macb master new

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Management Accounting Costing and

Budgeting


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Management Accounting Costing and Budgeting Individual Assignment

ACKNOWLEDGEMENT

Firstly I would like to thank our lecturer Mr Anuruddha Yapa, who gave me full support on

the assignment from the day he presented to us. he never made us !ored and all of his

classes were full of "oy and pleasure, therefore as an individual I have gained a good

knowledge a!out the module which is Managing Financial #esources $ %ecisions. &he

su!"ect has designed in a way that provides the current issues and opportunities an

organi'ation could face in a Management Accounting, Costing and Budgeting

econdly my sincere thanks to the management of ICB& who gave me the opportunity to

follow ()% in !usiness management and for giving such an e*cellent e*perience to do an

assignment that I had on this particular su!"ect. &hank you to all my colleagues who gave

thoughtful ideas to carry out the assignment and gave to critics to improve my writing skills

in an effective way. I could confidently say that the support from everyone had helped me do

this particular assignment without any hassles.

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Executive Summary

&his paper e*plains a!out the Management Accounting in terms of costing and !udgeting. It

has !ecome one of the vital areas in most of the organi'ation. &oday many Companies are

moving forward with their !usiness and it is a must factor that the cost should !e maintainedin a way that could increase the performance effectiveness. &he assignment !rief gives an

opportunity to understand the different scenario a!out costing and !udgeting and how it

should !e looked in a way to improve the standard. &he paper starts with understanding the

different costs and methods that e*ist in the world of !usiness. &hese particular methods help

and lead the Companies to understand the !usiness in a !etter way.

&his assignment is also !ased on the advantages and disadvantages of !udgeting and costing

that will provide to a company. It helps the company to identify their finance standards and

how to handle the current situations in the !usiness. +ater on the marginal and a!sorption

costing are calculated for the Mo!ile hone Company. &he third -uestion is !ased on +IF,

FIF, Average price and tandard price.

ther part of the assignment is a!out tar +imited and its Calculations are on /ero !ased

methods. &he calculations such as production -uantity, material usage, and material purchase,

direct la!our and !udgeted profit and loss account. &his whole assignment has provided the

insights of costing and !udgeting. 0very Company should make sure that the costing $

!udgeting is maintained in a high standards. &his would help the organi'ations to compete in

the market for a long time.

&he Company has to !e aware that the !udget is carried out with correct and relia!le

information which would !ring the real outcome results for the Company. It can create

valua!le decisions such as pricing, profit sharing, etc. o it is clear that the !udget $ costing

will create a great total of impact on each $ every organi'ation in the world. &herefore the

assignment portrays the significant if !udgeting and costing and also how it should !e

maintained in a way that will give a clear picture a!out the Company and how they operate in

the market place with high standards.

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ContentsACKNOWLEDGEMENT............................................................................................1

Executive u!!a"#...............................................................................................2

$%t"&'ucti&%........................................................................................................... (

1. Di)e"e%t t#*e+ c&+t...........................................................................................,

2. D$--EENT TPE O- COT$NG METOD.........................................................

$%te"*"etati&%.......................................................................................................26

CONCL$ON....................................................................................................... 2

E-EENCE........................................................................................................ 23

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Introduction

&hese days so many organi'ations are focusing on costing and !udgeting to get their

o!"ectives and goals in and valua!le way. It helps to decide the financial issues that happen

in the !usiness environment. &hese financial issues can !e related to develop decisions,

pricing decisions, wage control and material cost. &his will make any company1s financial

structure strong and also it can carry out in a competitive environment.

)ormally costing is evaluated !y using the past information in order to make a decision with

the current e*penses !ut the !udget is something which talks a!out the future and how the

capital can !e utili'ed in an appropriate way. It would compose the Companies to identify

with the !usiness performance and how it may possi!ly to move towards to the ne*t level.

Many organi'ations have their own services to take out the costing and !udgeting activities

!ecause it has the power to come to a decision the company1s success in the long run.

)owadays finance is one of the key areas in any unit which needs to supported !y others

departments as well.

