CHAPTER ONE

Concept of management and Function of the controller

Learning objectives:
After reading this chapter you should be able to:
 Define cost accounting and distinguish between cost and costing
 Distinguish between cost accounting, management accounting and financial
accounting
 Identify planning and control responsibilities of middle and operating
management levels
 Discuss the role of cost accounting in manufacturing organizations.
 Define and discuss responsibility accounting and controller’s participation in
planning and control.
 Describe the benefit of budgeting as a control tool.
 Appreciate the essentiality of organization chart to the development of a cost
system and cost reports.

1.1 Introduction
The management of a business enterprise is based up on a structure of individuals who
belong to one of three groups.
1. The operating management group consisting of foremen and supervisors they are
concerned with short-term decision and are responsible to coordinate work at a
grass root levels.
2. The middle management group represented by department head division
managers and branch mangers concerned with medium range plans and
3. the executive management consisting of the president the executive vice
presidents and the executives in charge of the various functions of marketing
purchasing engineering manufacturing finance and accounting. They are
concerned with long range plans. The existence of these three levels suggests that
management consists basically of people whose activities must be planned and
controlled through top level directives decisions and instructions. Plans and
directives should be considered under the all
inclusive term “ planning and the continuous observation of the plans under the
term “ control” planning refers to the construction of an operating program
comprehensive enough to cover all phases of operations and detailed enough so
that specific attention may be given to the program’s fulfillment in controllable
segments. Control is that force which guides management in achieving objectives
Cost management and accounting-I Acct.311

by comparing performance with policies and decisions planning is basically on

executive management responsibility control however requires participation of all
levels of the management team.

1.2 The concept Management

A comprehensive explanation of the concept “management” poses innumerable
difficulties invariably it leads to descriptive phrases such as
 making decision
 giving orders
 establishing policies
 providing work and rewards and
 hiring people to carry out policies
Management sets certain objectives which it tries to accomplish through the effort of the
people it directs. In this sense it looks toward a final goal through a series of steps and
processes. To be successful management requires the integration of its own knowledge,
skills, and practices with the know how and experience of those who are entrusted with
the task of carrying out the objectives. These objectives can be achieved by management
together with the effort of all employees through performance of the two basic
management functions- planning and controlling- both of which are basic to this module
Planning
Planning is fundamental to the management process. It is a process of sensitizing on
organization to external opportunities and threats, determining desirable and possible
objectives, and deploying resources to match the objectives without planning there is no
basis for controlling for planning provides the foundation up on which the control
function operates planning is looking ahead preparing fro the future it involves a choice
of several possible alternatives a matter of making a decision planning must precede the
doing.

One kind of plan among several is the budget. The budget is not only the most important
plan of an enterprise but also the basic link of cost accounting with management.

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The use of budgets, particularly in connection with the control phase of management, has
been termed “budgetary control.”
Closely allied with proper planning are the determination and establishment of compny
objectives. An objective is a target, an end result. Corporate planning includes such areas
of investigation as the nature of the company’s business, its objectives and major
policies, the timing of major steps in the plan, and other factors related to long range
plans.

Activity 1.1 Define planning and state the fundamental task in planning

Controlling
Management control is the systematic effort by business management to compare
performance to plans. The control function is of prime importance in the accomplishment
of objectives. The need for control increases with the size and complexity of the
organization. Continuous supervision of an activity, task, or job is required to keep it with
previously defined boundaries. These boundaries, termed “budgets” and /or “standards”
are set up for manufacturing, marketing, finance, and all other activities. Actual results
are measured against plans; and if significant differences are noted, remedial actions are
taken.Diagrammatically; the control process can be pictured in the manner illustrated by
the chart below:
Decisions, plans, instructions to

Board of Setting objectives

directors or & making policy President
Decisions or manger Marketing Management Finance Enginee
executive ring
commitme

Leading to new issue Result data assembled in cost and /or

Decisions or Reports budget processing departments
Some modification Graphs
Charts
Fig.1.1 the control process

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1.3. Planning and control responsibilities of middle and operating management

levels

In a small company, planning and control activities often tend to be performed by one
person; by the owner or the general manager of the small company. In fact, the large the
business organization, the greater the problem of planning, and the more involved the
process of controlling the activities of individual units scattered through the united state
and foreign countries. For this reason, many firms have initiated the decentralization of
certain planning and control functions in order to place the reports and necessary
corrective actions closer to the scene of activity.

