99017 management acc manual 2015€¦ · cost-volumeprofitandbreakevenanalysis, including ll...

Management

Accounting

Course Text

Professional, Practical, Proven

www.AccountingTechniciansIreland.ie

99017 Management Acc Manual 2015.indb 1 17/06/2015 10:01

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Table of Contents

FOREWORD ............................................................................................................................v

SYLLABUS: MANAGEMENT ACCOUNTING .......................................................................xi

PART 1 – INTRODUCTION

Chapter 1: Introduction to Management Accounting ..............................................................3

PART 2 – COST CLASSIFICATION

Chapter 2: Classifying Costs ................................................................................................17

Chapter 3: Analysing and Predicting Mixed Costs ...............................................................27

PART 3 – LABOUR COSTS

Chapter 4: Labour Costs ......................................................................................................37

PART 4 – MATERIALS COSTS

Chapter 5: Materials-Related Administration........................................................................47

Chapter 6: Managing Inventory Levels.................................................................................53

Chapter 7: Valuing Inventory ................................................................................................59

PART 5 – OVERHEAD COSTS

Chapter 8: The Traditional Approach to Overheads.............................................................75

Chapter 9: The Activity-Based Approach to Overheads.......................................................95

Chapter 10: Comparing the Two Different Approaches........................................................105


Table of Contents

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Management Accounting

PART 6 – COST MEASUREMENT SYSTEMS

Chapter 11: Overview of Cost Measurement Systems ........................................................ 115

Chapter 12: Job Costing Calculations .................................................................................. 119

Chapter 13: Recording Job Costs in the Accounting Records .............................................127

Chapter 14: Batch Costing ...................................................................................................133

Chapter 15: Process Costing ...............................................................................................141

PART 7 – BUDGETING AND STANDARD COSTING

Chapter 16: Introduction to Budgeting..................................................................................151

Chapter 17: Introduction to Standard Costing ......................................................................159

Chapter 18: Operational Budgets.........................................................................................167

Chapter 19: Budgeted Financial Statements........................................................................175

Chapter 20: Cash Budgets ...................................................................................................185

Chapter 21: Flexible Budgeting & Limitations of Budgeting .................................................193

PART 8 – MARGINAL COSTING FOR DECISION-MAKING

Chapter 22: Marginal Costing and Contribution ...................................................................203

Chapter 23: Single-Product Cost-Volume-Profit Analysis.....................................................221

Chapter 24: Multi-Product Cost-Volume-Profit Analysis .......................................................231

PART 9 – RELEVANT COSTS FOR DECISION-MAKING

Chapter 25: Introduction to Relevant Costs .........................................................................241

Chapter 26: Special Pricing Decisions .................................................................................249

Chapter 27: Product Continuation / Discontinuation Decisions............................................257

Chapter 28: Make-or-Buy Decisions ....................................................................................265

Chapter 29: Limiting Factor Decisions .................................................................................271

PART 10 – STANDARD COSTING VARIANCE ANALYSIS

Chapter 30: Introduction to Variance Analysis......................................................................279

Chapter 31: Cost Variances – Calculations and Causes......................................................287

Chapter 32: Revenue Variances – Calculations and Causes...............................................305

Chapter 33: Reconciling Budgeted Profit to Actual Profit ..................................................... 311

INDEX...................................................................................................................................323


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FOREWORD

Foreword

This text has been developed byAccounting Technicians Ireland for use by students participating inour programme of study and preparing for our examinations based on the new syllabus publishedfor the Academic Year 2015-2016.

While every effort is made to ensure that the information outlined in this text is accurate, AccountingTechnicians Ireland cannot accept the responsibility for lack of, or perceived lack of, informationcontained herein.

The text is intended to be a sufficiently detailed synopsis of the 2015-2016 syllabus material (andknowledge level required thereof) in relation to this module.

Students should take particular note of the weighting attaching to this module, as clearly outlined in thesyllabus. It is on the basis of this weighting that students should prepare their own timetable for study.

This text also includes questions related to the topics for this module. These questions are part of alarger database of questions that students (and also Lecturers) can access online for this subject. Thesequestions (and suggested solutions) are available through your “TouchPoint” portal in the MyRevisionarea.

We recommend that students refer to MyRevision having completed each chapter or a section of thismodule. This resource allows students to study and revise online through ‘self-test’ questions. Examstandard questions are also available here.