American water has !een maintaining their costing and !udgeting !y using educated

employees and part of the assignment would make clear a!out the types of costing which is

!eing used !y the Company. ince the Company is one of the largest water providing

companies in ri +anka, it is their responsi!ility to produce -uality water services for the

people. It might !e achieved !y eliminating the unnecessary cost that is related to the

services. As well this will direct the consumers to get the high -uality product2services in a

low price. &herefore every company must focus on having a good and successful costing and

!udgeting.

&he report gave the opportunity to understand the marginal and a!sorption costing. &his is

imports for all the organi'ation and employees must ensure the procedures are followed

according to the re-uirement. &he ignorance will cost many issues that will affect the

company1s !usiness functions. &herefore the organi'ations must take is into consideration in

a massive manner.

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LEARNING OUTCOME !"

"# Di$$erent ty%e& co&t

'i(ure "

Ty%e& o$ Co&t

&oday environment need to know the different types of cost that are in the !usiness. &his

knowledge will help the organi'ations to classify the different types of cost and raise their

functions in a !etter way. )ormally there are many types of cost e*isting in the world of

!usiness and the types are given !elow and are !riefly discussed. 0very cost element will

e*plain the different way that a !usiness can handle and how it can improve it to survive in

the environment.

&here are many different costs that e*ist and every organi'ation must understand what is

important for them and how they must use in order to reduce the un!alance of the !usiness.

It may increase the chances to create the competitive advantage and also to sustain the

!usiness with high reputation.

'I)ED COST

&his is one of the common costs that occur in the !usiness and it doesn1t change according to the

!usiness activity within a period of time. Furthermore it won1t change !ased in the output2turnover

and it will remain in a constant manner. ome of the e*amples are rent, insurance premium, e*ecutive

BM/60/02 P a g e | 5

Opportuni

ty CostMarginal

Cost

Fixed and

variable

C&+

Average

Sunk

Diret

and


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salaries, depreciation and incense fee. &herefore the given cost are inter related to a specific period of

time. It can !e clearly mention that the fi* cost incur !ased on the time scale and not on the level of

activity.

*ARIA+LE COST

&his is known as the opposite of the fi*ed cost which can !e change !ased on the !usiness activity.

)ormally it changes according to the -uality of the output that produced and it has a direct

relationship with the production. Many Companies show a great interest towards this cost and also to

find ways to reduce so it would !ring profits to the relevant unit. &he following are the e*amples for

varia!le cost.

#aw material cost

ackaging cost

%irect material cost

MARGINAL COST

Marginal cost is !ased on the total cost and the -uality produced in a !usiness. It is the change that

occur in the total cost which will happen when the -uality change !y one unit. Also it is known as the

additional cost that involves in the each level of production. &his additional cost needs to !e

monitored to keep up the performance in a positive way.

0.g. In order to make an e*tra ta!le it will involve the additional cost of wood and la!our

O,,ORTUNIT- COST

An opportunity cost is a cost that measures the opportunity that is lost or sacrificed when the

choice of one course of action re-uires that an alternative course of action !e given up. It is

important to note that opportunity costs only apply to the use of scarce resources.

.# DI''ERENT T-,ES O' COSTING MET/ODS

)ormally in this world there are different kinds of costing methods, which would help to achieve the

goals and o!"ectives in an effective and efficient manner. ome of the costing methods are unit

costing, "o! costing, contract costing, !atch costing, process costing and operating costing etc. 0very

organi'ation follows different costing methods in order to find the cost of their production. &here are

many methods e*isting and the Company must know which method would suit for their !usiness. &he

costing methods are e*plained !elow.

Ty%e& o$ co&tin( met0od&

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'i(ure .

UNIT COSTING

&his method is used for products which can !e known as indistinguisha!le -uantity and also

can !e related to the manufacturing process that happens in a continuous !asis. For e*ample

paper manufacturing. In simple terms this cost allocated to a selected unit and commonly

calculated as the cost over a period of time divided !y the num!er of items produced. Also

unit cost includes all fi*ed and varia!le costs that are involved in the production. &his is one

of the significant costing methods which help to Companies to grow, lower the unit cost it

can achieve through economies of scale.

1O+ COSTING

It is related with the "o! function and normally the information collected !ased on the "o! in

order to make necessary decisions. It is the process of tracking and understanding the

e*penses that incurred on a "o! against the revenue that has !een produced !y the "o!. &his is

one of the vital costing methods for the Companies which are pairing a relatively high value

volume per customer with a relatively low num!er of customers such as !uilding contractors,

architects, etc.

