Sample Report on Management accounting by Experts

A SampleOn

Management Accounting

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TABLE OF CONTENTSINTRODUCTION .........................................................................................................................3TASK 1...........................................................................................................................................3

1.1 Different types of cost classification......................................................................31.2 Using job costing calculation of unit cost and total job cost for job 444.41.3 Calculating cost of Exquisite using absorption costing.................................. 51.4 Analyzing the cost of Exquisite focusing on technique used by Jeffrey &Son's Ltd...................................................................................................................................7

TASK 2...........................................................................................................................................72.1 Preparation and analysis of cost report and commenting on variance....72.2 Identification of areas of improvements using performance indicators.. 92.3 Ways to reduce costs, enhance value and quality........................................ 10

TASK 3........................................................................................................................................ 103.1 Purpose and nature of budgeting process........................................................103.2 Selection of appropriate budgeting methods for firm and its needs......103.3 Preparation of different types of budget...........................................................103.4 Preparation of cash budget.................................................................................... 11

TASK 4........................................................................................................................................ 124.1 Calculation of variances, identification of causes and recommendingcorrective actions...............................................................................................................124.2 Preparation operating statement reconciling budgeted and actualresults.....................................................................................................................................134.3 Reporting findings to management according to responsibility centersidentified................................................................................................................................13

CONCLUSION .......................................................................................................................... 14REFERENCES............................................................................................................................15

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INTRODUCTIONManagement accounting is regarded as an important business element

that assists in providing accounting information to the managers in the firm(Management accounting, 2014). This is in order to offer them basis todevelop informed business decision which would allow them to be equippedin their management and keep a track on the functions (Burgstahler andEames, 2006). The reports relating with management accounting involvedetailed accounts of the company's available cash, generation of revenueand current organizations accounts payable and receivables.

In the present report, management accounting has been discussed incontext of case study related with Jeffrey and Son's Ltd. The firm ismanufacturing concern that produces popular and brand product known asExquisite. The present report entails to make analysis of cost information inthe firm. Further it involves methods to reduce costs and enhance valuewithin business. In addition to this it also includes preparation, forecastingand budgets for business. At last it includes monitoring of performanceagainst budget within firm.TASK 11.1 Different types of cost classification

Cost is referred to as expenditures incurred by the organization inaccomplishment of its activities. The cost of business is divided in theelements stated as under:

Basis ofclassificati

on

Type of cost Meaningw

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Functions Production,administration,research anddevelopment,selling as well asdistribution.

The expenses related with production whichassists in converting raw material intofinished stock are referred as cost ofproduction. On the contrary entire officeexpenses that are needed to controlbusiness operations are termed asadministration cost. Such involves stationeryand office rent. Selling and distribution costcovers the expenses involved in promotingand selling the products such as cost ofmarketing.

Nature Direct as well asindirect cost

Direct cost is the expenses that can becharged to the product and services. Thisinvolves cost of material and labor. Incontrast to this all the other expenses thatcannot be charged from the product cost areindirect cost which includes supervision,insurance, rent and rates (Lucey, 2002).

Behavior Variable, Fixedand semivariable

The expenses that are not influenced withthe increase or decrease in the volume ofproduction are considered fixed cost. Thisincludes salary of foreman and rent ofbuilding. But semi variable cost is one thatchanges after certain level of production. For

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instance, telephone bill, electricity chargesetc. On the contrary variable cost is one thatdirectly changes with the alteration in theproduction volume. This includes increase incost of material as a result of rise in volumeof production.

1.2 Using job costing calculation of unit cost and total job cost for job 444Job costing is referred to as an essential approach that can be used by

firm in order to calculate the cost in varied situation. Under this every jobpossess different nature and it has been scheduled in accordance withspecifications offered by customers (Prior, 2004). This technique is controlledby maintaining direct indirect cost account in relation to the job. Calculationof unit cost and total cost for job 444 as per case of Jeffrey and Son's Ltd isas under:

Name of Item Per unit cost AmountDirect material £200 £40000

Direct Labor £270 £54000Production overhead:

Variable £180 £36000Fixed £120 £24000

Cost per unit £770Total cost of 200

units£154000

Working note:

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Particular Qty perunit

Rate Calculation Cost

Directmaterial

50 kg. 4£ per kg 50kg*4£*200 40000£

Direct labor 30 hours 9£ perhour

30hours*9£*200 54000£

Variableproductionoverhead

30 hours 6£ perhour

30 hours*6£*200 36000£

Fixedproductionoverhead

(80000£)/(20000hours)*(30*200)

24000£

Cost per unit (154000£)/(200 Units) 770£

1.3 Calculating cost of Exquisite using absorption costingAbsorption costing is a technique that assists in making cost

calculation of a product by taking into consideration direct costs as well asindirect expenses. It is the technique in which all the manufacturing costsare absorbed by the units produced (Adah and Mamman, 2013). Cost offinished unit within inventory would involve direct material, direct labor aswell as both variable and fixed manufacturing overhead.

