Management accounting
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Table of Contents Introduction.......................................................................................................................................1 Task 1................................................................................................................................................ 1 AC 1.1 Different types of costs.................................................................................................. 1 AC 1.2 Job cost sheet.................................................................................................................. 1 AC 1.3 Calculation of cost of Exquisite.................................................................................... 2 AC 1.4 Analysis of cost.............................................................................................................. 3 AC 2.1 Preparation of cost sheet for 1900 units for variance analysis....................................4 AC 2.2 Identify the potential improvement through various performance indicators........... 5 AC 2.3 Ways to reduce the cost and to enhance the value and quality...................................5 TASK 2..............................................................................................................................................6 AC 3.1 Purpose and nature of budgeting process..................................................................... 6 AC 3.2 Appropriate budgeting method and its need................................................................ 6 AC 3.3 Preparation of production and material purchase budget for Jeffrey & Son's...........6 AC 3.4 Preparation of cash budget for Jeffrey & Son's............................................................7 Task 3................................................................................................................................................ 8 AC 4.1 calculation of variances, identify possible causes and recommend corrective actions...........................................................................................................................................8 AC 4.2 Operating statements includes both budgeted and actual results............................. 10 AC 4.3 Responsibility centre....................................................................................................10 Conclusion ..................................................................................................................................... 10 REFERENCES............................................................................................................................... 12
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INTRODUCTION Management accounting plays a very important role in the organization. It helps to take different kinds of decisions through implementing distinct management tools. Jeffrey & Sons is a manufacturing company that produces different kinds of products called Exquisite. The report presenting here helps to identify various management tools such as budget and variance analysis technique for Jeffrey & Son's. Further, the report describes the way by which business can increase its value in order to achieve the business goals. On the contrary, different types of costs and cost sheet will also be discussed in this report.
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SAMPLE ON MANAGEMENT ACCOUNTING, FOR ASSIGNMENT HELP KINDLY CONTACT AT: HELP@GLOBALASSIGNMENTHELP.COM
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TASK 1 AC 1.1 Different types of costs Different types of costs are incurred in the manufacturing process. On the basis of elements, costs can be classified into three elements that are material, labour and overhead. Jeffrey & Son's company need to purchase raw material for production of product Exquisite known as material cost. Labour convert raw material into the finished goods known as labour cost such as wages payment. Other direct expenses include royalty that can be charged to the product directly. However, on the basis of function, it can be classified into factory cost, administration cost and selling and distribution cost. Production cost involves the expenses that can be charged to a specific cost object such as productive wages and factory lighting (Cinquini and Tenucci, n.d.). However, expenses that cannot be charged to the cost object called non productive expenses such as administration cost selling and marketing expenses. Administration cost involves office stationery, staff salary and manager remuneration. On the contrary, selling and distribution overhead includes advertisement and sales promotion. However, according to the nature, it can be classified into direct as well as indirect expenses. Direct cost is directly related to a specific element. However, indirect cost cannot be attributed to a specified element. Material, labour and wages are direct production cost for Jeffrey & Son's while indirect cost is office stationery, building rent and staff salary. Further, on the basis of behaviour, it can be distributed to fixed, variable and semi variable cost (Kaplan and Atkinson, 2015). Fixed cost is unrelated to the Jeffrey & Son’s production such as building depreciation. However, variable cost is directly related to the business production. Material, labour and overhead are variable in nature. Stepped fixed cost gets not changed up to a specified production unit and when it gets reached it tends to increase such as Supervisor salary. Higher the number of subordinates tends to increase their supervisor salary. Semi variable cost remains unchanged up to a certain level after that it get changed accordingly the production such as telephone bill.
