management accounting ASSIGNMENT 2

ASSIGNMENT FRONT SHEET Qualification BTEC Level HND Diploma in Business Unit number and title Unit 5: Management Accounting (489) Submission date Date received (1st submission) Re-submission date Date received (2nd submission) Student name Student ID Class Assessor name Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism I understand that making a false declaration is a form of malpractice Student’s signature: Grading grid P3 P4 M2 M3 D2 rSummative Feedbacks: rResubmission Feedbacks: GInrtade:ernal Verifier’s Comments:A ssessor Signature: Date: Signature & Date: Assignment Brief (RQF) Higher National Certificate/Diploma in Business Student Name/ID Number: Unit Number and Title: Academic Year: Unit 5: accounting Management 2019 Unit Assessor: Assignment Title: ASSIGNMENT – EXAMINATION Issue Date: Submission Date: Internal Verifier Name: Date: Submission Format: • The test will 90 minutes long and it will be conducted after slot 40 Unit Learning Outcomes: LO2 Apply a range of management accounting techniques LO3 Explain the use of planning tools used in management accounting Learning Outcomes and Assessment Criteria (Assignment 2): Learning Pass Merit Distinction P3 Calculate costs using appropriate techniques of M2 Accurately apply a D2 Produce financial Outcome LO2 Apply a range of management accounting techniques cost analysis to range of prepare an costs management accounting techniques and produce appropriate financial reporting documents LO3 Explain the use P4 Explain the M3 Analyze the use of planning tools advantages and of used in disadvantages of different types of planning tools used for budgetary control different planning tools and their application for preparing budgets and forecasts income statement using marginal and absorption management accounting reports that accurately apply and interpret data for a range of business activities LO2 Apply a range of management accounting techniques P3 Calculate costs using appropriate techniques of cost analysis to prepare an income statement using marginal and absorption costs • Microeconomic techniques: What is meant by cost? According to the official terminology of CIMA (2005), it defined Costing as the technique and process of ascertaining cost These costing techniques comprise principles and rules to ascertain cost of products or services Cost is the amount of resource used in exchange for goods or services The resources used can be money or money’s worth, which is usually expressed in monetary units Cost accounting is an accounting process that measures and analyzes the costs associated with products, production and projects so that correct amounts are reported on financial statements Cost accounting aids in decision-making processes by allowing a company to evaluate its costs Some types of costs in cost accounting are direct, indirect, fixed, variable and operating costs Different costs and cost analysis Production expense Production or product costs refer to the costs incurred by a business from manufacturing a product or providing a service Production costs can include a variety of expenses, such as labor, raw materials, consumable manufacturing supplies, and general overhead Product costs may also include those incurred as part of the delivery of a service to a customer Taxes levied by the government or royalties owed by natural resource-extraction companies also are treated as production costs External cost An external cost is the cost incurred by an individual, firm or community as a result of an economic transaction which they are not directly involved in External costs, also called ‘spillovers’ and ‘third party costs’ can arise from both production and consumption Many, if not most transactions create external costs – examples include: • Purchasing consumer goods commonly creates waste in terms of packaging, as well as other environmental costs including carbon emissions resulting from travelling to stores and outlets • Environmental costs can also arise from the production process, including direct costs from emissions and costs from transportation and distribution • Excessive fishing can deplete fish stocks and lead to unemployment in the fishing industry in the future Where the goods are ‘demerit goods‘, such as cigarette and alcohol consumption, governments may impose taxes to discourage consumption and reduce external costs Information failure may result in a lack of awareness of external costs, and hence a sub-optimal level of consumption Product costs include costs incurred in connection with the production of products, so these costs combine to create the value of products formed through the production stage (called production cost) or factory price) Under the product cost, it includes the costs of direct raw materials, direct labor and production overheads Considering the relationship with the determination of income in each accounting period, product costs are only calculated and carried forward to determine the profit in the accounting period corresponding to the volume of products consumed in the period there The cost of unused inventory at the end of the period will be stored as inventory value and will be carried forward to determine income in the periods after they are consumed For this reason, product costs are also known as inventorial costs Period costs A period cost is any cost that cannot be capitalized into prepaid expenses, inventory, or