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Management Accounting Paper F2 Integrated Course Notes ACF2CN07(D) F2 Management Accounting (Computer Based Exam) Study Programme Page Introduction to the paper and the course............................................................................................................... (ii) 1 2 3 4 Information for management ....................................................................................................................... 1.1 Cost classification........................................................................................................................................ 2.1 Cost behaviour ............................................................................................................................................ 3.1 Expected values and correlation and regression......................................................................................... 4.1 End of Day 1 – refer to Course Companion for 5 6 7 8 Home Study Home Study Home Study ‰ ‰ ‰ Answers to Lecture Examples ................................................................................................................... 20.1 Appendix A: Pilot Paper questions ............................................................................................................ 21.1 Appendix B: Formulae given in the exam.................................................................................................. 22.1 Don’t forget to plan your revision phase! • • • • ‰ Relevant costs........................................................................................................................................... 18.1 Linear programming .................................................................................................................................. 19.1 End of Day 6 – refer to Course Companion for 20 21 22 Home Study Basic variances ......................................................................................................................................... 15.1 Further variances ...................................................................................................................................... 16.1 CVP analysis ............................................................................................................................................. 17.1 End of Day 5 – refer to Course Companion for 18 19 ‰ Job and service costing............................................................................................................................. 12.1 Budgeting .................................................................................................................................................. 13.1 Standard costing ....................................................................................................................................... 14.1 End of Day 4 – refer to Course Companion for 15 16 17 Home Study Absorption costing and marginal costing..................................................................................................... 9.1 Process costing ......................................................................................................................................... 10.1 Process costing, joint products and by-products ....................................................................................... 11.1 End of Day 3 – refer to Course Companion for 12 13 14 ‰ Spreadsheets .............................................................................................................................................. 5.1 Materials costs ............................................................................................................................................ 6.1 Labour costs................................................................................................................................................ 7.1 Overheads and absorption costing ............................................................................................................. 8.1 End of Day 2 – refer to Course Companion for 9 10 11 Home Study Revision of syllabus Testing of knowledge Question practice Exam technique practice BPP provides revision courses, question days, mock days and specific material to assist you in this important phase of your studies. (i) INTRODUCTION Introduction to Paper F2 Management Accounting Overall aim of the syllabus The overall aim of the paper is to develop knowledge and understanding of the application of management accounting techniques to support the management process of planning, control and decision making. The syllabus The broad syllabus headings are: A B C D E F The nature and purpose of cost and management accounting Cost classification, behaviour and purpose Business mathematics and computer spreadsheets Cost accounting techniques Budgeting and standard costing Short-term decision making techniques Main capabilities On successful completion of this paper, candidates should be able to: • • • • • Explain the nature and purpose of Cost and Management Accounting Describe costs by classification, behaviour and purpose Apply essential business mathematics and use computer spreadsheets Explain and co-ordinate budgets and standard costing for planning feedback and control Use Management Accounting techniques to make and support decision-making Links with other papers APM (P5) Advanced Performance Management PM (F5) Performance Management AB (F1) Accountants in Business FM (F9) Financial Management MA (F2) Management Accounting This diagram