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Unit 5 Management Accounting Assignment Help - H/508/0489

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Unit Number and Name: Unit 5 Management Accounting

Unit Code: H/508/0489

Level: Level 4

Unit Learning Outcomes: LO1 Demonstrate an understanding of management accounting systems. LO2 Apply a range of management accounting techniques. LO3 Explain the use of planning tools used in management accounting. LO4 Compare ways in which organisations could use management accounting to respond to financial problems.

LO1 Demonstrate an understanding of management accounting systems. Scenario: Assume you are a Management Accountant at Dell. The business has a number of different initiatives. At present it has several issues that need to be addressed and you have been tasked to examine some of these matters. Following a recruitment campaign a number of new trainees have been appointed and are to take part in a short induction course. Your line manager has asked you to design a Training Manual to introduce the new trainees to the business and to its various procedures. The induction course will concentrate on a number of key issues within the organization.

Some of the tasks within this assessment will require you to focus on preparing suitable materials to assist trainees on the induction course. This will form the contents of the Training Manual as mentioned above that you are called upon to prepare.

Note: Please answer all the following P's, M's and D's.

P1. Explain management accounting and give the essential requirements of different types of management accounting systems. Guideline: • What is Management Accounting? • How Does Management Accounting differ from Financial Accounting? • Who are the primary users of Management Accounting information? • What is a Management Accounting System? • Principles of Management Accounting The most basic types of Management Accounting Systems are: • Cost Accounting System • Inventory Management System • Job-Costing System • Price-Optimization System

M1. Evaluate the benefits of management accounting systems and their application within an organizational context. Guideline: Evaluate the benefits of management accounting systems like reducing expenses, improving cash flow, improving business decision making process, and increasing financial returns etc. Furthermore, illustrate application of these benefits to an organization.

P2. Explain different methods used for management accounting reporting. Guideline: Types of Management Accounting Reports: • Budget Report • An operating budget • Accounts Receivable Aging • Job Cost Reports • Inventory and Manufacturing • Profit & Loss Statement

D1. Critically evaluate how management accounting systems and management accounting reporting is integrated within organisational processes.

P2. An explanation of the methods used for management accounting reporting (p2)

Westfield company produces and sells only washing machines. The company uses variable costing for internal reporting and absorption costing for external reporting. The data for the year 2010 is given below:

Direct materials £150/unit Direct labour £45/unit variable manufacturing overhead £25/unit Fixed manufacturing overhead £160,000 per year Fixed marketing and administrative expenses £110,000 per year Variable marketing and administrative expenses £15/unit sold Company produced and sold 8,000 machines during the year 2010.

P3 Calculate unit product cost under variable costing and absorption costing.

M2 Accurately apply a range of management accounting techniques and produce appropriate financial reporting documents.

D2 . Produce financial reports that accurately apply and interpret data for complex business activities.

LO2 Apply a range of management accounting techniques

Scenario: It is mentioned in the vocational scenario that Dell is able to maintain the lowest level of inventory in the industry compared to its competitors. Keeping in view the fact that inventory levels have a direct impact on profitability under various types of costing systems, your line manager has provided you with an Income Statement for Dell computed on the basis of Absorption Costing and wants you to prepare a Financial Report that is capable of interpreting data for a range of business activities carried out by Dell.

P3. Calculate costs per unit under both absorption costing and marginal costing and prepare an Income Statement under Marginal Costing and Absorption Costing.

M2. Accurately apply a range of management accounting techniquesand produce appropriate financial reporting document. Guidelines: Use the results obtained in P3 above to produce an Income Statement using the management accounting technique of Marginal Costing.

D2. Produce a Financial Report that accurately applies and interprets data for a range of business activities carried out at Dell

Guideline (Task-2) • Prepare a Financial Report using • Absorption Costing and Marginal Costing • Reconcile the difference between the net profits • Relate it to inventory

LO3 Explain the use of planning tools used in management accounting

P4. Explain the advantages and disadvantages of different types of planning tools used for budgetary control.

M3. Analyse the use of different planning tools and their application for preparing and forecasting budgets in the context of Dell or any other organization of your choice.

D3. Evaluate how planning tools respond appropriately to solving problems in the context of Dell , leading to sustainable business development.

LO4 Compare ways in which organisations could use management accounting to respond to financial problems

Scenario: Refer to an extract from the vocational scenario given below

Jon Rhymes, EMEA Service Business Development Finance Director, has responsibility for large, complex bids within the region. He and his team of business development ‘prices' work closely with bid teams and sales colleagues to help construct deals. Rhymes joined Dell from UBS six years ago. At the time, clarity on deals, win rates and profitability was lacking or inconsistent. "We did not have a clear view of our pipeline of opportunities. We did not have a view of what deals we had sold, from a budgetary perspective, and we did not have a view of deal P&Ls, i.e. which deals were making money and how they were being tracked." Rhymes' team now works with Dell's consulting and managed services organization on the financial aspects of high-value deals. The Senior Management is now interested in carrying out a competitor analysis and wants you to present a Report.

P5. Compare Dell with one of the two Lenovo or HP (or use any two organizations of your choice) in order to evaluate how organizations are adapting management accounting systems to respond to financial problems such as lack of view of what deals had been sold from a budgetary perspective as given in the case scenario

M4 . Analyse how, in responding to financial problems, management accounting can lead an organization such as Dell to sustainable success

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Introduction

The report has significantly entailed the management accounting process of the company Dell, which has ensured an effective financial performance in the financial years to make proper business progression. The report has highlighted the discussion about different accounting systems that has been judged for deriving the particular assessment regarding efficient performance of the company. Different purpose of management accounting reporting has been highlighted and proper aspects of utilizing these significance has been discussed within the report.

P1: Explanation of management accounting and essential requirements of management accounting systems

Management Accounting refers to the accounting processes that include the combination of the financial and non-financial statements with the objective of providing effective decision-making opportunities for the organization. Financial managers are able to make use of accounting information for taking controlled decisions. Management accounting plays an important role in management decision making, planning and performance management systems and integrated financial reporting. Dell, currently is facing severe issues for which the immediate need for effective decision making has been felt. Management accounting is the yardstick for offering a detailed outline about the profit percentages, product lines and customer bases.

Dell Inc. now is attempting to use advanced management accounting for improved decision-making purposes. Management accounting provides a detailed picture of profits figures, customer bases, products & services; financial accounting helps in reporting & addressing the absolute result of the business. Financial accounting portrays a clear picture of the profitability position of the business and management accounting ends up finding out the key causes of managerial problems (Chenhall, & Moers, 2015). Financial accounting helps in preparing financial statements and managerial accounting will enable Dell Inc. to focus upon the operational reports that are allocated within the organization only. Dell Inc. so far had to comply with several accounting standards, but with the improvisation of managerial accounting, the management need not need comply with any of the accounting standards if the information is used for internal control and accounting purposes. 

As small & medium scale entrepreneurs usually come up unlimited accounting issues in their daily life, management accounting is a useful tool that uses accounting information from the operations for producing an idea about the business performance. Via management accounting, Dell Inc. will be able to easily determine the quantity of laptops sold out. The accountant can easily determine the related costs among the advertisements overlooking the common costs. Through the implementation of management accounting techniques, Dell Inc. would be able to determine the activities for developing such product lines in all over the world (Cooper, et al., 2017). Management accounting offers information about manufacturing and helps in preparing budgets for continuous improvement of the managerial practices.

