How Do you Differentiate in Financial Accounting and Management Accounting?

A Sample Report On Difference B/W Financial Accounting & Management Accounting

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TABLE OF CONTENTS INTRODUCTION ...........................................................................................................................3 TASK 1 ............................................................................................................................................3 1.1 Explains the purpose and requirements for keeping financial records ............................ 3 1.2 & 1.3 Analyses the techniques for recording financial information and analyses the legal and organization requirements of financial reporting ............................................................ 4 1.4 Evaluates the usefulness of financial statements to stakeholders .................................... 5 TASK 2 ............................................................................................................................................6 2.1 Components of working capital ...................................................................................... 6 2.2 how business organizations can effectively manage working capital .............................. 7 TASK 3 ............................................................................................................................................8 3.1 Difference between management and financial accounting ............................................. 8 3.2 Explains the budgetary control process ............................................................................ 9 3.3 Calculate and interpret variances from budget ............................................................... 10 3.4 Evaluate the use of different costing methods for pricing purposes .............................. 12 TASK 4 ..........................................................................................................................................13 4.1 Demonstrate the main methods of project appraisal ...................................................... 13 4.2 Evaluate methods of project appraisal ........................................................................... 14 4.3 Explain how finance might be obtained for a business project ..................................... 15 CONCLUSION ..............................................................................................................................16 REFERENCES ..............................................................................................................................18 Avail Assignment Writing Service From Assignment Desk UK & Secure Top-Tier Grades Phone: +442038681670 Email: help@assignmentdesk.co.uk Website: https://www.assignmentdesk.co.uk/

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INDEX OF TABLES Table 1: Variance analysis and reconciliation statement ...............................................................10 Table 2: Performance of firm .........................................................................................................11 Table 3: Calculation of payback period .........................................................................................13 Table 4: Calculation of ARR .........................................................................................................13

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INTRODUCTION Financial and management accounting both are different branches of accounts. Both of them have importance for the firms. In this report difference between both is explained in detail on the basis of specific parameters. In middle part of the report, variance analysis is done and performance of the firm is measured. In order to cross check variance calculation reconciliation statement is prepared. At end of the report, project evaluation is done by using some specific methods and viability of project is measured.

TASK 1 1.1 Explain the purpose and requirements for keeping financial records Financial records are like a mirror and reflects the financial position of the firm and its profitability. It is very important to keep financial records because they help managers in identifying the point where organization is standing currently. The main purpose of preparing financial statement is to access the strong and weak points of the firm and to make sure that corruption is not going on in the organization (Zimmerman and Yahya-Zadeh, 2011). Financial records help managers in identifying that from which source fund is coming in the firm and place where it is incurred. Thus, main purpose of preparing financial record is to make sure that everything is done in write manner in the firm. The other main purpose of preparing the financial records is to identify and evaluate strong as well as weak points of the firm. Hence, it can be said that preparation of financial records gives a multidimensional benefit to the firm. There are requirements to keep financial records because as per rules it is necessary for every business concern to maintain records. It is also necessary for the managers to conduct audit of the company accounts by appoint specific person who is qualified to audit firm accounts. Thus, it can be said that there are requirements to keep financial records (Kaplan and Atkinson, 2015).

Every business concern must makes sure that it is keeping proper record of company books of accounts and all transactions are recorded at accurate value.

Financial records are required for tax preparation and filing and, if needed for any audits.

The financial records are useful for providing managers the management information such as information about costs, and forecasts of future costs and revenues. Financial records required Avail Finance Assignment Help and assure top-notch submission grades.

for those who requires such information for decision making and record keeping purpose. It helps to manipulate in the financial records in order to reduce company's tax obligations. It helps to plan for tax payments (Frieden, 2016). It helps to identify the strengths and weaknesses of the business. Financial records will help to the company to make plan to meet financial commitments such paying creditors or employees. Its another important purpose is with help of financial records company makes easier to distribute profits to shareholders as dividends or for partnerships where both profits and losses have to be shared. Financial statements are gives information to company that it need to run the business and help it grows as well as it helps manage changes and improvements in the organisation.

1.2 & 1.3 Analysis the techniques for recording financial information and analysis the legal and organisation requirements of financial reporting

There are many methods in accounting that are adopted to keep record of the financial information. Some method that are used to record financial information are given below. 