Overall responsibility for control rest with executive management or, in the final analysis,
with the president of the company. Because the president cannot attend to every aspect of
the control program, authority, and responsibilities must be assigned to middle and
operating echelons of management in order to assure the success and control of
management’s plans.

Authority is the key to the managerial job and the basis for responsibility. Authority is
the force that binds the organization together and the power to command others to
perform or not to perform certain activities. Authority originates with executive
management which delegates it to the various managerial levels. Delegation of authority
is essential to the existence of an organizational structure. By means of delegation, the
chief executive extends the area of operations, but must always retain the over all
authority for the assigned functions, since delegation does not mean a permanent release
from obligations.

Responsibility closely related to authority. The essence of responsibility is obligation. It

arises particularly in the superior- subordinate relation ship due to the fact that the
superior has the authority to require specified work or services from other people. As
these other people accept the obligation to perform the work they create their own
responsibility. However, since responsibility can not be delegated, the superior is in the
last analysis; responsible for performance or non performance by the individual.

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Responsibility is often considered to have two facets. In addition to securing results,

another aspect of responsibility is accountability- reporting result achieved back to higher
authority. The reporting result achieved back to higher authority. The reporting phase is
an important function of budgetary control and standard cost accounting. It makes
possible the comparison of actual performance with predetermined plans and the
measurement- in terms of quantity, quality, time, and cost of the extent to which
objectives were reached.

Activity 1.2

1. What are the two salts /facets/ of responsibility and discus with your
classmates on whether accountability is an individual or a group problem
2. What is the meaning of assignment of responsibility an explain the relation
ship between assignment of responsibility and control

1.4. The controller’s participation in planning and control

The controller is the executive manager responsible for a company’s accounting

function. Their primary function is to coordinate management’s participation in the
planning & control phages of attaining objectives in determining the effectiveness of
policies & in creating organizational structure and procedure. Effective cost control
depends up on the proper common of accounting to management External users,
including, stock holders, future investors, government agencies, must also receive
information by which managements effectiveness may be judged.
1.5. The cost department and the role of cost accounting
1.5.1. The cost department
Under the direction of the controller is responsible for keeping records of a
company’s management marketing and administration. It issues significant control
reports and other decision making data. In addition to cost and other accounting
departments, a company may have one or more of the following departments:

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Manufacturing
Personnel
Treasury,
Marketing,
Public relation, and legal.
 The manufacturing department
Under the direction of organizers and factory supermen dents, design and control
production, in research and design, cost estimates for each type of material, labor,
and machine process are used in deciding whether to concept or reject a design.
Likewise, the scheduling, producing, and inspecting of jobs and products by the
manufacturing departments are measured for efficiency in terms of the costs
incurred.
 The personnel department
This department interviews, screens, and select employees for various job
classification. It maintains personnel records, which includes the wage rate and
method of remuneration for each employee.
 The treasury department
Treasury department is responsible for financial administrate of a company. In
scheduling cash requirements and expectations, it relies upon budgets and related
reports from the cost department.
 The marketing department needs a good product at a competitive price in order to
attract customers. While prices should be set merely by adding a predetermined
percentage to cost, costs cannot be ignored. Marketing mangers use pertinent cost
data to determine which products are most profitable and to determine sales
policies.
 Public relation department
Public relation department has the primary function of maintaining good relation
between the company and its public. For this good relation points of frication are
most likely to be prices wages profit and dividends
 The legal department
This department uses cost information as an aid in maintaining company affairs
according to law. Some of these laws include:
o Equal pay accounting

