Budget Line Graph and Indifference Curve Practice

In microeconomic theory, an indifference curve generally refers to a graph that illustrates different levels of utility, or satisfaction, of a consumer who has been presented with assorted combinations of goods. That is to say that at any point on the graphed curve, the consumer holds no preference for one combination of goods over another. In the following practice problem, however, we will be looking at indifference curve data as it relates to the combination of hours that can be allotted to two workers in a hockey skate factory. The indifference curve created from that data will then plot the points at which the employer presumably should have  no preference for one combination of scheduled hours over another because the same output is met. Lets take a glimpse at what that looks like. Practice Problem Indifference Curve Data The following represents the production of two workers, Sammy and Chris, showing the number of completed hockey skates they can produce over the course of a regular 8-hour day: Hour Worked Sammys Production Chriss Production 1st 90 30 2nd 60 30 3rd 30 30 4th 15 30 5th 15 30 6th 10 30 7th 10 30 8th 10 30 From this indifference curve data, we have created 5 indifference curves, as shown in our indifference curve graph. Each line represents the combination of hours we can assign to each worker in order to get the same number of hockey skates assembled. The values of each line are as follows: Blue - 90 Skates AssembledPink - 150 Skates AssembledYellow - 180 Skates AssembledCyan - 210 Skates AssembledPurple - 240 Skates Assembled This data provides the starting point for data-driven decision making regarding the most satisfactory or efficient schedule of hours for Sammy and Chris based on output. To accomplish this task, we will now add a budget line to the analysis to show how these indifference curves can be used to make the best decision. Introduction to Budget Lines A consumers budget line, like an indifference curve, is a graphical depiction of assorted combinations of two goods that the consumer can afford based upon their current prices and his or her income. In this practice problem, we will be graphing the employers budget for employees salaries against the indifference curves that depict various combinations of scheduled hours for those workers. Practice Problem 1 Budget Line Data For this practice problem, assume that you have been told by the chief financial officer of the hockey skate factory that you have $40 to spend on salaries and with that you are to assemble as many hockey skates as possible. Each of your employees, Sammy and Chris, both make a wage of $10 an hour. You write the following information down: Budget: $40Chriss Wage: $10/hrSammys Wage: $10/hr If we spent all of our money on Chris, we could hire him for 4 hours. If we spent all of our money on Sammy, we could hire him for 4 hours in Chris place. In order to construct our budget curve, we jot down two points on our graph. The first (4,0) is the point at which we hire Chris and give him the total budget of $40. The second point (0,4) is the point at which we hire Sammy and give him the total budget instead. We then connect those two points. Ive drawn my budget line in brown, as seen here on the Indifference Curve vs. Budget Line Graph. Before moving forward, you may want to keep that graph open in a different tab or print it out for future reference, as we will be examining it closer as we move along. Interpreting the Indifference Curves and Budget Line Graph First, we must understand what the budget line is telling us. Any point on our budget line (brown) represents a point at which we will spend our entire budget. The budget line intersects with the point (2,2) along the pink indifference curve indicating that we can hire Chris for 2 hours and Sammy for 2 hours and spend the full $40 budget, if we so choose. But the points that lie both below and above this budget line also have significance. Points Below the Budget Line Any point below the budget line is considered  feasible but inefficient because we can have that many hours worked, but we would not spend our entire budget. For instance, the point (3,0) where we hire Chris for 3 hours and Sammy for 0 is feasible but inefficient because here we would only spend $30 on salaries when our budget is $40. Points Above the Budget Line Any point above the budget line, on the other hand, is considered  infeasible because it would cause us to go over our budget. For instance, the point (0,5) where we hire Sammy for 5 hours is infeasible as it would cost us $50 and we only have $40 to spend. Finding the Optimal Points Our optimal decision will lie on our highest possible indifference curve. Thus, we look at all the indifference curves and see which one gives us the most skates assembled. If we look at our five curves with our budget line, the blue (90), pink (150), yellow (180), and cyan (210)  curves all have portions that are on or below the budget curve meaning that they all have portions that are feasible. The  purple (250) curve, on the other hand, is at no time feasible since it is always strictly above the budget line. Thus, we remove the purple curve from consideration. Out of our four remaining curves, cyan is the highest and is the one that gives us the highest production value, so our scheduling answer must