The widely used management accounting techniques are cost accounting; inventory management accounting and job costing systems. Application of cost accounting technique will enable Dell Inc in recording, analysing, summarizing, allocating and categorizing all the actions for controlling the total managerial & operational costs. Inventory management techniques play an important role for computer multinational companies like as Dell Inc. as the former will enable the managerial accountant in knowing the time of restocking the inventory, exact manufacturing volume etc. Inventory management therefore involves the process of storage and restocking the organizations' inventory so as to increase the overall sales volume. Another most widely used technique is job costing and the same is another type of management accounting technique mostly used in manufacturing units of computer related products as the accountant can easily look upon the exact cost for each and every job. As Dell Inc. manufactures personal computers, laptops, network storage devices and servers, application of job costing will enable the accountant in assessing the costs for all the discrete batches, by allocating the overhead costs separately.

P2: Different methods used in management accounting reporting

Implementation of management accounting processes at Dell Inc. will enable the accountants in representing the managerial accounting information in an operative manner so that the organization is able to take strategic decisions for the smooth transition of the business. With the application of the management accounting processes at Dell Inc. the profitable operations of the management are easily visible before the stakeholders. There are different types of management accounting reports - financial statements, accounts receivable report, job cost reports and stock & manufacturing reports.

1. Preparation of the Budgetary reports will enable Dell Inc. to evaluate the current performance with the budgeted performance. Budgets are prepared based on the actual expenditures as compared to the earlier performance (Klychova, et al., 2014).

2. With the preparation of account receivable aging report , the financial managers at Dell Inc. will be able to keep an eye upon the cash inflows and cash outflows and accordingly can plan out for increasing he credit lines for the customers. Dell Inc's collection issues can be easily assessed.

3. Job Cost reports will allow Dell Inc.'s management to have a systematic review of the total expenditures for the specific projects. The overhead costs incurred for production processes for laptops and network storage devices as compared to profitability reports.

The benefits of applying management accounting at Dell Inc. can be summarized as follows:

1. Management accounting system improves the overall efficacy of the computer technology company for performing its key operations.

2. Since management accounting technique involves budgetary control, the same helps in budgetary control processes. Through this process, the business will be able to curtain the overall expenditures from the operational activities and investing activities

3. Management accounting helps in taking managerial decisions as the same provides easy reports of the financial statements and there is a clear & distinct scope for the stakeholders to assess the solvency position of the business (Klychova, et al., 2015).

4. Through the application of the management accounting at Dell Inc. the management can work easily with the IT department as well as ensure budgetary actions. This ensures cost transparency within the business.

Dell Inc. the leading American multinational company producing computer technology products will face different opportunities by applying the integrated solution ofmanagement accounting as an integral accounting technique as summarized below:

• Management accounting helps the accounting managers in identifying and monitoring the environmental and social trends of using mobile phone chargers that definitely creates value over time.
• Through the application of the management accounting techniques, Dell Inc. can develop new KPIs and can evenly sustain overtime by overcoming the managerial issues
• Management accounting system will help in integrating the business operations with the scenario planning of the company's resources and accordingly helps in lifecycle costing (Lopez-Valeiras, et al., 2015)
• Dell Inc. will be able to make budgetary decisions, pricing decisions, investment appraisals, and strategic decision making.
• Management accounting will help to integrate the cost management systems as the cost of inputs and accordingly will value for the production processes
• The quality related costs are monitored through management accounting and thus leverages the operational functions

P3: Calculation of the cost per unit under absorption costing and marginal costing

In this section, the derivatives of the financial activities are revealed so as to understand the financial performance achieved from the business operations.

Marginal Costing

Absorption Costing

It can be said that the budget prepared on the basis of the overall value provided for the company Dell has sufficed that the business operations entailed are highly successful and can generate successful operation in determining the success. It has been revealed that the sales made by the company has been targeted to be higher enough for compensating the values attributed towards the overall profit that will generate higher sustenance in the business in the long run. Therefore, the consequences determines the abilities of forecasting which ensures that the company will acquire higher profit percentage after covering cost associated regarding the purchase of production of finished goods for the firm. In view of that, the company can easily predetermine the objectives of making excess sales by which higher reserves will be maintained as per the demand in the industry.

P4: Explanation of the advantages and disadvantages of different planning tools used for budgetary control

A budget usually estimates the future results of a business along with the financial position of a company for one or more financial year. Budgets are usually prepared for future planning purposes, performance measurement needs, rolling out of new products and services and controlling processes. A budget usually enables the business in estimating the time-to-time financing needs. Organizations that are already using budgets review their budgets for keeping close eye upon the reality and they are able to assess the causes of variances in the actual results as planned before. The advantages of budgetary control on Dell Inc. can be summarized as below:

1. Budget primarily helps the entity to move its focus from its short-term goals towards long term objectives.

2. Budget will help the financial managers at Dell Inc. to think about the competitive position and the solvency position along with the corrective measures to remove all variances (Otley, 2016)

3. The preparation of a structured flexible budget will help in pointing out the key monetary aspects by assessing the overall productivity of the firm. Budget will help the company to decide whether it shall end up at shut-down point or must expand its operations

4. Overall performance of the Dell Group can be assessed through the budgets

5. The operational overhead costs incurred by Dell Inc so long can be ascertained which however makes the company to stay financially sound in decision making processes.

6. Budgets will produce a clear idea of the total amount cash inflows and outflows into the business (Quattrone, 2016).

7. The total overhead costs are evenly allocated among all the departments through the budgetary control.

A budget has a number of discrepancies irrespective of the above advantages and the same are summarized as below:

1. Budgets are bureaucratic in nature

2. Often budgets can pursue an intimidating nature and the accountable managers need to enforce control over the total manpower for alternating the absolute chances of intimidation

3. Since budgets are made up of a set of hypothetical assumptions that is totally different from the reality, that can cause discrepancy in assessing the operational efficiency of the company.

Budgetary reports are prepared for executing an assessment of the actual results with the anticipated results in the future years. The budget preparation process shall be regimented so that the same is used in the next financial year. The various planning tools that are involved in the budgetary control procedure are described below:

I. Marginal cost pricing: Once the actual cost-price volumes are accomplished within the company, the management is able to adopt marginal cost pricing method.

II. Competitive pricing: Decisions taken based on competitive pricing within the organization will enable Dell Inc.  to understand the existing competitive prices of the key competitors, like as HP, Lenovo etc. in the market and they can constantly survey the market prices (Soltani, et al., 2014).

III. Cost plus pricing: Computer technology MNCs like as Dell Inc that are able to set up prices can avail cost-plus pricing as the cost of service rendered is computed upon the excess amount for generating additional amount of contribution to the company's reserves.

IV. Activity Based Costing: ABC is basically applied in any manufacturing firm where with increase in the technological growth, the ultimate productivity has reduced the relative proportion of the direct costs of the company, while the indirect expenses are still on a higher side.

V. Standard costing: Standard costs are the estimated costs and are developed from the historical data derived. As budgets are prepared by executing an assessment of the actual performances with the planned performance, the accounting manager always takes into account the standard costs and the actual costs for doing a manufacturing job to highlight the causes of variances.