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o Social security taxes

o Employee retirement security and
o Income tax, etc.
1.5.2. The objectives and functions/role/ of cost accounting
1.5.2.1 Objectives of cost accounting
The main objectives of cost accounting are as follows:
1) Ascertainment of cost. This is the primary objective of cost accounting. For cost
ascertainment different techniques and systems of costing are used under different
circumstances.
2) Control of cost. Cost control aim at improving efficiency by controlling and
reducing costs. This objective is becoming increasingly important because of
growing competition.
3) Determination of selling price. Cost accounting provides cost information on the
basis of which selling prices of products or services may be fixed. In periods of
depression, cost accounting guides in deciding the extent to which the selling
prices may be reduced to meet the situation.
4) Guide to business policy. Cost accounting aim at serving the needs of management
in conducting the business with utmost efficiency. Cost data provide guidelines
for various managerial decisions like make or buy, selling below cost, utilization
of idle plant capacity, introduction of a new product, etc.
1.5.2.2 Functions/role/ of cost accounting
Cost accounting furnish management with the necessary accounting tools for planning
and controlling activities specially the collection presentation and analysis of cost data
should help management to accomplish the following tasks:
i. Creating and executing plans and budgets for operating under expected
competitive and economic conditions
ii. Establishing costing method and procedures that permit control
iii. Determining company costs and profit for an annual accounting period
iv. Creating inventory values for costing and periling purposes
v. Choosing form/ among two or more alternative w/c might increase revenues or
decrease costs

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Budgeting
The budget is the written expression of management plan interims of money for the
future. A workable realistic budget will not only help to promote coordination of
people clarification of polices and crystallization of plans but will also create
greater internal harmony and unanimity purpose among managers and workers.
Cost Accounting and budgeting play an important role in influencing individual and
group behavior at all stages of the management process including:
 Setting goals
 Informing individuals about what they must do to achieve the goals
 Motivating desirable performance
 Evaluating performance
 Suggesting when corrective action should be taken

An individual manager’s attitude towards the budget will depend greatly upon the
existing good relationship within the management group. Guided by the company plan,
with an opportunity for increased compensation, greater satisfaction, and eventually
promotion, the middle and lower management group might achieve remarkable results.
On the other hand, a discordant management group, unwilling to accept the budget’s
underlying figures, might show such poor performance that the administration would be
compelled to defer implementation of the planning and control concept.

The following elements have been suggested as a means for motivating personnel to aim
for the goals set forth in the budget;
 A compensation system that builds and maintains a clearly understood
relationship between results and rewards.
 A system for performance appraisal that employees understand with regard to
their individual effectiveness and key results, their tasks and their responsibilities,
their degree and span of influence in decision making, as well as the time allowed
to judge their results.

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 A system of communication that allows employees to query their superiors with

trust and honest communication.
 A system of promotion that generates and sustains employee faith in its validity
and judgment.
 A system of employee support through coaching, and career planning.
 A system that not only considers company objectives, but also employees’ sills
and capacities. A system that do not settle for mediocrity, but which reaches for
realistic and attainable standards, stressing improvement and

1.6. Relation ship and difference between cost, management, and financial accounting
Cost accounting is the process of accounting for costs from the point at which
expenditure is incurred to the establishment of its ultimate relation ship with cost centers
and cost unit.
Costing is simply determining costs by using any method like arithmetic process,
memorandum statements, etc. Cost accounting denotes the formal accounting mechanism
by means of which costs are ascertained by recording in the books of account.

Management accounting is applied to the provision of accounting information

management activities such as decision making, planning, controlling, etc.
Management accounting consists of four essential tasks. Namely: Cost determination,
Cost control reasonableness, Performance evaluation- when assets are used, supplying
information for planning & decision making.

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1.6.1. Cost accounting & management accounting comparison

These two types of accounting do not have clear cut territorial boundaries.
However, distinction between the two may be made on the following points:

Basis Cost Accounting Management accounting

1. Scope is limited to providing cost Information for Scope of management accounting is
managerial uses broader than cost accounting it provides
cost accounting as well as Financial
accounting for managerial uses.
2. Emphasis Mainly emphasis on cost ascertainment & Main emphasis on planning
Control to ensure maximum profit. controlling and decision making to max
profit.

