10 years. These are based on the opportunities and the conditions in the market for the purpose of expansion.

Operating budget- the operating budget is prepared with the purpose that will aim towards the daily operations or running of the business which are of day to day nature. It usually covers the period of one year. They are prepared based on the estimation of market trend, sales, decisions on pricing, etc.

3. Alternate methods of budgeting-

1. Traditional historic budgeting- in this type of budgeting the historical information is used and it also considers the approach of incremental nature. The past data is considered by the managers and the prospects of growth and inflation is being adjusted to that data for the expected results. It uses two approach, top down and bottom up.

2. Zero based budgeting- this budgeting justifies those expenditure that are above the zero base and the estimation of cost is being done at various output levels. This means that the all kinds of expenditure are being justified instead of only additional ones (Gooneratne, Hoque 2016).

3. Priority based budgeting- this budgeting is used for the listing of resource based on their priority from high to low, hence they are also known as decision packages. In this type of budgeting the activities are evaluated every time when the budget is being set.

Behavioural implication of budget-

1. Dysfunctional behaviour- budgets can bring positivity when the goals of the managers or the divisions are in conformity with that of organisation (Bredmar, et.al 2014).

2. Undue pressure created by budget- the budgets are prepared for the controlling and coordinating all the activities directly. But they should not create a pressure on the mangers and the subordinate. For which the budgets shall neither be too high nor too low.

3. Budgetary slack- this means that the expenses and the revenues shall nor not be overestimated or underestimated respectively. As this improper projection and the realistic figures creates the difference which is known to be budgetary slack.

Advantages and disadvantages of various planning tools-

1. Zero based budgeting-

Advantages	Disadvantages
It relooks all the items that are involved in the presentation of budget to have a clear picture of costs (Bredmar, et.al 2014). It enables the resources to be allocated efficiently as it aims at the actual figures rather than historical ones	It is a very time taking activity in comparison to that of incremental one. It needs a lot of human resource, as preparation from scratch needs lot of resources and time.

2. Cost volume profit Analysis-

Advantages	Disadvantages
It helps in better planning and pricing as well by estimation of spending to be made in future by use of BEP point. The preparation of budget helps in the estimation of the sales volume that helps in achieving the targets of profit.	It works on the assumption of constant sales and the demand to change with time. It also works on the assumption of all costs to be fixed where as they change with the production.

3. Advantages	Disadvantages
   It is the simplest approach of budgeting which uses the current budget for predicting the future needs. It provides the stability and reliability as past information is used for future prediction	In leaves no space for the innovative growth and ideas as the past data is used for the future as well. It does not account for changes and the factors of external nature.

   Incremental budgeting

Pricing-

1. Pricing strategies-

These pricing strategies are used for determination of prices by the organisation which are based on conditions of market, margins, costs, payment capacity and the customer needs and taste as per competitors, etc. the various pricing policies are the penetration, skimming, premium, economy, etc. these are used according the objectives of pricing decided by the business.

Advantages	Disadvantages
This helps in enhancing the sales by finalising the ideal price that the consumer is willing to pay. The demand pricing let the management to optimise the price of the product	The management finalises by its costs incurred and not by the needs of customer. Demand pricing can also result in losses as the cost incurred and willingness of customer is not considered.

2. Determination of price by competitors-

The competitors determine their prices of services and gods by looking at the competition in the market. The prices are set according to the level of competition which can be above the level, below the level or at the level of competition. For the level above extra add-ons are needed to be created for which the extra quality can be a good option. For below the loss bearing will be the possibility to be loss leader strategy. For at the level, the differentiation is necessary to exist in the market (Feurer, et.al 2019).

3. Supply demand consideration-

The supply and the price hold the inverse relationship when demand is constant. If supply rises prices decreases to equilibrium price to be low, demands being constant and vice versa if supply falls. Similarly in case of demand, when it increases it results in the equilibrium price to be high where supply remains constant. The vice versa happens in case when demand decreases.

Common costing system-

1. Types of costing system-

1. Actual costing: this costing is used by for the purpose of recording the cost of product based on given factors such as the actual materials, actual labour, and the actual overheads which are then allocated the quantity that is being actually produced.

2. Normal costing: it is used for deriving the costs on the product, for which the actual data of cost is being used that actually incurred. It considers the standard overhead rates instead of actual rates.

3. Standard costing: it is similar to normal costing except the manufacturing overhead rate, which in case of standard costing involves the usage of predetermined cost or the budgeted costs.

2. Difference in cost system due to change in activity-

The different cost activity also changes the system of costing involved.

• In case of job costing it is used for completing the orders of the customers where each unit is treated as different job. In this job order costing is used. It is used for small production also and the product is unique.

• In case of batch costing the similar and identical units are considered in a batch to be produced and each batch cost is considered for determining the cost per unit where each batch is different. It defines the article or cost per unit (Wilson, Wolak 2016).

• Process costing is considered for the goods that are standardised. Cost accounting is used for process costing. It is majorly used when the size of production is large. The costing is done on aggregate basis in process costing.

• Contract costing is used in case of a particular contract of the customers. It used the overhead allocation for determination of cost. Operating cost cam be used in contract costing.