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AC 1.2 Job cost sheet Total cost and cost per unit for Jeffrey & Son's is prepared as under: Particulars
Total cost
Direct Material
40000
Direct Labour
54000
Fixed production overhead
24000
variable production overhead
36000
Total cost
154000
Unit cost
770
Direct material = 50Kg*4£*200 Units = 400000£ Direct labour = 30 hours*200 Units*9£ = 54000£ Fixed overhead = 80000£/20000 hour* 6000 hour = 24000£ Variable overhead = 6*6000 hours = 36000£ AC 1.3 Calculation of cost of Exquisite Service departme nt
Production Basis allocation
particular
of
Mainte Machine X Machine Y Assembly nance Total in (£) (£) (£) 1 (£) Stores (£) (£)
Indirect wages and supervision
362000.00 100000.00 99500.00
Indirect material
253000.00 100000.00 100000.00 40000.00
light and heating
Area occupied 50000.00
rent
Area occupied 100000.00 20000.00
insurance machinery depreciation
and Book value of machinery 15000.00 Book value of
15000
10000
92500.00
5000
15000
15000
10000.00
10000. 30000.00 30000.00 00
3529.40
2205.90
4411.80
2205.90
2647.0 6
7947.02
4966.89
993.38
496.69
596.03
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5000
machinery Insurance building
of
Area occupied 25000.00
salaries of work No. of management employees 80000.00
5000.00
2500.00
7500.00
7500.00
2500.0 0
24000.00
16000.00
24000.00 8000.00
8000.0 0
287636
219927
101056
1035000.0 0 346417
Total cost
Particular
79964
Production Basis allocation
of Total
in
(£)
Machine X Machine Y (£) Assembly 1 (£)
Primary distribution
1035000.
(Earlier table)
00
346417
287636
219927
Direct Stores
material
Maintenance
Machine hours 101056
Total
79964
39982
29987
9995
48506.88
32337.92
20211.2
1216020 434905.88
349960.92
250133.2
c) Overhead absorption rate for each of the production department X, Y and assembly Overhead absorption rate = Total production department overhead/ machine hours Overhead absorption rate Department X = 346417 + 39982 + 48506.88/80000 = 434905.88/80000 = £5.44 Department Y = 287636+29987+32337.92/ 60000 = 349960.92/60000 = £5.83 Toll Free No. 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help is dedicated in providing the best Assignment Help to the university students.
Assembly = 219927 + 9995+ 20211.2/10000 = 250133.2/10000 = £25.01 Over head cost of the production department Machine X = £5.44 * 0.80 = 4.35 £ Machine Y = £5.83 * 0.6 = 3.50 £ Assembly = £ 25.01 * 0.1 = 2.50 Total production overhead cost = 4.35 £ + 3.50 £ + 2.50 £ = 10.35 £ Total product cost = material + labour + overhead = 8£ +15£ + 10.35£ = 33.35£ AC 1.4 Analysis of cost Computation of overhead absorption rates on the basis of labour hours Machine X = 434905.88£/ (200000 hours) = 2.17£ Machine Y = 349960.92£/ (150000 hours) = 2.33£ Assembly = 250133.2£/ (100000 hours) = 1.25£ Over head cost of the production department Machine X = 2.17£ * 2 = 4.34£ Machine Y = 2.33£ * 1.5 = 3.50£ Assembly = 1.25£ * 1 = 1.25£ Total overhead cost = 4.34£ + 3.50£ + 1.25£ = 9.09£ Total product cost = material + labour + overhead = 8£ +15£ + 9.09£ = 32.09£ Comment on differences: Under the machine hour rate basis the overhead absorption rate for all the production departments are 5.44£, 5.83£ and 25.01£. However, under the labour hour rate basis all the production department cost changed to 2.17£, 2.33£ and 1.25£. The reason is that total labour hours are higher than Machine hours to 200000£, 150000£ and 100000 hour. This in turn, total overhead cost for the production get changed from 10.35£ to 9.09£. However, the total product cost get declined from 33.35£ to 32.09£. AC 2.1 Preparation of cost sheet for 1900 units for variance analysis Jeffrey & Son's job cost sheet is prepared as under: Actual Output ( 1900 Particular
Budgeted Output ( 2000 Units)
Units)
Per unit cost
Per
Total cost
Variance unit Total cost Budgeted -
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cost
Actual
Material
12
24000
12
22800
1200
Labour
9
18000
10
19000
-1000
Fixed Overhead
15000
15000
0
Electricity
8000
7625
375
Maintenance
5000
4800
200
69225
775
Total
35
70000
36.43