be on that curve. Note that many points on the cyan curve are above the budget line. Thus not any point on the green line is feasible. If we look closely, we see that any points between (1,3) and (2,2) are feasible as they intersect with our brown budget line. Thus according to these points, we have two options: we can hire each worker for 2 hours or we can hire Chris for 1 hour and Sammy for 3 hours. Both scheduling options result in the highest possible number of hockey skates based on our workers production and wages and our total budget. Complicating the Data:  Practice Problem 2 Budget Line Data On page one, we solved our task by determining the optimal number of hours we could hire our two workers, Sammy and Chris, based on their individual production, their wage, and our budget from the company CFO. Now the CFO has some new news for you. Sammy has gotten a raise. His wage is now increased to $20 an hour, but your salary budget has stayed the same at $40. What should you do now? First, you jot down the following information: Budget: $40Chriss Wage: $10/hrSammys New Wage: $20/hr Now, if you give the entire budget to Sammy you can only hire him for 2  hours,  while you can still hire Chris for four hours using the entire budget.  Thus,  you now mark the points (4,0) and (0,2) on your indifference curve graph and draw a line between them. Ive drawn a brown line between them, which you can see on  Indifference Curve vs. Budget Line Graph 2. Once again,  you may want to keep that graph open in a different tab or print it out for reference, as we will be examining it closer as we move along. Interpreting the New Indifference Curves and Budget Line Graph Now the area beneath our budget curve has shrunk. Notice the shape of the triangle has also changed. Its much  flatter,  since the attributes for Chris (X-axis) havent changed any, while Sammys time (Y-axis) has become much more expensive. As we can see. now the purple, cyan, and yellow curves are all above the budget line indicating that they are all unfeasible. Only the blue (90 skates) and pink (150 skates) have portions that are not above the  budget line. The blue curve, however, is completely below our budget line, meaning all the points represented by that line are feasible but inefficient. So we will disregard this indifference curve as well. Our only options left are along the pink indifference curve. In fact, only points on the pink line between (0,2) and (2,1) are feasible, thus we can either hire Chris for 0 hours and Sammy for 2 hours or we can hire Chris for 2 hours and Sammy for 1 hour, or some combination of factions of hours that fall along those two points on the pink indifference curve. Complicating the Data:  Practice Problem 3 Budget Line Data Now for another change to our practice problem. Since Sammy has become relatively more expensive to hire, the CFO has decided to increase your budget from $40 to $50. How does this impact your decision? Lets write down what we know: New Budget: $50Chriss Wage: $10/hrSammys Wage: $20/hr We see that if you give the entire budget to Sammy you can only hire him for 2.5  hours,  while you can hire Chris for five hours using the entire budget if you wish.  Thus,  you can now mark  down  the points (5,0) and (0,2.5) and draw a line between them. What do you see? If drawn correctly, youll note that the new budget line has moved upward. It has also moved parallel to the original budget line, a phenomenon that occurs whenever we increase our budget. A decrease in  budget, on the other hand, would be represented by a parallel shift downward in the  budget line. We see that the yellow (150) indifference curve is our highest feasible curve. To make the must select a point on that curve on the line between (1,2), where we hire Chris for 1 hour and Sammy for 2, and (3,1) where we hire Chris for 3 hours and Sammy for 1. More Economics Practice Problems: 10 Supply Demand Practice ProblemsMarginal Revenue and Marginal Cost Practice ProblemElasticity of Demand Practice Problems

Essay about Caged Bird - 650 Words

I Know Why the Caged Bird Sings Maya Angelou, in I Know Why the Caged Bird Sings, tells her story of how and when she grew up. In Arkansas at the time of Maya Angelous childhood, many things were looked upon as bad or unfavored. Mayas problem was that she was black and a woman. Her novel depicts her life in rural Stamps, Arkansas with her grandmother and in St. Louis, Missouri, where her mother resided. At the age of three Maya and her four-year old brother, Bailey, were turned over to the care of their paternal grandmother in Stamps. Southern life was filled with humiliation, violation, and displacement. These actions were exemplified for blacks by the fear of the Ku Klux Klan, racial separation of the town, and the many†¦show more content†¦She thinks she cannot be heroic like all the boys she read about in her comics, for the fact of being a girl. Being female was just as limiting for Maya as being black, and seemed to be something to struggle against rather than embrace. Maya knew that to be blac k and female is to be faced with violence and violation. In her society, blacks were no good and women were only useful for sex. Maya struggled throughout her childhood to accept her race and gender. This is brought into focus when she went to live with her mother and is raped by her mothers boyfriend. After