This is a Sample Report on Management Accounting

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(a) Allocation and apportion of overheads to three productiondepartments

Basis ofallocation

Machineshop X

Machine shop

YAssembl

y StoresMaintenance

Indirectwages andsupervision Allocated

£100,000.00

£99,500.00

£92,500.00

£10,000.00

£60,000.00

Indirectmaterials Allocated

£100,000.00

£100,000.00

£40,000.00

£4,000.00

£9,000.00

Light andheating

Areaoccupied

£10,000.00

£5,000.00

£15,000.00

£15,000.00

£5,000.00

RentAreaOccupied

£20,000.00

£10,000.00

£30,000.00

£30,000.00

£10,000.00

Insuranceandmachinery

Machinerybook value £7,947.02

£4,966.89 £993.38 £496.69 £596.03

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Machinerybook value

£79,470.20

£49,668.87

£9,933.77

£4,966.89

£5,960.26





tion ofmachineryInsurance ofbuilding

Areaoccupied £5,000.00

£2,500.00

£7,500.00

£7,500.00

£2,500.00

Salaries ofworksmanagement

Number ofemployees

£24,000.00

£16,000.00

£24,000.00

£8,000.00

£8,000.00

Total cost ofoverhead

£346,417.02

£287,636.00

£219,927.00

£79,964.00

£101,056.00

(b) Reapportion of support departments cost to productiondepartmentsParticular Basis Machine X Machine Y Assembly

PrimaryDistribution

As StatedEarlier

£346417.02 £287636 £219927

StoresDepartment

Directmaterial(4:3:1)

£39982 £29987 £9995

MaintenanceDepartment

Maintenancemachine

hours(12:8:5)

£48506.88 £32337.92 £20211.2

Total cost £434905.9 £349960.92 £250133.2

(C) Deducing overhead absorption rates (OAR) for every productiondepartments using machine hour basis

OAR = Total cost/Actual machine hoursParticular Machine X Machine Y AssemblyTotal cost £434905.9 £349960.92 £250133.2Actual machinehours

80000 60000 10000

OAR £5.44 £5.83 £25.01

(D) Calculation of overhead charge to the product

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Items Calculation Per unit costMaterial £8

Labor 2 hours*£7.50 £15Production Dep’t.

OverheadsMachine X 0.8 hours*£5.44 £4.35Machine Y 0.6 hours*£5.83 £3.5Assembly 0.1 hours*£25.01 £2.5Total cost £33.35

1.4 Analyzing the cost of exquisite focusing on technique used by Jeffrey &Son's Ltd

In accordance with the case scenario provided director of finance inJeffrey's Son is not delighted with the present allocation basis for calculatingoverhead absorption rates. It has been stated that absorption of overheadneeds to be based upon direct labor hours.Calculation of overhead absorption rates using labor hours as abasis

Overhead Absorption rate = Total cost/direct labor hours

Particular Machine X Machine Y Assembly

Total cost £434905.9 £349960.92 £250133.2

Labor hours 200000 150000 200000

OAR £2.17 £2.33 £1.25

Calculation of cost

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Items Calculation Per unit cost

Material £8

Labor 2 hours*£7.50 £15

Machine X 2*2.17£ £4.34

Machine Y 1.5*2.33£ £3.5

Assembly 1*1.25£ £1.25

Total cost £32.09

Therefore it can be determined that labor hour basis is quite goodallocation basis. This is due to reason that under this basis, there is decreasein cost per unit to £32.09. With this firm can reduce the cost of produPrior, P.B., 2004. Managing Financial Resources and Decisions. BPP ProfessionalEducation.ct.