A budgetary plan is therefore a complete financial plan that is decided by the existing accountable managers at Dell Inc for accomplishing the functional and operational objectives. It is basically considered as a yardstick for strategic planning process within any business. It validates the direction & harmonisation of exercises between different divisions while adjusting the respective exercises to the master plan - the organization's core plan. It gives a scope to improve the managerial responsibilities through the planning procedures involved & through leadership obligations and accordingly regulates the administration's duty. With a strong managerial plan, all the accountable managers at Dell Inc. will be working towards a similar objective. Again, budgetary control procedures improve the planning of performance appraisals - giving a typical construct to exchange information with respect to how well the managers met his objectives and giving an argument concerning why actual outcomes varied from the budgetary plans. It energizes all departments inside the business to end up more proficient, which moves up to a more noteworthy effectiveness far reaching. Engagement in the planning procedure is an essential piece of every multinational computer technology companies alike Dell Inc.

P5: Ways in which organisations could use management accounting to respond to financial problems

Today's organizations are continuously adapting with the competitive environment and management accounting techniques help the companies in responding as well as solving the financial problems. Dell Inc. tries to focus upon the financial gains through applying management accounting technique. Management accounting is used as a benchmarking tool for pointing out the key financial areas where the company is ahead and accordingly can help the financial managers to improve the overall standard of the operational practices at Dell Inc. Management accounting is the source for streamlining internal benchmarking. Financial performance measurement is often considered as the critical success factor for large MNCs like as Dell Inc and therefore shall be managed effectively (Wagenhofer, 2016). Through the improvisation of the management accounting techniques at Dell Inc., the management can find a sound monitoring facility for the financial performance as compared to its other competitors like as Lenovo or HP. Management accounting techniques are sound systems enduring in financial governance in computer software companies like as Dell Inc.

Another major technique applied at Dell Inc. is Balanced Scorecard, which is an illustrative model for financial performance evaluation, and these play a succinct role in improving the overall performance and sustainability of the organization. Management accounting software may provide Dell Inc. with a better scope for improved financial decision making (regarding how much capital to invest, how much profit to plough back into the business etc.). The financial managers and accountants can easily view the profitability position before the creditors so as to extend their credit limits and this will foster the organizational growth of the business (Otley, 2016). Since, profit percentage, market share, economic value added, EBIT, depreciation, ROC, ROE etc. are the key factors affecting the financial performance, profit seeking concerns like as Dell Inc. endorse management accounting techniques to overcome the conventional short term financial issues that currently is faced by Dell Inc. Therefore, Dell Inc. will be able to generate sustainable financial information by the use of financial statements for effective operational practices as compared to the key international competitors like as Lenovo or HP.

Thus, management accounting system improves the overall efficacy of the computer technology company for performing its key operations. Since management accounting technique involves budgetary control, the same helps in budgetary control processes. Through this process, the business will be able to curtain the overall expenditures from the operational activities and investing activities.

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Unit 5 Accounting Management Assignment

Introduction

Management accounting assignment is held responsible for managing the organisational activities as well as their funds in effective manner. To manage their activities they prepare different policies. BRUNEI Co. follows the budgeting process to manage their liquid funds that helps in balancing their cash flows. Different budgeting methods will be discussed and utilised. They will make their performance evaluation with the use of variance analysis.

A. Explain why organisations use budgeting (LO 1.1; 1.2)

• Budgeting: It is the process of allocating the available resources in effective manner for the purpose of optimum utilisation. It also make inclusion of forecasting related to income and expenditure. There are various benefits due to which organisation follow the budgeting process such as:
• Manage cash flows: It helps in effective forecasting that helps in estimating requirement of funds and also estimate the expenses ratio. With the use of this estimation information they make adequate level of balance in their cash flows (inflows and outflows) (Ya & A, 2012).
• Decision making: With the help of the estimating they gather effective set of information that get utilised for decision making process. With the use of this information they took decisions related to the use of available finance as well as made expenses accordingly.
• Setting benchmark: With the use of budget results they set the effective benchmark for their department. By following these benchmarks they control their mismanagement of available resources (Ya & A, 2012).
• Evaluate performance: It also get utilised for the purpose of making evaluation of their performance. In order or make performance evaluation they compare their actual outcomes with their budgeted outcomes. With the help of attained variances the evaluate their performance as they attain favourable results or adverse results.
• Allocate resources properly: Budgeting process renders adequate requirement of the resources that helps in allocated resources properly. On the basis of the requirement they allocate and utilise their available resources in order to get desired outcomes.
• Proper communication:  Management make effective communication with the use of the prepare budget in order to process the activities accordingly. They set effective benchmark for the purpose of processing and executing their activities in effective manner (Anessi-Pessina, et. al., 2016).

B. Explain the administrative procedures used in the budgeting process. (LO 1.1; 1.2)

The administrative procedures having three steps process that get utilised in budgeting process. Below three steps get discussed such as:

• Appoint budget officer: Budget officer is such authorised body that put adequate level of control over budgeting process. He/she can be elected preferentially or from the members of their budget committee. He plays a channel role or mediator among the budget committee and managers & employees. They effectively deal with the problems or issues raised so that they make effective changes in their budget well before time. He is responsible for making effective communication in context to budget.
• Budget committee: It is a team of authorised persons that engaged into supervision of budgeting process. Member form every department get included in budget and these get selected on the basis of their designations and experiences. They also get termed as coordinator. They effectively measure the organisational performance by conducting variance analysis and if they get adverse results they search reasons for it. They also engage into approving budgets and after this they send it to management accounting department for the preparation of "Budget Manual" (Anessi-Pessina, et. al., 2016).
• Prepare budget manual: It is such document that explain the prepared budget in a documented form. It make inclusion of all the details related to different division and processes. It shows the deadlines for attaining the desired results and departments follow them in effective manner. It also make segregation of the liabilities among the authorised personals after which they attain responsibility to make communication related to the budget among their employees and make them motivated so that they attain it effectively (Anessi-Pessina, et. al., 2016).

C. Describe the stages in the budgeting process (including sources of relevant data, planning and agreeing draft budgets and purpose of forecasts and how they link to budgeting). (LO 1.1; 1.2)

Budgeting process is denoted as strategic management tool and it get utilised for forecasting and decision making. Below are the stages involved in budgeting process such as:

• Follow organisation structure: It make inclusion of the goals and objectives, vision and missions of the organisation.
• Forecast revenue and expenditure: Make forecasting in context to revenue and expenditure. For this purpose make use of adequate sources.
• Budgeting technique: Make use of optimum budgeting technique such as zero based or incremental or any other. Their management utilise best suitable technique.
• Allocate the resources: It is necessary to allocate the resources in adequate manner as it results into proper utilisation of resources.
• Follow government policies: Management need to follow all the implied policies in order to make the budget most effective and efficient (Morozov, 2013).
• Budget approval: It is 2nd step where prepared budget need to be approved from the budget committee. Budget committee is such authorised body that approve the budget prepared by their management. The make effective analysis and if it is not prepared accordingly they must reject it. They make effective alternations or amendments before approving prepared budgets.
• Budget execution: It is the 3rd step where approved budget get executed in effective manner. Budget manual is required for the purpose of making effective communication among different department. Effective changes are made in the approved budget also with any change in their market (Morozov, 2013).
• Budget evaluation: It is the last and final step of budgeting process where worthiness of prepared budget get evaluated. It can be termed as audit of the budget where variances get calculated. If the variances are favourable then it can be termed as successful budget otherwise different reasons get measured. Benchmark or standards get set in order to make adequate use of their budgets (Morozov, 2013).

a) Explain and illustrate with examples classifications used in the analysis of the product/service costs including by function, direct and indirect. Fixed and variable, stepped fixed and semi variable costs. (LO 2.1)

