CIMA Revision Cards Management Accounting Performance by Robert Scarlett

By Robert Scarlett

CIMA Revision playing cards are the one fabrics written and recommended by way of CIMA. they supply succinct yet whole insurance of the entire significant issues of the CIMA 2005 syllabus. The pocket-sized, spiral-bound structure allows them to be carried round simply, making them useful assets anyplace you're. Diagrams and bulleted lists are used all through to demonstrate the main issues as sincerely and concisely as attainable. This simplifies the syllabus and makes the issues effortless to benefit and take note. CIMA Revision playing cards offer: * examination suggestions and tricks * A precis of the entire key issues of the hot syllabus * visible aids to consolidate studying * examination concentrated, pocket sized revision publications summarising the main issues of the CIMA syllabus * Diagrams and tables all through strengthen key innovations and reduction reminiscence retention and bear in mind * simply transportable measurement

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G. g. 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.

Once identified, the principal budget factor is the constraint around which the budget is built Contribution per unit of the limiting factor – the performance metric that is usually used to determine the ranking of alternative uses of the limiting factor 54 Basic Aspects of Management Accounting Limiting factors Key points K Tip – for MAPE examination purposes, the principal budget factor will never be too difficult to pick out. It will usually be obvious from inspection and will not require any form of mathematical analysis to identify Many things can become limiting factors and a particular factor may not always be obvious at the outset of a practical business planning exercise.

Mix and yield variances Planning and operational variances Investigation and interpretation of variances Behavioural issues McDonaldisation 37 Standard Costing and Performance Evaluation Mix and yield variances Definitions Materials mixture variance – that part of the materials usage variance that arises from having used a mix of materials that is different to that, which is standard. 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.

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