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TASK 22.1 Preparation and analysis of cost report and commenting on variance

In accordance with the provided scenario, forecasting was done by themanager in relation with business expenditures for production of 200 units.The expenses include material, labor, fixed and variable overheads (Kipp andet. al., 2012). Therefore the preparation of cost report is done bydetermining the actual cost in order to produce 1900 units and the variances.Actual cost calculation

Name of Item Calculation Actual cost

Material 12£*1900 units 22800£

Labor 10£*1900 units 19000£

Fixed overhead Unchanged 15000£

Electricity (Variable) 3000£/800 units*1900units

7125£

Electricity (Fixed) 8000£ - (3.75*2000units)

500£

Total electricity cost 7125£ + 500£ 7625£

Maintenance 5000£-(1000£/500*100) 4800£

Calculation of difference total cost of electricity due to changing thenumber of units

Units Total cost

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Highest 2000 8000£

Lowest 1200 5000£

Difference 800 3000£

Cost report

ElementsBudgetedcost Actual cost Variance2000 units 1900 units

Material 24000£ 22800£ 1200£Labor 18000£ 19000£ (1000£)Fixed Overhead 15000£ 15000£ 0Electricity 8000£ 7625£ 375£Maintenance 5000£ 4800£ 200£Total 70000£ 69225£ 775£

From the calculation of variances above it is clear that material,electricity as well as maintenance variances positively affect profitability. Incontrast to these negative variances is demonstrated by cost of labor whichaffects the profitability to a greater extent. The major reason for theexistence of above variances is related with reduction in the volume ofproduction as such it has reduced from 2000 units to 1900 units. Change inmaterial cost is as a reason of decline in the total production made by firm.However the price of material remains constant in the budget. Negativelabor variance is £1000 which is resulted from higher labor rate of £10. Semivariable cost includes electricity cost which remains constant at a limit of

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£500 and gets changes with the change in the volume of production. Avariance of £375 has been determined as result of decrease in the volumeup to 1900 units. It has been presented by the scenario that maintenance isregarded as stepped cost which has increased by £1000 for production of500 extra units. There is decrease in the actual cost which is up to £4800 assuch there is reduction in production by 1000 units. Thus there is greaterneed for Jeffrey & Son to develop essential policies that can assist inmitigating the calculated variances. In addition to this increase in labor costinclined total cost. It is important for the management to increase motivationamong labor so as to enhance their efficiency as well as productivity to agreater extent.2.2 Identification of areas of improvements using performance indicators

Through application of wide range of performance indicators severalareas of improvement have been determined by Jeffrey and Son. These areenumerated below:

Satisfaction among customers: It is regarded as an essential indicatorwith which management is able to resolve the issues related withperformance of several products and services. Under this procedureimprovement can be made by management in the quality of productwith respect to customer reviews (Pilleboue and et. al., 2015). Bytaking into account feedback and complaints Jeffrey & Son's

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Accounting statement: Through detail evaluation of several accountingstatements like income statements, balance sheet and cash flow etc.Jeffrey & Son's management can make assessment of change infinancial position. If firm determines reduction in sales along with theprofitability in the expenditure of business then it is important formanagement to bring changes in the operational strategies so as toenhance performance of the organization. Such statements presenteffectiveness in offering description regarding the changes that hasoccurred in the financial values in a particular financial year.

2.3 Ways to reduce costs, enhance value and qualityThere is existence of different techniques that can assist Jeffrey & Son

in accomplishing its target with respect to reduction in cost, enhancement ofvalue and quality. These are enumerated below:

Total quality management: It is an effective tool that assists in bringingqualitative improvements in the various operational activities of firm.Thus total quality approach is related with improvement in entireprocess of production through evaluation and resolution of severalvariances in the process of manufacturing (Jorgensen, Patrick and

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Soderstrom, 2012). With this Jeffrey & Son can bring improvement inits efficiency to a greater extent.Kaizen: Likewise, TQM approach, the technique of Kaizen pays hugeattention towards continuous betterment in the entire functioning ofthe organization. The tool has proved to be beneficial in terms ofmotivating the personnel towards attainment of operational activitiesin an effective way. It assists management in minimizing wastage ofresources by taking into account the factors such as high time ofwaiting, ineffective human resource allocation and increment in faultyunits of production. Further it also involves inappropriate managementof inventory as well as inadequacy in the quantity of production.