,ROCESS COSTING

BM/60/02 P a g e | "

#nit

Costing$ob

CostingOperating

Costin

%roes

s

Contrat

Costing

&at'

Costing


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rocess costing is an accounting rule that traces and totals the direct costs and allocates the

indirect costs of a manufacturing process across the num!er of units produced.

Manufacturing costs are assigned to products manufactured in large groups, and costs are

assigned to manufactured units on an average cost !asis. rocess costing involves certain

speculations a!out standard costs and can !e su!"ective3 therefore, process costing is only

appropriate for companies that make large num!ers of units thousands or millions of units

per month. %eveloping a ro!ust and perfect process costing system is important !ecause

inaccurate costs will misrepresent the financial picture of the company.

&oday most of the Companies are showing great concern a!out process costing and they

have understood that it will make an impact on the organi'ation1s day to day activities.

&herefore maintaining the cost in an effective manner would increase the capacity of a

!usiness firm and also to produce a strong financial structure to the Company.

+ATC/ COSTING

&his method is used for products which are !ased on !atch production and to make an easy

task, each !atch is considered as a separate unit. 4enerally this costing applies for where

-uantity of identical items is manufactured as a uni-ue !atch. In a similar way to "o! costing,

!atch costing is used in situations where a specific customer order determines the work to !e

done. (owever, "o! costing is for situations where a single cost unit is !eing made 5e.g. a

single item of !espoke furniture6 whereas !atch costing is used where a uni-ue !atch consists

of identical items 5e.g. a printing company producing a !espoke !atch of 7888 identical A9

adverts6.

O*e"ati%g +tate!e%t u%'e" a4+&"*ti&% c&+ti%g

5*e"i&' 1a7e+ 8609000

5: *"&'ucti&% c&+t

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*"&'ucti&% c&+t 53., x

(09000

8(09000

C7&+i%g +t&c; 53.,x

10900053,9000 52,,9000

C&%t"i4uti&% c&+t 10,9000

e77i%g a%' a'!i%i+t"ati&%5309000

Net *"&


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-igu"e ,

Figure !

BM/60/02 P a g e | 1*

O*e"ati%g +tate!e%t u%'e" a4+&"*ti&% c&+ti%g

5*e"i&' 8a7e+ 3(09000

5: *"&'ucti&% c&+t

P"&'ucti&% c&+t 53., x

609000

,109000

O*e%i%g +t&c; 5 3.,x

109000

3,9000 5,=,9000

C&%t"i4uti&% c&+t 2(,9000

e77i%g a%'a'!i%i+t"ati&%

5309000

Net *"&


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O*e"ati%g +tate!e%t u%'e" !a"gi%a7c&+ti%g 5*e"i&' 1

a7e+ 5809000 x 128609000

5: *"&'ucti&% c&+t

P"&'ucti&% c&+t 5,.,0 x(09000

2209000

5: c7&+i%g +t&c;+ 5,.,0

x 1090005,,9000 516,9000

C&%t"i4uti&% 1=,9000

-ixe' c&+t 58x (09000 51209000

e77i%g a%'

a'!i%i+t"ati&%

5309000

Net *"&


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a'!i%i+t"ati&%

Net *"&


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-ixe' c&+t 51209000

e77i%g a%' a'!i%i+t"ati&% 5309000

Net *"&


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Date Date e"

06/03 xxx 200 0.2 (0 200?0.2 @

06/12 xxx 1,0 0.2

,

8.

,

1,0?0.2,@

.,

06/13

xxx 200?0.2@(01,?0.2,@8.

,

18,?0.2,@.,

06/22 xxx 12, 0.80

8.,

18,?0.2,@.,

12,?0.80@.,

06/8

0

xxx 18,?0.2,@8

8.,11,?0.80@8

(.,

10?0.8 @

(, 11, B/C/- 10 8

(,11,

'i(ure ".

ta%'a"' *"ici%g

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Date

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06/12

xxx

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xxx 21,?0.1,@82.2,

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xx

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260?0.1,@

8=

06/ xxx 2,0?0.1,@

BM/60/02 P a g e | 14


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80 8,10?0.1,@1.