3. Evaluation Evaluation of cost accounting is mainly due Evaluation of management accounting

to the limitation of financial accounting. is due to the limitation of cost
accounting. In fact, management
accounting is an extent ion of the
managerial aspects of cost accounting.
4.Techniques Various techniques used by cost accounting Management accounting also uses all
employed include standard costing and variance these techniques used in cost accounting
analysis, marginal costing and cost-volume but in addition it also uses techniques
profit analysis, budgetary control, uniform like ratio analysis, funds flow statement,
costing and inter-firm comparison,etc. operation research and certain
techniques from various branches of
knowledge like mathematics which so-
ever can help management in its tasks.

Fig.1.2 distinctions between Cost accounting & management accounting

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1.6.2. Cost Accounting financial accounting comparison

Both cost accounting and financial accounting are concerned with systematic recording and
presentation of financial data. The two systems rest upon the same principles concerning debit
and credit and have the same sources of recording the transactions. But cost accounting is much
more detailed than financial accounting. This is because in financial accounting profit or loss is
ascertained for the business as a whole whereas in cost accounting detailed cost and profit data
for various parts of business like departments, product, etc. are shown. This is explained in the
following illustration.

Suppose a company is manufacturing three products-X, Y and Z. Under financial accounting and
cost accounting, the following types of statements are prepared.
Under financial accounting A profit and loss Account is prepared to compute profit as shown
below (data is assumed):

Profit and Loss account for the period…….

Birr Birr
To material 75,000 By sales…………………………..150,000
To wages………………………20,000
To other expenses………………25,000
To profit(balance figure)……………..30,000 ______
150,000 150,000

Fig.1.3 Statement of cost and profit under financial accounting

This statement shows that total profit is Birr 30,000 but it does not disclose the details of
profit /loss of each of products X, Y, and Z in the total profit. This is revealed by cost accounting.

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Under cost accounting A detailed statement is prepared as follows :( data of above Profit and
Loss account with further assumptions).
Statement of cost and profit for the period………
Total Product X Product Y Product Z
Birr Birr Birr Birr
Materials 75,000 40,000 12,000 23,000
Wages 20,000 10,000 5,000 5,000
Other expenses 25,000 20,000 3,000 2,000
Total cost 120,000 70,000 20,000 30,000
Sales 150,000 96,000 28,000 26,000
profit/ Loss(-) 30,000 26,000 8,000 (-)4,000

Fig.1.4 statement of cost and profit under cost accounting

The above detailed statement prepared under cost accounting shows that in the total profit
of Birr 30, 000, product X is contributing Birr 26,000 and product Y Birr 8,000, whereas
product Z is showing a loss of Birr 4,000.when management gets this information, it will
investigate to find out the reason of loss in product Z. if product Z cannot be made
profitable, its production should be stopped to improve the overall profit picture of the
company. However, this type of information is not revealed by financial accounting.

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Differences between cost accounting and financial accounting are explained below:

Basis Financial accounting Cost accounting

1. purpose The main purpose of financial The main purpose of cost accounting is to
accounting is to prepare profit and provide detailed cost information to
Loss, balance sheet for reporting to management, i.e., internal users.
owners or shareholders and other
outside agencies i.e., external users.
2.statutory These accounts have to be prepared Maintenance of these accounts is voluntary
requirements according to the legal requirements except in certain industries where it has been
of companies Act and Income Tax made obligatory to keep cost records under
Act. the companies Act.

3.analysis of Financial accounts reveal the profit Cost account show the detailed cost and
cost and profit or loss of the business as a whole for profit data for each
a particular period. It does not show productline,department,process,etc.
the figures of cost and profit for
individual product, departments and
processes.
4.Control of It lays emphasis on the recording of It provides for a detailed system of control
aspect financial transactions and does not with the help of certain special techniques
attach any importance to control like standard costing and budgetary control.
aspect.
Historical and It is concerned almost exclusively It is concerned not only with historical costs
predetermined with historical records. The but also with predetermined costs. This is

costs historical nature of financial because cost accounting does not end with
accounting can be easily understood what has happened in the past. It extends to
in the context of the purpose for plans and policies to improve performance in
which it was designed. the future.

