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  7. Management Accounting (Y00939)

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Volledige samenvatting Management accounting inclusief oefeningen

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  • Course
  • Management Accounting (Y00939)
  • Institution
  • Katholieke Universiteit Leuven (KU Leuven)
  • Book
  • Horngren\'s Cost Accounting

Deze samenvatting is gebaseerd op het handboek van Horngren en omvat alle slides en opmerkingen die tijdens de les gegeven zijn. Na elk afgerond deel bevat deze samenvatting ook volledig uitgewerkte oefeningen. Deze samenvatting bevat ook extra uitleg in het Nederlands, wat erg handig is aangezien ...

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  • Yes
  • January 31, 2021
  • April 9, 2021
  • 110
  • 2020/2021
  • Summary

Subjects

  • management accounting
  • horngren
  • handelswetenschappen
  • cools martine
  • nederlands
  • engels
  • samenvatting

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  • Handelswetenschappen
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Table of Contents
Chapter 1: Role of management accountants .............................................................................................. 3
Chapter 2: Cost terminology ......................................................................................................................... 6
Chapter 3: Cost-volume-profit analysis ....................................................................................................... 11
Chapter 4: Job costing ................................................................................................................................. 15
Exercises: Chapter 2, 3 & 4 .................................................................................................................................. 21
Chapter 17: Process costing ................................................................................................................................ 31
Chapter 5: Activity Based Costing ............................................................................................................... 38
Exercises: Chapter 5 & 17 .................................................................................................................................... 45
Chapter 6: The master budget .................................................................................................................... 52
Chapter 7: Flexible budgets, Direct cost variances, & managagement con. ............................................... 59
Chapter 8: Flexible budgets, Overhead Cost Variances & Manag. Contr. ................................................... 64
Exercises: Chapter 6,7 & 8 ................................................................................................................................... 71
Chapter 9: Inventory costing ....................................................................................................................... 80
Chapter 10: Cost behavior............................................................................................................................. 87
Chapter 11: Decision Making and relevant information ..................................................................................... 94
Exercises: Chapter 9,10 and 11 ......................................................................................................................... 101




2

,Chapter 1: Role of management accountants
Accountancy
Involves:
the collection, summarisation, and reporting of financial information
Accounting as an information system:




Management vs. Financial accounting
Managerial Accounting Financial Accounting

Purpose Internal use External use

Primary Users Managers Banks/investors, external users..

Looking at the future (zouden we bv een nieuw auto
Focus/Emphasis Looking at the past
model kunnen introduceren?)

Very clear rules, systematic way, so
Rules There are no rules
everyone can understand it

Time Span One year No specific time span


Activities
Management accounting Financial accounting
Cost accounting Bookkeeping
Cost management Consolidation
Strategic long term planning Financial statement analysis
Budgeting External auditing
Management control

→ Different accounting systems for different purposes!!


Management accounting
Management accounting is directed at internal reporting:
• Importance of value chain analysis
• Importance of planning & control systems


3

,Value Chain Analysis
Which functions can be identified in the value chain, which dependencies can be made, and what are the
consequences for the management accounting system?


Hoe beter de accountant de value chain/
waardeketen begrijpt, hoe een betere
informatie hij kan geven aan het
management van het bedrijf om
beslissingen te maken




Planning and control systems


Bedrijven hebben een goed planning en
controle systeem nodig om hun strategie
te ontwikkelen en toe te passen




Role of management accountants
Management accountants hebben verschillende taken:
• Problem solving/Decision-making
- Stel je bent een bedrijf en je wilt uw transport/vervoer outsourcen
• Je vraagt offertes aan verschillende transportbedrijven en zoekt de beste
• Dit soort zaken behoort tot problem solving
- Most important planning tool = budget
• Bv. Je vraagt aan je sales mensen: hoeveel producten denken jullie dat we in het komende
jaar kunnen verkopen? En op basis hiervan ga je aan uw fabriek zeggen hoeveel ze moeten
produceren → dit is onderdeel van Decision-making
• Scorekeeping
- Performance measurement: je kijkt welke targets je in uw budget hebt en gaat na of je ze
verwezenlijkt hebt.
• Attention directing
- Control: taking actions that implement planning decisions, deciding how to evaluate
performance, providing feedback to help future decision making
Als je uw target niet gehaald hebt, ga je kijken wat er beter kon/wat het probleem was.