We also recommend students refer to the past exam papers for this module. These papers are publishedon our website (www.AccountingTechniciansIreland.ie) along with suggested solutions and commentsfrom the Examiner. Attempting these “under exam conditions” will help students to prepare for theexamination and plan their study time appropriately.


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Referencing

For the purposes of consistency, all references to “he” or “she” will be referred to as “he” in thispublication. No other implication whatsoever is implied from this policy.

For the purposes of presentation, all references to “euro” or “sterling” will be referred to as “euro” isthis publication. No other implication whatsoever is implied from this policy.

Acknowledgement

This edition was reviewed and updated by Mr. Richie Hoare. Richie is a Senior Lecturer in Accountingat Galway-Mayo Institute of Technology (GMIT) and a Member of CIMA.

Copyright

This text is issued by Accounting Technicians Ireland to students taking its examinations. It may notbe used in whole, or in part, for any course of study and/or examination of any other body whatsoeverwithout prior permission in writing from Accounting Technicians Ireland. This publication, or any partthereof, may not be made available in any library, and it may not be reproduced, in whole or in part,stored in a retrieval system or transmitted in any form or by any means – photocopying, electronic,electrostatic, magnetic, pdf, mechanical, recording or otherwise, without prior permission in writingfrom Accounting Technicians Ireland, 47-49 Pearse Street, Dublin 2.


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ix


x


xi

SYLLABUS: MANAGEMENT ACCOUNTING

Module:Management Accounting

Mandatory Module

SYLLABUS 2015-2016


Syllabus 2015-2016 : Mandatory Module

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Subject Status Mandatory

Terminal Exam 100%

Module Pass Mark 50%

Learning Modes Direct Lectures, Workshops, Online Tutorials, Self Directed Learning

Pre-requisite Financial Accounting, Taxation and either Law & Ethics or BusinessManagement

Key Learning Outcome

The key learning outcome of this module is to provide learners with knowledge and technicalcompetency in the area of management accounting to support business functions, activities anddecision-making.

Key Syllabus Elements and Weightings

1. The Nature and Purpose of Management Accounting, Costing Terms and concepts .............10%

2. Cost Accumulation for Inventory and Profit Measurement ......................................................35%

3. Standard Costing, Budgetary Planning and Control................................................................30%

4. Information for Decision Making..............................................................................................25%

Learning Outcomes linked to Syllabus Elements

The Nature and Purpose of Management Accounting, Costing Terms and Concepts

On completion of this aspect of the module, learners will have acquired the following knowledge,competencies and know-how: -

(a) A knowledge of the role of management accounting in a business organization;

(b) An appreciation of business and stakeholder objectives and goals;

(c) Anability to contribute to business planning and control exercises through the useofmanagementaccounting;

(d) An understanding of principles and techniques used in management accounting.

(e) An understanding of costing system terminology and the ability to discuss various elements ofa costing system;



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Module: Management Accounting

Specific Functional Knowledge andCompetencies

Understanding Application Analysis

NATURE AND PURPOSE OF MANAGEMENT ACCOUNTING, COSTINGTERMS AND CONCEPTS (10%)

Role of Management Accounting

The role of management accounting insupport of business decision making

l

Comparison and inter-relationship withfinancial accounting

l l

Business Planning and Control

Management by objectives l l

Group and individual decision makingprocesses

l

Organizational control and performancemeasurement

l

Costing Terminology

Cost centres and drivers l l

Cost classification and coding systems l l

COST ACCUMULATION FOR INVENTORY & PROFIT MEASUREMENT (35%)

Costing Systems

Cost Behaviour (including fixed, variable,semi-variable & stepped cost, and inflation)

l l l

Types of costing systems l l

Concepts of cost accumulation l l

Costing of materials

Stores routines l l l

Materials handling l l

Pricing of store issues l l

Purchasing procedures l l

Inventory control ratios l l

Stockholding calculations l l

Under and Over absorption of overheads l l

Administrative, selling and distributionoverheads

l l



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Labour costing

Understanding and calculation of labourremuneration systems

l l

Remuneration and incentive schemes l l

Overhead Costing

Cost centre and cost units l l l

Overhead apportionment and absorptioncalculations

l l l

Service Department Costing l l l

Under and Over absorption of overheads l l

Administrative, selling and distributionoverheads

l l

Activity Based Costing

Key principles and terminology of ActivityBased Costing (ABC)