• Function cost: It is such part of cost that get segregated as per the requirement of the activity. It also denoted as activity based cost.
• Direct and indirect: The cost that have direct relation with the product and its absence impact its profitability directly. Cost of material is production process having direct relation. The cost that have indirect relation with the product and its absence is having indirect impact over its profitability. Depreciation over machinery having indirect relation in production process (Brook, 2012).
• Fixed and variable: The cost which remain same from the starting point to the end point termed as fixed cost. Rent is best suitable example.. The cost that keep on varying with the change in activity is denoted as variable cost. Material cost is best suitable example.
• Stepped fixed: The cost which is fixed for a group but it is variable for different cost. Maintenance cost is best suitable example (Brook, 2012).
• Semi variable: The cost which is fixed from starting to an extent after which it become variable. Electricity bill is best suitable example (Brook, 2012).

b)Calculate the fixed and Variable cost using the high low method and justify your reason of application. (LO 2.1)

Given data:

Formula: Variable cost per unit = Total cost (high cost - low cost) / Total units (High level unit - low level unit)

Per unit variable cost = (88,100 - 44,100) / (7,100 - 3,100)

= 44,000/4000 = £11 per unit (Liou, 2011)

Calculation of fixed and variable cost using high low method such as: -

At high level

At low level

Analysis:  In the above tables variable and fixed cost get calculated in order to segregate the semi-variable cost of organisation. Previous years costs as well as units get utilised for the purpose of making calculation with the use of high low method. In calculation high and low costs as well as units get utilised (Liou, 2011).

a. Demonstrate and discuss the effect of absorption and marginal costing on inventory valuation and profit determination. (LO2.1 & 2.2)

BRUNIE Co. follow two costing methods for making inventory evaluation and profit determination such as:

• Absorption costing: - This costing method emphasis over inclusion of all available costs whether it is variable (direct cost) or fixed cost (indirect cost) as well as all other overhead costs.
• Marginal costing: - This costing method emphasis over the inclusion of all variable costs but didn't make inclusion of fixed costs. Only direct cost is utilised for calculation (Srithongrung, 2010).

For inventory valuation and profit determination they make use of the marginal costing as they include all the variable costs for their calculation without inclusion of fixed cost as it is not incurred directly over the production of their product. It helps in focusing over the direct costs that has fluctuations on the other hand fixed cost having same nature during whole process. There is effective level of differentiation among the marginal costing and absorption costing for the purpose of profit determination such as: -

• High level of profits get extracted in absorption costing when there is increase in the inventory level.
• As per the marginal costing method organisation attain higher profits when their inventory level decreases.
• When inventory level remain fixed or didn't show any change it results into similar profit (Srithongrung, 2010).

b. Differentiate between Job costing, Batch costing, Process costing and Service costing. (LO2.2)

Differentiation shows in below table such as:

c. Prepare a profit and loss statement for each area, East and West, and in total, on an absorption costing basis.  (LO2.2 & 2.3)

Profit and loss account for area East and West such as:

Working notes: Cost apportionment

d. Prepare a profit and loss statement for West only, using marginal costing, showing the relevant information for each product and the total profit or loss in that area. (LO2.2 & 2.3)  

Profit and loss account for west only such as:

Working notes: Cost Apportionment

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a) Advise the BRUNEI CO. with supporting figures as to whether to cease production of A and D. (LO 2.4)

Calculation of contribution without A & D:

Calculation of contribution made by A & D:

Analysis:  BRUNEI Co. management propose to close down the production of Product A & D as it is considered that they lead to loss situation. As per the results of the profit calculation without inclusion of A & D results that Product B is yielding loss whereas Product E yields only minor profit. With the inclusion of Product A & D it is clearly observed that they are not attaining huge profits but they didn't attain loss and with the help their sales they easily meet out their expenditure and earn adequate level of profits for their business. Now it is suggested that they need not to close down the production of Product A & D (Libby & Lindsay, 2010).

b) Based on the above figures, calculate

(i) the contribution to sales ratio, based on the sales mix of the four products above. (lo 2.4).

Calculation is in below table such as:

(ii) The break-even point in £000.  (LO 2.4)

Breakeven point = Total fixed cost / contribution to sales ratio

Total fixed cost = 600

Contribution to sales ratio = 0.1957

= 600/0.1957 = 3,065.806

Breakeven point = £3,605.806 (Pollack, 2014)

(iii) The required sales in £000 to earn a profit of £200,000.  (LO 2.4)

Targeted sales = Total fixed cost + targeted profit/ contribution to sales ratio

Targeted profit = 200

= 600 +200/ 0.1957

= 800/0.1957= 4,087.742

Required sales = 4,087.742 (Pollack, 2014)

c) If labour is paid at a rate of £10 per hour and labour is restricted to 98,000 hours, state, with supporting figures, the combination of products (in £000) that would maximise profit for the period.  (LO 2.5) 

Product mix: -

d) If a further 8,000 hours become available, calculate the increase in profit that would arise. (LO 2.5)

If there is an extra 8,000 Hrs. available then the profit will arise by: -

8,000 hrs. * 0.71 = £5,714.29

Increase in profit is by £5,714.29 (Alino & Schneider, 2012)

a) Board of BRUNEI CO. Ltd wants you explain the differences between these budgeting methods and to advise which one will be more appropriate to which type of business (LO 3.1)

• Incremental:  The management of BRUNEI Co. make use of their previous year's information or figures for the purpose of preparing their budget for current year. In previous year budget they made effective changes on the basis of required improvements, current trend as well as changes in the market. These changes shows increment in their budget and with this effect budget get known as incremental budget (Kurunmäki & Miller, 2011).
• Zero based:  The management of BRUNEI Co. prepare the budget with the fresh figures no information related to their previous year get utilised. They are not allowed to make use of previous year's figures for preparing their current year budget. New organisation follows this method for preparing their budget (Kurunmäki & Miller, 2011).
• Fixed:  The management of BRUNEI Co. prepare budget report for one time and it get followed by them for a longer time period. There is no change is made into it and most of the time it provide rigidity among organisation.
• Flexible:  The management of BRUNEI Co. prepare budget in the starting of the year and make effective changes into it for the purpose of attain desired results from it. With the use of this method management as well as organisation attain high level of flexibility and helps in attaining desired benefits from it (Easterday & Eaton, 2012).

b) You are required to perform the below listed tasks help the board of BRUNEI CO. understands the cash flow and how they can be managed to improve efficiency within the Working Capital:

(i) calculate the amount of direct materials purchases in each of the month of july, august and september. (lo 3.2).

The amount of direct materials purchases in each of the month is as follows such as:

(ii) Prepare the cash budgets for July, August and September. (LO 3.1, 3.2 and 3.3)

Cash budget for the three months such as July, August and September is as follows such as:

(iii) Describe briefly the advantages of preparing cash budgets. (LO 3.1, 3.2 and 3.3)

The advantages of preparing cash budgets are as follows:

• Cash in hand get managed in effective manner.
• It build savings habit.
• Unnecessary expenses get minimised.
• Financial awareness get increased among management.
• The balance between cash inflows and cash outflows get managed in effective manner.
• It reduces the chances of getting out of liquid funds.
• It make the organisation's liquid position strong (M Peter 2010).