TASK 33.1 Purpose and nature of budgeting process

Budget is the monetary plan that is prepared by the company for eachand every department, organization and projects that estimate thepresumptive income generate and expenses made by the company during aspecific time period. Here are some of the following purpose of preparing thebudgets by Jeffrey & Son’s management is as follows:-

1. Budgets are prepared by the company is order to estimate the futureincome, profitability and expenditure that can be incurred by thecompany after the completion of the specific time period.

2. These are also prepared by the managers in order to compare theactual output with that of budgeted output.

3. Another purpose of preparing this budget is to create a framework forthe managers in order to prepare various strategies (Kaplan and





Atkinson, 2015). Strategies are prepared by the organization in orderto achieve the desired target and to beat its competitors.

Nature of buCost Accounting Assignment Helpdgeting process that isadopted by the Jeffrey & Son's management in order to prepare varioustypes of budgets is as follows:-

1. Company should use the last budget prepared by them in order toestimate the upcoming financial environment.

2. After that company should determine the estimated amount of fundthat can be rendered by them from the sales of the product or otheractivities.

3. After that company should specify the approx amount of expenditurethat can be faced by them in terms of raw material, advertisements,production overheads and labour (Parker and Kyj, 2006).

4. Then after that Jeffrey & Son's management should subtract theestimated income from that of estimated expenses in order to analysethe budget is showing the condition of deficit or surplus (Mohapatra,2015).

5. After considering and reviewing all the above steps the final budget isneed to be submitted (Budgeting and budgetary control, 2016).

Therefore, at last when budgeting period is completed after the specific timeperiod than in that case actual budget need to be compared with theestimate budget in order to analyse the actual result.

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3.2 Selection of appropriate budgeting methods for firm and its needsIncremental budgeting method is used by Jeffery & Son's in order to

prepare various budgets that prove beneficial for the organization. At thetime of preparation of incremental budget manger of Jeffery & Son'sundertake the previous budgets made by them in order to prepare the newbudget for the upcoming time period. This budget prepared by the Jeffery &Son's has very little importance in the ever-changing business environment.Therefore, in order to set up more realistic budget Jeffery & Son's shouldmove on towards the preparation of Zero based budgeting. Zero basedbudgeting is the method of budgeting the all the expenses that warrant foreach new period of time. Zero based budgeting starts from a zero base. Inother words it could say that zero based budgeting is the method ofbudgeting, budget holder and manager of an organization considering thezero as the base for the calculation of income and expenditure.

This method is used by the manager to make all necessary attempts inorder to identify the various alternatives for the income and expenditure. Inaddition to this manager also make real assessment of the income andexpenditure which they can obtain over a specific period of time. In order toform appropriate budget Zero based budgets undertake all the realisticaspects and views (Fisher and Krumwiede, 2015). Therefore, at last it couldw

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be concluded that zero based budget helps the Jeffery & Son' to achieve thevarious desired targets and results by reducing the variance.3.3 Preparation of different types of budgetProduction budgetParticulars July August SeptemberUnits to be sold 105000 90000 105000Desired endinginventory 13500 15750 16500Total need 118500 105750 121500Less: beginninginventory -11000 -13500 15750Units to be produced 107500 92250 105750

Calculation of ending inventory

July August September

90000 * 15%= 13500

105000 * 15%= 15750

110000 * 15%= 16500

Material purchase budget

Particulars July(£)August(£)

September(£)

Units to be produced 107500 92250 105750Material consumption 215000 184500 211500Add: Material in ending inventory 46125 52875 54825Total material needed 261125 237375 266325

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Less: material in beginning inventory 52000 46125 52875material to be purchased 209125 191250 212875

3.4 Preparation of cash budgetThe cash budget is presented to evaluate availability of cash balance

with the business unit. The organization is able to anticipate inflow andoutflow of cash through preparation of budget (Chan and Chan, 2004). Thecash budget for present case is presented underneath.Particulars July(£) August(£) September(£)Opening balance ofcash 16000 44031 -22007Cash sales 900000 731250 864000Total receivable 916000 775281 841993ExpensesPayment to creditors 365969 334688 372531Direct wages 322500 276750 317250Variable overhead 108500 98350 100350Fixed overhead 75000 87500 87500Total payable 871969 797288 877631Closing balance ofcash 44031 -22007 -35638

As per the budget presented above, it is seen that the business unit isable to earn positive cash flow in the month of July. However, in month ofAugust and September the organization is earning negative cash flow. Thisindicates that the business unit is unable to generate sufficient cash flow

