Sample Report On Management Accounting by Expert Writers of Instant Essay Writing

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A Sample
On
Management Accounting
TABLE OF CONTENTS
INTRODUCTION .........................................................................................................................3
TASK 1...........................................................................................................................................3
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1.1 Different types of cost classification......................................................................3

1.2 Using job costing calculation of unit cost and total job cost for job 444. 4
1.3 Calculating cost of Exquisite using absorption costing.................................. 5
1.4 Analyzing the cost of Exquisite focusing on technique used by Jeffrey &
Son's Ltd...................................................................................................................................7
TASK 2...........................................................................................................................................7
2.1 Preparation and analysis of cost report and commenting on variance....7
2.2 Identification of areas of improvements using performance indicators.. 9
2.3 Ways to reduce costs, enhance value and quality........................................ 10
TASK 3........................................................................................................................................ 10
3.1 Purpose and nature of budgeting process........................................................ 10
3.2 Selection of appropriate budgeting methods for firm and its needs......10
3.3 Preparation of different types of budget........................................................... 10
3.4 Preparation of cash budget.................................................................................... 11
TASK 4........................................................................................................................................ 12
4.1 Calculation of variances, identification of causes and recommending
corrective actions...............................................................................................................12
4.2 Preparation operating statement reconciling budgeted and actual
results..................................................................................................................................... 13
4.3 Reporting findings to management according to responsibility centers
identified................................................................................................................................13
CONCLUSION .......................................................................................................................... 14
REFERENCES............................................................................................................................ 15
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INTRODUCTION
Management accounting is regarded as an important business element
that assists in providing accounting information to the managers in the firm
(Management accounting, 2014). This is in order to offer them basis to
develop informed business decision which would allow them to be equipped

in their management and keep a track on the functions (Burgstahler and
Eames, 2006). The reports relating with management accounting involve
detailed accounts of the company's available cash, generation of revenue
and current organizations accounts payable and receivables.
In the present report, management accounting has been discussed in
context of case study related with Jeffrey and Son's Ltd. The firm is
manufacturing concern that produces popular and brand product known as
Exquisite. The present report entails to make analysis of cost information in
the firm. Further it involves methods to reduce costs and enhance value
within business. In addition to this it also includes preparation, forecasting
and budgets for business. At last it includes monitoring of performance
against budget within firm.
TASK 1
1.1 Different types of cost classification
Cost is referred to as expenditures incurred by the organization in
accomplishment of its activities. The cost of business is divided in the
elements stated as under:
Basis of
Type of cost
Meaning
classificati
on
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Functions
Production,
The expenses related with production which
administration,
assists
research
in
and finished
development,
converting
stock
are
raw
material
referred
as
into
cost
of
production. On the contrary entire office
selling as well as expenses
that
distribution.
operations
business
are
needed
are
to
control
termed
as
administration cost. Such involves stationery

and office rent. Selling and distribution cost
covers the expenses involved in promoting
and selling the products such as cost of
marketing.
Nature
Direct as well as Direct cost is the expenses that can be

indirect cost
charged to the product and services. This

involves cost of material and labor. In
contrast to this all the other expenses that
cannot be charged from the product cost are
indirect cost which includes supervision,
insurance, rent and rates (Lucey, 2002).
Behavior
Variable,
Fixed The expenses that are not influenced with
and
semi the increase or decrease in the volume of
variable
production are considered fixed cost. This

includes salary of foreman and rent of
building. But semi variable cost is one that
changes after certain level of production. For
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instance, telephone bill, electricity charges
etc. On the contrary variable cost is one that

directly changes with the alteration in the
production volume. This includes increase in
cost of material as a result of rise in volume
of production.
1.2 Using job costing calculation of unit cost and total job cost for job 444
Job costing is referred to as an essential approach that can be used by
firm in order to calculate the cost in varied situation. Under this every job
possess different nature and it has been scheduled in accordance with
specifications offered by customers (Prior, 2004). This technique is controlled
by maintaining direct indirect cost account in relation to the job. Calculation
of unit cost and total cost for job 444 as per case of Jeffrey and Son's Ltd is
as under:
Name of Item
Per unit cost
Amount
Direct material
200
40000
Direct Labor
270
54000
Variable
180
36000
Fixed
120
24000
Cost per unit
770
Production overhead:
Total cost of 200

