Week 1 Introduction to Management Accounting:
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- Ethel Dickerson
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1 Week 1 Intrductin t Management Accunting: Objective #1: What is management accunting?! Accunting Infrmatin System: the prcess f gathering, rganising and cmmunicating financial infrmatin.! Management Accunting: measures, analyses and reprts financial and nn-financial infrmatin t help managers make decisins t fulfill rganisatinal gals. It is the prcess f identifying, measuring, analysing, interpreting and cmmunicating infrmatin. Managers use management accunting infrmatin t chse, cmmunicate and implement strategy as well as crdinate prduct design, prductin and marketing decisins. The key questins: 1) Will this infrmatin help managers d their jbs? 2) D the benefits f prducing this infrmatin exceed the csts? Objective #2: Discuss the differences between management and financial accunting:! Accunting System: accumulates financial and managerial accunting data within a cst accunting system.! Financial Accunting: uses this infrmatin t publish financial statements and ther financial reprts, specifically fr the use f external users.! Management Accunting: uses this infrmatin fr decisin making, planning and cntrlling an rganisatin s peratins, specifically fr the use f internal users.! Management Accunting in a Changing Envirnment: we have mre industrial rganisatins t serve, mre machines cmpared t human capital, knwledge wrkers, prcess wrk has been replaced t machines thus, it is mre fast-paced. Management accunting is prvided as and when required, fllws n fixed set f rules and cntinually evlves t meet rganisatin needs. Objective #3: Explain the rle f management accunting.! Management accuntants supprt the varius functins f management: Planning decisins abut what tasks shuld be perfrmed and hw t cmplete them; Acting prper rganisatinal design and assignment f respnsibilities; Cntrlling includes the chice f perfrmance measures and internal cntrls; and Feedback managing, mtivating and mnitring individuals within the rganisatin.
2 ! Five-Step Decisin Making Prcess in Planning and Cntrl: 1. Identify the prblem (e.g. t increase revenue thrugh higher selling prices r advertising csts); 2. Cllect relevant infrmatin (bth financial and nn-financial readership and previus effects); 3. Determine pssible curses f actin and cnsider the cnsequences f each; 4. Evaluate each pssible curse f actin and select the best ne (calculate expected utcmes); and Steps 1 4 = Planning (selecting gals, predicting results and cmmunicating actins). 5. Implement the decisin, evaluate perfrmance and learn.! Sustainability: pivts n the ntin that develpment in the current perid meets the needs f the present withut cmprmising the ability f future generatins t meet their wn needs (Brundtland 1987). Management accuntants supprt a firm s sustainability by identifying relevant csts and benefits f activities, using activity-based csting t ensure efficiency and carrying ut a cst-benefit analysis f sustainability initiatives.! Management accuntants als assist in the strategic planning f a firm by answering questins relating t delivering value t custmers, substitute prducts in the market, critical capabilities and additinal surces f finance. Value refers t the usefulness a custmer gains frm a prduct r service. Management accunting adds value t an rganisatin by: Prviding infrmatin fr decisin-making/planning; Assisting managers in directing/cntrlling activities; Mtivating managers/staff twards rganisatinal gals; Measuring perfrmance f activities/managers/staff; and Assessing the rganisatin s cmpetitive psitin t ensure lngevity! Value Chain: is the sequence f business functins in which custmer usefulness is added t prducts r services (frtifies CRM custmer relatinship management), brken dwn int six main segments: " Research and develpment (R&D) generating/experimenting with new ideas; " Design f prducts, services r prcesses detailed planning and engineering f prducts; " Prductin acquiring, crdinating and assembling resurces fr the prductin prcess; " Marketing prmting and selling prducts r services t ptential custmers; " Distributin delivering prducts r services t custmers; and " Custmer service prviding after-sales supprt t custmers. Objective #4: Explain varius cst cncepts.! Cst: is the measure f resurces given up t achieve a particular purpse. Fr instance, extracting infrmatin n rganisatinal activities invlves a cst-benefit analysis, as mre infrmatin des nt equate t greater decisin-making if infrmatin verlad results.! Cst Management Systems: measure the cst f resurces cnsumed, identify and eliminate nnvalue-added csts, determine efficiency/effectiveness f majr activities and identify/evaluate new activities that can imprve perfrmance. Objective #5: Discuss the classificatin f csts.! Prduct Csts: are csts assciated with gds fr sale (DM, DL AND MOH) until the time perid during which the prducts are sld, at which time the csts becme expenses (COGS).! Perid Csts: are csts that are expensed during the time perid in which they are incurred (perating expenses, such as rent/salary/selling/administratin).! Expenses: refer t the cnsumptin f assets fr the purpse f generating revenue. When prducts are yet t be sld Prduct csts (capitalised and held as inventry). Admin/Selling/Distributin/Marketing csts Perid csts (incurred/expensed at the same time. When the prducts are sld Prduct csts are expensed.
