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ASSIGNMENT 01 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 5: Management Accounting

Submission date Jun 13th 2021 Date received (1st Submission)

Re-submission date Date received (2nd Submission)

Student Name Nguyen Anh Ngoc Student ID GBD201682

Class No. GBD0902 Assessor Name THAOPUP

Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism.
I understand that making a false declaration is a form of malpractice.
Student Signature

Grading grid

P1 P2 P5 M1 M4 D1 D3

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 Summative Feedbacks  Resubmission Feedbacks

Grade: Assessor Signature: Date:

Internal Verifier’s Comments:

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Signature & Date:

Table of Contents
INTRODUCTION...............................................................................................................................4
1. Background and Objectives.................................................................................................4
2. Company’s Introduction......................................................................................................4
INTERNAL ACCOUNTING ACTIVITIES..............................................................................................5
1. Definition:.............................................................................................................................5
Accounting...............................................................................................................................5
Financial accounting................................................................................................................5
Management accounting l.......................................................................................................5
2. Objectives and responsibilities:...........................................................................................6
2.1. Financial Accounting:....................................................................................................6
2.2. Management Accounting.............................................................................................6
2.3. Management Accounting Systems...............................................................................7
FINANCIAL GOVERNANCE.............................................................................................................10
Legal...........................................................................................................................................11
Poor planning............................................................................................................................11
A lack of planning......................................................................................................................11
PERSONAL TRAITS AND SKILLS.....................................................................................................11
1. Characteristics....................................................................................................................11
2. Skills....................................................................................................................................11
CONCLUSION.................................................................................................................................11
References.....................................................................................................................................13

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INTRODUCTION
1. Background and Objectives
Management accounting reports are designed to provide internal information to
organizations or companies through financial accounting. As a member of the Financial
Board in Tesco, the analysis and evaluation of an organization's budget control system,
its relationship to performance management and decision-making is immeasurable
necessary. It then responds to the committee's concerns to innovate accounting,
production processes, and the application of accounting information in decision bases to
improve efficiency and solve financial problems.

This report consists of 3 parts. The first part is to define internal accounting practices,
present the different types of management accounting reports, and explain why
financial information should be qualitative. The report will clarify the responsibilities of
a management accountant in the specific context of the organization. The second part
will discuss the significance of competent financial management for the overall success
of the firm. In this part, the real-life example of companies that failed in the market due
to poor financial management should be pointed out to strengthen the argument. Next,
some recommendations are proposed to improve the company's financial management
policy by applying planning tools. And the last part will determine the personal
attributes and abilities necessary for a management accountant role while adapting to
changes and enhancing the present financial governance committee.

2. Company’s Introduction
Tesco company is an example that will be used in this article to describe and clarify the
problem of this case study. With sustainable financing, during the year, Tesco
strengthened its commitment to sustainability across all business areas through its
sustainable financing strategy. Tesco established a £2.5bn revolving credit facility linked
to three ambitious environmental targets, which the Committee endorsed (Tesco,
2021).
Therefore, monitoring financial performance creates more certainty and confidence in
making both short and long-term decisions. In turn, it leads to a healthier business and a
faster growth rate. It also allows the company to outperform and outmanoeuvre
competitors who fail in this regard.

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INTERNAL ACCOUNTING ACTIVITIES
1. Definition:
Accounting: The American Institute of Certified Public Accountants (AICPA) defined
accounting as the art of recording, categorizing, and summarizing in a meaningful
manner and terms of money, transactions, and occurrences of at least a financial
character and evaluating the outcomes thereof in 1941. Accounting's function is to
give quantitative information about economic entities, particularly of a financial
nature needed to make economic decisions (Accounting Principle Board (APB),
1970).

Financial accounting is a field of accounting that involves documenting, analyzing,


and reporting a wide range of transactions deriving from business operations over
time. These activities are represented in financial statements such as the balance
sheet, income statement, and cash flow statement, which document the company's
operating performance through time. The main objectives of financial accounting
are to produce useful information outside of a company (Kenton, 2020).

Management accounting links management with accounting. All such information


that is useful to the direction is the subject matter of management accounting. Any

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information required for decision making is the concern of
management accounting. Management accounting, unlike financial
accounting, provides data for internal users, though the primary data
come from the same accounting system, i.e., financial accounting and cost
accounting systems. Management accounting organizes and distributes accounting,
economic, and statistical data to individuals at various managerial levels to assist
them in performing organizational duties and evaluating them (Pandey, 2017).