l l

Classification of costs using ABC l l l

Transaction based cost drivers l l

Overhead absorption calculations using ABC l l

Advantages and disadvantages of ABC l l

Benefits and problems of traditional andmodern costing systems

l l

Marginal Costing Techniques

Comparison of marginal and absorptioncosting

l l l

Contribution and marginal costingcalculations and costing statements

l l l

Marginal costing in management decisionmaking

l l l

Other Costing Techniques

Job, Batch and Service costing calculations l l l

Theory of process costing, includingequivalent units, normal and abnormalgains/losses(Note: Joint and by-products are excluded)

l l



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STANDARD COSTING, BUDGETARY PLANNING AND CONTROL (30%)

Standard Costing – Theoretical aspects

Concept of Standard Costing – includingdefinition, types of standards, standardsetting, relationship with budgets

l l

Advantages and disadvantages of standardcosting

l l

Standard Costing – Practical Application

Standard cost per unit calculations usingabsorption and marginal costing

l l l

Calculation of variances, including

– Materials price and usage l l l

– Labour rate and efficiency l l l

– Variable overhead expenditure andefficiency

l l l

– Fixed overhead expenditure and volume l l

– Sales volume and price l l

Preparation and explanation of varianceanalysis reports

l l l

Budgetary Planning & Control Processes – Theoretical aspects

Theory of budgetary planning and control l l

Budgetary factors l l

Budgetary processes l

Budgetary techniques, benefits andproblems

l l

Behavioural and motivational aspects ofbudgeting

l l

Budgetary Planning & Control –Practical Application

Preparation of operational budgets,including

l l l

– sales l l l

– production l l l

– materials l l l

– labour l l l

– overhead l l l



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Preparation of projected Statements ofProfit and Loss and Statements of FinancialPosition

l l

Cash Budgeting and flexible budgeting l l

INFORMATION FOR DECISION MAKING (25%)

Management accounting for Decision Making

Cost-Volume Profit and Breakeven Analysis,including

l l

– margin of safety l l

– target profit l l

– contribution/sales ratio l l

Breakeven charts and formulae l l

Application of cost-volume-profit analysis tomulti-product scenarios

l l

Relevant Costing in decision making

Preparation of cost estimates for decisionmaking including relevant, opportunity andsunk costs

l l

Short term decision making calculations ,including

– product elimination l l

– consideration of limiting factors l l

– make or buy l l

Pricing decisions, including:

– mark-up l l

– margin l l

– full price l l

Preparation of management accountingstatements appropriate to typical decisionmaking situations

l l l



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Assessment Criteria

Assessment Techniques 100% Assessment based on the final exam.

Format of Examination Paper The Paper Consists of SIX Questions which will examine allkey syllabus elements to ensure that learning outcomes areachieved

SECTION A (Marks awarded per question may vary)THREE Compulsory Questions. One question from each ofthe three major syllabus areas.

SECTION B (All questions carry equal marks)THREE Questions in total – Answer any TWO of these.

Sample Paper Each of the 3 sample papers will examine appropriate partsof this syllabus.

Essential Reading Management Accounting (Second Year)

Author: Accounting Technicians Ireland

Web Resources www.accountancymag.co.uk

Other Resources Cost and Management Journal


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1

Part 1 – Introduction

In first year, you studied financial accounting – which is largely concerned with recordingtransactions that have happened in the past and presenting a summary of those transactions inthe form of financial statements.

However, as running a business requires managers to continually make decisions that willimprove the future of their businesses, a different kind of information – management accountinginformation - is required.

This part of the course will focus mainly on what kinds of information managers require,how management accounting differs from financial accounting and the job of managementaccountants / financial managers.


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Chapter 1: Introduction to Management Accounting

CHAPTER 1

Introduction to ManagementAccounting

CHAPTER OVERVIEW

Accounting is the ‘language’ used by businesses to communicate both financial information andnon-financial information to individuals and groups who have an interest in how the business isperforming.

This chapter considers how management accounting information is communicated and why managersneed this information.