(iv) Assess and advise the Board for any changes which should be made to improve the cash flow variances. (LO 3.4)

• Analysis over the prepared cash budget:  As per the prepared budget it get analysed that there is effective level of increase among revenues and expenditure. But the difference is the rate of speed of increase in revenues is bit slower as compare to increase in expenditure. Management need to maintain the balance between the cash inflows as well as cash outflows. For this purpose they need to increase the level of their revenue earning capacity as well as slow down the increment of their expenditure. With the effect of it they become able to manage their cash (M Peter 2010).
• Recommendations to improvements such as:  Management need to lower down their prices but have to increase their product qualities to increase their sales.

They need to shorten the time period for their debt collection to increase the level of their revenues earned. There is requirement of enhancing their credit policy for the purpose of better cash inflows. They need to restrict the unnecessary spending that results into huge savings. In order to lower down the ratio of salaries and wages they need to hire skilled labour that helps in making effective savings (M Peter 2010).

(i) Prepare a flexed budget and calculate the total variances (LO 4.1, 4.4)

Flexed budget as well as calculation of total variances is in below table such as:

(ii) analyse each of the cost variances clearly identifying possible causes of these variances and recommend corrective action for the identified variances (LO 4.2, 4.3)

a. Materials

c. Variable overheads

d. Fixed overheads

e. Sales variance

e. Prepare a statement reconciling the budgeted profits to the actual profit

Reconciliation statement of the variances such as:

(iii) Report these findings to the board in accordance with identified responsibility centres. (LO 4.5)

To, The Board of Directors, BRUNEI Co. Subject: - Report on variances Date: - XX-XX-XXXX Sir/Madam, This report is represented in order to aware about the overall performance of the organisation. The results of variance analysis showcase that different requirements require adequate level of improvements. These variances get utilised for the effective decision making and for these variances different departmental managers are responsible such as:

Conclusion: Management of BRUNEI Co. need to emphasis over their performance enhancement. On the basis of calculated variances management need to put emphasis over improving the performance of the different department as per their variance level. Management need to focus over motivated their employees so that they perform their efficiently. From: Management Accountant (Pilleboue, et. al., 2015)

(a) Calculate, both in number of units sold and sales value, the (LO 5.1):

(i) Breakeven point

Breakeven point = Total Fixed cost / Contribution per unit

Total fixed cost = salaries & wages + rent & rates + other fixed costs

= £260,000 + £75,000 + £345,000

Total fixed cost = £680,000

Contribution per unit = Per unit selling price - Per unit buying price

Per unit selling price = £68

Per unit buying price = £53

Contribution per unit = £68 - £53 = £15

Breakeven point = £680,000/ £15 = 45,333.33 units

Breakeven point = Fixed cost/ PV ratio

Fixed cost = = £260,000 + £75,000 + £345,000 = £680,000

PV ratio = Per unit contribution / Selling price per unit * 100

= £15/ £68 * 100 = 22.06%

= £680,000 / 22.06%  = £3,082,502

Breakeven point = £3,082,502 (Simakov, et. al., 2015)

(ii) Margin of safety

Margin of safety = Total sales - breakeven point

Total sales = 56,000 * 68 = £3,808,000

Break-even point = £3,082,502

Margin of safety = £3,808,000 - £3,082,502 = £725,498

Margin of safety = £725,498 (Simakov, et. al., 2015)

(b) Calculate the shop’s profit or loss if 40,500 pairs of shoes were sold during a year. (LO 5.1)

In the below table calculation of profit or loss over sale of 40,500 pairs of shoes such as:

With the sales of the 40,500 pairs of shoes there will be  loss of £72,500 (Li, et. al., 2014)

(c) Calculate how many pairs of shoes would need to be sold if a sales commission of £2per pair of shoes was paid in addition to other costs and the owner required a net profit of £180,025. (LO 5.1)

Formulae of revised sales = Total fixed cost + desired profit / revised contribution

Fixed cost = £680,000

Desired profit = £180,025

Revised contribution = £15 - £2= £13/ unit

Revised sales = (£680,000 + £180,025) / £13 = 66,156 units.

In the below table above revised sales is tested whether it is correct or not such as:

The revised sales of 66,156 units results into attaining a additional profit of £180,025. (Li, et. al., 2014)

(d) Calculate how many pairs of shoes would need to be sold to breakeven if an advertising campaign costing £25,000 was undertaken while, at the same time, selling prices were increased by 10%. (LO 5.1 and 5.2)

There is increment in selling prices by 10% so new selling price is = £68 + (£68* 10%) = £74.8

New contribution = New selling prices - Buying prices

= £74.8 - £53 = £21.8

New fixed cost = £680,000 + £25,000 = £705,000

New breakeven point = (£705,000 / £21.8) = 32,340 units or 32,339.45 units

If there is increase in selling price by 10% and fixed cost get increased by £21.8 as advertising campaign then the new break-even point is 32,339.45 units (Li, et. al., 2014).

(e) Recommend and justified appropriate action to improve the financial performance of Indo Ltd in order to improve its profitability using the answers in part d. (LO 5.2)

The calculation made in the above sections helps in analysing that break-even point get decreased with the increase in the selling price. Earlier the breakeven point was 45,333.33 units that get reduced to 32,339.45 units by increasing the selling price by 10% only. By increasing selling price they recover their incurred cost at rapid pace. Breakeven point is at par situation in which organization didn't get losses nor earn profits. When the breakeven point is low then organisation having chance to earn high profits and vice-versa. So it recommended to increase their selling process along with adopt the marketing campaign (Li, et. al., 2014).

Get Complete Solution From Best Locus Assignment Experts.

It is concluded that BRUNEI Co. utilised different budgeting method to make adequate use of their available finance. They make cost classification in order to make best utilisation of their cost. They make different use of their prepared budget such as they evaluate performance, extract useful information in their decision making process and many more. They follow the prepared budget in order to process the activities systematically and as per their desired level. In the end they perform variance analysis for the purpose of evaluating their performance so that they make improvements in their processing.

Alino, N.U. & Schneider, G.P. 2012, "Conflict reduction in organization design: budgeting and accounting control systems", Academy of Strategic Management Journal, vol. 11, no. 1, pp. 1. Anessi-Pessina, E., Barbera, C., Sicilia, M. & Steccolini, I. 2016, "Public sector budgeting: a European review of accounting and public management journals", Accounting, Auditing & Accountability Journal, vol. 29, no. 3, pp. 491-519. Brook, D.A. 2012, "Budgeting for national security: a whole of government perspective", Journal of Public Budgeting, Accounting & Financial Management , vol. 24, no. 1, pp. 32. Butt, M. 2010, "Variance analysis", Accounting, Auditing & Accountability Journal, vol. 23, no. 6, pp. 816-816. Easterday, K.E. & Eaton, T.V. 2012, "Double (accounting) standards: a comparison of public and private sector defined benefit pension plans", Journal of Public Budgeting, Accounting & Financial Management, vol. 24, no. 2, pp. 278.

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Table of Contents

Unit 5 management accounting assignment.

This article is about a unit 5 management accounting assignment. The assignment is for unit 5 of a course. The article discusses the different aspects of the assignment and how to complete it.

How To Ace Your Unit 5 Management Accounting Assignment

The way you perform in your Management Accounting Assignment will have a major impact on how well you do in your Management Accounting class overall, and that’s why it’s important to make sure you put as much effort into this assignment as you can. But how exactly do you go about doing that? This article will provide all the answers to that question and more, including the best practices for conducting research online, using all of your resources, staying organized and on track, and giving yourself plenty of time to do this assignment justice.