Journal- It is one of the most important method which is adopted to record financial information. It is the book of account in which all transactions that are related to the firm are recorded. In journal entries are done and there debit as well credit sides are recorded in the books of account (DRURY, 2013). It is prepared by each and every type of firm irrespective of its size.

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Ledger- It is also one of the most important account that is prepared by the firm. In this account all entries of the journal are recorded. A separate account is prepared under which all similar transactions are recorded. This statement gives an overview of the specific account collectively and on individual basis. Thus, it is one of the most important technique of keeping record of financial information.

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Cash book- In this book all cash related transactions are entered and it provides information about the expenses that are made by the firm in specific duration (Gow, Ormazabal and Taylor, 2010). Hence, it can be said that along with journal and ledger it is one of the most important method of recording transactions.

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Balance Sheet- A balance sheet is a financial statement of assets and liabilities and capital of business. It is one of the best technique to record financial information. By this

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the company can know that how many assets and liabilities it has within the organisation.

Here the company keeps all the records of the current and fixed assets and liabilities. It gives the clear picture of business at the quarterly, half yearly and yearly basis. 

Income Statement- A income statement is also one of the most technique to record the financial information about the business (Angel, 2016). It measures the company's financial performance over a specific accounting period. It is important for the business because it shows the profitability of business during the time interval specified in its heading. It gives the information about all the expenses and revenue generated by the business.

There are legal requirements of financial reporting and under every firm have to follow

provisions of IFRS or International financial reporting standards. As per provisions of IFRS all accounts are prepared and

there notes are recorded in the company books of accounts. In an organisation there are rules about different types of reports that will be prepared in relation to firm accounts. These rules are strictly followed while in activities that are related to financial reporting.

1.4 Evaluates the usefulness of financial statements to stakeholders Financial statements have great importance for the stakeholders. This is because stakeholders are those entities that give close cooperation to the firm in running business operations. Hence, they are always interested in knowing that in which direction firm is going in current time period. Some of the most important stakeholders of the firm are given below. 

Shareholders- These are those who makes an investment in the company and buy shareholding in same (Kieso, Weygandt and Warfield, 2010). In this way they become real owner in the company. They makes an investment in the firm and due to this reason always like to ensure that investment made by them is fully secure. Thus, they needed company financial statements and on the basis of evaluation of same they identify the financial condition of the firm. By using ratio analysis method shareholders evaluate firm from different sides and take there investment related decisions. If firm condition is not good then shareholders sale firm shares in the market and exit from same.

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Creditors- These are also one of the main stakeholders of the firm because they make available debt to the firm to meet its working capital and long term finance needs. In business firms often takes debt from the suppliers and other business friends (Hail, Leuz and Wysocki, 2010). Some times already specific entity gives debt to the firm and when second party again approach same for getting a loan creditor carry out analysis of firm financial position. In this regard, creditor needed copy of firm financial statements. By using ratio analysis

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method creditors evaluate firm from different sides and take there debt allotment related to decision in proper manner.

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Managers- These are the one of the most important stakeholder of the firm because they take its tactical and strategic decisions. Managers needed firm financial statements because strategies are prepared to solve specific problem or to capitalize opportunities. It is financial statement which reflects the area where firm performance is weak and needs strong action to convert same in to strength (Larcker and Rusticus, 2010). Thus, managers always first of all evaluate financial statements and on the basis of same decide the direction in which they need to make business decisions.

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Government- The government is also one of the most important stakeholders of the business entity. The government used the financial statements of the company to evaluate the performance of the company towards the legal formalities. The government in whose jurisdiction the company is located will request financial statements in order to determine whether the business paid the appropriate amount of taxes (Best, 2016). The government entities or tax authorities need financial statements to ascertain the propriety and accuracy of taxes and other duties declared and paid by the company. Hence, this are the important stakeholders who analysis the legal and taxation duties performed by the business.

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Employees- The employees are one of the most important stakeholders by which company exist and run in the market. The financial statements are useful for the employees in order to take decision of join the company for job or not (Capie and Wood, 2016). The employees' analysis on the basis of financial informations that it is how perform in the industry and doing growth or at the stable condition in the market. If the Avail Finance Assignment Help and assure top-notch submission grades.

company is growing always and profitable than can give the better salary and allowance to employees, so in this way financial statements are helpful for the employees.