,(, 1.

2,

B/C/- 10

1.,(,

1.2,'i(ure "2

Ave"age *"ici%g

ecei*t

Date

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N

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t#

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e

T&ta

7

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e

Date

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06/03 xx 200 0.2 (0

06/12 xxx 1,0 0.2,

8.,

8,0?0.

6/13

xxx 21,?0.22@(.8

18,?0.

2=.06/22 xxx 12, 0.8 8.

,

260?0.

6.

6/80

xxx 2,0?0.26@6,

10?0.2

6

(, 11, B/C/- 10

2.6(,

11,

'i(ure "3

BM/60/02 P a g e | 15


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LEARNING OUTCOME !2

"# COM,AN- +ACKGROUND4AMERICAN ,REMIUM WATER

S-STEMS

American remium :ater ystems was esta!lished in Fe!ruary ;88< as a "oint venture with American

+i-uid ackaging ystems Inc., ride International 5vt6 +td and &he &rend 4roup of Companies in

ri +anka. &hese three Companies have successfully contri!uted their efforts in order to create

American :ater as the num!er one !ottled drinking water !rand in ri +anka. &he Company1s core

focus is to produce a clean and hygienic water to -uench the thirst. &he advanced research

technologies helped the Company to follow an effective packaging and disposal methods which

would eliminate the redundant production cost. &he -uality and standards are maintained in order to

satisfy the clients for many years.

MISSION

&o provide high -uality products to the customers the Company has !een sta!le with their mission

statement which is educated !y the Management to all their employees. &he !rand is widely

recognised in ri +anka through their logo which is distinguished from other competitors. Followingis the mission statement of American :ater.

We are committed to providing pure drinking-water to the public via an environment-friendly

process, maintaining high standards of hygiene, giving good value for money backed by a solid

customer-care service satisfying customer needs, amidst an atmosphere of professionalism where

workers find it stimulating to work in excellence, contributing toward company growth, while we

ensure fairness and integrity prevail in all our decisions concerning our people, our products and ourcustomers

*ISION

&he vision of the Company was invented from its founders to clearly e*press the long term focus of

which is !ased identifying opportunities and creating the success for the employees. 0ach year the

Company evaluates their performance !y recruiting young talents to !ring up new ideas to !uild

professional relationship in the industry. &he vision of American :ater is given !elow.

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To be the leader in providing purified drinking-water in the South sian S!" region, enriching

shareholder and stakeholder interests, while creating opportunities for employees to share in the

group#s success

,UR,OSE O' +UGETINGince American :ater ystems is one of the largest water producing Companies in ri +anka, they

must understand the gravity of maintaining a proper !udget for their organi'ation. Budget is a process

and also known as a -uantitative plan which is used as a tool in order to decide the activities that will

!e chosen for the future uses. &he !udget helps American water to plan their !usiness activities in an

effective way. &he Company is aware that it is a vital aspect for them and also it will help them to

produce a good performance internally and e*ternally. &herefore the Company must make sure that

they provide accurate information in order to develop a !udget which could !e used for the future

needs.

&oday American :ater ystem prepares their !udget annually in order to focus the future needs of

the Company. It helps the Company to see the !usiness activities in a proactive manner and also to

carry out the day to day activities in a most effective manner. &he Management is aware that the

!udget should !e prepared to cater the needs of the Company and also the amendments should !e

made to according to the changes that could happen in the !usiness environment. &he !elow are some

of the points that !udget helps American water to move forward in the !usiness.

It helps to identify the Company resources and utili'e in a ma*imum way

&o understand the financial performance of the company in many areas

(elps to forecast the future and make the necessary ad"ustment in the !usiness functions

+earning and understanding the outcome of the Company

(elps to maintain the reputation of the Company in the society

lays a ma"or role in !usiness sustaina!ility and also to carry out good !est practices

It will create a credi!ility among the employees and also to retain them in the Company

=nderstand the economic changes and other changes that occur in the !usiness environment

and how it should !e taken into consideration

AD*ANTAGE 5 DISAD*ANTAGE O' T/E +UDGETING

It had !een argued that the !udget is a vital aspect for any organi'ation and American :ater

Company is maintaining it in a great manner. 0ven though !udgeting could carry !oth advantages

and disadvantages. &herefore the Company needs to know the insights of it and how they could

tackle the !usiness to move forward. Below given are some of the advantages of !udgeting.

