Read e-book online CIMA Revision Cards Management Accounting Performance PDF

By Robert Scarlett

ISBN-10: 0080501877

ISBN-13: 9780080501871

ISBN-10: 0750681233

ISBN-13: 9780750681230

CIMA Revision playing cards are the single fabrics written and recommended by way of CIMA. they supply succinct yet entire assurance of the entire significant issues of the CIMA 2005 syllabus. The pocket-sized, spiral-bound layout permits them to be carried round simply, making them worthy assets anywhere you're. Diagrams and bulleted lists are used all through to demonstrate the main issues as in actual fact and concisely as attainable. This simplifies the syllabus and makes the issues effortless to benefit and be mindful. CIMA Revision playing cards supply: * examination assistance and tricks * A precis of the entire key subject matters of the recent syllabus * visible aids to consolidate studying * examination concentrated, pocket sized revision publications summarising the major themes of the CIMA syllabus * Diagrams and tables all through make stronger key innovations and reduction reminiscence retention and remember * simply transportable dimension

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Read Online or Download CIMA Revision Cards Management Accounting Performance Evaluation (CIMA Managerial Level 2008) (CIMA Managerial Level 2008) PDF

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Extra info for CIMA Revision Cards Management Accounting Performance Evaluation (CIMA Managerial Level 2008) (CIMA Managerial Level 2008)

Example text

However, see comments made above concerning the nature of cost variability 59 Basic Aspects of Management Accounting Opportunity cost Definitions Opportunity cost – the benefit that is lost as the result of taking a particular course of action. An opportunity cost may arise directly or indirectly as the result of selecting a particular option Contribution foregone – the amount of contribution that might have been obtained from option B if option A is adopted as an alternative to option B. The contribution foregone from B is the opportunity cost of selecting option A K K Key points An opportunity cost arises when one is selecting between discrete alternative courses of action.

A standard cost or a standard selling price provides possible internal benchmarks with which actual costs and selling price can be compared 34 The Theory and Practice of Standard Costing Standard costing and the budgetary control report K Key points The whole scheme of things involves preparing periodic (typically monthly) statements, which reconcile budget profit with actual profit The principles involved in budgetary control reporting are: – one has to use either the budget or standard as a benchmark, against which performance is measured – generally, a below benchmark performance is considered ‘bad,’ while above benchmark is ‘good’ – the reconciliation may involve a variance analysis of the kind considered above – but, it may involve a straight comparison of actual and budget – both standard costing and budgetary control are exercises in ‘static optimisation’ – they work on the assumption that there is a ‘best way’ of doing things and that way is the standard 35 The Theory and Practice of Standard Costing Standard costing and the budgetary control report Example Let us return to the MNO Ltd example in the previous section and add information to the effect that actual costs incurred in the period are £ 1,520.

It is the cost impact of departing from the standard mix of input materials Materials yield variance – that part of the materials usage variance that arises from having achieved an output yield that is above or below that, which is standard for the quantity of materials that was input. It is the cost impact of achieving a yield that is above or below standard Labour mix variance – that part of the labour efficiency variance that arises from having used a mix of labour grades that is different to that, which is standard.

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CIMA Revision Cards Management Accounting Performance Evaluation (CIMA Managerial Level 2008) (CIMA Managerial Level 2008) by Robert Scarlett

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