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ICAEW Management Information Workbook For exams in 2024
ICAEW Management Information Workbook For exams in 2024 MI Workbook 2024 (final)
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The Institute of Chartered Accountants in England and WalesManagement
Information
Workbook
For exams in 2024
icaew.com
,Management Information
The Institute of Chartered Accountants in England and Wales
ISBN: 978-1-0355-0960-7
Previous ISBN: 978-1-0355-0153-3
e-ISBN: 978-1-0355-0978-2
First edition 2007
Seventeenth edition 2023
All rights reserved. No part of this publication may be reproduced, stored in a
retrieval system or transmitted in any form or by any means, graphic, electronic or
mechanical including photocopying, recording, scanning or otherwise, without the
prior written permission of the publisher.
The content of this publication is intended to prepare students for the ICAEW
examinations and should not be used as professional advice.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library.
Contains public sector information licensed under the Open Government Licence
v3.0.
© ICAEW 2023
,Contents
Welcome to ICAEW iv
Management Information v
Key resources vi
Professional skills required by the ACA qualification vii
Sustainability in the ACA Qualification viii
1 The fundamentals of costing 1
2 Calculating unit costs (Part 1) 37
3 Calculating unit costs (Part 2) 65
4 Marginal costing and absorption costing 99
5 Pricing calculations 129
6 Budgeting 157
7 Working capital 215
8 Performance management 255
9 Standard costing and variance analysis 305
10 Breakeven analysis and limiting factor analysis 345
11 Investment appraisal techniques 381
Discount tables 425
Glossary of terms 427
Index 437
Questions within the Workbook should be treated as preparation questions, providing you with a
firm foundation before you attempt the exam-standard questions. The exam-standard questions are
found in the Question Bank.
ICAEW 2024 Contents iii
, Welcome to ICAEW
I’d like to personally welcome you to ICAEW.
As we continue the global recovery from COVID-19 and navigate geopolitical and economic crises,
the role of the accountancy profession has never been more important.
As an ICAEW Chartered Accountant, you will make decisions that will define the future of global
business in a fast-changing and volatile world.
Whether studying for our internationally recognised Certificate in Finance, Accounting and Business
(ICAEW CFAB) or our world-leading chartered accountancy qualification, the ACA, you will acquire
exceptional knowledge and skills – with technology, sustainability and ethics at the heart of your
learning. A focus on capabilities such as judgement and scepticism will enable you to make the right
decisions in diverse and often complex environments.
You will be equipped to flourish and to lead in areas that are transforming the business landscape.
This includes embracing technological change and harnessing digital disruption, to help our
profession deliver greater value. It also includes putting climate change and sustainability at the heart
of business strategy. We will equip you to be adaptable and agile in your work and all within a set of
values fundamental to trust and transparency, which will set you apart from others.
Joining over 202,000 ICAEW Chartered Accountants and students worldwide, you are now part of a
global community. This unique network of talented and diverse professionals work in the public
interest to build economies that are sustainable, accountable and fair.
You are also joining a community of 1.8m chartered accountants and students as part of Chartered
Accountants Worldwide – a family of leading institutes, of which we are a founder member.
We will support you through your studies and throughout your career: this is the start of a lifetime
relationship, and we will be with you every step of the way to ensure you are ready to face the
challenges of the global economy. Visit the Key resources section to review the resources available as
you study.
With our training, guidance and support, you will join our members in realising your career
ambitions, developing world-leading insights and maintaining a competitive edge.
We will enable a world of sustainable economies, together.
I wish you the best of luck with your studies.
Michael Izza
Chief Executive
ICAEW
iv Management Information ICAEW 2024
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