Maya eventually reveals who did this to her, the man is killed. She believed that her own voice killed him. This childhood rape reveals the pain that African American women suffered as victims not only of racism but also sexism. She withdrew herself and vows never to speak again. Her mother feels that she has done everything in her power to make Maya talk, but she cannot reach her. She sends Maya and her brother back to Stamps. After Maya returned to Stamps, and with the help of her Teacher Ms. Flowers, she began to speak again. For the most part, though as a struggle, Mayas experiences have made her a much stronger person. African-American women, during Mayas time, faced great er troubles than a colored male would have. The society was racist and sexist as well. Maya saw this as a challenge and rose through everything, eventually becoming a successfulShow MoreRelated Maya Angelou as a Caged Bird Essay1153 Words   |  5 PagesMaya Angelou as a Caged Bird    The graduation scene from I Know Why The Caged Bird Sings illustrates how, living in the midst of racism and unequal access to opportunity, Maya Angelou was able to surmount the obstacles that stood in her way of intellectual develop and find higher ground.   One of the largest factors responsible for Angelous academic success was her dedication to and capacity for hard work, My work alone has awarded me a top place...No absences, no tardinesses, and my academicRead MoreI Know Why The Caged Bird Sings1482 Words   |  6 Pages Maya Angelou tells of her life experiences and struggles in her book â€Å"I Know Why the Caged Bird Sings† that gives us insight about Maya’s life as a young black girl growing up in a time of racism. 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Trough-out her legacy she continuously created poems promoting civil rights from her personal and social views. â€Å"still I rise â€Å"is one of her earlier working but is still consider one of the greatest poems on discussing the social views atRead MoreI Know Why The Caged Bird Sings2495 Words   |  10 PagesIn the memoir, I Know Why the Caged Bird Sings, Maya Angelou presents the theme: coming of age. This theme is shown throughout the book many times, espec ially when something big happens to her, changing the way that she reacts to things and the way that she sees things. Another way that this theme is shown throughout the book is the way that she words things in the beginning, vs the way that she words things in the end. The change in her writing style and her language shows this. Not only was she

The Life Cycle of Monarch Butterflies and the Annual Migration Free Essays

An amazing life cycle of monarch butterflies shows the beauty and the perfection of nature. Some insects have a complete metamorphosis which is a changing in the insect body form through different stages. Monarch butterfly undergoes a perfect complete metamorphosis process: egg, larva, pupa and adult (Bernstein, 1990). We will write a custom essay sample on The Life Cycle of Monarch Butterflies and the Annual Migration or any similar topic only for you Order Now The process of metamorphosis is guided by genes. There are three hormones produced from the genes.First, Brain hormone which makes a gland in the thorax gives the second hormone (Molting hormone) which is completely depends on the third hormone (Juvenile hormone) which causes the molting of the larva when it presents in high amount. Each stage of the metamorphosis is specialized to do a particular activity so the metamorphosis process is very beneficial in that manner because it prevents a mixing between two functions that ask for huge energy such as in the caterpillar stage the mission is growing while in the butterfly stage responsible for the reproducting (Towle, 1991).After mating, the male lepidopteran dies while the female has to survive until she lays her eggs. She chooses the place to put her eggs carefully by choosing a close spot to leaves so that the caterpillars can eat when they hatch . The mission of the caterpillar is eating. Starting with it shell which protected it as it developed . When the caterpillar grows, its ready to move to the next stage (pupa) by spinning a silk pad and hanging their heads downward from the pad . here are active changes inside the pupa to form an adult butterfly by completing the transformation of the organs and the arrangement of the muscular system then after a while its ready to emerge (Patent, 1979). Monarch butterflies migration Migration of monarch butterflies is the most amazing biological event on the earth. The journey of monarch butterflies is around 3100 miles (500 km). When the temperature drops in winter in the north of the U. S. , butterflies migrate to the south (Mexico and California) looking for warmer places (Hussong, 2010).The annual migration needs four generations to be complete. All the four generations have the same time limits of the first three stages of the life cycle: four days as an egg, two weeks as a larva, and ten days as a pupa but the difference comes in the last stage â€Å"as an adult† the first generations live for (2 – 6) weeks but the fourth generation lives for (6 – 8) months in Mexico and California then its migrate north lay their eggs and die (Rosenblatt, 2002). The threats to monarch butterflies The annual migration of monarch butterflies is facing several threats.The most dangerous