Working note: Material = 12£*1900 Units = 22800£ Labour cost = 10£ * 1900 Units = 19000£ Variable cost - Electricity =8000£-5000£/2000-800 = 3.75 per unit Fixed electricity = 8000£ - 3.75*2000 = 500£ Variable cost = 3.75£*1900 units = 7125£ Maintenance cost = 5000£ - 200£ = 4800£ Variance interpretation: Material variance raised amounted to £1200because of the changing the production as material price per unit is still same to £12. Another, labour cost variance raised to 1000£ due to increasing labour rate from £9 to £10. On the contrary, the budgeted electricity expenditures were £8000 greater than the actual to £7625. The per unit variable electricity charges remain same to £3.75. Fixed cost gets unchanged with the production changes. Thus, it can be said that negative variance such as labour rate variance and total material cost variance impact the firm in a negative direction (Hansen, Mowen and Guan, 2007). Therefore, it is considered to be advisable that business should reduce their material and labour cost to eliminate the adverse impact on the organization.
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SAMPLE ON MANAGEMENT ACCOUNTING, FOR ASSIGNMENT HELP KINDLY CONTACT AT: HELP@GLOBALASSIGNMENTHELP.COM AC 2.2 Identify the potential improvement through various performance indicators Every organization has set business targets and objectives which they need to achieve. Therefore, Jeffrey & Son's requires to ensuring business success on a regular basis. Numerous factors are available in the organization to identify the potential improvement. Turnover is considered as a significant factor that measures the performance of Jeffrey & Son's.
Getting higher turnover for Jeffrey and Son's helps to make high improvement.
Further, the cost factor can also be analysed by Jeffrey & Son's. For instance, when cost is regularly increasing without increasing the sales, it cannot make improvement. However, decreasing the business cost indicate good performance of Jeffrey & Son's. Further, the Jeffrey & Son's profitability also measures the business performance (Ahrens and Chapman, 2007). Higher the profits shows higher the improvement and vice versa. Moreover, the financial position of company is also an important indicator. Enhancing the financial assets of Jeffrey & Son's shows improved business performance and vice versa. Apart from that, there Toll Free No. 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help is dedicated in providing the best Assignment Help to the university students.
are some other factors that can be used to identify the performance. For instance, customer satisfaction, technology of production, business revenue, and business value and competitor position also can be analysed for this purpose. Increasing all the factors implies improved performance of Jeffrey & Son's and vice versa. AC 2.3 Ways to reduce the cost and to enhance the value and quality Reduce the cost: Better quality of technology, large scale of production, preparation of budgets, optimum utilization of resources and recycling the waste can be done for reducing the cost. By decreasing the cost, company can have greater availability of profits for the business. Moreover, regularly monitoring of the business expenses also helps to make effective control over it. This in turn, cost can be minimized. Enhance value: Value can be increased through stabilizing or increasing the earnings of business. Further, it can be enhanced through increasing the sales value and not the sales prices. On the contrary, diversifying the customers and industry also help the organization for that purpose (Lord, 2007). Moreover, lower the cost also helps to create a base against the competitors. This in turn results in a way that business can enhance their market position that will lead to increase the business value. Large number of customers and attract new customers, increased shareholders return helps to enhance business value. Quality: Quality can be enhanced through using better quality of material, innovative techniques and implementing quality and implementing quality measurement tools so as to ensure the qualitative products (Bhimani and et. al., 2013). This helps to get higher the customer satisfaction level and also, to increase the number of customers that results in increased sales and profitability. Upgraded technology, best quality of material and skilled and abled workforce helps to improve the product quality. Quality measurement techniques can also be applied to remove any negative consequences. This in turn, quality can be improved.