1) Understand The requirements

The Unit 5 Management Accounting assignment will require you to do the following: 

• Study the information presented in Chapter 10 and complete the exercise at the end of Chapter 10 on pages 467-468. 
• Follow these steps: 
• a) Make a list of all fixed assets, including land, buildings, equipment, tools, and furniture; 
• b) Record depreciation expense for each year since acquisition;
• c) Calculate net book value for each asset by subtracting accumulated depreciation from original cost; d) Determine gross profit or loss for each year by subtracting sales revenue from cost of goods sold. 
• Complete the calculation of the return on investment (ROI). Write an equation that expresses ROI as a percentage and show your work with computations. If desired, use Microsoft Excel to calculate ROI using this equation. For simplicity’s sake, we’ll use Widget Inc., which is located in Canada.

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2) Create A Plan

The first step to acing your Unit 5 management accounting assignment is to get organized. Spend some time thinking about what you want to write, and then start collecting information. This will help you organize your thoughts. Next, write an outline of the points that you want to make in your paper. You can use this outline as a guide while writing the paper. Finally, review and edit your work before submitting it for grading.

3) Gather Your Data

Planning ahead will help you ace your Unit 5 Management Accounting Assignment . You’ll need to do the following: 

• Prepare by reading the assignment and doing any assigned readings before the class discussion session. 
• Attend class discussions and ask questions if needed so you understand what is expected of you for this assignment. 
• Study the material in advance to make sure you are prepared to discuss it in class. 
• Bring a copy of your work with you, so that we can review it during our time together (see due date). 
• Submit your work on time and double-check that it is correct before submitting it online or dropping off a hard copy of your assignment at my office or mailbox. 
• Always use current accounting standards when completing your Unit 5 Management Accounting Assignment. 
• Review past blog posts I have written about how to prepare for your Unit 5 Management Accounting Assignment, as well as how to present an oral presentation using PowerPoint slides. 
• Be aware of deadlines and honor them; always submit assignments early to avoid last-minute stress! 
• Review all materials before you start writing anything so that you know what’s required from the assignment 

10- Ensure that all information presented in your work meets required standards such as footnotes/endnotes, citations, etc 

11- Formatting – please use 12 point Times New Roman font size

4) Do The Calculations

To ace your Unit 5 Management Accounting Assignment you need to do a few things. First, you need to calculate the cost of goods sold by multiplying the cost per unit times the number of units sold. Then, subtract this amount from the company’s gross margin to find out what the company’s net profit or loss is for that product line. Next, you’ll want to calculate what percentage of total sales and then divide that result by 100 to determine what percentage of total sales are being made up from this product line. Finally, multiply this percentage by 100 to find out how much money is contributed towards total profits from this product line and then compare it with other product lines in order to judge which one is more profitable for your company.

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5) Write Your Report

Unit 5 Management Accounting Assignment deals with cost and management accounting. It’s a lot of reading, but there are some important takeaways. If you’re having trouble understanding the concepts or need help with your assignment, we’ve created a cheat sheet to help you out!

Today we’re going to break down Unit 5: Cost and Management Accounting for you. We’ll start by talking about what these terms mean and then talk about how they relate to one another. Next, we’ll talk about inventory valuation methods and the last thing we’ll do is explore some exercises for your assignment.

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What is Unit 5 Management Accounting?

Unit 5 is the last unit of your MBA. You will learn about budgeting, cost accumulation, and product costing. You will also have the assignment to complete during this unit. It is worth 75% of your final grade!

What are the responsibilities of a Unit 5 Manager?

A Unit 5 Manager is responsible for the day to day operations of a business and must be able to work with a variety of people. They are also responsible for overseeing financial records, making sure that the company’s budget is followed, and taking care of human resources issues.

What are the components of a Unit 5 budget?

A budget is a plan for how your company spends its money. When you create a budget, it helps you allocate the funds so that you can best reach your goals. If your business is organized and successful, then you’ll need to update your budget periodically. A Unit 5 management accounting assignment will guide you through the process of creating an effective budget with guidelines on what components to include.

UNIT 5 Management Accounting : Assignment

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Unit 5 Management Accounting

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Introduction

Management accounting field lays on analyzing business costs and operations on a periodical basis. It focuses on recording as well as evaluating data set and thereby prepares report which in turn contributes in the managerial decision making. Tools and techniques of management accounting provide high level of assistance in planning, controlling, monitoring and enhancing performance. In the current times, management accounting tools are widely used by the business unit for gaining competitive edge over others. The present report is based on the case scenario of Tech Ltd which manufacturers special chargers for mobile phones and other electronic gadgets. In this, report will describe requirements of management accounting system in the organizational context. Further, it will also shed light on the level to which managerial reports serve valuable information to the managers for decision making. Further, report also entails how absorption and marginal costing system helps in assessing cost and profit. In this, manner in which accounting techniques aid in planning and sustainable success will also be presented.

Task 1

A. defining management accounting and its essential requirement.

Management accounting is the process which includes wide range of activities such as identification, measurement, analysis, interpretation and communication of information. In the context of business unit, MA is highly significant as it provides accurate and timely information to the managers for short-term decision making. Management accounting systems may be served as a confidential reports related to the internal operations which in turn aid in business decisions and thereby overall growth. Tech Ltd can attain success by taking into account different types of management accounting systems.   

1. Difference between management and financial accounting

Both management and financial accounting is the main parts of finance but significant difference takes place between such two in the following manner:

2. Significance of management accounting information for the managers as a decision making tool

Management accounting implies for the process in relation to preparing accounts and reports which furnish statistical & timely information for decision making purpose. MA assists managers in taking both long as well as short term business decisions and thereby helps in meeting goals. MA contributes significantly in the organizational growth and assists in building competitive edge over other. In the context of Tech Ltd, significance of MA can be presented as a decision making tool in the following manner:

• Assists in future forecasting : MA helps company in making evaluation whether it should invest money in equipments or not. Further, it also provides deeper insight to the management team that strategy regarding diversification of operations will prove to be beneficial or not. Hence, MA field assists in making forecast about future trends and thereby decision making.
• Helps in taking make or buy decisions : Manufacturing companies also face issue in deciding whether they should produce product inside or make focus on outsourcing. Hence, using MA manager of Tech Ltd can take suitable decision regarding make or buy aspects.
• Facilitates cash flow forecasting : It enables manager to make proper forecast about future expenses and revenue streams. Hence, by undertaking MA business unit can make appropriate prediction about future cash position and thereby becomes able to develop strategic plan.
• Assists in understanding performance variances : Using MA, Tech ltd’s manager can assess and analyze causes take place behind deviations ( Management accounting and its importance , 2018). Hence, by understanding performance variances suitable strategies can be formulated for future improvements.
• Evaluation of rate of return : Manager of the company can analyze rate of return which in turn associated with the future investment opportunities. Further, using MA firm can determine when it will attain the position of no profit no loss.

3. Cost accounting system

This accounting system is usually used by the manufacturing firms for recording information about production related activities. Hence, Tech Ltd also comes under the category of manufacturing unit so it should focus on undertaking the system of cost accounting. By using such system, manager of Tech Ltd becomes able to track the flow of stock continually through the various stages of production. Further, using the system of cost accounting firm can make proper estimation about cost and do profit planning (Messner, 2016). Thus, from the perspective of cost assessment, profitability planning and stock valuation such system is highly significant.

