CIMA Official Learning System Fundamentals of Management by Janet Walker

By Janet Walker

CIMA professional studying structures are the one coursebooks urged by means of CIMA. Written via a staff of specialists that come with previous and current CIMA examiners and markers, they comprise every little thing you must comprehend. every one ebook maps to the syllabus bankruptcy by way of bankruptcy that will help you study successfully and strengthen studying with good points together with: - accomplished insurance of the full syllabus - step-by-step assurance without delay associated with CIMA's studying results - modern examples and case reviews - perform inquiries to try out wisdom and knowing - built-in readings to extend knowing of key theories - color used all through to focus on key studying issues * The professional studying platforms are the one learn fabrics recommended by way of CIMA * Key sections written by way of former examiners for the main exact, updated suggestions in the direction of examination good fortune * whole built-in package deal incorporating syllabus tips, complete textual content, instructed articles, revision publications and large query perform

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Example text

Notice in particular that a number of subtotals can be highlighted before the total cost figure is determined. The usefulness of each of these subtotals depends on the management action that is to be taken based on each of the totals. 1 has been provided by the management accountant to help us to decide on the selling price to be charged for a luxury wallmounted hairdryer: the type that is fixed to the wall for customers’ use in hotel bedrooms. You have been negotiating with the procurement manager of a chain of hotels in an attempt to secure a contract to supply a batch of hairdryers.

The important point is that managers should be aware of any assumptions that have been made in estimating cost behaviour patterns. They can then use the information which is based on these assumptions with a full awareness of its possible limitations. 3 Semi-variable cost A semi-variable cost is also referred to as a semi-fixed or mixed cost. The CIMA Terminology defines it as a ‘cost containing both fixed and variable components and thus partly affected by a change in the level of activity’. 8. Examples of semi-variable costs are gas and electricity.

3). 3 Stepped fixed cost The cost is constant within the relevant range for each activity level but when a critical level of activity is reached, the total cost incurred increases to the next step. The possibility of changes occurring in cost behaviour patterns means that it is unreliable to predict costs for activity levels which are outside the relevant range. For example our records might show the cost incurred at various activity levels between 100 units and 5,000 units. We should therefore try to avoid using this information as the basis for forecasting the level of cost which would be incurred at an activity of, say, 6,000 units, which is outside the relevant range.

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