2. Objectives and responsibilities:


2.1. Financial Accounting:
The financial accounting process is designed to reflect business operations
accurately, helping companies meet legal, financial and regulatory requirements;
present a financial account to the business owner; enables in-depth financial
analysis and facilitates efficient resource allocation. The primary purpose of financial
accounting is to allow third parties to assess the value of a company.

Through financial accounting, companies have two basic ways to structure their
business's accounting policies. First, publicly traded companies must use the accrual
method of accounting standardized according to generally accepted accounting
principles (GAAP). (Investopedia, 2020)
Financial accounting is in charge of the staff recording and synthesizing data that
reflect the business situation of the enterprise through the numbers in the financial
statements to serve the information needs within the enterprise and also for other
organizations. interested parties outside the enterprise ensure consistency,
objectivity, and compliance with current accounting principles, standards and
regimes prescribed in each country.
The tasks of finance and accounting are assigned tasks including:
- Provide information on revenue and cash flow related issues in the business
activities of the enterprise.
- Calculate taxes and income
- Implement and monitor internal finance, set up and handle all financial procedures
in the enterprise (Nguyễn, 2021).
2.2. Management Accounting
Management accounting, oriented mainly towards providing information to managers,
being considered "an informational tool necessary to the management for
takingdecisions, to maximize profitability" (Dumitru and Calu, 2008) is folded up the
three critical functions of management, as follows:

Planning: management accounting helps set future goals (strategic planning),


supplying information for deciding on the production methods to be used, the

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company's price strategy, trade strategy, and the appreciation of
the invested capital.

Decision making: the interaction of management accounting and the


organizational process is presented as follows: Determine information in an
economic entity. It is necessary to identify the organizational structure and have
a clearer understanding of the methods for determining authority and
responsibility distribution. Instead, the essential information defines the design
of the collected data and processing activities from the management accounting
information system. (Oprea, 1994)

Controlling: Management accounting maintains the method's verification


process and the amount to which the stated objectives have/have not been
accomplished, creating reports that should reflect actual performance rather
than projected goals. The control as a primary function of the management in an
economic organization involves monitoring the implementation of policies,
evaluating performance, and correcting any abnormalities. In contrast,
management accounting, as a tool of management control, provides data for
studies and judgments that enable the analysis of any deviations from the
budget and the correct decision-making. Hence, management accounting assists
the control function of the management in identifying the activities with
problems in a company. (Oprea, 1994)
Core roles of management accounting include:
Participation in the strategic and operational planning processes, including the
formulation of policies and budgets; implementing and providing guidance for
management decisions, including the generation, analysis, presentation, and
interpretation of relevant information; contributing to performance monitoring
and control through providing reports that include actual and budgeted
performance comparisons, as well as their analysis and interpretation (Collier,
2003).
Coombs et al. (2005) contend that as a result, the management accountant's role
is a responsible one that directly impacts individuals both inside and outside the
business. As the provider of performance-monitoring information, the
management accountant acts as an essential and influential link between
management and employees and between shareholders and management. The
principal-agent connection describes the connection between individuals in
'power' positions and those who are managed or employed. The principal-agent
theory, also known as agency theory, is the corresponding body of theory. We
will examine such a theory in more detail later. However, it's worth mentioning
that the management accountant is in charge of two things when it comes to the
principal-agent relationship:

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• Any information acquired to monitor the agent's performance is
as accurate and dependable as possible.
• Any system designed to enable such monitoring is impartial,
either favouring the principal or the agent.
2.3. Management Accounting Systems focus on following the costs
associated with producing goods and services in a company. Each management
accounting system provides companies with a different method for tracking
expenses to deliver goods and services at the lowest price possible. Failing to follow
any procedure can result in overpriced goods and lower gross margins. The basic
types of Management Accounting Systems are:

Cost Accounting System is a framework that the company uses to approximate the
cost of its products for profitability analysis and cost control. Cost allocation is
carried out in the cost accounting system according to a performance-related cost
system or a traditional cost system. Approaching the actual cost of the product is
crucial for practical functions (Blocher, 2010). There are two central cost accounting
systems: job order costing and process costing.

- Job order costing is a cost accounting system that manufacturing expenses are


accumulated individually for each job. It is suitable for firms that are engaged in
the production of unique products and special orders. An event management
company, a specialty furniture manufacturer, or a very high-cost air surveillance
system, for example, would benefit most from the costing accounting system.

- Process costing is a type of cost accounting that collects production expenses for
each process separately. It is appropriate for products whose production
involves different departments, and costs flow from one department to another.