BM/60/02 P a g e | 1"


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It helps the Company Managers to !e more focused and identify the relevant areas

It can work as a tool in !etween different layers of Management

Budget could lead to design effective !usiness plan

It will !e a motivating tool for the employees and Managers so they can use it as a statistic

(elps to evaluate the Company performance and make changes in the current !usiness

activities

It will help the Company to understand and move forward with !usiness1s day to day

activities

Following are some of the disadvantages of the !udgeting. &hese factors need to !e considered !y

American :ater ystem in an appropriate manner. A small error could !ring massive outcomes to the

performance of the Company. &herefore understanding will help the Company to !e more focused and

also to learn the !usiness environment.

It is a time consuming process to develop !udgets

It only considers the financial outcome of the Company

ometimes it will lead the Company to make rigid decisions

ne wrong decision will create a massive change in the Company and it will affect the

Company1s internal and e*ternal stakeholders

It will tarnish Company1s good name and the reputation

BM/60/02 P a g e | 1(


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2.

Figure1,

8. +ero budget

1.a7e+ 4u'get

,0?09000 89,009000

2. P"&'ucti&% 4u'get

BM/60/02 P a g e | 1)

Bu'geta"# c&%t"&7 +tate!e%t

-7exe' 4u'get c&!*a"e it actua7 "e+u7t+Ex*e%+e+ t#*e -7exe' 4u'get

,,00 u%it+

Actua7 "e+u7t

,,00 u%it+

Bu'gete'

va"ia%ce$%'i"ect 7a4&" =9,00 =9=00 (00:a've"+e

c&%+u!a47e+ 1=968, 2092,0 61,:a've"+e

a"ia47e

&ve"ea'+

819(0, 2=9200 220,: av&"a47e

-ixe' &ve"ea'+ 229,00 229,00 ,3890(0 3193,0 11=0:av&u"a47e

Bu'geta"# c&%t"&7 +tate!e%t

-ixe' 4u'get c&!*a"e it actua7 "e+u7t+

Ex*e%+e+ t#*e -ixe' 4u'get000 u%it+ Actua7 "e+u7t,,00 u%it+ Bu'gete'va"ia%ce

$%'i"ect 7a4&u" 119000 =9=00 1100:av&u"a47e

c&%+u!a47e+ 2,9000 2092,0 (,0:

av&u"a47e

a"ia47e

&ve"ea'+

(09000 2=9200 10300:

av&u"a47e

-ixe' &ve"ea'+ 229,00 229,00 ,=39,00 3193,0 166,0:

