By Louise Burke, Colin Wilks
The 2007 variation of CIMA's respectable studying platforms has been written at the side of the CIMA college to totally replicate what may be verified within the examination. up-to-date with new case stories and labored examples , the 2007 studying platforms offer entire research fabric for the may perhaps and November 2007 assessments. the recent variation continues the preferred loose-leaf structure and includes: * perform questions all through * entire revision part * subject summaries * advised examining articles from a variety of journals * may perhaps 2006 Q & A'sCIMA respectable studying structures are the single fabrics written and recommended through the CIMA college. * The reputable studying platforms are the one examine fabrics recommended through CIMA * up-to-date to mirror alterations within the syllabus * Written by means of the Examiner and CIMA college * whole built-in package deal incorporating syllabus information, complete textual content, urged articles, revision courses and large query perform
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The profit–volume chart is also called a profit graph or a contribution–volume graph. 3 Profit–volume chart Exercise Make sure that you are clear about the extremes of the chart axes. Practise drawing this chart to scale on a piece of graph paper. 1 The advantage of the profit–volume chart The main advantage of the profit–volume chart is that it is capable of depicting clearly the effect on profit and breakeven point of any changes in the variables. An example will show how this can be done. Example A company manufactures a single product which incurs fixed costs of £30,000 per annum.
Events in the past may not be representative of the future and managers should be aware of this if they are using the information for planning and decision-making purposes. 7 The elements of cost In your earlier studies you will have acquired a thorough knowledge of the build-up of costs using a conventional absorption approach. 10) taken from the CIMA Terminology is a useful summary of the various cost elements which combine to form total cost. You should recall from your earlier studies how material and labour costs are collected and analysed to form part of the prime cost of a product or service.
Thus, information for decisionmaking should always be based on marginal costing principles, since marginal costing focuses on the variable costs and is not concerned with arbitrary apportionment of fixed costs that will be incurred anyway. 1 Short-term decision-making An important point that you should appreciate for all of the decision-making techniques that you learn about in this chapter is that they are usually most relevant to short-term, oneoff decisions. Furthermore, as you will see with the example of the minimum-price quotation, the analysis provides only a starting point for management decisions.
CIMA Learning System 2007 Management Accounting Decision Management (CIMA Managerial Level 2008) by Louise Burke, Colin Wilks