fixed assets A period cost is more closely associated with the passage of time than with a transactional event Since a period cost is essentially always charged to expense at once, it may more appropriately be called a period expense A period cost is charged to expense in the period incurred This type of cost is not included within the cost of goods sold on the income statement Instead, it is typically included within the selling and administrative expenses section of the income statement Examples of period costs are: • Selling expenses • Advertising expenses • Travel and entertainment expenses • Commissions • Depreciation expense • General and administrative expenses • Executive and administrative salaries and benefits • Office rent • Interest expense (that is not capitalized into a fixed asset) The preceding list of period costs should make it clear that most of the administrative costs of a business can be considered period costs Items that are not period costs are: • • Costs included in prepaid expenses, such as prepaid rent Costs included in inventory, such as direct labor, direct materials, and manufacturing overhead • Costs included in fixed assets, such as purchased assets and capitalized interest Thus, if the entire use to which a cost can be put is consumed in the current accounting period (such as rent or utilities) it is probably a period cost, whereas if its use is linked to a product or is spread over multiple periods, it is probably not a period cost Variable costs A variable cost is a corporate expense that changes in proportion to production output Variable costs increase or decrease depending on a company's production volume; they rise as production increases and fall as production decreases Examples of variable costs include the costs of raw materials and packaging Variable cost can be contrasted with fixed cost Fixed costs A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold Fixed costs are expenses that have to be paid by a company, independent of any specific business activities In general, companies can have two types of costs, fixed costs or variable costs, which together result in their total costs Shutdown points tend to be applied to reduce fixed costs Mixed costs A mixed cost is a cost that contains both a fixed cost component and a variable cost component It is important to understand the mix of these elements of a cost, so that one can predict how costs will change with different levels of activity Typically, a portion of a mixed cost may be present in the absence of all activity, in addition to which the cost may also increase as activity levels increase As the level of usage of a mixed cost item increases, the fixed component of the cost will not change, while the variable cost component will increase Controllable costs and uncontrolled costs Controllable costs : This is a cost that can be altered based on a business decision or need These costs have a direct relationship with a product, department or function Examples include direct labor, direct materials, donations, training costs, bonuses, subscriptions and sues, and overhead costs just to name a few Uncontrolled costs : This is a cost that cannot be altered based on a personal business decision or need The costs are allocated by the top management to several departments or branches Examples include depreciation, insurance, administrative overhead allocated and rent allocated just to name a few Direct and indirect costs Direct costs are expenses that a company can easily connect to a specific "cost object," which may be a product, department or project This includes items such as software, equipment and raw materials It can also include labor, assuming the labor is specific to the product, department or project Indirect costs go beyond the expenses associated with creating a particular product to include the price of maintaining the entire company These overhead costs are the ones left over after direct costs have been computed, and are sometimes referred to as the "real" costs of doing business Sunk costs A sunk cost refers to money that has already been spent and which cannot be recovered In business, the axiom that one has to "spend money to make money" is reflected in the phenomenon of the sunk cost A sunk cost differs from future costs that a business may face, such as decisions about inventory purchase costs or product pricing Sunk costs are excluded from future business decisions because the cost will remain the same regardless of the outcome of a decision Differential costs A cost that varies with every alternative This is useful in decision-making wherein each alternative has different cost and revenues Opportunity costs Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another While financial reports not show opportunity cost, business owners can use it to make educated decisions when they have multiple options before them Bottlenecks are often a cause of opportunity costs Cost-benefit analysis A cost-benefit analysis is a process businesses use to analyze decisions The business or analyst sums the benefits of a situation or action and then subtracts the costs associated with taking that action Some consultants or analysts also build models to assign a dollar value on intangible items, such as the benefits and costs associated with living in a certain town Cost-volume profit and cost variances Cost-volume-profit (CVP) analysis is used to