Strategic planning-

Balance score card-

This parameter that considers not only the financial success of the company rather also considers the satisfaction level of the customers and the capability of the company in meeting the goals that are strategic in nature (Bredmar,et.al 2014). It considers the various factors that prove to be very beneficial for the organisation such as innovations in the product, controlling the equality of the product, and the capability of the technology. The main purpose for this approach is that all the above measures shall be incorporated in a particular and combined system instead of going for each other separately.

SWOT-

It is one of the strategic ways that are used by the organisation for analysing the financial performance of the company. It identifies the strengths, weaknesses, opportunities and threats of an organisation which help in achieving the financial success. This tool is used for the decision making process at the initial level and also to understand the strategic position of the company. It also helps in achieving the goals based on the competitive advantage and the various favourable and unfavourable factors.

PEST-

This method is being used where the organisation has a major effect due to the external factors that are taking place. It stands for political, economic, social and the technological (Bredmar, et.al 2014). As the name stands these are the external factors that affect the organisation. This technique is to be used when these factors let the organisation influence its operations thereby by becoming more competitive in the market.

Conclusion-

This report is being prepared considering various types of budgets the benefits that they have. In this report various types of budgets and their implications have also been discussed. The various budgeting techniques with their advantages and disadvantages have been considered. It also includes the pricing, it determination and consideration.

LO4-

Introduction-

In the report below the discussion is about the companies that exists have to face various issues whole running the business. These organisation have to deal with various problems of different nature while running the business. The two manufacturing companies have been chosen for the analysis below. The chosen companies are the manufacturer of clothing. These will be analysed based on various factors between them and how they dealt with the same through the use of MA and its various techniques.

Comparison in two chosen companies-

The chosen companies are the continental clothing company and Aytans manufacturing company.

Basis	Continental clothing co.	Aytans manufacturing co.
Benchmarking Budgetary targets Variance analysis	The company has set the standard by creating the tolerance measure for the clothes for maintain their quality. The company has set up the targets through various budgets which will help the company in initial warning regard to deficiencies if any. This tool helps the company in analysing its data in terms of both monetary and nonmonetary aspects which is then considered by the organisation for measurement and keeping the track of its performance and to take the measures of improvement (Hutahayan 2020).	The company has set up the standards to conduct the tests on various criteria’s on site for inspection of garments before shipment (Hutahayan 2020). The techniques of budgetary control will help the organisation when compiled with the financial statement for better analysis and for the performance measures accordingly. The variance analysis is being used by the organisation for the determining the various types of reasons and the factors to track the low performance. It also determines the areas where the issue is being created along with the performance of employees and takes the measures accordingly.

Financial governance-

The term financial governance is referred to as the collection, management, monitoring, and controlling the financial information. This comprises of the way the financial transactions are being tracked by the organisation, management of performance, controlling the data, its operations and the disclosing all the above.

The good financial governance ensures that the data is correct and the management is preparing their reports, data, and budgets correctly according to the standards. As this produces the reports and disclosures according to the regulations such as IFRS and GAAP. Proper information and recording helps in correct decision making and provide proper directions to the organisation. It helps the organisation for faster assessing the risk in an organisation.

Financial governance for monitoring strategy-

This is used for monitoring the strategy because it keeps the data up to date as per the compliance and regulations (VON METTENHEIM 2013). And also keep all the information in a centralised manner. The automation of financial data and the controls helps in the updating the strategy as well. The strategies are also made taking care of the risk factors and their assessment. Since it also considers the audits both internal and external hence the strategy formed also includes related measures of audit.

Hence all these measures keep the monitoring the strategy to be at mark and to be updated.

Management accounting can lead organisations to sustainable success.

Inventory management system- this has helped the management with the monitoring and evaluation of the inventory that is available in the store house or the warehouse. This will also assist the management in proper valuation of stock and to maintain the final accounts accordingly.

Cost accounting system- in this system the organisation needs to solve the financial problem through this. The organisation can determine per unit cost in case of the goods being produced and also make their allocation to the respective product. It considers all kind of cost that are being incurred directly to the product such as material, labour, etc. (Wnuk-Pel 2016).

Price optimisation system- this technique is used for the calculation and examination of these level of turnover that being varied based on the needs of the persons. This reduced the inefficiencies in all aspects of an organisation.

Evaluation of planning tools for management accounting in financial problems-

1. Fund flow analysis-

This tool is being used by the organisation for determining the movement in the flow of cash from one specified period to the other. This also defines that the funds are being used correctly and efficiently in an organisation (Wnuk-Pel 2016).

2. Marginal costing-

The marginal costing is being used for the purpose of fixing the price of the goods being sold. It helps in the making the most use of the resources, material and also to take the decisions regarding buy or making the product which helps in dealing with the financial issues of company.

3. Ratio analysis-

This tool is being used for the purpose to plan, coordinate, forecast and to control for having effectiveness in the operation of the business. It considers all types of targets whether they are monetary or physical this determines the financial issues of the organisation so that measures can be taken (Hutahayan 2020).

Management accounting skills set-

• His skills shall help the managers, board and the owners to take proper decisions on the information provided by him.

• He should analyse the data, perform proper forecasting, measures the performance and present in an understandable form for measures to be taken.

• His skills shall include that he has interest in the business and the production process.

The above skills will help him perform his task properly and let him deal with the issues and problems efficiently.

Conclusion-

This report details put the various measures, tools, techniques that an organisation uses for having sustainable success and for the overcoming the financial issues they may face in operating the business. This report also compares the two companies based on various criteria’s and the way they deal with their issues through planning tools.

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