management+accounting

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What is a Nonprofit Chart of Accounts? Chart of accounts national for Non Profit Organisation

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Chapter 2

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Asset valuation The value to the business of any asset can be defined as its deprival value, i.e. by how much the company would be worse off if it were to be deprived of the asset (e.g. by selling it, or it being worn out after years of use as a fixed asset). There are several ways in which this can be defined and assessed, depending amongst other factors on the particular company, and the opportunities available to it in terms of what it can do with that asset. The deprival value of any asset can be defined as the lower of its:- The latter term (the recoverable value) can be defined as the higher of:- > asset's value in use
 * - replacement cost (if it can in fact be replaced) - i.e. its value in exchange in the market in which the company can purchase the item
 * - its recoverable value
 * - what the company could sell it for - i.e. is value in exchange, in its sales market
 * - the value that the company could create by using the asset within the business, i.e. the

Chapter3 Budgeting

The //__master budget__// is the summary budget into which all subsidiary budgets are consolidated. It usually comprises the budgeted income statement, budgeted statement of financial position and budgeted cash flow statement. The master budget is used in conjunction with the supporting subsidiary budgets, to plan and control activities.

A //__functional budget__// is a budget prepared for a particular function or department. A cash budget is the cash result of the planning decisions included in all the functional budgets. It is not a functional budget itself.

Fixed budgets are prepared for a single level of activity and do not include any provision for the event that actual volumes may differ from the budget. They are generally used for planning purposes because they use a single level of activity for coordination and resource allocation.

A flexible budget is a budget which by recognising different cost behaviour patterns is designed to change as the volume of activity changes

@Budget Discussion
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Chapter4

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Break even point=Fixed Cost/Contribution per unit

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Marginal Cost = Change in Total Cost/Change in Quantity

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//__**Chapter5 absorption and marginal costing**__//

@Marginal Cost VS Absorption Cost

Variable costing versus absorption costing

//royalty // that company pays on annual basis for a particular formula used to produce a specific product. It is a direct expense or in other words direct cost as it is traceable back to specific product but it is fixed.

http://pakaccountants.com/can-direct-costs-be-fixed-and-indirect-costs-be-variable-costs/

Absorption costing

Uses one or two cost drivers (e.g. labour or machine hours) to apportion fixed overheads.

Customer profitability analysis (CPA)

• Relating specific costs to servicing customers so that their profitability can be assessed.

• Uses ABC principles where the “customers” are the cost driver.

Question and answer

Example question Exercise marginal and absorption

Good to read Reapportion Video absorption cost

Fixed Overhead Absorption

Fixed overhead absorption detail

When expenditures are as budgeted, but actual and budgeted production activity levels are different, only the fixed overhead can be under or over absorbed

Overhead apportionment involves sharing overhead costs as fairly as possible over a number of cost centres. Apportionment is used when it is not possible to allocate the whole cost to a single cost centre.

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@Direct Indirect Overhead Cost

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@WIP Working In Process

Chapter9 variance analysis Variance Analysis Practice Question Variance formula Good formulas

Debit Credit Variance Account __Material and Labour Variance:__

Price Variance: difference between : AQSR and AQAR

Usage Variance: Difference Between: SQSR and AQSR AQSRActual Quantities Standard Rate AQAR-Actual Quantities Actual Rate SQSR--Standard Quantities Standard Rate AQSR---Actual Quantites Standard Rate

Direct Material Total Variance(A/F) = Material price variance(A/F) + Material usage variance(A/F)

__Overhead Variance__: variable production overhead total variance : depends on the SR/unitAQSR ---AQAR---variance of unit rate variable production overhead expenditure variance : depends on the SR/hourAQSR ---AQAR---Variance of hourly rate---not include idle time variable production overhead //__efficiency variance__// (Ussage): depends on the standard hours/unit---ASQSR-ASQ means: convert AQ by Unit with the standard hours/unit ---AQSRVariance of quantities with hourly rate---not include idle time

usually assumed that variable overheads are incurred during active working hours only. Therefore idle time would not cause overspending on variable production overhead.