These are the different stakeholders of the business which use the financial statements to take decision about the investment into the particular company. The financial statements ate in above ways useful for all the stakeholders of the business entity.

TASK 2 2.1 Components of working capital Following are the components of working capital for the Alpha analytic. 

Cash- Cash is the one of most important component of working capital of the firm. This is because cash that remain in hand and in bank is used to meet working capital needs of the firm (Chaney, Faccio and Parsley, 2011). Hence, it can be said that cash is the one of the important component of the working capital as it is used to meet day to day finance need.

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Inventory- It is also known as stock of produced goods which is sold in the market by the organization. In order to meet working capital needs firm try to sale more and more goods in the market so that as much as amount can be raised to meet working capital needs of the firm.

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Account payable or receivable- These are the one of the most important tools that are used by the firm when there is scarcity of funds and same is needed for funding of operations (Laux and Leuz, 2010). When firm have excessive funds then it use same to make payment of account payable.

2.2 How business organisations can effectively manage working capital There is great importance of the working capital management for the business because by using same even there is small amount of fund in the business it can be used in effective manner to run day to day operations of business. By using working capital management method firm can reduce cash outflow or can delay same. On other hand, by using same cash inflow can be increase. There are many techniques of working capital management and all of them must be used by the firm to manage its cash balance (Mulford and Comiskey, 2011). This will helping it in ensuring that it is having sufficient amount of balance in its business. Some of the methods that can be used to manage working capital are given below.

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Firm must centralize its payment making system which means that all payments must be made from single place. On other hand, it must be made sure that payment receipt system is decentralized. If this will happen then Alpha analytic will be able to receive payment from debtors at fast pace.

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Firm must make all payment by cheque because when firm give same to any business firm it takes some time to cash same. Hence, balance remain in firm bank account for some time period.

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Firm can take overdraft facility to meet its working capital needs. It must make sure that it is making payment on time (Edwards, 2013). This is because if same will not be done then firm will loose its credibility among the business firm.

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A working capital management will help the firm to survive through a crisis or ramp up production in case of an unexpectedly large order.

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Working capital management helps to operation the organization smoothly without any financial problem for making the payment of short term liabilities. Purchase of raw materials and payment of salary, wages and overhead can be made without any delay.

Proper working capital helps in maintaining solvency of the business by providing uninterrupted flow of production.

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The sufficient working capital enables a business concern to make prompt payments and hence in creating and maintaining goodwill (Betz, 2016). Goodwill is enhanced because all current liabilities and operating expenses are paid on time.

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Working capital is really a life blood of any business firm which maintains the firm in well condition. Any day to day financial requirement can be met without any shortage of fund.

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Adequate working capital management enables a firm to face business crisis in emergencies such as depression.

TASK 3 3.1 Difference between management and financial accounting There are number of differences between management and financial accounting and same is described below.

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Maintenance of record- The main difference between management and financial accounting is that in case of former technique all information related to the production cost are recorded (Davis and Caldeira, 2010). Whereas, in case of financial record information related to the firm profit, loss and financial position is prepared and on that basis decisions are taken in the business. It can be said that in both type of accounting record keeping of different things is done by the business firms.

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Uses- In terms of use also management and financial accounting are different from each other. Management accounting is used by the firm to identify value of cost of production (Bebbington, Unerman and O'Dwyer, 2014). Apart from this its methods are used to identify whether all expenses are made within determined limit. It can be said that management accounting is a tool which help in measuring the effectiveness of the management. There is different use of the financial accounting and it is the tool which indicate the financial condition and profitability of the firm. By using the financial accounting techniques profitability of the firm is measured and its strong as well as weak points are also identified by the business firm. Hence, it can be said that there are different uses of the financial and management accounting.

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Users- There are internal users of the company information that is pertained to the management accounting (Flamholtz, 2012). Contrary to this, in case of financial accounting there are both internal and external users. It can be said that there is wide use of financial accounting then management accounting.

3.2 Explains the budgetary control process Budgetary control process is the one of the most important technique of management accounting which is used by the most of the firms. Budget control process of the firm is given below. 

Forecast- It is one of the most important step of the budget and under this first of all forecast of future time period is made and accordingly values of components of the budget is determined (Denison, 2010). In order to make forecast of figures business environment is analysed and advanced techniques like simulation is used by the firms. In this very first step company predict that what objective has to achieve from the budget.