units
154000
Working note:
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Particular
Qty per
unit
Rate
Calculation
Cost
Direct
material
50 kg.
4 per kg
50kg*4*200
40000
Direct labor
30 hours
9 per
hour
30hours*9*200
54000
Variable
production
overhead
30 hours
6 per
hour
30 hours*6*200
36000
Fixed
production
overhead
(80000)/(20000
hours)*(30*200)
24000
Cost per unit
(154000)/(200 Units)
770
1.3 Calculating cost of Exquisite using absorption costing

Absorption costing is a technique that assists in making cost
calculation of a product by taking into consideration direct costs as well as
indirect expenses. It is the technique in which all the manufacturing costs
are absorbed by the units produced (Adah and Mamman, 2013). Cost of
finished unit within inventory would involve direct material, direct labor as
well as both variable and fixed manufacturing overhead.
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(a) Allocation and apportion of overheads to three production

departments
Basis of
allocation
Indirect
wages and
supervision
Indirect
materials
Light and
heating
Allocated
Allocated
Area
occupied
Area
Occupied
Rent
Insurance
and
Machinery
machinery
book value
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Machin
Machine e shop Assembl
Mainten
shop X
Y
y
Stores
ance
100,000.
00
100,000.
00
10,000.0
0
20,000.0
0
7,947.02
99,500
.00
100,00
0.00
5,000.
00
10,000
.00
92,500. 10,000
00
.00
40,000. 4,000.
00
00
15,000. 15,000
00
.00
30,000. 30,000
00
.00
60,000.
00
9,000.0
0
5,000.0
0
10,000.
00
4,966.
89 993.38 496.69
596.03
Machinery
79,470.2 49,668 9,933.7 4,966. 5,960.2
book value
0
.87
7
89
6
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tion of
machinery
Insurance of
building
Salaries of
works
management
Total cost of
overhead
Area
occupied
Number of
employees
5,000.00
2,500. 7,500.0 7,500. 2,500.0

00
0
00
0
24,000.0 16,000 24,000. 8,000. 8,000.0

0
.00
00
00
0
346,417. 287,63 219,927 79,964 101,056
02
6.00
.00
.00
.00
(b) Reapportion of support departments cost to production

departments
Particular
Basis
Machine X
Machine Y
Assembly
Primary
Distribution
As Stated
Earlier
346417.02
287636
219927
Stores
Department
Direct
material
(4:3:1)
39982
29987
9995
Maintenance
Department
Maintenance
machine
hours
(12:8:5)
48506.88
32337.92
20211.2
434905.9
349960.92
250133.2
Total cost
(C) Deducing overhead absorption rates (OAR) for every production

departments using machine hour basis
Particular
Total cost
Actual
hours
OAR
OAR = Total cost/Actual machine hours

Machine X
Machine Y
Assembly
434905.9
machine 80000
5.44
349960.92
250133.2
60000
10000
5.83
25.01
(D) Calculation of overhead charge to the product

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Items
Calculation
Material
Per unit cost

8
Labor
2 hours*7.50
15
Machine X
0.8 hours*5.44
4.35
Machine Y
0.6 hours*5.83
3.5
Assembly
0.1 hours*25.01
2.5
Production Dept.
Overheads
Total cost
33.35
1.4 Analyzing the cost of exquisite focusing on technique used by Jeffrey &
Son's Ltd
In accordance with the case scenario provided director of finance in
Jeffrey's Son is not delighted with the present allocation basis for calculating
overhead absorption rates. It has been stated that absorption of overhead
needs to be based upon direct labor hours.
Calculation of overhead absorption rates using labor hours as a
basis
Overhead Absorption rate = Total cost/direct labor hours
Particular
Machine X
Machine Y
Assembly
Total cost
434905.9
349960.92
250133.2
Labor hours
200000
150000
200000
OAR
2.17
2.33
1.25
Calculation of cost
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Items
Calculation
Material
Per unit cost

8
Labor
2 hours*7.50
15
Machine X
2*2.17
4.34
Machine Y
1.5*2.33
3.5
Assembly
1*1.25
1.25
Total cost
32.09
Therefore it can be determined that labor hour basis is quite good

allocation basis. This is due to reason that under this basis, there is decrease
in cost per unit to 32.09. With this firm can reduce the cost of produPrior, P.
B., 2004. Managing Financial Resources and Decisions. BPP Professional
Education.
ct.