4. Inventory or stock management system

In relation to Tech ltd, stock management system is vital for better management and functioning. Such system clearly entails the level of stock which business unit must have at any point of time. By undertaking inventory control methods such as just in time, economic order quantity etc firm can ensure uninterrupted functioning and thereby becomes able to exert control on cost such as holding & ordering (Fullerton, Kennedy and Widener, 2014). Along with this, inventory management system helps in tracking orders, sales level and deliveries. Thus, by employing inventory management system firm can achieve goals to a great extent.

5. Job costing system

Tech Ltd, a manufacturing business unit, can use job costing system for the purpose of effective management. Job costing system of MA focuses on collecting information about cost which is related to the specific production or service. In other words, by employing job costing system business unit can ascertain cost associated with specific production in terms of material, labour and overhead ( Job  costing , 2018). Hence, considering such system manager of Tech Ltd can take pricing decisions and track or monitor the level of expenses.

b. Presenting financial information 

1. different types of managerial accounting reports.

Managerial accounting reports include budget, job costing, accounts receivable aging and manufacturing framework. Such reports are prepared by the business owners for monitoring company’s performance and developing framework for future success. As per the requirements manager of Tech Ltd can prepare managerial reports for decision making purpose.

• Budget report : It contains information about departmental performance and helps in ascertaining whether goals are met or not. Hence, budget or performance report provides assistance to the manager in assessing the causes due to which deviations are occurred within the specified time frame. Referring the causes of deviations manager of Tech Ltd becomes able to take remedial measure for improvement. Further, using such report manager can set suitable goals for the near future or upcoming time period (Otley, 2016). However, on the critical note, it can be depicted that if firm fails to set suitable budgeted figures then it may result into high deviations and thereby leads inappropriate framework.
• Job costing report : This report communicates information regarding expenses related to specific projects. Job costing report helps in determining profitability by making comparison of expenses with estimated revenue. Such report is highly prominent in the context of Tech Ltd as it gives clear indication about profit earning areas and helps in improving areas before cost escalation.
• Accounts receivable aging report : By using such report Tech Ltd can manage its cash flows in the best possible way. Through undertaking accounts receivable report manager can assess or identify customers who are unable to pay their due balances. Accounts receivable reports provide deeper insight about the timeframe within which debtors are making payment. Thus, considering such report manager can take decision whether there is a need to tighten credit policies or not. In this way, such report helps in managing both cash flow and working capital.
• Inventory and manufacturing report : Tech Ltd can make its inventory process more efficient by using such report. Stock report provides information about inventory waste, hourly labour and per unit overhead cost (Perin and et.al., 2016). This in turn offers opportunity to the manager in doing comparison of different assembly lines and thereby helps in ascertaining best performing departments.

All the above depicted aspects show that managerial accounting reports help in tracking the performance of departments and taking actions for improvement.

2. Stating reasons why information must be presented in a understandable manner

Managerial reports can said to be significant when it contains characteristics of reliability, accuracy, comparability and understand-ability. There are several reasons due to which Tech Ltd should prepare report in an understandable manner such as:

• Considering managerial reports manager formulates strategies and policies
• Helps in taking decision about cost reduction and  profit planning
• Future planning is also based on managerial reports (Reome and Sinclair, 2017)

Hence, all the above depicted decisions are the based on managerial accounting reports. Thus, for the achievement of goals emphasis should be placed on preparing reports in an understandable manner.

Preparing income statement on the basis of absorption and marginal costing method

Absorption costing : This method implies for the one where all the manufacturing costs are absorbed by the number of units produced. On the basis of absorption costing method, cost of  finished stock include both fixed and variable expenses including material, labour as well as  overhead. Accounting standards also lay focus on using such full costing method while valuating inventory (Suomala, Lyly-Yrjänäinen and Lukka, 2014). Moreover, such method treats both fixed and variable expenses as product cost which can be recovered through selling prices.

Marginal costing : Under such method, variable cost is charged to the unit cost, whereas fixed cost completely written off in against to the contribution. Marginal costing method helps in assessing additional cost which is associated with the production of an extra unit of output. Such costing method classifies expenses in terms of fixed and variable. Further, by using this method manager of Tech Ltd can do stock valuation, determine price and ascertain profitability aspect.

Absorption costing

Computation of manufacturing cost per unit 

Marginal costing

Computation of variable cost per unit

Variable cost per unit: 5 + 8 + 2

                                    = £15

Reconciliation statement

The above depicted table shows that on the basis of absorption costing method Tech Ltd will incur the loss of £375. In accordance with the full costing method manufacturing cost implies for £20 respectively. On the other side, marginal costing method presents the loss of £2875 significantly. Hence, for the attainment of profit margin company is required to exert control on cost level. Further, it is recommended to Tech Ltd to make focus on undertaking absorption costing method because it presents suitable view of cost and profit margin by taking into account both fixed and variable expenses.

a. Presenting different kinds of budgets along with their benefits and drawbacks 

Budget may be served as a quantitative tool which contains information regarding income and expenses pertaining to the near future. By preparing budget manager can persuade personnel about the manner in which they need to spend money. Hence, there are several types of budget and budgeting tools which can be employed by Tech Ltd such as:

Fixed or static budgets : This implies for the financial framework which does not change as per the sales and other business activities. Hence, fixed budgets are not changed throughout the budget period (Tucker and Lowe, 2014).

Advantages:

• Helps in assessing business activities which are highly important.
• Provides high level of assistance in reducing cost and increasing profit margin
• Time saving exercise

Disadvantages:

• Fixed budgets do not help in tracking and monitoring expenses
• It avoids future pattern and fluctuations

Flexible budget : In the modern business environment, flexible budgeting framework is considered as high prominent over others. Moreover, in this, manager makes changes in the variable cost according to actual revenue.  Hence, in this, budget  varied according to sales revenue so it is considered as highly realistic.

• Gives input for budgetary control
• Facilitates change management and adaptation
• Enables manager to monitor expenses and thereby take measures for improvement
• Includes more complications
• Inappropriate information affects the accuracy and suitability of flexible budgeting framework

Zero based budgeting : ZBB is considered as highly effectual technique which in turn provides high level of assistance in setting appropriate financial framework. In this, manager starts with zero bases and evaluates every line of item related to revenue and expenses. Hence, as per ZBB, manager makes effort in relation to finding alternative ways of performing activities (Ward, 2012). Thus, it helps in preparing competent plan for the upcoming time period in monetary terms.  

• Assists in avoiding redundant activities
• Facilitates efficient allocation of financial resources 
• In this, employees are involved in decision making aspects  which in turn ensures high level of co-ordination and communication among the personnel
• Time intensive exercise
• In ZBB, it is highly difficult for the manager to explain every line of item. Thus, for enhancing the ability of employees in such field manager needs to conduct training session.
• For preparing budget as per ZBB high manpower is required because it needs involvement of personnel work at every level.

b. Budget preparation process and pricing methods 

Tech ltd can set suitable budget by taking into consideration following steps:

• In the first stage, manager makes assessment of cash inflow and outflow by taking into account activities which need to be performed in the concerned time frame.
• At this stage, higher management team reviews financial plan or budget. Hence, by evaluating activities, resource availability and priority budget committee makes some modifications in the existing plan as per requirement.
• In the third stage, final budget or financial plan approved by higher management team is communicated to each respective department (Bogsnes, 2016).
• Once budget has provided at each level thereafter the same is executed by the personnel. In other words, personnel implement budget at this stage while carry out activities.
• Under the last stage, manager makes comparison of actual performance with the budgeted figures. Hence, considering deviations and taking feedback from personnel manager makes changes in the existing plan.