determine how changes in costs and volume affect a company's operating income and net income In performing this analysis, there are several assumptions made, including: • Sales price per unit is constant • Variable costs per unit are constant • Total fixed costs are constant • Everything produced is sold • Costs are only affected because activity changes • If a company sells more than one product, they are sold in the same mix Break Even Sales = Total Fixed Cost / Contribution Margin or Break Even Sales = Variable Costs + Fixed Costs Contribution Margin = Sale Revenue – Variable Costs Cost variance analysis is a control system that is designed to detect and correct variances from expected levels It is comprised of the following steps: • Calculate the difference between an incurred cost and an expected cost • Investigate the reasons for the difference characteristics of technological process and organization of producing products of enterprises • The accounting organization gathers and allocates production costs in accordance with the defined objects and selects the method of cost accounting of production and calculating the appropriate product costs • Determining the exact cost of unfinished products at the end of the period Applying the appropriate costing method to calculate the unit price and unit price of the price calculation objects in accordance with the prescribed items and in the right period of price determination Periodically provide reports on production costs and costs to business leaders and conduct an analysis of the situation of implementation of norms, production cost estimates, implementation of planned costs to There are recommendations and proposals for enterprise leaders that are addressed as well as timely detect potentials and propose possible measures to strive to continuously save costs and lower production costs Overhead cost are those cost that is not related directly on the production activity and are therefore considered as indirect costs that have to be paid even if there is no production; and examples include rent payable, utilities payable, insurance payable, salaries payable to office staff, office supplies, etc It refers to the cost of indirect material, indirect labor and other operating expenses which are associated with the normal day to day running of the business but cannot be conveniently charged directly to any specific product or service or cost center In other words, it is the cost incurred on labor, material or services that cannot be economically identified with a specific saleable cost of goods or service per unit of the business They are Indirect in nature and need to be shared out among the cost units as precisely as possible Application on Coca-Cola soft drinks: Coca-Cola's business strategy from the early days of its establishment was to focus on the key market (ie, occupy the largest markets), rather than spreading investment worldwide That is the strategy that Coca-Cola always bases on its development goals Coca-Cola has always been consistent with traditional markets According to the firm, it must first have a firm foothold in the vast traditional markets and then expand into smaller markets As a result, in big markets like the US, China, or Europe, the Coca-Cola logo is always solid Every year, Coca-Cola invests millions of dollars (70-80% of total investment) in the traditional market for product quality promotion, large advertising contracts, and statues, have a great impact on customers As a result, markets such as the US, Europe and Coca-Cola products always dominate, although many other soft drink brands are born, especially from rival Pepsi Coca-Cola focuses on increasing the amount of products that can be beneficial, managing rigorous costs and improving capital efficiency, considering development in the traditional market as a key factor for their future Faced with growing competition, the growth of competitors (especially Pepsi and domestic beverage manufacturers), this strategy focused on this traditional market of Coca-Cola works very well ==> Coca-Cola operates in the field of beverages including soft drinks, non-alcoholic drinks and carbonated drinks The company has created a variety of drinks with different flavors and designs to meet the diverse needs of customers such as low-carbon Coke, Sprite, Fanta, Vanilla flavored Coke, juice Coke, etc Recently, the Company has continuously researched and developed many new products to serve consumers such as Joy bottled water, Samurai energy drink, Sunfill fruit powder, and added many new flavors for the customers Traditional products to meet the tastes and tastes of customers such as lemon Fanta, Strawberry Fanta, Because the priority of CocaCola in the Vietnamese market is for the benefit of customers, it is worth to make can of Coca around 5000VND - 7,000VND (including various expenses) Bringing products to retail stores, the price can range from 10,000VND - 15,000VND The price of can of Coca-Cola soft drink in Vietnam market is about VND 7,000 for 330ml / can used in retail stores as well as other major distributors such as KFC, CGV, BBQ, etc Because of its unique flavor and refreshing drink, it is trusted and trusted by most Vietnamese customers Product cost : PC = Direct Labor + Direct Material + MOH ( Manufacturing Overhead ) Direct Material : Ingredients include: CO2 saturated water, HFCS sugar, cane sugar, food color, acidity regulator, natural