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TASK 2
2.1 Preparation and analysis of cost report and commenting on variance
In accordance with the provided scenario, forecasting was done by the
manager in relation with business expenditures for production of 200 units.
The expenses include material, labor, fixed and variable overheads (Kipp and
et. al., 2012). Therefore the preparation of cost report is done by
determining the actual cost in order to produce 1900 units and the variances.
Actual cost calculation
Name of Item
Calculation
Actual cost
Material
12*1900 units
22800
Labor
10*1900 units
19000
Fixed overhead
Unchanged
15000
Electricity (Variable)
3000/800
units*1900 7125
units
Electricity (Fixed)
8000
(3.75*2000 500
units)
Total electricity cost
7125 + 500
7625
Maintenance
5000-(1000/500*100) 4800
Calculation of difference total cost of electricity due to changing the

number of units
Units
Total cost
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Highest
2000
8000
Lowest
1200
5000
Difference
800
3000
Cost report
Budgeted
Elements
cost
Actual cost
Variance
2000 units
1900 units
Material
24000
22800
1200
Labor
18000
19000
(1000)
Fixed Overhead
15000
15000
Electricity
8000
7625
375
Maintenance
5000
4800
200
Total
70000
69225
775
From the calculation of variances above it is clear that material,

electricity as well as maintenance variances positively affect profitability. In
contrast to these negative variances is demonstrated by cost of labor which
affects the profitability to a greater extent. The major reason for the
existence of above variances is related with reduction in the volume of
production as such it has reduced from 2000 units to 1900 units. Change in
material cost is as a reason of decline in the total production made by firm.
However the price of material remains constant in the budget. Negative
labor variance is 1000 which is resulted from higher labor rate of 10. Semi
variable cost includes electricity cost which remains constant at a limit of
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500 and gets changes with the change in the volume of production. A
variance of 375 has been determined as result of decrease in the volume
up to 1900 units. It has been presented by the scenario that maintenance is
regarded as stepped cost which has increased by 1000 for production of
500 extra units. There is decrease in the actual cost which is up to 4800 as
such there is reduction in production by 1000 units. Thus there is greater
need for Jeffrey & Son to develop essential policies that can assist in
mitigating the calculated variances. In addition to this increase in labor cost
inclined total cost. It is important for the management to increase motivation

among labor so as to enhance their efficiency as well as productivity to a
greater extent.
2.2 Identification of areas of improvements using performance indicators
Through application of wide range of performance indicators several
areas of improvement have been determined by Jeffrey and Son. These are
enumerated below:
Satisfaction
customers:
regarded as anAccounting
essential indicator
This is aamong
Sample
Report It
onis Management
with which management is able to resolve the issues related with
performanceFor
of several
products Essay
and services.
Under this procedure
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improvement can be made by management in the quality of product
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with respect to customer
reviews
taking into account feedback and complaints Jeffrey & Son's
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Accounting statement: Through detail evaluation of several accounting