threat that affects the migration is deforestation. An illegal logging caused by the Mexicans is the major factor of deforestation in Mexico. Now with a decreased number of trees monarch butterflies lost their favored spots and they have less area to settle. Some scientists say that the entire extraordinary migration of the monarch butterfly is in danger of collapsing. Global warming is important as well because it’s causing a decrease in the number of monarch butterflies. Climate change is affecting their wintering grounds and summer breeding grounds.A wetter, colder weather is predicted in Mexico over next 50 years and the freezing temperature with rain can be deadly to overwintering butterflies. The government and the authorities in North America are trying to save monarch butterflies by building sanctuaries and supporting monarch butterflies organizations such as: Monarch butterfly biosphere reserve, and North America Monarch Conservation Plan (NAMCP).References Bernstein, L. (1990). Globe biology . New Jersey, NJ: Globe Book Company. Hussong, J. (2010, April 13). The mighty monarch butterfly migration. Retrieved from org/search/editorial/monarch+migration/1.html† http://www. thecircumference. rg/search/editorial/monarch+migration/1. html Mcneil, D. G. (2006, October 3). Fly away home. Retrieved from http://www. nytimes. com/2006/10/03/science/03butter. html? _r=1-r=1 Moeller, R. (2002, July 10). How monarchs make their way to Mexico. Scientific American. Retrieved from cfm?id=how-monarchs-make-their-w†http://www. scientificamerican. com/article. cfm? id=how-monarchs-make-their-w Patent, D. H. (1979). Butterflies and moths: How they function. New York, NY: Holiday House. Raver, A. (1998, December 29). Learning the what, why and how of butterflies. New York Times. Retrieved from http://www. nytimes. com/1996/12/29/style/learning-the-what-why-and-how-of-butt How to cite The Life Cycle of Monarch Butterflies and the Annual Migration, Essays

Accounting and Its Relevance

Question: Indicate the main purposes of management accounting and its relevance to the management of organisations. Answer: Introduction In this report, discussion will be mainly based on management costing concept, its impact on the management in taking strategic decision and how it differs from the financial costing. While understanding the concept of management accounting an in-depth knowledge of various types of cost is required to be required. After that, all the costs are identified and categorized. Then budget for the upcoming year is to be prepared based on the cost and production level analysis (Kaplan and Atkinson 2015). Then after the actual performance during the whole year, variance analysis is made between budgeted cost and actual cost where the reasons for variances are identified and reported to the management. Financial Accounting and Management Accounting Financial accounting is based on various accounting standards, which an organization must comply in order to present a transparent financial statement with the users. Whereas management accounting is concerned with the operation report that helps the management to understand the present financial position of the company and make strategic plans for future (Horngren et al. 2013). For example, the cost of not meeting demands or opportunity cost is not reflected in financial accounting but it is reflected in management accounting so that management can understand what would have been there actual profit if they had been able to meet their demands fully. Whenever any new software is to be implemented, management must consider all the factors of it which will affect the financial accounting as well as management accounting. Financial accounting tends to report on the entire business of the organization where management accounting provides a detailed analysis of product line, cost allocation between various products (Deegan 2012). Financial accounting mainly focuses on the profitability of the organization whereas management accounting indentifies the causes of problem related to the operation and help in finding ways to fix them. In financial accountings records are required to be preserved to prove that financial statements are prepared in consistency with accounting policies whereas management accounts deals with future forecast and decision making aspects of the organization (Edwards 2013). It includes budget and variance analysis. In case of financial accounting, financial statement is required to be prepared at the end of accounting period that may be quarterly, half yearly or yearly whereas in management accounting reporting is made to the board of directors frequently so that they can make strategic planning with the latest report. Classification of Cost Cost and revenue are the two important aspects based on which the completely financial statement is prepared. Either every item in the financial statement is a cost incurred by the company or revenue generate from sale of goods and service (DRURY 2013). Therefore, classification of cost is very important so that financial statement reflects the true picture of the organizational performance. Cost can be classified as follows: Committed fix cost: Committed fix cost are those type of fix cost, which has been committed to be incurred in future. For example, monthly salary paid to employees, office rent and warehouse