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Types of Financial; accounting records only Cost accounting not only records external
transactions external transactions like transactions but also internal or inter-

recorded sales,purchases,receipts, etc.,with departmental transactions like issue of

outside parties. materials by store keeper to production
departments.

Financial reports (Profit and Loss Cost reporting is a continuous process and
Periodicity of
Account and Balance sheet) are may be daily,weekly,monthly,etc.
reporting prepared periodically, usually on an
annual basis.

Fig1.5 Differences between cost accounting and financial accounting

Similarities
 Both are concerned with systematic recording and presentation of financial data
 The two system rest on the some principles concerning debit and credit
 Have the same sources of recording the transactions but cost accounting is much
more detailed than financial accounting

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Chapter One Concepts of Management and Function of the Controller

The organization chart

The organization chart sets forth each principal management position and helps to define
authority responsibility and accountability.
An organization chart is essential to the development of a cost system and cost reports
which parallel the responsibilities of individuals for implementing management plans
organization chart can be grouped in to two viz,

1. Organization chart based on line-staff concept

2. Organization chart based the functional-teamwork

1. Organization chart based on line staff concept

This type of organization chart is based on a concept that is particularly useful
when a company’s product line are simple and not subject to frequent changes over the
year. The fundamental assumption is that all positions or functional divisions can be
simply categorized in to two groups one group the line makes decisions and performs the
true management functions the other group- the staff gives advice or perform any
technical functions.

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General an organization chart based on line staff is should in the from illustrated below

Stockholders

Board of directors

President Secretary

Vic-president Vic president Vic president Treasurer Controller

marketing manufacturing Research and
development

Secretary
Cost
Works Works manager Director industrial General Accounting
managers plant engineering relations Accounting
production
Internal
Employment Taxes auditing
Service
Department
Operating Welfare General
Planning Standards office
Maintenance manageme
Medical nt
Operating Department

Fig.1.6 Organization chart based on line-staff concept

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2. Organization chart based on the functional teamwork concept of management

The functional tem work is structured to place proper emphasis and balance on the truly
important functions of any enterprise. The business functions can be grouped around
resources process and human interrelations. The resource function involves the
acquisition disposal and husbanding of a wide variety of resources tangible and intangible
human and physical.

Stockholders

Board of Directors
Director of
Sectary and corporate planning
director of legal Chief executive
& control
services

Manger of policy Manager Data Assistant director

directives processing center of planning

Assistant director
Director of Directory of process Director of Human of managerial
resources activities interrelations control

Assistant Assistant director Assistant director of

Director of of

Human resources Stockholder & Financial community relations

Finance Products & Services
Labor & employee relations
Physical assets manufacturing
Customer Relations
Intangible assets Marketing
Public & community relations

Government Relations

Fig.1.7 Organization chart based the functional-teamwork

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Summary
This chapter has introduced and developed the meaning of the management accounting,
cost accounting and has given an introduction to the management concept.

We have discussed the three management levels of a business enterprise :(1) the
operating management group, (2)the middle management group,(3)the executive
management group. The main concept behind the management are: making decision,
giving orders, establishing policies, providing work and rewards and hiring people to
carryout policies.

The primary duties of board of directors or executive committee based on the

organization that constructed based on line-staff concept area: setting objectives and
making policy and decision and forward to the president or manager and the manager
transfer the decision, plans, and instructions to marketing, manufacturing finance and
engineering department. Finally, these departments provide result data assembled in cost
and/or budgeting processing which leads for new decision or some modification by the
board of director. We looked at controllers and their participation in planning and control.
Accordingly controllers is defined as the executive manager responsible for a company’s
accounting function and coordinate management’s participation in the planning and
control phases of attaining objectives, in determining the effectiveness of policies and in
creating organizational structure and procedures.