statements like income statements, balance sheet and cash flow etc.
Jeffrey & Son's management can make assessment of change in
financial position. If firm determines reduction in sales along with the
profitability in the expenditure of business then it is important for
management to bring changes in the operational strategies so as to
enhance performance of the organization. Such statements present
effectiveness in offering description regarding the changes that has
occurred in the financial values in a particular financial year.
2.3 Ways to reduce costs, enhance value and quality
There is existence of different techniques that can assist Jeffrey & Son
in accomplishing its target with respect to reduction in cost, enhancement of
value and quality. These are enumerated below:
Total quality management: It is an effective tool that assists in bringing
qualitative improvements in the various operational activities of firm.
Thus total quality approach is related with improvement in entire
process of production through evaluation and resolution of several
variances in the process of manufacturing (Jorgensen, Patrick and
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Soderstrom, 2012). With this Jeffrey & Son can bring improvement in
its efficiency to a greater extent.
Kaizen: Likewise, TQM approach, the technique of Kaizen pays huge
attention towards continuous betterment in the entire functioning of
the organization. The tool has proved to be beneficial in terms of
motivating the personnel towards attainment of operational activities
in an effective way. It assists management in minimizing wastage of
resources by taking into account the factors such as high time of
waiting, ineffective human resource allocation and increment in faulty
units of production. Further it also involves inappropriate management
of inventory as well as inadequacy in the quantity of production.
TASK 3
3.1 Purpose and nature of budgeting process
Budget is the monetary plan that is prepared by the company for each
and every department,
organization and
projects that
estimate the
presumptive income generate and expenses made by the company during a

specific time period. Here are some of the following purpose of preparing the
budgets by Jeffrey & Sons management is as follows:1. Budgets are prepared by the company is order to estimate the future
income, profitability and expenditure that can be incurred by the
company after the completion of the specific time period.
2. These are also prepared by the managers in order to compare the
actual output with that of budgeted output.
3. Another purpose of preparing this budget is to create a framework for
the managers in order to prepare various strategies (Kaplan and
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Atkinson, 2015). Strategies are prepared by the organization in order

to achieve the desired target and to beat its competitors.
Nature of buCost Accounting Assignment Helpdgeting process that is
adopted by the Jeffrey & Son's management in order to prepare various
types of budgets is as follows:1. Company should use the last budget prepared by them in order to
estimate the upcoming financial environment.
2. After that company should determine the estimated amount of fund
that can be rendered by them from the sales of the product or other
activities.
3. After that company should specify the approx amount of expenditure
that can be faced by them in terms of raw material, advertisements,
production overheads and labour (Parker and Kyj, 2006).
4. Then after that Jeffrey & Son's management should subtract the
estimated income from that of estimated expenses in order to analyse
the budget is showing the condition of deficit or surplus (Mohapatra,
2015).
5. After considering and reviewing all the above steps the final budget is
need to be submitted (Budgeting and budgetary control, 2016).
Therefore, at last when budgeting period is completed after the specific time
period than in that case actual budget need to be compared with the
estimate budget in order to
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3.2 Selection of appropriate budgeting methods for firm and its needs
Incremental budgeting method is used by Jeffery & Son's in order to
prepare various budgets that prove beneficial for the organization. At the
time of preparation of incremental budget manger of Jeffery & Son's
undertake the previous budgets made by them in order to prepare the new
budget for the upcoming time period. This budget prepared by the Jeffery &
Son's has very little importance in the ever-changing business environment.
Therefore, in order to set up more realistic budget Jeffery & Son's should
move on towards the preparation of Zero based budgeting. Zero based
budgeting is the method of budgeting the all the expenses that warrant for
each new period of time. Zero based budgeting starts from a zero base. In
other words it could say that zero based budgeting is the method of
budgeting, budget holder and manager of an organization considering the
zero as the base for the calculation of income and expenditure.
This method is used by the manager to make all necessary attempts in
order to identify the various alternatives for the income and expenditure. In
addition to this manager also make real assessment of the income and
expenditure which they can obtain over a specific period of time. In order to
form appropriate budget Zero based budgets undertake all the realistic
aspects and views (Fisher and Krumwiede, 2015). Therefore, at last it could
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be concluded that zero based budget helps the Jeffery & Son' to achieve the
various desired targets and results by reducing the variance.
3.3 Preparation of different types of budget

Production budget
Particulars
July
August
September
Units to be sold
105000
90000
105000
inventory
13500
15750
16500
Total need
118500
105750
121500
inventory
-11000
-13500
15750
Units to be produced
107500
92250
105750
Desired
ending
Less:
beginning
Calculation of ending inventory