LEARNING OUTCOMES FOR THIS CHAPTER

After studying this chapter, you should be able to:

1. Identify users of accounting information and their information needs

2. Understand the difference between management accounting and financial accounting

3. Appreciate the nature, purpose and uses of management accounting


Chapter 1 : Introduction to Management Accounting

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USERS OF ACCOUNTING INFORMATION AND THEIR INFORMATION NEEDS

Users Of Accounting Information

Users of accounting information can be broadly classified into two categories:

• Users who are external to the organisation (dark-shaded circles below).

• Users who are internal to the organisation (light-shaded circles below).

Each user / user group has its own information requirements. Access to accounting information differsaccording to the relationship between the business and the user / user group.



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USERS’ INFORMATION REQUIREMENTS

An organisation’s stakeholders, and their respective information requirements, include the following:

Stakeholder Information Required

Equity Investors Information on investment values and the potential return to beearned from their investments

Managers Information for decision-making, planning and control purposes

Employees Information about the organisation’s ability to provide secureemployment and pay market-rate wages / salaries

Suppliers & Lenders Information about the organisation’s ability to meet current andfuture financial obligations

Governments & Regulators Information to assess tax liabilities, for economic projections,and for enforcement of legislation

Special-interest groups (such asenvironmental groups, communitygroups and lobby groups)

Information related to their specific interests

MANAGEMENT ACCOUNTING VERSUS FINANCIAL ACCOUNTING

Two branches of accounting have evolved to deal with the information needs of user groups - bothinternal and external:

1. Financial accounting is primarily concerned with providing information to external users.

2. Management accounting is concerned with providing information to users within the organisation toassist with effective decision making by managers.

Although there are many differences between management accounting and financial accounting, theprimary information used for the preparation of both management accounting reports and financialaccounting reports stems from the same source – costs incurred by the organisation and revenuesearned by the organisation.



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The major differences between management accounting and financial accounting can be summarisedas follows:

Management Accounting Financial Accounting

Legal Requirements No legal requirements.

No audit requirement.

Legal and accounting regulationsrequirements.

Statutory audit requirement(for certain types and sizes ofbusinesses).

Frequency Of Reports As required (normally monthly). Annually, semi-annually, Quarterly.

Primary Users Internal management. External users.

Time Focus Present and future. Historic.

Format & Content OfReports

Detailed information in a format tosuit management requirements.

Summary information in aformat prescribed by accountingregulations and law.

The above differences are discussed in more detail below:

Legal Requirements

Businesses have a legal obligation to produce financial statements every year. These financialstatements must be prepared in accordance with published accounting principles and, depending oncertain criteria, are subject to statutory audit. Although there is no legal requirement or obligation toprepare management accounts, it is good business practice to regularly produce accounting informationas a useful tool to assist management in carrying out their duties in a proper manner. There is norequirement to audit management accounts.

Frequency of Reporting

Financial statements must be prepared annually. There are sometimes regulatory requirements topresent less-detailed accounting reports on a semi-annual or Quarterly basis. Where there is benefitto be gained from producing management accounts, the frequency of production is at management’sdiscretion, typically ranging from daily, to weekly, to monthly, or ad-hoc, to suit management needs.

Primary Users

Financial accounting presents accounting information for use by a wide variety of external users, as wellas internal managers. Management accounts are solely for the use of the internal management of theorganisation.

Time Focus

Financial accounting reports focus on what has happened in the past. Management accounting usesaccounting information to project future trends and control, or attempt to control, current and futurebusiness performance.



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Format & Content of Reports

Both the law and accounting regulations provide templates for the presentation of financial statementsand instruction on minimum information disclosure. As financial accounting information is in the publicarena, there is an inherent acknowledgment by regulators of the sensitivity surrounding the disclosureof certain information and the main focus of these disclosure requirements is on summarised financialdata. Financial statements focus on the business in its entirety. Management accounting operateson the basis of meeting the needs of internal management. The format and content of managementaccounts depend upon the specific requirements of management. Different businesses will have differentinformation requirements and their individual management accounts will reflect this. As internal reports,management accounts will often contain business-sensitive information for a restricted audience andcan focus on both financial information and non-financial information, such as critical success factors(measures of factors or aspects of an organisation’s performance deemed to be critical, or essential, toits competitive advantage and thereby its success). In addition, management accounts will often presentvery detailed information at a department level or product-line level.