TASK 2 AC 3.1 Purpose and nature of budgeting process Purpose and nature of budgeting process is explained as below: Budgeting process: It is an effective tool that is prepared through determining the future period revenues and expenditures. It avails the positive cash balance at the end of period. The purpose of Jeffrey & Son’s budget is to determine the business revenues and expenditures for a given period (Lukka, 2007). Moreover, the purpose of preparing budget for Toll Free No. 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help is dedicated in providing the best Assignment Help to the university students.
Jeffrey & Son's to determine the cash balance. It helps to determine that Jeffrey & Son's is overspending or earnings more than the expenditures. Furthermore, identifying the net cash flow and ending cash balance of Jeffrey & Son's is the another purpose of it. On the basis of prepared budget, Jeffrey & Son's can control its expenditures and can eliminate the negative variance as well. Jeffrey & Son's managers prepare budgets through forecasting the incomes and expenses for forthcoming year. Net cash flow is determining through identifying the difference between total cash inflow and outflow. However, adding the opening cash balance to the net cash flow comprises ending balance of cash for Jeffrey & Son's. In the process, manager pays his focus on the sales volume of business. In this process, they want to enhance the total sales volume on a regular basis so as to increase the business profits. This is because; they require establishing coordination in their budgeting process. Thus, it can be said that they are following the incremental budgeting technique for the budget preparation (Fullerton, Kennedy and Widener, 2013). Then after, the actual results will be compared with the budgeted figures to calculate the variance. Therefore, business can take necessary decisions to remove such variances. AC 3.2 Appropriate budgeting method and its need Jeffrey & Son's prepare its budgets according to the incremental budgeting system. The problem with this method is that management is not considering the market volatility and its impact on the organization. Thus, they cannot meet the budgeted incomes and expenditures to the actual values. Therefore, the organization requires changing the method adopted. Zero base budgeting will be most suitable or appropriate method for the budget preparation as it overcomes the limitations of incremental budgeting In search of management accounting theory (Zimmerman and Yahya-Zadeh, 2011). In this method, the managers estimate the entire operational cost and all the revenues as per the market behaviour. They analyse the market changes and budget is prepared through considering their impacts. The need for this method is that organization can remove or reduce the impact of market uncertainties through effective planning.
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SAMPLE ON MANAGEMENT ACCOUNTING, FOR ASSIGNMENT HELP KINDLY CONTACT AT: HELP@GLOBALASSIGNMENTHELP.COM AC 3.3 Preparation of production and material purchase budget for Jeffrey & Son's Production and material purchase budget is prepared as per the given details. It helps to identify the total production that organization requires to produce for the future period (Lukka and Modell, 2010). Further, material purchase budget identifies the total quantity of material that is required to purchase from the supplier for producing the required units. Production Budget Sales Op. Stock Total Closing stock Production
105000 11000 94000 13500 107500
90000 13500 76500 15750 92250
105000 15750 89250 16500 105750
Required working notes are given as under: Calculation of closing stock of production = 15% of next month. July = 15% of 90000 Units = 13500 units Toll Free No. 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help is dedicated in providing the best Assignment Help to the university students.