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through its operations. The organization strives hard to control its operatingand non-operating expenditure. It is seen that the expenditure is decreasingon continuous basis. Nevertheless, the cash balance is decreasing due toreduction in overall revenue of the organization. It is through reduction insales that the organization is unable to generate sufficient amount of cashflow. Henceforth, the business unit should focus on increasing sales so as toimprove liquidity position.TASK 44.1 Calculation of variances, identification of causes and recommendingcorrective actions

Variance consists of the differences which occur between the actualand standard performance of an organization. Budget is the most effectivetool which helps Jeffery & Sons in assessing the deviations which occurred inthe perform of the firm (Gibassier and Schaltegger, 2015). It enablesorganization to undertake effectual or corrective measures within thesuitable time frame.

Particular Budgeted Actual VarianceSales 16000 13820 2180

Material 3840 3420 420Labor 3200 2690 510

Fixed overhead 4800 4900 -100Total cost 11840 11010 830Profit 4160 2810 1350

Working Note:

Formula Calculation VarianceMaterialvariance

Material price (SP-AP)*AQ (2.4-2.4)*1425 Zero variance

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varianceMaterial usage

variance(SQ-AQ)*SP [(3500*0.4)-

(1425)]*2.4060(A)

Labour varianceLabor ratevariance

(SR-AR)*SH (8-7.8)*350 units 70(f)

Labor efficiencyvariance

(SH-AH)*SR (350-345)*8 40(f)

Overheadvariance

Budgeted fixedoverhead – fixed

overheadvariance

(4800 – 4900) 100 (A)

Sales volumevariance

(4160 – 3040) 1120 (A)

Sales pricevariance

(AQ*SP)-Actualsales

(14000 – 13820) 180 (A)

Causes behind the variances:On the basis of the above mentioned table actual sales are lower thanthe budgeted sales. It is not the positive sign for an organizationbecause sales aspects are highly associated with the profitability of anorganization.Besides this, positive material variance of £420 recorded by Jeffery &Sons. It occurred due to the decline in the production units from 4000to 3500. It is the main cause behind the occurrence of positive materialvariance.In addition to this, labor rate per hour get declined from £8 to £7.8.Due to this aspect actual cost incurred by Jeffery & Sons is lower thanthe budgeted amount.

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Along with it, company has incurred higher fixed overhead expenses incomparison to the budgeted figures. It reflects that company fails tomake effectual financial plan in relation to their overheads.

Recommendations for further improvement:It is advised to Jeffery & Sons that they needs to undertakepromotional strategies and campaign which helps them in maximizethe sales and profitability aspect.Furthermore, organization needs to produce more units which helpthem in getting the economies of scale and thereby improving grossmargin of an organization.Jeffery & Sons needs to encourage their employees to perform theiractivities with the high level of efficiency. Through this, company isable to produce more output within the short span of life.Along with it, company also needs to frame competent strategies andpolicies to make control over expenditures. Through this, company isable to attain success in the dynamic business arena.

4.2 Preparation operating statement reconciling budgeted and actual resultsOperating statement of Jeffery & Sons on the basis of actual and

budgeted results is as follows:

ParticularPerunit

Budgeted(4000Units) Per unit

Actual(3500)

Variance

Sales 4 16000 3.94 13820 -2180Material 0.96 3840 0.97 3420 420

labor 0.8 3200 0.77 2690 510Fixed

Overhead 4800 4900 -100Total 2.96 11840 3.14 11010 830

Operatin 1.04 4160 0.8 2810 1350





g profit

On the basis of the above mentioned operating statement it has beenidentifying that selling price of the per unit of product is decreased from 4 to3.94. It is the main cause due to this; actual amount of sales is lower thanthe budgeted amount. In addition to this, prices of the material are getinclined from .96 to .97. Nevertheless, number of units which organizationneeds to produce is getting declined. Due to this aspect, positive variance isoccurred in the material variance. In addition to this, prices of the labor aredeclined from .8 to .77 which may cause behind the positive variance of anorganization. In addition to this, fixed overhead is also increased. Due to thisaspect, negative variance is occurred in the overhead expenses of anorganization. Thus organization requires framing cost effective policies andstrategies which helps in desired level of outcome or success.

4.3 Reporting findings to management according to responsibility centersidentified

From: Responsibility centersSubject: Reporting the findingsDate: 22 January 2016Based upon the computed variances, it has been reported that entireresponsibility centers within the organization are not effectively working.