On the basis of forecast budget statement is prepared.

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Determining values of the budget- After preparation of forecast and considering lots of factors values are determined for the budget. These values acts as standards against which performance of the firm is compared in order to identify the level of performance given by same in its business. Here the company is determining with help of forecast that how many values will be of the budget which preparing.

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Recoding of actual figures- After passage of the specific time period facts and figures related to the budget components are recorded in the statement (Garrison and et.al., 2010). Same is used in further stages to access performance of the firm. The company is in the third step of budgetary control process recode the actual figures with the determining and forecasting values of the budget in the business.

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Comparison of actual with budgeted figures- It is one of the most important step and under this actual figures are compared with the budgeted figure. On this basis it is identified whether firm give excellent or poor performance in its business. In this step the company is compare the actual budget with the budgeted figure and analysis that is it profitable for the company or not. With the help of this step company take the decision to implement budget in business or not.

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Recommendation from middle level managers- In case of negative variance middle level managers are asked to give recommendations to the top management regarding poor performance. These recommendations are given after considering number of factors. In this step the middle level managers recommend about the budget that whether it should implement or not. If the budget is negative than should not implement and if it is in favourable situation than company will adopt the budget in the business.

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Corrective actions- Top managers receive recommendations and wherever require make changes in same to draft corrective actions (Lennox, Francis and Wang, 2011). These are implemented at ground level of the firm to control occurrence of negative variance. This is the last and final step of the budgetary control process, in this company take the decision to implement or not on the basis of above steps.

These are the above steps by which the budget can be prepare and control in the

business in an effective manner. It gives the proper decision to take the corrective action about the budgeted project.

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3.3 Calculate and interpret variances from budget Table 1: Variance analysis and reconciliation statement Actual

Budget

Sales

69900

62000

-7900

Direct labor

24200

22512

-1688

Direct material

23260

19796

-3464

Fixed overheads

6000

6000

0 2747.37258

Operating profit

16440

13693

78278

Table 2: Performance of firm Actual

Budget Favour

Sales

69900 62000

able Unfavo

Direct labor

24200 22512 utable Unfavo

Direct material

23260 19796 utable Unfavo

Fixed overheads

6000

6000 utable Unfavo

Operating profit

16440 13693 utable

Interpretation

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Sales variance- It is a variance which reflect the deviation in sales that comes from the budgeted value. It can be seen that Alpha analytic make more sales then budgeted value and on this basis it can be said that firm give good performance in its business. But due to elevation in sales cost also get increased which is not good for the business. However, variance will be assumed favorable for the business. High demand for the product in the market may be one of the main reason due to which variance comes in existence (Agoglia, Doupnik and Tsakumis, 2011). In order to prevent material from eroding firm may produce extra quantity of goods. Hence, firm needs to make sure that it is using raw material according to its requirement. 

Direct labor- It is one of the most important method of variance and it reflect the variance that is occurring in the labor cost. By comparing actual cost with budgeted cost variance is identified in the business. In this case cost of labor get increased for the firm and on this basis variance is assumed negative for the firm. There may be multiple reasons due to which such kind of variance comes in existence. It is possible that firm over employed its labors at the workplace (Johnson and Noguera, 2012). It is also possible that labors does not work efficiently and due to this reason managers get forced to employee more labors to achieve a target.

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Direct material- It is a variance which reflects the difference that is between actual and budgeted cost of material. In this case value of variance is negative which means that firm extra expenditure on its material. There may be many reasons behind same. It is possible that cost of material increases in the market and due to this reason cost of material get increased. On other hand, firm produces more then determined units and it is also one of the main reason due to which variance comes in existence. Hence, firm needs to make sure that it is making purchase of material at low cost.

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Fixed overhead- It refers to the increase and decrease that happens in the fixed cost of the firm products (Roy and Roy, 2016). Elevation more then budget value may occur only when fresh investment is made in fixed assets.

3.4 Evaluate the use of different costing methods for pricing purposes There are different methods that are used for product pricing and some of these methods are given below.

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Cost plus pricing- This is the one of the commonly used method of costing and under this on cost specific percentage is added to compute total sales value of the product or per unit cost. It can be said that this method of sampling is very common among the business firms.