August = 15% of 1050000 units = 15750 units September = 15% of 110000 units = 16500 units Material Purchase Budget Material Require Less- Opening stock Total Add- Closing stock Purchase
215000 52000 163000 46125 209125
184500 45000 139500 52875 19125
211500 52500 159000 54250 212875
Required working notes are given as under: Calculation of closing stock of material = 25% of next month. July = 25% of (92250 units*2kg per unit) = 46125 Kg August = 25% of (105750 units*2Kg per unit) = 52875 kg September = 25% of (108500 units*2kg per unit) = 54250 kg AC 3.4 Preparation of cash budget for Jeffrey & Son's Cash Budget is prepared through combining all the cash related transactions. It includes cash incomes and expenditures incurred by the organization. In this budget, cash balance has two types that are surplus or deficit. Surplus is the excess of cash incomes over the expenditures (Malmi and Granlund, 2009). However, deficit is the negative cash balance that is the excess of cash expenditures over the incomes. Particular
July
August
September
Cash balance
16000
44031
67993
Cash sales
900000
821250
864000
Total cash Income
916000
865281
931993
Material Purchase
365969
334688
372531
Direct wages
322500
276750
317250
Variable overhead
108500
98350
100350
Fixed Overhead
75000
87500
87500
Total cash expenses
871969
797288
877631
Cash Receipts
Cash Expenditures
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Cash balance
44031
67993
54362
Working note: Particular
July
August
September
Monthly sales ( 60% )
567000
486000
567000
Previous month sales (25%)
247500
236250
202500
Sales before two months (10%)
85500
99000
94500
Total
900000
821250
864000
Raw material: July = 1.75£ * 209125 kg of material = 365969£ August = 1.75£ * 191250 kg of material = 334688£ September = 1.75£ * 212875 = 372531£ Direct wages: July = 3£ * 107500 units = 322500£ August = 3£ * 92250 units = 276750£ September = 3£ * 105750 units = 317250£ Variable overhead: July = (107500£*60%) + (110000£*40%) = 108500£ August = (92250*60%) + (107500£*40%) = 98350£ September = (105750£*60%) + (92250£*40%) = 100350£ Interpretation of budget: Sales of the business shows a decreasing trend from 90000£ to 821250£. Further, it get improved to 864000£ in the month of September. Therefore, the business total cash income declined in the month of August and increased in the month of September. Further, the direct wages of the business get declined from 322500£ to 276750£ in the month of August. However, in the month of September it gets increased to 317250£. On contrary, the total variable overhead of the business get decreased in the month of August to 98350£ while inclined to 100350£ in the month of September. Toll Free No. 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help is dedicated in providing the best Assignment Help to the university students.
However, the cash balance at the end of the months are 44031£, 67993£ and 54362£. On the basis of that, it can be reported that business has to increase its sales and reduce its cost throw curtailment of unnecessary expenditures (Bisbe, Batista-Foguet and Chenhall, 2007). This in turn, Jeffrey & Son's will be able to increase the positive cash balance at the end of the period.
TASK 3 AC 4.1 calculation of variances, identify possible causes and recommend corrective actions Particular
Per unit cost
Budgeted
Sales
4
16000
Material
0.96
3840
Labour
0.8
3200
Fixed Overhead
4800
Total Cost
2.96
11840
Profit
1.04
4160
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Material cost = 0.4kg*2.40£*4000 units = 3840£ Labour cost = 6/60*8£*4000 units = 3200£ Profit = 16000£ - 11840£ = 4160£ Variance = Budgeted values – actual values Sales variance Particulars
Variance
Sales volume variance
( 4160 - 3040)
1120 (A)
Sales price variance
( 14000 - 13820)
180 (A)
The material price variance Particulars
variance
Material price
(Actual Qty*(Standard price –
1425(2.4£ - 2.4£)
Nil
variance
Actual price)
Material usage
(Standard qty-actual qty)*standard
[( 3500*0.4)-
60(A)
variance
prices
(1425) * 2.40]
60 (A) The labour variance Particulars
variance
Labour efficiency
(Standard hour-actual
variance
hours) * standard rate
Labour rate variance
(standard rate-Actual
[(0.1*3500)-(345)*8£]
40(f)
[(8£-7.8£)*350]
70 (f)
rate)*standard hours 110 (f) Fixed overhead variance Particulars
Variance
Actual fixed overhead
4900
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Budgeted fixed production
4800
overhead Fixed overhead expenditure
100 (A)
variance
Variance
Possible cause
Corrective actions
Sales variance
It may be raised due to higher
Business has to reduce the
the inflation that results in
selling price through reducing
higher the selling price
the cost, provide qualified
(Herman, 2011). Moreover, it products and effective market can be arise due to worst
plan to aware the consumer
quality, decreasing the
(Otley and Emmanuel, 2013).
purchasing power and customer unawareness. Material variance
It rose due to increasing the
Through having skilled or
quantity required for
qualified labour hours
producing a single unit.
company can remove such impacts.