shows where direct (solid line arrows) and indirect (dashed line arrows) links exist between this paper and other papers that may follow it. The Management Accounting syllabus assumes knowledge acquired in paper F1 Accountants in Business, and develops and applies this further and in greater depth. Paper F5 Performance Management assumes knowledge acquired at this level. (ii) INTRODUCTION Assessment methods and format of the exam Examiner: David Forster Students have the option to take either a paper-based or a computer-based exam. Both exams contain 100% compulsory questions worth either 1 or 2 marks, making up a total of 90 marks to be completed in two hours as follows: – – 40 two-mark questions 10 one-mark questions Questions will assess all parts of the syllabus and will include both computational and non-computational elements. (iii) INTRODUCTION Course Aims Achieving ACCA's Study Guide Outcomes A The nature and purpose of cost and management accounting A1 Accounting for management Chapter 1 A2 Cost and management accounting versus financial accounting Chapter 1 B Cost classification, behaviour and purpose B1 Production and non-production costs Chapter 2 B2 Direct and indirect costs Chapter 2 B3 Fixed and variable costs Chapter 3 C Business mathematics and computer spreadsheets C1 Dealing with uncertainty Chapter 4 C2 Statistics for business Chapter 4 C3 Use of computer spreadsheets Chapter 5 D Cost accounting techniques D1 Accounting for materials Chapter 6 D2 Accounting for labour Chapter 7 D3 Accounting for overheads Chapter 8 D4 Marginal and absorption costing Chapter 9 D5 Job and batch costing Chapter 12 D6 Process costing Chapters 10, 11 D7 Service/operation costing Chapter 12 E Budgeting and standard costing E1 Nature and purpose of budgeting Chapter 13 E2 Functional budgets Chapter 13 E3 Flexible budgets and standard costing E4 Basic variance analysis under absorption and marginal costing Chapter 15 E5 Reconciliation of budgeted profit to actual profit Chapter 16 Chapters 13, 14 (iv) INTRODUCTION F Short-term decision making techniques F1 Cost-volume-profit analysis Chapter 17 F2 Relevant costing Chapter 18 F3 Limiting factors Chapter 19 (v) INTRODUCTION Classroom tuition and Home study Your studies for BPP consist of two elements, classroom tuition and home study. Classroom tuition In class we aim to cover the key areas of the syllabus. To ensure examination success you will need to spend private study time reinforcing your classroom course with question practice and reviewing areas of the Course Notes and Study Text. Home study To support you with your private study BPP provides you with a Course Companion which helps you to work at home and aims to ensure your private study time is effectively used. The Course Companion includes a Home Study section which breaks down your home study by days, one to be covered at the end of each day of the course. You will find clear guidance as to the time to spend on various activities and their importance. You are also provided with progress tests and two course exams which should be submitted for marking as they become due. These may include questions on topics covered in class and home study. BPP Learn Online Come and visit the BPP Learn Online free at www.bpp.com/acca/learnonline for exam tips, FAQs and syllabus health check. ACCA Forum We have thriving ACCA bulletin boards at www.bpp.com/accaforum. Register and discuss your studies with tutors and students. Helpline If you have any queries during your private study simply contact your class tutor on the telephone number or e-mail address that they will supply. Alternatively, call +44 (0)20 8740 2222 (or your local training centre if outside the London area) and ask for a tutor for this paper to speak to you or to call you back within 24 hours. Feedback The success of BPP’s courses has been built on what you, the students tell us. At the end of the course for each subject, you will be given a feedback form to complete and return. If you have any issues or ideas before you are given the form to complete, please raise them with the course tutor or relevant head of centre. If this is not possible, please email ACCAcoursesfeedback@bpp.com. (vi) INTRODUCTION Key to icons Question practice from the Study Text This is a question we recommend you attempt for home study. Real world examples These can be found in the Course Companion. Section reference in the Study Text Further reading is needed on this area to consolidate your knowledge. Formula to learn Formula given in exam (vii) INTRODUCTION (viii) Information for management Syllabus Guide Detailed Outcomes Having studied this chapter you will be able to: • Distinguish between data and information. • Identify and explain the attributes of good information. • Outline the managerial processes of planning, decision making and control. • Explain the difference between strategic, tactical and operational planning. • Describe the purpose and role of cost and management accounting within an organisation's management information system. • Compare and contrast financial accounting with cost and management accounting. Exam Context The contents of this chapter are mainly to serve as an introduction to the ACCA's Management Accounting paper. Although this chapter is an introductory chapter it is still highly examinable. You should expect questions on every chapter including this one. Qualification Context Chapter 1 provides an introduction to the management accounting environment and provides a context for the rest of this syllabus. This is examined again at paper F9 (Financial Management) where the relationship between financial management and management accounts is discussed. 