Inventory Management System refers to controlling and overseeing the ordering,


use, and storage of components that the corporation applies in producing the goods
it sells. To streamline inventory management of consumables, commodities, stock,
supplies, an inventory management system integrates barcode scanners, desktop
software, mobile devices, and barcode printers (Drury, 2015). Inventory
management's goal is to evaluate current inventory levels precisely and to avoid
overstock and understock problems. Inventory control works by following two main
functions of your stock room or warehouse — receiving (incoming) and shipping
(outgoing). Managers will know and make sufficient inventory decisions if amounts
are tracked efficiently across all stocking locations.

The inventory management system's functions are as follows: making purchase


orders, receiving, relocating, modifying, and disposing inventories (Drury, 2015). It

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also performs cycle and physical inventory counts and creates,
manages, schedules, and distributes reports and printing barcode
labels. As a result, the inventory management system has several
advantages for a business, including strengthening the bottom line, improving
inventory accuracy, and improving workflow.

Job-Costing is the process of allocating manufacturing costs to specific products or


groups of products. It's used when the goods being processed are not similar. It
involves gathering information on the expenses associated with a certain service or
production job. Also, the information is important for determining the accuracy of
the company's estimating system that must be capable of quoting prices that permit
a reasonable income (Drury, 2015). The information may be used to assign inventory
costs to finished products. Direct labor, direct materials, and overhead expenses
are the three types of direct information required by the project costing system. In
practice, a job costing system will have to be customized to the customer's needs.
Particular expenses can only be charged to certain jobs, according to some
customers.

Price optimization refers to applying mathematical analysis to the corporation to


determine how consumers react to different prices for their goods and services via
other channels (Edmonds and Olds, 2013). It is also used to figure out what
expenditures a corporation should incur to achieve its objectives, such as maximizing
operational profit. Discovering an alternative that achieves the highest possible
performance is cost-effective under the limits by maximizing desired aspects and
minimizing undesirable ones. (Edmonds and Olds, 2013).

Pricing strategy, the value of the product to both buyer and seller, and tactics that
manage all aspects affecting profitability should all be considered by a Price
Optimization System (Edmonds and Olds, 2013). Price Optimization Systems help
businesses determine: initial pricing, pricing, and markdown pricing.

2.4. Management Accounting Reports can provide the information needed to


cut costs, reward high-performing employees, cut aging product lines, and invest in
goods that deliver financial returns that offer the best key for business. Depending
on the type of financial information and the management accounting systems,
different types of reports have other purposes (Sullivan, 2019).

Budget reports
A company's budget distributes funds to and from various divisions of the
organization depending on projected performance. Forecasting revenues and
expenditure provides the raw data needed to develop a budget, which is frequently
a significant component of a business strategy. A budget report provides a

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moment-in-time snapshot of the financial performance of a business
compared to forecasts and may do so, depending on the detail of the
information, for aspects such as sales performance, production costs
and overhead expenses. Budget reports are also read by outsiders, such as
stockholders and investors. Stockholders and investors are interested in how a
business is operating and doing financially before making any big decisions (Shpak,
2019).
Performance reports involve collecting and disseminating project information,
communicating project progress, utilizing resources, and forecasting future
progress and status to various stakeholders, as decided in the communication
management plan.
During performance reporting, the work results of other processes are also
analyzed and combined into performance reports. They are typically done in
tabular or graphical formats that may be text-based, visual-based (such as charts,
graphs, or tables) or most often, a combination of both (Simplilearn, 2021).
Fundamentally, performance reports are comparisons of project performance to
the project performance baseline and include:
- Status Reports give the current state of a project at any given time.
- Progress Report describes what has been accomplished since the last time/last
report.
- Forecasting Report states what is expected to happen on a project, predicting
the project's future performance and anticipated status in various parameters.
- Trend Report compares the current version of the project and the last
performance of the task during the same time duration. This type of report
examines project performance over time to see if it is improving or degrading.