cola flavor, caffeine Direct labor : The working environment is compensated for employees with a salary of 27 / h for hours per day So the total basic salary for employees in month is about 6,500,000 VND MOH: Factors that not directly affect the product include tin cans, labels, packaging, advertising fees, taxes, etc Cost of time: PC = Selling expenses + Administration expenses Selling expenses: CoCa cans are known by many customers to the brand power and enter retail stores to distribute to customers' needs Administrative costs: Only paid to the management system, machinery and equipment to create a product Fixed price : Leasing space and warehouse costs The variable costs : Variable costs can include both direct and indirect costs as well as labor due to productivity and many other factors affecting the production process One month, CoCa-Cola Company in Vietnam produces an average of 700,000 products at a price of 6,000 VND / product Variable costs per unit : Direct materials ,direct labor and variable cost, overhead : 2,500 VND Selling and administrative expenses : 1,000VND Fixed costs : Manuafacturing overhead : 700.000.000VND Selling and administrative expenses : 300.000.000VND Variable Costs: COGS per unit =2500 + (700.000.000/700,000 ) = 3500 VND Sales : 600.000 VND Absorption Costs : Net operating income = Sales – COGS ( Fixed and Variable ) – Period Expenses ( Fixed and Variable ) Sales: (6000 x 600.000 units ) = 3.600.000.000 (1) Less Cost of goods sold : ( 2.500 x 600.000units ) = 1.500.000.000 (2) Gross Margin: (1) - (2) = 2.100.000.000 (3) Period Expenses (Fixed and Variable): (1000 x 600.000 + 300.000.000 ) Operating Income: (3) - (4) = 900.000.000 (4) Net = 1.200.000.000 Marginal Costs : Net operating income = Sales – ( Variable COGS + Variable Period Costs ) – ( Fixed MOH + Fixed Period Costs ) Sales: ( 6000 x 600.000 units ) = 3.600.000.000 (1) Less Variable Expenses (Variable COGS + Variable Period Costs ) : ( 1000 x 600.000 + 2500 x 600.000) = 2.100.000.000 (2) Contribution Margin : (1) - (2) = 1.500.000.000 (3) Less Fixed Expenses ( Fixed COGS + Fixed Period Costs) : ( 300.000.000 + 700.000.000 ) Net Operating Income : (3) - (4) = 1.000.000.000 (4) = 500.000.000 Cost Volume Profit : Break-even points include Unit Sales to break even = Fixed Expense / CM per unit Unit Sales to break even = 1.000.000.000 VND /3.500 = 286.000 units Dollar Sales to break even = Fixed Expense / CM ratio Dollar Sales to break even = 1.000.000.000 VND / 3500 = 286.000 VND P4 Explain the advantages and disadvantages of different types of planning tools used for budgetary control • Using budgets for planning and control: Budget is a financial statement that provides detailed information about the revenue and expenditure of a particular year However, there is no single rule or pro forma available to prepare budget, as in case of balance sheet and profit and loss account Fixed Budget: According to CIMA, London – “A fixed budget is a budget designed to remain unchanged irrespective of the level of activity actually attained.” Thus, a budget which is prepared on the basis of standard or fixed level of activity is known as fixed budget Fixed budget is based on the assumption that there will be no change in the level of activity This budget is more useful for a short period of time when level of activity is not expected to change Practically, this budget is of less use and has limited applications in controlling cost Flexible Budget: According to CIMA, London- “A flexible budget is a budget designed to change with the level of activity actually attained.” The other names used for flexible budget are variable budget and sliding scale budget In flexible budget, budgeted figures can be changed according to the level of activity E.g – Budget was prepared for 60% production capacity but in actual 50% or 70% production capacity was used The budgeted figures are changed according to these production levels Furthermore, flexible budget recognizes the behavior of cost into variables, semi variable and fixed cost It is more realistic and practically used for cost control purpose Operating Budget: Functional budget is the budget which relates to a specific function of the business, e.g., sales budget, production budget These budgets are prepared for each function and they contribute to the master budget The number of functional budget depends upon the size and nature of the business Capital Budget: In this budget, estimates are made for the purchase of capital assets or fixed assets during the period of budget, e.g., land and building, plant and equipments etc Performance Budget: Performance budget lists all the activities carried out in the organization along with their outcomes It includes a set of performance targets that must be met at a given level of expenses In an organization, the top-level management reserves the right to approve, modify, disapprove, and revise the performance budget The top management takes the decision to approve the proposed budget after taking into consideration the profitability of various activities, projects, and operations Performance budget is prepared after taking into account various budgets formulated by different departments Applying production budget to Coca-Cola products in Vietnam Coca-Cola's business strategy from the early days of its establishment was to focus on the key market (ie, occupy the largest markets), rather than