1.1 1: INFORMATION FOR MANAGEMENT Overview Information for management Role of management accounting function Data and information Information for planning Information for control Qualities Comparison with financial accounting Information for decision making 1.2 1: INFORMATION FOR MANAGEMENT 1 Management accounting Purpose 1.1 The purpose of management accounting is to assist management in running their business to achieve an overall objective. 1.2 What could a business have as its objective? 1.3 The assumption that will usually be made in your studies is that companies wish to maximise the wealth of their shareholders. Usually this will be achieved by maximising profit. 2 Data and information 2.1 Data is the raw material for data processing. 2.2 Information is data that has been processed in some way to make it meaningful to the person who receives it. Lecture example 1 Preparation question What are the general qualities of good information? Solution 3 Planning, control and decision making 3.1 Information for management accounting is likely to be used for planning, control and decision making. 3.2 Planning → → establishing objectives selecting appropriate strategies to achieve those objectives 1.3 1: INFORMATION FOR MANAGEMENT Lecture example 2 Preparation question The objectives of a firm may be: Profit making firm Non profit making firm • • • • • • • • 3.3 Long-term strategic planning (corporate plan) involves determining an organisation's longterm goals and then selecting appropriate strategies to attain those objectives. 3.4 Shorter term planning involves developing tactical and operational plans in order to achieve the goals of the corporate plan. 3.5 3.6 Control → There are two key mechanisms within the control process. (1) Actual performance is compared with planned performance of the organisation as set out in the detailed operational plan and adjusted in response. (2) The corporate plan is reviewed to reflect significant new information. Decision Making → Managers at all levels within an organisation make decisions. It is the role of management accountants to provide information so that management at whatever level can reach an informed decision. 4 Role of management accountant Main areas Management accounting can be broken down into five main areas. 4.1 Costing What is the cost of goods or services? We need to know this to calculate the profit that a unit will generate, to help set prices and to value inventory in the balance sheet. 1.4 1: INFORMATION FOR MANAGEMENT 4.2 Decision-making There are many decisions managers may have to make such as: – – – 4.3 What should we produce? How should we finance the business? Is a project worthwhile? Planning Define objectives; assessing future costs and revenues to set up a budget. Planning is essential in assessing the purchasing/production requirements of the business. 4.4 Control Once plans have been made, they must be reviewed to ensure the company is following them and any identified inefficiencies must be addressed. 4.5 Performance evaluation The performance of divisions and employees can be assessed by comparing their performance against budgets or divisional or individual targets. Lecture example 3 Preparation question What information may the managers of a business need? Solution External Information Internal Information 1.5 1: INFORMATION FOR MANAGEMENT 5 Management accounting and financial accounting Lecture example 4 Preparation question Complete the following table to compare financial and management accounting: Financial accounting Management accounting Legal requirement Users Level of precision Rules Reporting Scope Frequency Format 5.1 Thus it is useful to think of the two as Financial Accounting: recording and reporting historical data Management Accounting: deciding where the company wants to go and ensuring it gets there 5.2 It is important to remember that as management accounting is forward looking, it relies heavily on guesses and approximations, to deal with future uncertainties. We therefore have to use reasonable approximations in all our calculations. 6 Chapter summary 1 6.1 Data is raw material for data processing. 6.2 Information is data that has been processed in such a way as to be meaningful to the person who receives it. 6.3 Good information should be relevant, complete, accurate, clear, timely, appropriately communicated and the cost of it should be less than the benefit. 6.4 Information is used in a business for planning, control and decision making. 6.5 Financial accounting systems ensure that the assets and liabilities of a business are properly accounted for. Management accounting systems provide information specifically for managers. 1.6 Chapter 1: Questions 1.7 1: QUESTIONS 1.1 Information is data that has been manipulated into a report for a specific purpose. True False 1.2 1.3 (1 mark) Management accountants may provide information for management on which of the following: (i) (ii) (iii) Cost of goods and services Actual costs compared to expected costs Expected profits and production plans A (i) only B (i) and (iii) only C All of the above (1 marks) Management accounts must be reported monthly. True False 1.4 (2 marks) (1) Management accounting will report information on the past period in order to compare it to the original budget. (2) Financial accounting will plan for the future periods. A One true one false B Both true C Both false (1 mark) 1.8 Chapter 1: Answers 1.9 1: ANSWERS 1.1 True 1.2 C 1.3 False 1.4 A END OF CHAPTER 1.10
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