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Demand based pricing- This is another method that is very popular among the business firms (Dechow and et.al., 2011). In this method with change in demand of the product price of same get changed. This method of pricing is also used at large scale by the business firms.

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Competition based pricing- This is one of the most common method that is used for pricing a product and under this firm before determining price of its product evaluate its competitors product price. Accordingly, he determines price for its product.

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Transfer Pricing- The pricing method involves selling of goods and services within the departments of the organisation. It is done to manage the profit and loss ratios of different departments within the business.

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Going Rate Pricing- It is a method in which an organisation sets the price of a product according to the prevailing price trends in the market (Hieronymi, 2016). In this type of pricing method, the prices set by the market leaders are followed by all the businesses in the industry.

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Value Pricing- The another method of pricing is value pricing. It is a method in which the business tries to win loyal customers by charging low prices for their high quality products. It can deliver high quality products at low prices by improving its research and development process. Value pricing is also called value optimized pricing.

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Skimmed Pricing: Price skimming is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time. It is a temporal version of price discrimination or yield management (Gandolfo, 2016). It is pricing strategy by which the firm charges the highest initial price that customers will play. As the demand of the first consumers is satisfied, the business lowers the price to attract the another consumers, more price sensitive segment.

Hence, from the above pricing methods it can be said that this are the pricing strategies which will be effective for the business by which the organisation can easily attract to the consumers towards the firm's products and services.

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TASK 4 4.1 Demonstrate the main methods of project appraisal Table 3: Calculation of payback period Project Initial investment

-10000 1

2000

-8000

2

3000

-5000

3

3000

-2000

4

5000

1000

5

5000

4000

6

3000

7000

Interpretation Payback period reflect the time period with which project can cover invested amount.

The significance of this method is that by using so managers can identify the maximum duration that will be taken by the firm to complete its project investment amount (Macintosh and Quattrone, 2010). This project is taking three year time period to cover cost and it can be said that it is viable for the Alpha analytic.

Table 4: Calculation of ARR Project Initial investment

Total

10000 1

2000

2

3000

3

3000

4

5000

4

5000

6

3000 21000

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Average ARR

4200 42.00%

Interpretation ARR reflect the average return that can be earned by the business firm. ARR of the project is 42% and it can be said that this project is beneficial for the firm (Investment decisions, 2016). The benefit of this method of project evaluation is that it indicate the mean return that specific project will give to the Alpha analytic.

4.2 Evaluate methods of project appraisal Project appraisals methodologies are used to access a proposed project's potential success and viability. The different methods of project appraisals are as follows: NPV Method: The net present value method is one of the best method for project appraisal, that firms used to select most profitable projects to invest in. with this method, a small business accepts or rejects a project based on its net present value, which represents its estimated profitability.

The main advantage of the net present value method is that it takes into account the basic idea that a future currency is worth less than a currency today (Roy and Roy, 2016). The method also tells whether an investment will create value for the company or the investor. The another advantage is that it takes into consideration the cost of capital and the risk inherent in making projections about the future.

The biggest disadvantage to the method is that it requires some guesswork about the firm's cost of capital. It is not useful for comparing two projects of different size. Because the method results in an answer in currency or monetary, the size of the net present value output is determined mostly by size of the output.

IRR Method: The internal rate of return method equates the net present value of the project to zero. The project is evaluated by comparing the calculated internal rate of return to the predetermined required rate of return.

Advantages of the method are it considers the time value of money which is a big lacking in accounting rate of return. The most attractive thing is that it is very simple to interpret and calculate. The hurdle rate is a difficult and subjective thing, which is not required in the method to calculate internal rate of return.

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Disadvantages of the IRR method are it ignored economies of scale and it implicitly assumes that the positive future cash flows are reinvested at internal rate of return (Larionova, 2016). It depended on the contingent projects. It will give a percentage interpretation value which is not enough.

Payback Period Method: A payback method is defined as the time, usually expressed in years, it takes for the cash income from a capital investment project to equal the initial cost of the investment.

Very most advantages of the method is its simplicity. Most companies will use a team of employees with varies backgrounds to evaluate capital projects. It is beneficial to make quick evaluations of projects with small investment.

Disadvantage of the method is it ignores the time value of money. The payback model does not consider cash inflows from a project that may occur after the initial investment has been recovered.