THE NATURE, PURPOSE AND USES OF MANAGEMENT ACCOUNTING

Management accounting involves applying accounting and financial management principles tothe provision of information to managers within an organisation to help them plan and control theorganisation’s activities and to make business decisions.

Management accounting information for managers

1. What is the cost of making a product or delivering a service

2. How do actual costs compare to budget costs (control information)

3. How should the managers use scarce resources to get the best return for the company.

As a consumer, you may not pay much attention to these questions, but as a manager of a business,you must pay attention to the factors, both financial and non-financial, that underpin these decisions.Failure to do so may result in the failure of the business.

PLANNING, CONTROL AND DECISION-MAKING

Every organisation has managers. These managers have a responsibility to the organisation’sstakeholders to manage the organisation in the most-effective and most-efficient way, to maximise theorganisation’s potential. This involves the managers undertaking adequate planning for the short-termand long-term future of the business, ensuring that the business is being properly controlled to ensureplans succeed, and making decisions that will enable the business to survive and grow in the future.Management accounting equips managers with information required to carry out these tasks.



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PLANNING

The fundamental objective of planning is to assist management in deciding how to allocate anorganisation’s resources.

There are 4 main types of planning:

1 - Strategic Planning

This establishes, for management, the shape and direction to be taken by the organisation. This typeof planning is normally ad-hoc and is driven by the recognition of a need for the revision / change ofpriorities. This normally results from seeing actual results achieved and / or projected outcomes undera variety of proposed strategies.

2 - Long-Range Planning

This covers periods of anything from 2-10 years which plans for the proper gearing of the organisationto achieve its goals / objectives.

3 - Project and Situation Planning

This is normally to do with planning the short-term use of a segment of the organisation’s resources,such as the investment of surplus cash or, if spare capacity was identified, how best to use it (say for aonce-off order).

4 - Short-Range Periodic Planning

This type of planning is concerned with deciding how resources will be used in the short-term andpredicting the financial outcome of these decisions (i.e. budgeting). Budgeting is a quantitative expressionof a plan. It shows the expected financial implications of decisions taken and proposed decisions andhelps identify the resources required to achieve goals set.

CONTROL

Control is a key feature of management accounting and follows on from planning. Control can beexercised at a strategic and / or an operational level.

• Strategically, the business plan of an organisation will be reviewed in light of developments to assessif the objectives of the plan can be achieved.

• Operationally, the performance of the organisation is reviewed in the context of detailed plans(including budgets) so that corrective action can be taken, if necessary.

Control is not practical without initial planning and planning, without control, is somewhat pointless.



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Types Of Controls

There are 3 main types of controls

1 - Action Controls / Behavioural Controls

These involve observing the actions of individuals as they go about their daily work (eg: work studies:quality and quantity controls) to assess whether both quantity targets and quality targets are being met,and, if not, to inform corrective action.

EXAMPLE

If a supervisor observes the workers on an assembly line and ensures that the work is done exactly asprescribed, then the expected quality and quantity of the work should ensue.

2 - Personnel and Cultural Controls

Personnel and cultural controls involve establishing expected values, behaviours and norms which areused to support the achievement of targets. These are controls which help employees do a good job, bybuilding on their natural tendencies. Cultural controls represent a set of values, social norms and beliefsthat are shared by members of the organisation and that influence their performance.

3 - Results / Output Controls

These involve collecting, analysing and reporting information about the outcomes of work effort. Thistype of control is focused on quantitative information and can be most-closely related to managementaccounting information produced. Such information may include variance analysis and other key targetstatistics. Results controls require performance targets to be set, establishment of actual results,measurement of performance and taking action accordingly. Management accounting controls aremostly defined in mandatory terms such as revenues, costs, profits, or ratios. Organisations shouldhave a system of management reporting that produces control information in a specified format atregular intervals.

Harmful Side-Effects Of Control

When controls motivate behaviour that is organisationally desirable, they are described as encouraging“goal congruence”. However, when controls motivate employees to engage in behaviour that’s notorganisationally desirable, they can lead to a lack of “goal congruence”.

It is by achieving “goal congruence” that desired objectives are achieved.

DECISION-MAKING

The first stage in the decision-making process should be to specify the goals or objectives of theorganisation. These goals / objectives will vary depending on the type of organisation.