av&u"a47e


21/31


a7e+ 09000

5: &*e%i%g +t&c; 5,9000

6,9000

5F c7&+i%g +t&c; (9000

P"&'ucti&% "eui"e' 6=9000

8.Mate"ia7 u+age 4u'get

6=9000?8 209000

WH 6=9000?8 209000

(. Mate"ia7 *u"ca+e 4u'get

WH

+age 209000 209000

5: &*e%i%g +t&c; 5109000 5=9000

1=9000 1=39000

5F c7&+i%g +t&c; 1,9000 189,00

2129000 2119,00

%it c&+t 1 2

T&ta7 2129000 (289000

,.Di"ect 7a4&" 4u'get

*"&'ucti&%


22/31


3. a7ue & c7&+i%g


23/31


TOTAL CA

AA$LABLE

(*-25* )2-*** 1*4-5**

PAMENT

-O DEBTO 1=92,0 239,00 839,00

TA 69000 69000 69000

WAGE ,9000 ,9000 ,9000

OEEAD ,9000 ,9000 ,9000

TOTAL PAMENT 58,92,0 5((9,00 5,(9,00

CA B/C/- 45-*** 4"-5** 5*-***

SA./S

L

MAC 809000 x 20I @ 6000

NE (09000 x 80I @ 129000

L ,,9000 x ,0I @ 29,00

(,9,00

BM/60/02 P a g e | 22


24/31


AGT

NE (09000 x 20I @ 39000

L ,,9000 x 80I @ 169,00

AGT (,9000 x ,0I @ 229,00 (9000

EPTEMBE

L ,,9000 x 20I @119000

AGT (,9000 x 80I @ 189,00

EPTEMBE 6,9000 x ,0I @ 829,00

,9000

%#0CAS/

L

NE 1,9000 x 1,I @ 292,0

L 209000 x 3,I @ 19000

1=92,0

AGT

L 209000 x 1,I @ 89000

AGT 809000 x 3,I @ 2,9,00

BM/60/02 P a g e | 23


25/31


239,00

EPTEMBE

AGT 809000 x1,I @ (9,00

EPTEMBE (09000 x 3,I @ 8(9000 839,00

LEARNING OUTCOME !. AND !3

a"ia%ce

1.DML

P"ice va"ia%ce T&ta7 !ate"ia7 va"ia%ce

18,00

12000 1,005A

+age va"ia%ce 2000 5A

12,00

12000 ,005A

BM/60/02 P a g e | 24


26/31


2.DL

ate va"ia%ce T&ta7 7a4&" va"ia%ce

=,00=000 ,005A

Ecie%c# va"ia%ce 1=(0 5A

=000

,60 1((05A

8. O/ A$ANCE

Ex*e%'itu"e va"ia%ce T&ta7 va"ia47e O/

va"ia%ce18=00

12==8 =06.2,5A

Ecie%c# va"ia%ce 005A

12==8

18200 206.2,5-

OA @ (.12,

-OA @ 8.,=8,

OA @ 8.213,

BM/60/02 P a g e | 25


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(.- O/ A$ANCE

Ex*e%'itu"e

va"ia%ce

Ca*acit#

va"ia%ce

&7u!e

va"ia%ce

T&ta7


28/31


@ (,0 ? 2 @ =00

=00 x @ 20 ? 8 @ 310

@ 130 ? ( @ 20

2(80

W @ ,00 ? 2 @ 1000

@ 800 ? 8 @ =00

@ 200 ? ( @ 300

2900

Inter%retation

%irect material variance shows an adverse of ;888, they have purchased the products at a

high price3 this can !e reduced !y o!taining trade discounts

%irect material usage has a


29/31


CONCLUSION

0very organi'ation in the world function with certain o!"ective and it helps the country and

the society to live a standard lifestyle. Managing Accounting helps the Companies to forecast

a!out the future and make necessary decision making. &oday the world is moving in a rapid

manner and the Companies must !e ahead of the changes. &his particular paper discusses

a!out the costing and !udgeting in different scenarios and each outcome of the assignment

depicts different Companies and situations. &he assignment gives an understanding that they

are many types of costing availa!le for the organi'ations and also there are different costing

methods used in day to day !usiness. &he !udgeting process helps the Companies to have a

clear control on their performance and also to motivate the necessary parties to take the

!usiness to the ne*t level. From the !udget a Company could a!le to manage the relationship

!etween the income and e*penditure. If the relationship maintains in an effective way, it will

motivate the employees and also the Company can easily achieve their set goals and

o!"ectives.

Most of the scenarios !udget won1t !e an accurate amount since many factors will have an

influence on that particular amount. As already discussed in the a!ove paper, some of the

factors are uncontrolla!le and it needs to !e ad"usted according to the change that happens in

the market. In certain times Company1s !udgeted profit will !e lesser that the actual profit

due to the economic and other changes. &he main advantage of having a !udget is that the

Company can see their future and they can make the decisions to improve it in further way.

Also it gives a clear picture for all the stakeholders and they also can evaluate the Company

performance and level of investment. &herefore it is more evident that the !udget plays an

important role in Company1s performance in the long run.

Most of the Companies do their own !udgeting calculations whereas some have their outsourcing

Companies to handle their !udgeting. &he main reason to outsource this process is that generally it

consumes time and therefore it needs to !e done with more care an effort. As a whole this assignment

provides the insight of costing and !udgeting and how Companies must control in order !oost their

performance. Also it has given a clear picture to understand the underlying factors of maintaining a

good !udget for a Company.

BM/60/02 P a g e | 2(


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