The two types of organization chart are :( 1) organization chart based on the line staff
concept, and (2) organization chart based on the functional-teamwork. The organization
chart based on the line-staff concept can be simply categorized into two groups: one
group-the line-makes decisions and performs the true management functions; the other
group-the staff-gives advice or performs any technical function. The functional-teamwork
is structured to place proper emphasis and balance on the truly important functions of any
enterprise.

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Self-test questions
A. True or False? Give reason in brief.
1) In responsibility accounting, basic method of control is the same as used in the
budgetary control and standard costing.
2) Organizing is that force which guides management in achieving objectives by
comparing performance with policies and decisions.
3) Middle management group consists of /represented by/division manger, vice-
presidents and the executives in charge of marketing.
4) Cost accounting is a branch of financial accounting.
5) The main purpose of cost accounting is to maximize profit.

B. Choose the answer form the following given alternatives.

1) One of the following is true :

a) Cost accounting helps mangers in choosing among alternatives.
b) Accountability stands for power to command others.
c) Authority arises usually from lower management groups.
d) Controlling is establishment of work framework through which the
required activities are to be performed.
e) All
f) None
2) Which of the following is not the responsibility of cost department?
a) Record manufacturing and non-manufacturing costs.
b) Analyze all costs.
c) Issue significant control reports.
d) All but C
e) All
f) None
3) Management’s systematic effort to achieve objectives by comparing performance to
plan is called
a) Controlling
b) Planning
c) Budgeting
d) Organizing
e) All
f) None

4) All of the following are the advantages of cost accounting except,

a) It facilitates use of specialized cost reduction techniques.
b) It helps to form cost centres and responsibility centres to exercise control.
c) It provides the base for taking the best decision and give outright solution of
the problem.
d) It helps to formulate operating policies like whether to make or buy from out
side sources.
e) None

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5) Construction of detail operating programs for all phases of operation is called

a) Budgeting
b) Planning
c) Controlling
d) Organizing
e) None

6) controller is the executive manager responsible for a company’s accounting

function and performs all of the following functions except;

a) Coordinate management’s participation in planning and control phases

of attaining objectives.
b) Coordinate management’s participation in determining the effectiveness
of policies.
c) Coordinate management’s participation in creating organizational
structure and procedures.
d) All
e) None
7) One of the following statements is not true cost accounting and management
accounting comparison.

a) Scope of cost accounting is limited to providing cost information for

managerial uses.
b) Scope of cost accounting is broader than that of management accounting.
c) Evolution of cost accounting is mainly due to the limitation of financial
accounting.
d) The main emphasis of management accounting is on planning and
controlling.
e) None
8) One of the following is not the management accounting task:

a) Supplying information for planning and decision making

b) Performance evaluation/to see whether assets are used efficiently.
c) Looking at the reasonableness of the cost incurred.
d) Cost determination.
e) All
f) None

9) The primary objective of cost accounting is:

a) Guide to business policy.

b) Control of cost
c) Determination of selling price
d) Ascertainment of cost.

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10) ___________ is defined as reduction in firm’s equity, other than form

withdrawal of capital for which no compensating value has been received.
a) Expense
b) Loss
c) Cost
d) Depreciation

B.Fill in the blank spaces.

1) _____________ is a process of determining desirable and possible objectives, and
of deploying resources to match then objectives.
2) _____________ is the force that binds the organization together and the power to
command others to perform or not to perform certain activities.
3) The management function that brings the many functional units of an enterprise
into a well-conceived structure is known as __________.
4) _____________ is the executive manager responsible for a company’s accounting
function.
5) The ___________ department interviews, screens, and select employees for
various job classification and maintains the wage rates and method of
remuneration for each employee.

C. Objective questions
1) What is cost accounting? Discuss briefly its objectives and advantages.
2) Why has the budget cited as the most essential tool in cost accounting.
3) In what manner does the controller exercise control over the activities of other
member of management?
4) State and explain the main differences between cost accounting and management
accounting in your own words.
5) What are the functions of cost accountants in an industrial organization?
6) Numerous non-accounting departments require cost data and must also feed basic
data to the cost department. Discuss.

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