3 ! DM + DL = Prime csts (the first csts incurred during the prductin prcess).! DL + MOH = Cnversin csts (cnvert raw materials int finished gds). Objective #6: Describe basic cst terminlgy.! Cst Object: anything fr which a separate measurement f csts is desired (e.g. prducts, marketing strategies, gegraphic segments f a business and departments).! Cst Driver: any factr that affects and drives csts (e.g. machine/labur hurs).! Cst Accumulatin: a cllectin f cst data in an rganised manner.! Cst Assignment: gathering accumulated csts t a cst bject, which includes tracing accumulated csts with a direct relatinship and allcating accumulated csts with an indirect relatinship.! Direct Csts: can be identified r traced t specifically and exclusively with a cst bject. They are bth ecnmical t trace and exhibit a clear assciatin with prductin (e.g. DM and DL).! Indirect Csts: cannt be identified specifically and exclusively with a cst bject. They are ften unecnmical t trace and shw n direct assciatin with prductin (e.g. manager s salary).! Cst Behaviur: describes hw a cst reacts t changes in the level f business activity. Assumptins relating t cst behaviur are that they can be divided int either fixed r variable csts.! Fixed Csts: are thse that d nt change in respnse t changes in the level f activity (e.g. prductin manager s salary and the histrical cst f a factry).! Variable Csts: are thse change in prprtin in respnse t changes in the level f activity (e.g. number f tutrs and their wages depending n the number f students).! Mixed Csts: are a cmbinatin f bth fixed and variable csts (e.g. Fxtel nrmal mnthly charge and additinal channel subscriptins).! Step Csts: thse where changes in the level f activity will result in sudden significant cst changes.! Opprtunity Cst: the ptential benefit that is given up when ne alternative is selected ver anther.! Sunk Csts: all csts incurred in the past that cannt be changed by any decisin made nw r in the future shuld nt be cnsidered in prject decisins.! Differential Csts: are thse where the csts differ between alternatives.! Manufacturing Csts: are incurred within the factry area, i.e. DM, DL and MOH. Upstream and dwnstream csts are nn-manufacturing csts (e.g. R&D and after sales service).
4 Week 2 Cst Behaviur, Estimatin and CVP Analysis: Objective #1: Discuss elements relating t cst estimatin, cst behaviur and cst predictin.! Cst Estimatin: the prcess f determining cst behaviur, ften fcusing n histrical data.! Cst Behaviur: relatinship between cst and activity.! Cst Predictin: using knwledge f cst behaviur t frecast levels f cst at a particular activity.! There are sme key issues with cst classificatin, which include: - Chice f Cst Object imprtant in defining whether cst is variable/fixed, as this will influence hw it behaves. The level f evaluatin is imprtant since it dictates the unit f prductin and prductin facility; - Time Hrizn the lnger the framewrk (i.e. time yu are predicting), the mre likely the ability t change csts is incurred (harder t predict). In the lng-term, n cst remains fixed, as changes in levels f requirements ver time, new technlgy and prcesses can impact predictins; and - Relevant Range the linear relatinship nly valid within the relevant range. Yu shuldn t examine csts fr a lng perid, as this wuld sit external t the relevant range, whereby the linear relatinship des nt hld true.! Cst Estimatin: there are five different methds f cst estimatin, being: 1) Industrial Engineering Methd: estimates cst functins by analysing the relatinship between inputs and utputs in physical terms. It includes time-and-mtin studies (time it takes t perfrm a certain activity and depending n the time taken, they decide hw expenses will be incurred). It is very thrugh and detailed, but prves very cstly and time-cnsuming. It was mre relevant in previus perids, where manufacturing was manual, but has since shifted t autmatic prcesses; 2) Cnference Methd: estimates csts functins n the basis f analysis and pinins abut csts and their drivers gathered by varius departments f a cmpany. This methd pls tgether expert knwledge, hwever, this reliance n pinin means it is prne t