spreading investment worldwide That is the strategy that Coca-Cola always bases on its development goals Coca-Cola has always been consistent with traditional markets According to the firm, it must first have a firm foothold in the vast traditional markets and then expand into smaller markets As a result, in big markets like the US, China, or Europe, the Coca-Cola logo is always solid Every year, Coca-Cola invests millions of dollars (70-80% of total investment) in the traditional market for product quality promotion, large advertising contracts, and statues, have a great impact on customers As a result, markets such as the US, Europe and Coca-Cola products always dominate, although many other soft drink brands are born, especially from rival Pepsi Coca-Cola focuses on increasing the amount of products that can be beneficial, managing rigorous costs and improving capital efficiency, considering development in the traditional market as a key factor for their future Faced with growing competition, the growth of competitors (especially Pepsi and domestic beverage manufacturers), this strategy focused on this traditional market of Coca-Cola works very well In Vietnam, CoCa-Cola Company has a strong financial institution, the market capital of Vietnam is VND 725 billion, growing at 7.9% compared to 2018 Strong infrastructure, many factories producing and bottling modern machinery and equipment, catching up with the trend A team of senior multinational administrators through global programs, diverse and talented labor force, marketing team who are always knowledgeable about the market as well as the tastes of customers With the influence of Coca-Cola products brought together, in 2020 the products will grow to about 10% Coca-Cola operates in the field of beverages including soft drinks, non-alcoholic drinks and carbonated drinks The company has created a variety of drinks with different flavors and designs to meet the diverse needs of customers such as low-carbon Coke, Sprite, Fanta, Vanilla flavored Coke, fruit juice Coke, etc Recently, the Company has constantly researched and developed many new products to serve consumers such as Joy bottled water, Samurai energy drink, Sunfill fruit powder, and added many new flavors for the customers Traditional products to meet the tastes and tastes of customers such as lemon Fanta, Strawberry Fanta, … Revenue Budget(VND) Coke ( 7000VND/1 per ) An estimated 1,000,000 cans are sold each year and estimated growth of 10% next year => 7.000.000.000 > 7.700.000.000 ( 10%) (1) Lemon Fanta ( 7000VND/1 per ) An estimated 600,000 cans are sold each year and estimated growth of 10% next year => 4.200.000.000 > 4.620.000.000 ( 10%) (2) Strawberry Fanta ( 7000VND/ per) An estimated 600,000 cans are sold each year and estimated growth of 10% next year => 4.200.000.000 > 4.620.000.000 ( 10%) (3) Total (10%) = (1)+(2)+(3) = 16.940.000.000 (*) Expense Budget ( VND) Salaries 1.300.000.000 Advertising 2.000.000.000 Raw material 8.000.000.000 Depreciation 700.000.000 Utilities 400.000.000 Other operating expenses 300.000.000 Total Estimated : 12.700.000.000 (**) Budgeted Income Statement : (*) - (**) = 4.240.000.000(VND) Pricing: Definition: Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others It is targeted at the defined customers and against competitors Description: There are several pricing strategies: Premium pricing: high price is used as a defining criterion Such pricing strategies work in segments and industries where a strong competitive advantage exists for the company Example: Porche in cars and Gillette in blades Penetration pricing: price is set artificially low to gain market share quickly This is done when a new product is being launched It is understood that prices will be raised once the promotion period is over and market share objectives are achieved Example: Mobile phone rates in India; housing loans etc Economy pricing: no-frills price Margins are wafer thin; overheads like marketing and advertising costs are very low Targets the mass market and high market share Example: Friendly wash detergents; Nirma; local tea producers Skimming strategy: high price is charged for a product till such time as competitors allow after which prices can be dropped The idea is to recover maximum money before the product or segment attracts more competitors who will lower profits for all concerned Example: the earliest prices for mobile phones, VCRs and other electronic items where a few players ruled attracted lower cost Asian players How competitors determine their prices? When a product is priced in accordance with what the competition is charging, it’s known as competitive pricing It is one of the four major pricing strategies adopted by most companies The other three include, cost-plus strategy, where a prefixed profit margin is added over the total cost of the product, demand pricing, under which the price is set by establishing the optimal relationship between volume and price, and markup pricing, where a percentage is added (as profit) over the wholesale price of the product When it comes to competition based pricing strategy, the purchasing behaviour of customers is an important criteria Some of the factors that companies take into account are costs, competition, and price sensitivity In order to ensure profitable sustenance of the business, managers have to set the price such that it covers the production cost, company