Inventory and Production Report


According to Elliot Walters, implementation manager at Stitch Labs, inventory
reports are critical for keeping track of the company's most valuable and expensive
asset. Inventory reporting may seem to be a pointless exercise or paper, yet it may
save you a lot of money and effort. Companies that produce physical products,
especially those in manufacturing with low fault tolerance, find these reports
valuable. They help centralize data on inventory costs, labour, and other forms of
overhead involved in the production process, providing raw data to optimize
assembly or machining. Accounting records may reflect the amount of inventory on
hand at all times in the perpetual inventory system. Each good in stock has its
account in the subsidiary ledger, and the report is updated whenever a quantity is
added or removed (Nicasio, 2021).
The Job-Cost report is a report that tracks the ongoing cost of a construction
project. Some Job-Cost reports only add up the charges after a job is completed,
and that can help identify problems to avoid in future employment. But it is a lot
more helpful if the report tracks job costs weekly to identify and correct issues

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before they get out of hand. An accurate Job-Cost Report can help the
company sort out a range of other problems. For example, it can tell
whether a low-profit month or quarter results from one terrible job or
a general downward trend in a market price. It can identify a crew that continually
performs above or below budget or a sales rep or estimator that needs to improve
their performance. Determining what a job costs and whether it was profitable are
the essential skills that every construction company manager needs to possess
(Wilson, 2017).

FINANCIAL GOVERNANCE
1. Financial management refers to the responsibilities of financial managers of a business
firm who are responsible for the acquisition, financing, and management of financial
resources to optimize the firm's value for its owners. (Sana, 2017) Financial managers
are in charge of the financial affairs of all types of businesses, including financial and
non-financial, private and public, large and small, profit-seeking and non-profit
organizations. They perform such varied tasks as budgeting, financial forecasting, cash
management, credit administration, investment analysis, funds management, etc. The
complexity and relevance of financial managers' responsibilities have grown in recent
years as legal and economic contexts have evolved, as has the globalization of company
activity. As a result, the role of financial management has grown increasingly demanding
and complicated. (Khan, 2012)

According to Kenton (2021), there are many stakeholders in a corporation, including


trade creditors, bondholders, investors, employees, and management. Every group has
an interest in tracking the financial performance of a company. Financial governance
identifies how well a company generates revenues and manages its assets, liabilities,
and the economic claims of its stake- and stockholders.
There are various ways to assess financial performance, but they should all be seen as a
whole. Total unit sales, as well as line items such as revenue from operations, operating
income, or cash flow from operations, can be used. In addition, the analyst or investor
may want to go further into the financial accounts to check for margin growth rates or
lowering debt.

2. Financial problems
Business cycles are a type of fluctuation found in the aggregate economic activity of
countries that organize their work primarily in business enterprises: a cycle consists of
expansions in many economic activities occurring at roughly the same time, followed by
similarly general recessions, contractions, and revivals. A recession is a type of vicious
cycle characterized by cascading decreases in output, employment, income, and sales,
which feed into a further reduction in production, spreading fast from industry to
industry and region to region. This domino effect is crucial to the spread of recessionary
weakness across the economy, as it drives the comovement of various coincident

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economic indicators and the durability of recessionary liability (Mitchell,
1946).

A conservative reason to diversify is to avoid significant repercussions when an industry


or sector suffers a downturn. Some single-business or single-product companies would
not be able to sustain an extended downturn in their industry. Because fashion is so
fashionable and unpredictable, a fashion shop may sell in several product categories.
The company's diversification protects it against changes. To diversify, many fashion
shops open new store formats, such as for children or babies (Achuthan, 2020).

Legal
According to (Maslow, 2020) business owners are often faced with various legal
problems that can be crippling to their business, such as
- Forming a company
Every firm must get off to a good start, which includes the structure of the company.
The incorrect business structure for the sort of firm might result in major tax and legal
consequences.

- Employee and partner agreements


Employee contracts should spell out their rights, responsibilities, salaries, benefits, and
contract expiration dates. Employers are expected to register disciplinary measures
against workers, and they should also describe the probable grounds for their dismissal.

Partner agreements are also necessary if the company is ever sold, split up, or have any
disagreements. Everything should be explicitly stated in the partnership agreement.

- Cases of discrimination and harassment


Harassment can take many forms, but the most common are sexual, racial, and religious
harassment. These should not be allowed to suppurate in any workplace since they can
harm the company's reputation and result in significant legal expenses.

- Copyrights, patents, and trademarks are all examples of intellectual property rights.
New product development must always be thoroughly investigated for any existing
patents or copyrights. Many businesses generate easy money by waiting for someone to
infringe on their patents. These kinds of court disputes may last for years, are messy,
and expensive.

One of the best ways to circumvent these legal problems is to identify potential problem
areas early and prepare for them by having a trusted business lawyer.