Pricing methods : There are several methods which can be used for setting prices such as marginal & absorption costing, competitive, cost-plus pricing etc. In the context of Tech Ltd, marginal costing method proves to be highly suitable. Hence, considering such method firm can assess variations which will take in the cost on the production of one extra unit of output. Thus, using such cost related information firm would become able to set appropriate prices. Along with this, business unit should also consider demand and supply factor while taking decision about pricing aspects.

c. Significance of budget tool from the perspective of planning and control

Budgeting tool is highly significant which in ensures effectual planning and control. Moreover, budget offers input to the manager for making comparison of actual output and expenses with planned figures. By using budget manager of Tech Ltd would become able to assess reasons due to which specific department pertaining to sales and expense failed to perform according to the budget. Hence, by taking into account the causes of deviations firm can take corrective action within the suitable time frame (Granlund and Lukka, 2017). Further, assessed deviations also help in setting realistic and achievable financial plan for the near future. Thus, referring all such aspects, it can be depicted that budgeting tools aid in planning and control to a great extent.

 Task 4

Comparing the manner in which different business units adapt management accounting tools for dealing with problems.

Management accounting tools provide high level of assistance to the business unit in responding monetary issues. On the basis of given case situation, problem of loss is suffered by Tech Ltd.  Thus, using balance scorecard strategy business organization can make evaluation of performance from four perspectives such as financial, customers & stakeholders, internal process, learning and growth. (Dekker, 2016) Hence, using such approach management team of such manufacturing business unit would become able to understand customer’s expectation and deficiencies take place in the financial, internal proves as well as learning & growth aspects. By keeping all such aspects in mind it can be depicted that balance scorecard approach helps in developing suitable strategies and policy framework. However, on the critical note, it can be depicted that for executing balance scorecard approach prominently business unit requires skilled personnel.

From assessment, it has found that to cope with the financial issues other manufacturing companies undertakes following techniques:

• Benchmarking : By setting benchmarks in relation to the income and expenses manufacturing firms evaluate potential as well as performance of each departmental personnel (Menifield, 2017). Hence, through periodical assessment manager becomes able to identify training need of personnel and other changes which need to be made in the existing framework for getting the desired level of outcome or success.
• Key performance indicators : As per such technique, by setting key indicators regarding sales, expenses, market share etc firm can respond monetary problems. Comparing current performance in against to such indicators business unit would become able to take suitable measure for further growth.

In conclusion to this report, it can be presented that management accounting systems are highly prominent as it helps in monitoring internal operations. Tech Ltd can do effectual planning by using MA systems namely job costing, inventory management etc. It can be seen in the report that managerial accounting reports offer opportunity in relation to making evaluation of departmental performance. Hence, by getting deeper insight about the performance of each department manager of Tech Ltd would become able to develop competent strategic and policy framework. Further, it has been articulated that absorption costing method is highly effectual over marginal because it considers both fixed and variable expenses while determining cost. It can be stated from the evaluation that budgeting tools makes vital contribution in financial planning and helps in making optimum use of resources. It can be depicted from evaluation that balance scorecard technique helps in making appropriate decisions as it focuses on considering both monetary and non-monetary aspects.  

• Bogsnes, B., 2016. Implementing beyond budgeting: unlocking the performance potential. John Wiley & Sons.
• Dekker, H. C., 2016. On the boundaries between intrafirm and interfirm management accounting research.  Management Accounting Research . 31. pp.86-99.
• Fullerton, R. R., Kennedy, F. A. and Widener, S. K., 2014. Lean manufacturing and firm performance: The incremental contribution of lean management accounting practices.  Journal of Operations Management . 32(7). pp.414-428.
• Granlund, M. and Lukka, K., 2017. Investigating highly established research paradigms: Reviving contextuality in contingency theory based management accounting research. Critical Perspectives on Accounting. 45. pp.63-80.
• Menifield, C. E., 2017. The basics of public budgeting and financial management: A handbook for academics and practitioners. Rowman & Littlefield.
• Messner, M., 2016. Does industry matter? How industry context shapes management accounting practice.  Management Accounting Research . 31. pp.103-111.
• Otley, D., 2016. The contingency theory of management accounting and control: 1980–2014. Management accounting research. 31. pp.45-62.
• Perin, M. G. and et.al., 2016. Network Effects on Radical Innovation and Financial Performance: An Open-mindedness Approach. Brazilian Administration Review. 13(4). p.1.
• Reome, C. and Sinclair, T. A., 2017. Better Budgeting Is Good Governance. Shared Governance in Higher Education, Volume 2: New Paradigms, Evolving Perspectives. p.121.
• Suomala, P., Lyly-Yrjänäinen, J. and Lukka, K., 2014. Battlefield around interventions: A reflective analysis of conducting interventionist research in management accounting. Management Accounting Research . 25(4). pp.304-314.
• Tucker, D. and Lowe, R., 2014. Practitioners are from Mars; academics are from Venus? An investigation of the research-practice gap in management accounting.  Accounting, Auditing & Accountability Journal . 27(3). pp.394-425.
• Ward, K., 2012.  Strategic management accounting . Routledge.

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Unit 5: Management Accounting

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Course Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Lumen Learning courses with paid support. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

You can view them below or throughout the course.

• Module 1: Nature of Managerial Accounting — Assignment: Nature of Managerial Accounting
• Module 2: Cost-Volume-Profit Analysis —  Assignment: Stocking Stuffers, Inc.
• Module 3: Standard Cost Systems —  Assignment: BlueBlankets, Inc.
• Module 4: Allocating Manufacturing Overhead — Assignment: Canoe, Co.
• Module 5: Job Order Costing —  Assignment: Big Pots
• Module 6: Process Costing — Assignment: Dino Catchers
• Module 7: Budgeting for Operations — Assignment: RockChuck Company
• Module 8: Short-term Decision Making — Assignment: RareTerra, Inc.
• Module 9: Capital Investment Analysis — Assignment: Right Smart Bowling
• Module 10: Responsibility Accounting — Assignment: Big Boats, Inc.

Discussions

The following discussion assignments will also be preloaded into the discussion-board tool in your learning management system if you import the course. They can be used as-is, modified, or removed. You can view them below or throughout the course.

• Module 1: Nature of Managerial Accounting — Discussion: Recommendation to the Leadership Team
• Module 2: Cost-Volume-Profit Analysis — Discussion: Restaurant Entrepreneurs
• Module 3: Standard Cost Systems — Discussion: Cheesecake Factory
• Module 4: Allocating Manufacturing Overhead — Discussion: Allocating Manufacturing Overhead
• Module 5: Job Order Costing — Discussion: The Case of the Busted Blockbuster
• Module 6: Process Costing — Discussion: Computer Tech
• Module 7: Budgeting for Operations —  Discussion: Why Budget?
• Module 8: Short-term Decision Making — Discussion: Supply and Demand
• Module 9: Capital Investment Analysis — Discussion: Independent Forklift
• Module 10: Responsibility Accounting — Discussion: Ben & Jerry’s
• Assignments. Provided by : Lumen Learning. License : CC BY: Attribution
• Pencil Cup. Authored by : IconfactoryTeam. Provided by : Noun Project. Located at : https://thenounproject.com/term/pencil-cup/628840/ . License : CC BY: Attribution

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