ARR Method: The accounting rate of return is the ratio of estimated accounting profit of a project to the average investment made in the project (Angel, 2016). It is used to investment appraisal. The calculation is the accounting profit from the project, divided by the initial investment in the project. One should accept a project if the measure yields a percentage that exceeds a certain hurdle rate used by the company as its minimum rate of return.

Advantages are the method is based on accounting information, therefore, other special reports are not required for determining ARR. It is easy to calculate and simple to understand.

The method is based on accounting profit hence measures the profitability of investment.

Disadvantages of the method are that it ignores the time value of money. The method ignores the cash flow from the investment. Another disadvantage is the method does not consider terminal value of the project.

4.3 Explain how finance might be obtained for a business project There are number of ways that can be adopted by the firm to obtain finance for its business project. Some sources of finance for business projects are given below. 

Short term loan- Alpha analytic can obtain short term loan from the bank. This loan will be available to firm for one year at low interest rate. For taking loan firm can either needs to mortgage its property (Armstrong, Jagolinzer and Larcker, 2010). However, organisation is having good relationship with the bank and have creditability in the eye of Avail Finance Assignment Help and assure top-notch submission grades.

manager then it can abstain from mortgaging a property. These loans are available at fixed and flexible interest rate and it depends on Alpha analytic that at which rate its takes a loan. It will be better to take loan at fixed then flexible interest rate. This is because it debt will be obtain at flexible interest rate then with hike in same by central bank finance cost for Alpha analytic will also increase. 

Loan from business friends- This is other and easily available source of finance for the business firm and under this it can take loan from business friends (Weygandt and et.al., 2010). The finance cost remain low in case of this source of finance.

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Private equity firm- These are those firms that makes an investment in sequence in the firm. Hence, if any specific private equity firm is already making an investment in the company then it can be insisted to make investment in the current project.

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Factoring- Factoring is a finance method where a company sells its receivables at a discount to get cash up-front. It is often used by the companies with poor credit or by businesses such as apparel manufacturers, which have to fill orders long before they get paid. It is also the best way to raise the fund or obtain the finance for the business project.

However, it's an little expensive way to raise funds (Hieronymi, 2016). Companies selling their receivables generally pay a fee that's a percentage of the total amount.

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Crowdfunding- A crowdfunding is an effective way to raise money for a relatively low cost, creative project. In this there is no long term return on investment for supporters and not even the ability to write off donations for tax purpose. It is like taking loan, pre order, contributions or investments from more than one person at the same time.

CONCLUSION On the basis of above discussion it is concluded that management and financial accounting both are different things. On different parameters these sources of finance can be compared with each other. Users of management and financial accounting are also different from each other. It is also concluded that there are many techniques of project evaluation and managers must use them. Managers must avoid practice of picking up project on random basis merely by looking at cash flows. It can be said that project evaluation tools are effective method of project evaluation. It is also concluded that firms must use budget method to control there

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expenses and to measure performance. By controlling actual figure with budgeted value performance of the firm can be measure in proper way and corrective actions can be taken easily to improve performance.

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REFERENCES 

Agoglia, C.P., Doupnik, T.S. and Tsakumis, G.T., 2011. Principles-based versus rules-based accounting standards: The influence of standard precision and audit committee strength on financial reporting decisions. The Accounting Review. 86(3). pp.747-767.

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Angel R.J., 2016. Architects of Austerity: International Finance and the Politics of Growth

By Aaron Major Stanford University Press. 2014. 254 pages. $60.00 hardcover. Social Forces. 94(4). pp.e102-e102.

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Armstrong, C.S., Jagolinzer, A.D. and Larcker, D.F., 2010. Chief executive officer equity incentives and accounting irregularities. Journal of Accounting Research. 48(2). pp.225-271.

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Bebbington, J., Unerman, J. and O'Dwyer, B., 2014. Sustainability accounting and accountability. Routledge.

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Best J., 2016. When Crises Are Failures: Contested Metrics in International Finance and Development. International Political Sociology. 10(1). pp.39-55.

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Betz F., 2016. Stability in International Finance: Applications of Price Disequilibrium Theory. Springer.

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Capie F. and Wood G.E. Eds., 2016. Asset prices and the real economy. Springer.

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