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Responsibility centers: It is the sub unit of the organization that offersmanager with authority, responsibility as well as accountability. It includesprofit centre, cost centre and revenue centre. The manager prepares reportby taking into account performances of all the responsibility centers. Theseare as under:

Revenue centers: The revenue centers possess the responsibility toattain outcomes in terms of business sales both in units as well as values. Inaccordance with the case scenario provided actual as well as budgetedrevenues of Jeffrey & Son demonstrates huge variation (Kaplan and Atkinson,2015). Thus it is important for the manager to communicate with themanager of center and determine the major causes. As per case given salesof Jeffrey & Son is declining. Thus it can be viewed that its performance isdeclining. The major reason of its reduction is decline in the sales price from4 to 3.94.

Cost centers: Further it is important for them to develop policies andtake suitable decisions for the organizations. But the duty to makeappropriate cost control relies on the cost center. Therefore cost center ofJeffrey & Son requires greater monitoring of operational activities incontinuous manner (McLean, McGovern and Davie, 2015). This is with the





aim to maintain effective control within the organization. By bringingimprovement in the working of both the centers manager can effectivelyattain the pre-determined goals. There is increase in the material quantityfrom 1400 standards to 1425 that demonstrates usage of material in thebusiness. Adverse use of material has resulted in increasing the cost oforganization. Thus it can be viewed that centre is not working in an effectivemanner.CONCLUSION

It can be concluded from the study that it is important to developsound managerial decision. This is because such majorly contributes towardsgrowth of organization in an effective manner. Present reports demonstratethat there is existence of number of management tools and techniques thatassists in attaining success through business. With this technique firm caneffectively reduce the costs, monitor the spending of firm and can eliminatethe variances in an effective manner. Thus this acts as an aid for the firm inattaining its set targets in an appropriate way. Further it is effective inreducing the negative financial consequences in order to run successfulbusiness operations. Through cash budget firm can make determination ofthe different cost involved in performing the activities. This has greateradvantage for firm in terms that it can keep a track on its expenses in anappropriate manner. REFERENCES

Books and journalsAdah, A. and Mamman, A., 2013. Assessing the Performance of Incremental

Budgeting System in the Nigerian Public Tertiary Institutions. EuropeanJournal of Business and Management. 5(5). pp. 100-108.

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Burgstahler, D. and Eames, M., 2006. Management of earnings and analysts'forecasts to achieve zero and small positive earnings surprises. Journalof Business Finance & Accounting. 33(5‐6). pp.633-652.

Chan, A.P. and Chan, A.P., 2004. Key performance indicators for measuringconstruction success. Benchmarking: an international journal. 11(2). pp.203-221.

Exley. C.J. and Smith, A.D. 2011. The cost of capital for financial firms.Cambridge University Press, 12(1). pp 229-283.

Fisher, J.G. and Krumwiede, K., 2015. Product Costing Systems: Finding theRight Approach. Journal of Corporate Accounting & Finance. 26(4). pp.13-21.

Gibassier, D. and Schaltegger, S., 2015. Carbon management accountingand reporting in practice: A case study on converging emergentapproaches. Sustainability Accounting, Management and Policy Journal.6(3). pp.340-365.

Jorgensen, B., Patrick, P.H. and Soderstrom, N.S., 2012. Overhead CostMeasurement: Evidence from Danish Firms’ Switch from Variable toAbsorption Costing. AAA.

Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting.PHI Learning.

Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting.PHI Learning.

Kipp, A. and et. al., 2012. Layered green performance indicators. FutureGeneration Computer Systems. 28(2). pp. 478-489.

Lucey, T., 2002. Costing. Continuum.w

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McLean, T., McGovern, T. and Davie, S., 2015. Management accounting,engineering and the management of company growth: ClarkeChapman, 1864–1914. The British Accounting Review. 47(2). pp.177-190.

Mohapatra, P., 2015. Job Costing. Economics/Management/Entrepreneurhip.Parker, R.J. and Kyj, L., 2006. Vertical information sharing in the budgeting

process. Accounting, Organizations and Society. 31(1). pp. 27-45.Pilleboue, A. and et. al., 2015. Variance Analysis for Monte Carlo Integration.

ACM Transactions on Graphics. 34(4). p. 14.Prior, P. B., 2004. Managing Financial Resources and Decisions. BPP

Professional Education.

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