rent. These costs are relevant for long term planning and not for short term planning (Ramanathan 2014). These costs do not vary with the production level and is reduced per unit when production level increases. Sunk Cost: These are cost which have already been incurred and nothing can be done. For example, non-refundable down payment, which has already been, paid to purchase machinery which will be forfeited if the machinery is not purchased. These costs are irrelevant for decision-making purpose. Slab fixed cost: This type of cost is fixed up to a certain level after that it increases and remain fixed again up to a certain level (Balakrishnan, Labro and Soderstrom 2014). For examples, number of nurses required is 4 for 100 patients or part thereof. So whenever the number of patients increases above 100, number of nurses required is 8. Discretionary fix cost: This type of fix cost is relevant to any decision making. For example, if any new proposal is to be accepted by the management for the ideal capacity it have then it may have to incur certain fix cost, which is specific to the new proposal. Opportunity cost: It is the contribution lost for not producing one product because of producing any other product in its place. This cost is to be taken into account while taking any new proposal i.e. it is relevant for decision-making purpose. It is also known as shadow cost (Fullerton, Kennedy and Widener, 2013). Whenever decision is to be taken for any other alternative then net evaluation of the product is to be computed based on shadow price based on that decision is to be taken. Variable cost: Variable costs are those changes with the production level. It is relevant for short term as well as long term since they are measured per unit. It is fixed per unit of goods sold whereas fixed cost per unit changes with increase in production level. For examples raw material per unit, labour cost per unit and other cost which are measured per unit. Marginal Cost: It is the cost of producing one additional unit of a product. Marginal costing is used to compute profit volume ratio, breakeven point (Ward 2012). It is relevant for short-term decision making by the management. Management must do breakeven analysis whenever any new investment is to be made. Budget Budget is required to be prepared before starting any business and every year so that management can have an idea of the cost and revenue structure of upcoming year. Budget is prepared and presented to the management as an estimation of various cost and the profitability of the company given a particular production level. Zero Based Budgeting (ZBB) is the starting point of preparing budget. First the cost centres are to be identified then flexible budget is to be prepared, then identify the principal budget factor. After that functional budget is to be prepared and at last variances are to be computed. In this process, traditional budget is to be prepared and then differences are adjusted with functional budget as budget allowances (Otley and Emmanuel 2013). Now after six or seven years the budget will not reflect the exact position of the business. Hence, to get back the original budget performance the budgeting process will again start from zero i.e. identification of cost centre, flexi budget and so on and for this purpose budget allowance are not considered. This whole process is known as ZBB. However, this process is costly and time consuming. Operational budget is a plan for the expenditure to be incurred in future. For example, operational budget typically includes anticipated labour and material cost. Operational budget are of various types: Flexi Budget: In this type of budget production cost is anticipated for various production level based and profitability is determined based on that, it is decided to commence production at a particular level (Strumickas and Valanciene 2015). The structure of flexi budget consists of fixed cost that are fixed at every production level, semi variable cost which means some portion of the cost is fixed while some portion is variable and variable cost which varies with the level of production like material and labour cost. Cash budget: In this type of budget the cash inflow and outflow during the entire year is shown on a monthly basis. It starts with opening cash balance during the month that is the closing balance of the previous month. After that all cash inflows like cash sales, recovered from debtors and other cash receipts are added with the opening balance (Parker 2012). Then all the cash outflows like cash purchase, payment to creditors and other cash expenses are to be deducted to arrive at the closing cash balance for the month, which is then carried forward to the next month. Production Budget: It determines the number of units required to be produced to meet the demand, which takes into account the principal budget factor or bottleneck factor.Raw material purchase budget: It determines the units of raw material required to be purchased for producing at a particular level of capacity. It also determines the amount of amount required for the purchase of raw material. Labour budget: It determines the amount if labour cost, number of labour required and takes into account the labour down time and labour idleness Master budget: This type of budget is takes into account and covers all the aspects in an organization that