Labour variance
It arises due to varying the
The labour are paid at lower
labour rate and the labour
rate to 7.8ÂŁ impacts the
hours.
company positively. Further, budgeted and actual labour hours are 400 and 345. To remove these impacts the business can change their labour policies and make effective control over them in order to mitigate such variance.
Profit variance
Due to the sales, material and
Meet the target sales, get
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labour variance.
material at budgeted rates and improve their workforce efficiency.
AC 4.2 Operating statements includes both budgeted and actual results Operating statement of Jeffrey & Son's is prepared here that reconcile the budgeted and actual results. Particular
Per unit Budgeted(4000 Units)
Per unit
Actual(3500) Variance
Sales
4
16000
3.94
13820
-2180
Material
0.96
3840
0.97
3420
420
labour
0.8
3200
0.77
2690
510
4900
-100
Fixed Overhead Total
4800 2.96
11840
3.14
11010
830
1.04
4160
0.8
2810
1350
Operating profit
AC 4.3 Responsibility centre Selling department: It is responsible for achieve the actual sales to the decided volume and value. In case of Jeffrey & Son's company does not meet the actual sales to the budgeted. Therefore, the department should analyse the negative variances so as to eliminate
it. The variance arises due to decreasing the selling prices to 3.94ÂŁ. Moreover, lower the quantity to 3500 units also results in lowering the business sales. Purchase department: It is responsible for purchasing the required quantity of material at right time. Further, they are required to purchase material at the budgeted rates so the variances will not arise. The possible causes for variances is higher the actual material Toll Free No. 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help is dedicated in providing the best Assignment Help to the university students.
quantity to 1425 kg. However, material prices remain constant to 2.4ÂŁ. Therefore, they need to identify the alternatives at which material is available at lower the prices. Moreover, it is necessary for the business to reduce the material wastage.
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Marketing Department: It is responsible for creating an effective and strategic market plan that affects the product demand to a great extent (Ward, 2012). Jeffrey & Sons sales can be increased through such efforts. Ineffective marketing may be a reason for decreasing the sales of the business. Therefore, it is necessary for Jeffrey & Son's to make effective marketing planning. It helps to create awareness to the consumers regarding product benefits so as to enhance the sales. Production Department: It analyse the market demand for the product through market analysis (Mongiello, 2015). Jeffrey & Son's production department is responsible for manufacturing the required quantity of products that meet the customer demand. It may be possible that production department do not produces adequate quantity of production at right time and at right cost. This in turn, results in increasing the production cost and decreasing the profits. Optimum utilizing the business resources helps to enhance business production to a great extent. Toll Free No. 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help is dedicated in providing the best Assignment Help to the university students.
CONCLUSION The presented report concludes that management accounting helps the business managers to use the accounting information in order to better inform themselves. Further, it helps the managers to take day to day managing decisions. On contrary, organization planning, directing or effective controlling can be implemented inside the business. It helps to reduce the overall cost to the business that facilitates reduction in the prices. This in turn, organization can increase the business sales and also the profitability. This in turn, resulted in the organization success and development for the upcoming period.
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REFERENCES Books and Journals Ahrens, T. and Chapman, C.S., 2007. Management accounting as practice. Accounting, Organizations and Society. 32(1). pp.1-27. Bhimani, A. and et. al., 2013. Management and Cost Accounting: UEL. Pearson UK. Bisbe, J., Batista-Foguet, J.M. and Chenhall, R., 2007. Defining management accounting constructs: a methodological note on the risks of conceptual misspecification. Accounting, organizations and society. 32(7). pp.789-820. Fullerton, R.R., Kennedy, F.A. and Widener, S.K., 2013. Management accounting and control practices in a lean manufacturing environment. Accounting, Organizations and Society. 38(1). pp.50-71. Hansen, D., Mowen, M. and Guan, L., 2007. Cost management: accounting and control. Cengage Learning. Herman, R.D., 2011. The Jossey-Bass handbook of nonprofit leadership and management. John Wiley & Sons.
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