Poor planning
A lack of planning is a factor in global company failure. Access to new finance and
consumers is one reason for businesses to expand outside their local borders. To stay up
with their competition, several companies enter global markets without a proper
strategy. They don't research the needs, assess differences in local versus worldwide

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system and don't ponder the variance in costs in doing business globally.
Companies have withdrawn from international markets in the past
because they entered without a strategy. A strong plan should include
both short and long-term objectives and a means to track progress and outcomes. There
should be clear to-do lists, benchmarks, and milestones had.

PERSONAL TRAITS AND SKILLS


1. Characteristics

To being financially knowledgeable, leading accountants must also possess several


human qualities to guarantee that they can deliver the best possible service, including:

 Service-oriented Mindset
Accounting is still fundamentally a people industry, regardless of how many numbers
are involved. Accountants must be proficient in financial computations and have a
particular amount of elegance and excitement while interacting with their clients as
individuals. Accountants should relish the opportunity to connect directly with their
clients to create rapport and learn as much as possible.

 Innovativeness
Just because an accountant's trade is primarily in numbers doesn't mean that there isn't
any room for creative thinking. If there is a potential to find a better solution, the top
accountants will never settle for cookie-cutter techniques.

Accountants must first develop the ability to intuitively formulate an out-of-the-box


strategy to deal with unique situations with experience. However, before that, an
accountant must be willing to practice and strengthen their innovative capabilities.

 Reliability and Trustworthiness


Confidential information shared by customers with their accountants must never be
released to third parties, either purposefully or unintentionally. The customer must
have complete faith in their accountant's capacity and desire to keep sensitive
information secret at all times; this is a professional and ethical need. An accountant's
impression of a customer will most certainly affect future customers' perceptions of
them. Therefore, trustworthiness is critical for both the client's safety and the
accountant's profession.

 Vigilance
The status of the economy and the complexities of tax law can change at any time, so an
accountant must date on the most recent changes. One of the key reasons why an
accountant's competence is required in the first place is that the sector is continually
changing.

Even if the accountant is fully confident in their awareness of all fine details, they must
always keep current with the field to ensure that their knowledge is still relevant and
applicable. What may have been sound approach months ago may no longer be so in

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the present, and a good accountant must always be prepared to adapt to
this circumstance before it becomes a significant issue.

2. Skills

Analytical Skills
Accounting job necessitates a comprehensive, detail-oriented approach. Accountants
must go through extensive financial documents to verify that every information is
appropriate and sufficient. Otherwise, their analysis might produce contradictory
results. According to Bob Prather, Lucas Group's general manager of accounting and
finance recruiting, the finest accountants can quickly assess an analysis report and
identify what remains whether or not the facts and figures compute (Writers, 2021).

Communication Skills
The words excellent communication skills are often found in job postings. As the GMAC
survey shows, these are highly sought-after skills. On the other hand, higher-level
communication abilities are more closely linked to the capacity to write and talk.
Effective communication is a two-way process that necessitates responding to what
others say and do. Whether it's selling someone an idea, negotiating a sticking point,
collaborating on a common goal, reaching a consensus on a number, or providing
performance feedback, communication skills are a daily requirement at the workplace.
While technical knowledge is necessary for computer and information systems jobs,
GMAC shows that the most important skill for newcomers is oral communication.
Recruitment. This is also true in other businesses, particularly management accounting.

Teamwork Skills are the traits and talents that enable you to collaborate well with
others in talks, projects, meetings, and other situations. The capacity to communicate
effectively, actively listen, and be accountable and honest is required for effective
cooperation. Many other additional soft skills can help you be an exceptional teammate
at work to discuss more below.
Every sector, at every stage of your career, especially in accounting, will demand you to
collaborate with others to agree on an issue. Doing so in an empathic, efficient, and
responsible manner may help you achieve your objectives and make a good
contribution to your company. It can also aid in the development of interpersonal
relationships. Building rapport may lead to more productive professional relationships,
new contacts, and even new possibilities.

Strong Organizational Skills will always characterize the best accountants. Every single
bit of data and paperwork must be accounted for at all times, no matter how minor it
may seem. Poor organizational skills will be the Achilles’ heel of even the most naturally
brilliant and well-intentioned accountants in the field. Being well-organized ensures that

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accounts can immediately access any content they require, increasing
productivity and freeing up more time for the most critical
responsibilities.

CONCLUSION

This report has fulfilled the three parts set out at the beginning of the article. As a member of
the financial management committee that wrote this report, I have provided definitions and
examples of the sections related to accounting and financial management. In addition, the roles
and skills of an accountant have also been outlined in the article. From this report, the
shortcomings in accounting management and financial management in the company will be
overcome.

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