It is simplistic to say that the only objective of a business is to earn profit - and clearly this would not bethe case in a not-for-profit, or charitable, organisation.



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In private-sector businesses, some managers might seek to establish a power base, build an empire, orensure security. However, a commonly-held view, supporting the profit objective is that profit maximisationleads to the maximisation of overall economic welfare.

In a not-for-profit, or charitable, organisation, the driver is social / welfare principles, not profit. In thepublic-sector, the primary goal / objective might be to provide a quality service to the public. Although thedriver in these organisations is not profit, it would be desirable that they would at least be self-financingand not require government subvention.

The planning, decision-making, and control process

PERFORMANCE MANAGEMENT

Performance management is a term used to describe the various activities carried out to ensure that anorganisation’s goals and objectives are being met in an effective and efficient manner.

Performance management normally operates at 3 levels:

1. for the organisation as a whole

2. within departments or sections

3. in teams or for individuals.

Performance management is used both in businesses and, increasingly, in not-for-profit organisations(eg: public service departments).



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Performance management can involve a range of qualitative and quantitative activities, but a mainaim is to create ‘goal congruence’ within an organisation. Goal congruence means that the aims andobjectives of individuals match the aims and objectives of the organisation as a whole.

Performance management targets are likely to include:

Financial Targets

• market share

• manufacturing efficiencies

• gross profit / net profit

Service Targets

• customer satisfaction measures

• service output measures

• repeat business

• innovative developments or improvements

The benefits of good control and performance management can include:

• direct financial gains

• improved motivation and employee satisfaction and

• improved efficiency in systems and processes

The design of a performance measurement system is essential to allow a company achieve itsobjectives. An organisation should identify the Critical Success Factors (CSF’s) that are key to theachievement of the overall company objectives. For each CSF identified the management need toidentify a Key Performance Indicator (KPI). The KPI’s are then used as the basis for the development ofthe performance measurement system.

Armstrong & Baron defined PM as “A strategic and integrated approach to increasing the effectivenessof organisations, by improving the performance of the people who work in them and by developing thecapabilities of teams and individual contributors.”

Benefits of PM may include:

1. Direct financial gains, e.g. increase sales, reduce costs

2. Create transparency in cultivating goals, thus creating confidence in the process for determiningbonus payments.

3. Improved management controls

4. Achievement of long-term corporate objectives.



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Performance Appraisal

This applies where individual performance is formally monitored and feedback is delivered. This is doneby establishing Key Performance Indicators (KPIs) for individuals, against which performance is ratedor measured and the ratings summarised. Top performance is normally rewarded. The performanceappraisal process should be seen as part of guiding and managing career development. It is also amethod of measuring an employee’s worth to the organisation.

COST ACCOUNTING

Management Accounting is concerned with both costs and revenues. The part of managementaccounting that is concerned with costs is often known as Cost Accounting. A Cost Accounting systemis generally made up of the following five parts:

1. an input measurement basis

2. an inventory valuation method

3. a cost accumulation method

4. a cost flow assumption

5. a capability of recording inventory cost flows at certain intervals

These five parts, and the alternatives under each part, are presented below.

Many possible cost accounting systems can be designed from the various combinations of the availablealternatives, although not all of the alternatives are compatible. Selecting one part from each categoryprovides a basis for developing an operational definition of a specific cost accounting system.



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PRACTICE QUESTIONS

The following questions will test your knowledge of the material you have just covered in this chapter.You should also review the questions available online through MyRevision for this topic, as these willassist you significantly in your preparation for your examination in May/August. In addition, Samplepapers for this subject can be downloaded from www.AccountingTechniciansIreland.ie

Question 1.1 (ref: 1460)

Outline the main users of accounting information and the information requirements of each user / usergroup.


What types of financial information and non-financial information would the following people require:

1. A buyer in a retail clothing business

2. A production manager in a toy factory

3. The managing director of a private hospital

4. Project managers in an overseas charity aid organisation


Describe a typical planning and control cycle.

Why is it important for businesses to implement this cycle ?


Explain the basic principle of performance management and its potential benefits to organisations.


Give three examples of ways in which a cost accounting system could aid cost control in a haulagebusiness.


99017 management acc manual 2015€¦ · cost-volumeprofitandbreakevenanalysis, including ll...

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