- __Sales Volume Variance:__ Sales volume variance in a marginal costing system = increase in standard contribution resulting from __the higher level of sales__ __the higher level of sales means the quantity difference between Standard and the actual quantity units__

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Chapter 6 Activity Based Costing

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Chapter11 inventory Stock control

[|inventory question]

EOQ question EOQ Maximum level

[|stock level]


 * Maximum level = reorder level + re-order quantity - ( minimum usage x minimum lead time) **


 * Minimum Level = re-order level - ( average usage x average lead time) **


 * Re-order level = Maximum usage x maximum lead time **

http://accountinginfoshare.blogspot.com.au/2011/08/re-order-level-or-ordering-point-for.html

Reorder level http://accountlearning.blogspot.com.au/2010/05/re-order-level-and-its-calculation.html Re-order Level= Minimum Level(Safety stock) + (Average lead time x Average consumption)  or  Re-order Level= Maximum Consumption x Maximum Re-ordering Period

Questions http://www.csun.edu/~aa2035/CourseBase/Inventory/InventoryProblems/ProblemInventoryBasics.pptx average inventory = safety stock +Q/2

Chapter12 performance and evaluation

The balanced scorecard developed by Kaplan and Norton The four perspectives of the balanced scorecard • Customer perspective e.g. what must we do right for our customers? • Internal perspective e.g. what must we excel at internally? • Innovation and learning perspective e.g. how can we innovate? • Financial perspective e.g. how do we satisfy shareholders?

@http://www.youtube.com/watch?v=S17brCwNKvo

Capacity Ratio= Actual Hours/Budgeted Hours

Activity Ratio = Standard Hours/Budgeted Hours

Efficiency Ratio = Standard Hours/Actual Hours

The value for money (VFM) framework (the 3Es)

• Economy (Cheap) • Efficiency (Quick) • Effectiveness (Good)

Return on capital employed (ROCE)

Profit before interest & tax (PBIT) x 100% Capital employed (CE)

Performance measurement Dr. Mixed

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=Overhead =

http://www.investopedia.com/terms/o/overhead.asp

DEFINITION OF 'OVERHEAD'
An accounting term that refers to all ongoing business expenses not including or related to direct labor, direct materials or third-party expenses that are billed directly to customers. Overhead must be paid for on an ongoing basis, regardless of whether a company is doing a high or low volume of business. It is important not just for budgeting purposes, but for determining how much a company must charge for its products or services to make a profit.

Fixed overhead expenditure variance and volume variance

dr. Neale o'conner @http://www.youtube.com/watch?v=HO5Uy26VgQ0 @http://www.youtube.com/watch?v=42vQCdinH4c @http://www.youtube.com/watch?v=eMGz3E5_5ck

Chapter 10 capital expenditure

the payback method. use profit before depreciation

ARR. The accounting rate of return. use profit after depreciation

Formula http://www.readyratios.com/reference/analysis/residual_income_ri.html

**Formula of residual income** <span style="color: #404346; font-family: Arial,Verdana,sans-serif; font-size: 14px;">Residual income is calculated by the following method: <span style="color: #404346; font-family: Arial,Verdana,sans-serif; font-size: 14px;">**RI = Operating Income - (Operating Assets x Target Rate of Return)** <span style="color: #404346; font-family: Arial,Verdana,sans-serif; font-size: 14px;">This method (RI) is an alternative approach to calculate the performance of the investment center. This method is used in comparison to the return on investment (ROI) method. The formula of ROI is: <span style="color: #404346; font-family: Arial,Verdana,sans-serif; font-size: 14px;">**ROI % = Operating Income / Operating Assets**

<span style="color: #404346; font-family: Arial,Verdana,sans-serif; font-size: 14px;">**@CIMA Fundamental Test paper**