is why it is called master budget. All those costs which are relevant for any decision making is known as relevant cost like variable cost, opportunity cost and discretionary fix cost and are considered while preparing master budget (CPA and Shi 2016). It takes into account all the budgets discussed above. Standard Costing and variance analysis Standard Cost means should be cost for actual units produced. It is never possible that estimated cost and production unit is the same as actual cost and production units that is why the concept of standard costing came, which involves determination of revenue and cost on the basis of benchmarking. Based on these variances is calculated comparing actual cost with standard cost. Variance is calculated for sales, volume and all types of cost. Variances are further sub divided into rate variances, usage variance and ideal capacity variance. Rate variance is the difference in actual and standard cost due to change in estimated rates (ker and AdÄ ±gzel 2016). Usage variance is the difference between actual and standard cost due to change in estimated consumption of units. Ideal cost variance is used while calculating variances for labour, variable and fixed overhead. It is the cost for which payment has to be made but no production of goods will occur due to labour down time. In case of sales, sales price variance means the difference between standard sales and actual sales due to change in the estimated sales price. Sales volume variance means the difference between actual sales and standard sales due to change in estimated sales volume whereas profit values variance means the change in profit due to change in estimated volume. Variances are further categorized into material mix and yield variance, labour gang variance, capacity and sub capacity variance, margin variance, operational and planning variances that are required for detailed analysis of variances (Wild and Shaw 2013). All the variances are adjusted with the budgeted profit to get the actual profit. Variances are of two types favourable variance and unfavourable variance. Favourable are those, which are good for the organization whereas unfavourable variances are those, which are not good for the organization. Favourable variances occur when actual cost is less than the standard cost, actual revenue is more than the standard revenue or actual production units are more than estimated production units. Unfavourable variances occurs when actual cost is more than standard cost, actual revenue is less than standard revenue or actual production units are less than estimated production units (Bedford and Sandelin 2015). Revenue and all type of cost can have either favourable or unfavourable variance except for ideal cost variance, which is always unfavourable. This analysis of variances is to be reported to the management on regular interval so that they can take decision based on information and take steps to minimize unfavourable variance Conclusion From the above discussion, it can be concluded that management accounting is for internal purpose whereas financial accounting is for external purpose. Cost are mainly of four types fixed cost, variable cost, semi variable cost and slab fixed cost which can be further classified into relevant and non relevant. Budget is a very essential part of management accounting that is why it is required to be prepared every year. Based on budget and actual cost incurred during the year variance analysis is made which may be either favourable or non-favourable and reported to management for decision making purpose References Balakrishnan, R., Labro, E. and Soderstrom, N.S., 2014. Cost structure and sticky costs.Journal of Management Accounting Research,26(2), pp.91-116. Bedford, D.S. and Sandelin, M., 2015. Investigating management control configurations using qualitative comparative analysis: an overview and guidelines for application.Journal of Management Control,26(1), pp.5-26. CPA, A.B. and Shi, Y., 2016. LEANING AWAY FROM STANDARD COSTING.Strategic Finance,97(12), p.38. Deegan, C., 2012.Australian financial accounting. McGraw-Hill Education Australia. DRURY, C.M., 2013.Management and cost accounting. Springer. Edwards, J.R., 2013.A History of Financial Accounting (RLE Accounting)(Vol. 29). Routledge. 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. Horngren, C.T., Sundem, G.L., Schatzberg, J.O. and Burgstahler, D., 2013.Introduction to management accounting. Pearson Higher Ed. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. ker, F. and AdÄ ±gzel, H., 2016. Timeà ¢Ã¢â€š ¬Ã‚ driven activityà ¢Ã¢â€š ¬Ã‚ based costing: An implementation in a manufacturing company.Journal of Corporate Accounting Finance,27(3), pp.39-56. Otley, D. and Emmanuel, K.M.C., 2013.Readings in accounting for management control. Springer. Parker, L.D., 2012. Qualitative management accounting research: Assessing deliverables and relevance.Critical Perspectives on Accounting,23(1), pp.54-70. Ramanathan, S., 2014.Accounting for Management: A Basic Text in Financial and Management Accounting. Oxford University Press. Strumickas, M. and Valanciene, L., 2015. Research of management accounting changes in Lithuanian business organizations.Engineering Economics,63(4). Ward, K., 2012.Strategic management accounting. Routledge. Wild, J. and Shaw, K., 2013.Managerial accounting. McGraw-Hill Higher Education.