subjectivity; 3) Accunt Classificatin Methd: where csts estimates are based n a review f each accunt making up the ttal cst being analysed, i.e. lking at each accunt/expense and analysing its cntributin t ttal cst; 4) High-Lw Methd: separates high and lw activity levels t estimate fixed and variable csts; and 5) Least-Squares Regressin Methd: regressin is a statistical prcedure used t determine the relatinship between variables, such as activity and cst, using the equatin, Y = a + bx.! There are five main cst behaviur patterns: 1) Variable Csts: changes in ttal cst that are directly prprtinal t change in the level f activity; 2) Step-Variable Csts: where ttal cst increases t a new higher cst fr the next higher range f activity (i.e. small changes in activity wuld cause an increase in ttal cst); 3) Fixed Csts: remain unchanged despite changes in the level f activity. As activity increases, ttal fixed csts d nt change, but unit fixed csts decline. 4) Step-Fixed Csts: are thse where ttal cst desn t change fr a wide range f activity, but then jumps t new higher cst fr the next higher range f activity (e.g. lecture theatre with 300 students, rent des nt change until it hits 600 students). 5) Semi-Variable Csts: are partly fixed and partly variable. Cnsider the example f a bulldzer whether yu use it r nt, yu pay a mnthly rental charge (fixed cst), and as yu use it, yu pay a utility charge (variable cst).
5 ! Hw d step-fixed csts differ frm step-variable csts? The difference is that step-variable csts can be adjusted mre quickly, whereas the width f the activity steps is much wider fr the step-fixed cst.! Engineered Csts: are thse with a physical relatinship with activity measure (e.g. DM/DL).! Cmmitted Csts: lng-term csts, which cannt be reduced in the shrt-term (e.g. depreciatin n buildings and equipment).! Discretinary Csts: ppsite f cmmitted csts, as they may be altered in the shrt-term by current managerial decisins (e.g. advertising and R&D).! Shifting Cst Structure: previusly, all activity was manual, but it has nw becme mre autmated, and as such, the new manufacturing envirnment and autmated industries have becme the catalysts fr a stable wrkfrce. What implicatin des this have? A trend twards fixed csts has meant managers are lcked-in with fewer decisin alternatives (highly cmmitted) and planning becmes mre crucial (as fixed csts are difficult t alter in the shrt-term with current perating decisins).! Cllecting data has its prblems: missing data, utlier data pints, mismatched time perid csts, trade-ffs in chsing the time perid, allcated/discretinary csts and inflatin. Objective #2: Explain hw changes in activity affect CM and net perating incme.! Cst Vlume Prfit (CVP) Analysis: a technique used t determine the effects f changes in an rganisatin s sales vlume n its csts, revenue and prfit. CVP analysis can be used in bth prfitseeking rganisatins and nt-fr-prfit rganisatins.! Cntributin Margin (CM): frms the basis f CVP analysis. It is the amunt remaining frm sales revenue after variable expenses have been deducted (CM = TR VC). Its name derives frm the fact that it first cntributes t cvering fixed expenses, with any leftver CM adding t net perating incme.! CM per unit: is the difference between the selling price and variable cst per unit. Thus, CM = CM per unit x quantity f units sld (Q).! Cntributin Incme Statement: is helpful fr managers in judging the impact n prfits f changes in selling price, cst, r vlume. The emphasis is n cst behaviur. Prcess: VC are deducted frm sales revenue t determine CM, frm which FC are deducted t cmpute net perating incme.! Cntributin Apprach: we d nt need t prepare an incme statement t estimate prfits at a particular sales vlume. Simply multiply the number f units sld abve breakeven by the cntributin margin per unit t find the net perating incme.! Equatin Frm: the cntributin frmat incme statement can be expressed by the fllwing equatin: Prfit = (Sales Variable Expenses) Fixed Expenses. Prfit = ([P x Q] [V x Q]) FC Prfit = Q (P V) FC = CM x Q FC Objective #3: Prepare and interpret a CVP graph and a prfit graph.
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