July
August
September
90000 * 15%
105000 * 15%
110000 * 15%
= 13500
= 15750
= 16500
Material purchase budget

August( September(
Particulars
July()
Units to be produced
107500
92250
105750
Material consumption
215000
184500
211500
Add: Material in ending inventory
46125
52875
54825
Total material needed
261125
237375
266325
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Less: material in beginning inventory 52000
46125
52875
material to be purchased
191250
212875
209125
3.4 Preparation of cash budget

The cash budget is presented to evaluate availability of cash balance
with the business unit. The organization is able to anticipate inflow and
outflow of cash through preparation of budget (Chan and Chan, 2004). The
cash budget for present case is presented underneath.
Particulars
July()
August()
September()
cash
16000
44031
-22007
Cash sales
900000
731250
864000
Total receivable
916000
775281
841993
Payment to creditors
365969
334688
372531
Direct wages
322500
276750
317250
Variable overhead
108500
98350
100350
Fixed overhead
75000
87500
87500
Total payable
871969
797288
877631
44031
-22007
-35638
Opening balance of
Expenses
Closing
cash
balance
of
As per the budget presented above, it is seen that the business unit is
able to earn positive cash flow in the month of July. However, in month of
August and September the organization is earning negative cash flow. This
indicates that the business unit is unable to generate sufficient cash flow
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through its operations. The organization strives hard to control its operating
and non-operating expenditure. It is seen that the expenditure is decreasing
on continuous basis. Nevertheless, the cash balance is decreasing due to
reduction in overall revenue of the organization. It is through reduction in
sales that the organization is unable to generate sufficient amount of cash
flow. Henceforth, the business unit should focus on increasing sales so as to
improve liquidity position.
TASK 4
4.1 Calculation of variances, identification of causes and recommending

corrective actions
Variance consists of the differences which occur between the actual
and standard performance of an organization. Budget is the most effective
tool which helps Jeffery & Sons in assessing the deviations which occurred in
the perform of the firm (Gibassier and Schaltegger, 2015). It enables
organization to undertake effectual or corrective measures within the
suitable time frame.
Particular
Sales
Material
Labor
Fixed overhead
Total cost
Profit
Budgeted
16000
3840
3200
4800
11840
4160
Actual
13820
3420
2690
4900
11010
2810
Variance
2180
420
510
-100
830
1350
Formula
Calculation
Variance
(SP-AP)*AQ
(2.4-2.4)*1425
Zero variance
Working Note:
Material
variance
Material price
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variance
Material usage
variance
(SQ-AQ)*SP
[(3500*0.4)(1425)]*2.40
60(A)
Labor rate
variance
(SR-AR)*SH
(8-7.8)*350 units
70(f)
Labor efficiency
variance
(SH-AH)*SR
(350-345)*8
40(f)
Overhead
variance
Budgeted fixed
overhead fixed
overhead
variance
(4800 4900)
100 (A)
(4160 3040)
1120 (A)
(14000 13820)
180 (A)
Labour variance
Sales volume
variance
Sales price
variance
(AQ*SP)-Actual
sales
Causes behind the variances:

On the basis of the above mentioned table actual sales are lower than
the budgeted sales. It is not the positive sign for an organization
because sales aspects are highly associated with the profitability of an
organization.
Besides this, positive material variance of 420 recorded by Jeffery &
Sons. It occurred due to the decline in the production units from 4000
to 3500. It is the main cause behind the occurrence of positive material
variance.
In addition to this, labor rate per hour get declined from 8 to 7.8.
Due to this aspect actual cost incurred by Jeffery & Sons is lower than
the budgeted amount.
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Along with it, company has incurred higher fixed overhead expenses in
comparison to the budgeted figures. It reflects that company fails to
make effectual financial plan in relation to their overheads.
Recommendations for further improvement:
It is advised to Jeffery & Sons that they needs to undertake
promotional strategies and campaign which helps them in maximize
the sales and profitability aspect.
Furthermore, organization needs to produce more units which help
them in getting the economies of scale and thereby improving gross
margin of an organization.
Jeffery & Sons needs to encourage their employees to perform their
activities with the high level of efficiency. Through this, company is
able to produce more output within the short span of life.
Along with it, company also needs to frame competent strategies and
policies to make control over expenditures. Through this, company is
able to attain success in the dynamic business arena.
4.2 Preparation operating statement reconciling budgeted and actual results
Operating statement of Jeffery & Sons on the basis of actual and
budgeted results is as follows:
Particular
Sales
Material
labor
Fixed
Overhead
Total
Operatin
Per
unit
4
0.96
0.8
Budgeted(4000
Units)
16000
3840
3200
Per unit
3.94
0.97
0.77
2.96
1.04
4800
11840
4160
3.14
0.8
Actual(350 Varian
0)
ce
13820
-2180
3420
420
2690
510
4900
11010
2810
-100
830
1350
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g profit
On the basis of the above mentioned operating statement it has been
identifying that selling price of the per unit of product is decreased from 4 to
3.94. It is the main cause due to this; actual amount of sales is lower than
the budgeted amount. In addition to this, prices of the material are get
inclined from .96 to .97. Nevertheless, number of units which organization
needs to produce is getting declined. Due to this aspect, positive variance is
occurred in the material variance. In addition to this, prices of the labor are
declined from .8 to .77 which may cause behind the positive variance of an
organization. In addition to this, fixed overhead is also increased. Due to this
aspect, negative variance is occurred in the overhead expenses of an
organization. Thus organization requires framing cost effective policies and
strategies which helps in desired level of outcome or success.
4.3 Reporting findings to management according to responsibility centers
identified
From: Responsibility
centers
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Subject: Reporting the findings
For
Date: 22 January 2016
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Based upon the computed variances, it has been reported that entire
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responsibility centers within
the organization
areat:
not effectively working.
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Responsibility centers: It is the sub unit of the organization that offers

manager with authority, responsibility as well as accountability. It includes
profit centre, cost centre and revenue centre. The manager prepares report
by taking into account performances of all the responsibility centers. These
are as under:
Revenue centers: The revenue centers possess the responsibility to
attain outcomes in terms of business sales both in units as well as values. In
accordance with the case scenario provided actual as well as budgeted
revenues of Jeffrey & Son demonstrates huge variation (Kaplan and Atkinson,
2015). Thus it is important for the manager to communicate with the
manager of center and determine the major causes. As per case given sales
of Jeffrey & Son is declining. Thus it can be viewed that its performance is
declining. The major reason of its reduction is decline in the sales price from
4 to 3.94.
Cost centers: Further it is important for them to develop policies and
take suitable decisions for the organizations. But the duty to make
appropriate cost control relies on the cost center. Therefore cost center of
Jeffrey & Son requires greater monitoring of operational activities in
continuous manner (McLean, McGovern and Davie, 2015). This is with the
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aim to maintain effective control within the organization. By bringing

improvement in the working of both the centers manager can effectively
attain the pre-determined goals. There is increase in the material quantity

from 1400 standards to 1425 that demonstrates usage of material in the
business. Adverse use of material has resulted in increasing the cost of
organization. Thus it can be viewed that centre is not working in an effective
manner.
CONCLUSION
It can be concluded from the study that it is important to develop
sound managerial decision. This is because such majorly contributes towards
growth of organization in an effective manner. Present reports demonstrate
that there is existence of number of management tools and techniques that
assists in attaining success through business. With this technique firm can
effectively reduce the costs, monitor the spending of firm and can eliminate
the variances in an effective manner. Thus this acts as an aid for the firm in
attaining its set targets in an appropriate way. Further it is effective in
reducing the negative financial consequences in order to run successful
business operations. Through cash budget firm can make determination of
the different cost involved in performing the activities. This has greater
advantage for firm in terms that it can keep a track on its expenses in an
appropriate manner. REFERENCES
Books and journals
Adah, A. and Mamman, A., 2013. Assessing the Performance of Incremental
Budgeting System in the Nigerian Public Tertiary Institutions. European
Journal of Business and Management. 5(5). pp. 100-108.
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Burgstahler, D. and Eames, M., 2006. Management of earnings and analysts'