overheads costs, and also offers suitable profits In order to establish the right competitive price for your product, you need to take into account the product life cycle and the stage your product is in Competition is one factor that you can ignore if your product is in the developmental stage However, if it’s a part of the market, and fighting with a relatively high number of substitutes and competitors, then considering the actions of your competitors might be one factor driving your profit You have three choices—price your product lower, higher, or same as your competitor The most common tactic is to set the price according to the competitors, also known as competitive pricing strategy Supply and demand considerations The term supply refers to how much of a certain product, item, commodity, or service suppliers are willing to make available at a particular price Demand refers to how much of that product, item, commodity, or service consumers are willing and able to purchase at a particular price In other words, supply pertains to how much the producers of a product or service are willing to produce and can provide to the market with limited amount of resources available Whereas, demand is how much of that product or service the buyers desire to have from the market Demand and supply play a key role in setting price of a particular product in the market economy Since demands of buyers are endless, not all that is demanded can be supplied due to scarcity of resources This is where the relationship of demand and supply plays a significant role, allowing efficient allocation of resources and determining a market price for the product or service, known as equilibrium price This price reflects the price at which suppliers are willing to supply and the buyers are willing to buy from the market The mechanism of determining market price through demand and supply can be better understood by observing the market economic theories Strategic planning: Coca-Cola's SWOT model Strengths • Freshwater has the largest Weaknesses amount of consumption in the United States and some of the world's countries, almost twice as much as • In addition to the Coca-Cola Classic, the remaining products are not widely known in the market PepsiCo • Always top priority for the marketing strategy • Excessive use may harm health and product model • Advertising activities that attract the majority of customers • Emphasis on promotion activities Opportunity • With the world's No brand, Coca-Cola is able to further develop its products smoothly • The restored momentum of the postrecession economy • The increasingly modern tastes and consumer trends • The world's size and population are increasingly young • Have a large amount of capital business • Science and technology have increasingly developed to help the company have the opportunity to apply modern technology to the production line Threat from • The increase in inflation • Diverse substitutes, pressures competitors are great • Customers require increasingly quality and product code samples • Price sensitivities • Globalization issues high PepsiCo is the world's leading beverage and food company, with the fastest growing market share in the world Besides Pepsi, the company owns many famous beverage brands such as Mirinda, 7up, Mountain Dew, Aquafina, Coca-Cola has always held the top position in the ranking of the world's leading brands with a value of $ 56 billion, Coca-Cola is a global brand, known by 98% of the world's population Is a refreshing product that makes people alert and strong, bringing great refreshment Coca-Cola upholds the symbol of trustworthiness and originality The company strives to refresh the market, enrich the workplace, protect the environment and strengthen public communications; The company's philanthropic efforts are focused on educating and building youth dreams Motto: "Our customers around the world are the ones who deserve the best quality beverage" References : Atrill, P., & McLaney, E (2009) Management Accounting for Decision Makers (6th ed.) Essex, Pearson Education Ltd Atrill, P and McLaney, E (2010), Accounting & Finance for Non-Specialists, Financial Times Prentice Hall, Harlow Bhimani, A., Horngren, C.T., Datar, S.M (2013), Management and Cost Accounting Financial Times Prentice Hall, Harlow Drury, C (2012).Management and Cost Accounting (8th ed.) Andover, Cengage Learning EMEA Dyson, J R (2010) Accounting for non-accounting students (8th ed.) Harlow, Financial Times Hansen, D.R and Mowen, M.M (2006), Cost Management: Accounting and Control, Thomson Higher Education, Ohio Sangster, A and Wood, F (2012), Frank Wood's Business Accounting Volume 1, Financial Times Prentice Hall, Harlow Sangster, A and Wood, F (2013), Frank Wood's Business Accounting Volume 2, Financial Times Prentice Hall, Harlow ... S.M (20 13), Management and Cost Accounting Financial Times Prentice Hall, Harlow Drury, C (20 12) .Management and Cost Accounting (8th ed.) Andover, Cengage Learning EMEA Dyson, J R (20 10) Accounting. .. appropriate techniques of M2 Accurately apply a D2 Produce financial Outcome LO2 Apply a range of management accounting techniques cost analysis to range of prepare an costs management accounting techniques... Outcomes: LO2 Apply a range of management accounting techniques LO3 Explain the use of planning tools used in management accounting Learning Outcomes and Assessment Criteria (Assignment 2) : Learning