forecasts to achieve zero and small positive earnings surprises. Journal
of Business Finance & Accounting. 33(56). pp.633-652.
Chan, A.P. and Chan, A.P., 2004. Key performance indicators for measuring
construction success. Benchmarking: an international journal. 11(2). pp.
203-221.
Exley. C.J. and Smith, A.D. 2011. The cost of capital for financial firms.
Cambridge University Press, 12(1). pp 229-283.
Fisher, J.G. and Krumwiede, K., 2015. Product Costing Systems: Finding the
Right Approach. Journal of Corporate Accounting & Finance. 26(4). pp.
13-21.
Gibassier, D. and Schaltegger, S., 2015. Carbon management accounting
and reporting in practice: A case study on converging emergent
approaches. Sustainability Accounting, Management and Policy Journal.
6(3). pp.340-365.
Jorgensen, B., Patrick, P.H. and Soderstrom, N.S., 2012. Overhead Cost
Measurement: Evidence from Danish Firms Switch from Variable to
Absorption Costing. AAA.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting.
PHI Learning.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting.
PHI Learning.
Kipp, A. and et. al., 2012. Layered green performance indicators. Future
Generation Computer Systems. 28(2). pp. 478-489.
Lucey, T., 2002. Costing. Continuum.
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McLean, T., McGovern, T. and Davie, S., 2015. Management accounting,

engineering
and
the
management
of
company
growth:
Clarke
Chapman, 18641914. The British Accounting Review. 47(2). pp.177190.

Mohapatra, P., 2015. Job Costing. Economics/Management/Entrepreneurhip.
Parker, R.J. and Kyj, L., 2006. Vertical information sharing in the budgeting
process. Accounting, Organizations and Society. 31(1). pp. 27-45.
Pilleboue, A. and et. al., 2015. Variance Analysis for Monte Carlo Integration.
ACM Transactions on Graphics. 34(4). p. 14.
Prior, P. B., 2004. Managing Financial Resources and Decisions. BPP
Professional Education.

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1.1 Different types of cost classification......................................................................3

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develop informed business decision which would allow them to be equipped

The expenses related with production which

production. On the contrary entire office

selling as well as expenses

administration cost. Such involves stationery

Direct as well as Direct cost is the expenses that can be

charged to the product and services. This

Fixed The expenses that are not influenced with

semi the increase or decrease in the volume of

production are considered fixed cost. This

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instance, telephone bill, electricity charges

etc. On the contrary variable cost is one that

Per unit cost

Cost per unit

Total cost of 200

Cost per unit

1.3 Calculating cost of Exquisite using absorption costing

This is a Sample Report on Management Accounting

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(a) Allocation and apportion of overheads to three production

2,500. 7,500.0 7,500. 2,500.0

24,000.0 16,000 24,000. 8,000. 8,000.0

(b) Reapportion of support departments cost to production

(C) Deducing overhead absorption rates (OAR) for every production

OAR = Total cost/Actual machine hours

(D) Calculation of overhead charge to the product

Per unit cost

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Per unit cost

Therefore it can be determined that labor hour basis is quite good

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Calculation of difference total cost of electricity due to changing the

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From the calculation of variances above it is clear that material,

inclined total cost. It is important for the management to increase motivation

taking into account feedback and complaints Jeffrey & Son's

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Accounting statement: Through detail evaluation of several accounting

presumptive income generate and expenses made by the company during a

Atkinson, 2015). Strategies are prepared by the organization in order

This is a Sample Report on Management Accounting

need to be submitted (Budgeting and budgetary control, 2016).

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3.3 Preparation of different types of budget

Calculation of ending inventory

Material purchase budget

Add: Material in ending inventory

Total material needed

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Less: material in beginning inventory 52000

3.4 Preparation of cash budget

4.1 Calculation of variances, identification of causes and recommending

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Causes behind the variances:

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Report on Management Accounting