4

,Management accounting guidelines
• Cost–benefit approach is commonly used: benefits generally must exceed costs as a basic decision
rule.
- Kosten-baten analyse: uw omzet moet uw kosten overtreffen anders is er iets mis.
• Behavioral and technical considerations—people are involved in decisions, not just euros/dollars and
cents.
- Management control gaat niet enkel over berekeningen, je moet je personeel blijven
motiveren en hun gedrag kunnen aansturen
• Different costs for different purposes


Position of management accountants within organization structure
• Line management
• E.g. production, marketing, distribution management
• Directly responsible for attaining organizational goals
• Staff management
• E.g. management accountants, IT, HRM
• Provide advice and assistance to line management
• Today: teams, line versus staff is less clear-cut


Typical Organizational Structure and the Management Accountant




Professional Ethics
• Van een management accountant wordt verwacht dat hij zich op een ethische wijze gedraagt
• The four standards of ethical conduct for management accountants as advanced by the Institute of
Management Accountants:
o Competence
o Confidentiality
o Integrity
o Objectivity




5

,Chapter 2: Cost terminology
General cost terms
• Actual cost = gemaakte kosten in het verleden
• Gebudgetteerde kosten = voorspelde kosten (toekomstige kosten)
• ‘Cost object’ = iets waar kosten aan worden toegewezen (product of dienst)
• Cost accumulation = verzameling/optelling van alle kosten
• Cost assignment = een algemene term voor het verzamelen van geaccumuleerde kosten van een
kostenobject. Het omvat het toekennen van directe en indirecte kosten aan een kostenobject.

Kosten kunnen in verschillende groepen worden opgedeeld:
1. Direct Vs. Indirect costs (assignment)
2. Fixed Vs. Variable costs (behaviour)
3. Product/inventoriable Vs. Period costs (timing expenses)
4. Manufacturing – Marketing etc. (function)
5. Total Vs. Unit (level of aggregation)


Direct Vs. Indirect costs (assignment)
• Direct costs: kosten die rechtstreeks bij het kostenobject horen / Traced
• Indirect costs = overhead: kosten die aan het kostenobject worden toegewezen/ Allocated




Wheels direct
Example: Direct vs. Indirect costs
→ A car manufacturer makes 3 types of cars Electricity costs
Indirect
(A, B and C). production hall
Cost object: car A Depreciation
Indirect
machines
Wage production
Direct
labour
Insurance Indirect
Wage quality
Indirect
inspector

6

,Fixed Vs. Variable costs (behaviour)
• Vaste en variabele kosten hebben te maken met het kostengedrag in relatie tot de cost driver:
De manier waarop een kost verandert als er veranderingen in de activiteit van de organisatie
plaatsvindt
• Variable costs:
o De variabele kosten per eenheid zijn constant
o Variabele kosten variëren naar gelang de productie grootte.
o Hoe meer je van een product maakt, hoe meer kosten je hebt → hoe hoger de productie,
hoe hoger de kosten
• Fixed costs:
o De vaste kosten blijven onveranderd ook al verandert de cost driver
o De vaste kosten per eenheid veranderen enkel als de activiteit veranderd


Example: Variable vs fixed costs
A car manufacturer makes 3 types of cars (A, B and C).
Cost driver: number of cars produced
– Wheels Variable
– Electricity costs production hall Variable
– Depreciation machinesFixed
– Wage production labour Variable
– Insurance Fixed
– Wage quality inspector Fixed


Example: Cost behaviour Example: Cost per month




Example: Cost behaviour Example: Cost per unit




7

, Cost assignment and behaviour: Samenvatting




Product/inventoriable Vs. Period costs
Product costs = Voorraadkosten = inventoriable costs
= alle kosten van een product die worden beschouwd als activa op de balans (onder de categorie voorraad) als ze
worden gemaakt en die pas kosten van verkochte goederen worden als het product wordt verkocht.
= kosten van producten die speciaal aangekocht of gemaakt zijn om te verkopen.
→ Direct materiaal, directe arbeid en algemene productiekosten
Period costs = alle andere kosten in de resultatenrekening (komt bij 6 en 7: kosten/opbrengsten)
→ R&D costs, Selling costs, Administrative costs

Product cost : be careful !
Can differ depending on use:
Product costs for determining sales price (wat moet je allemaal in acht nemen om de verkoopprijs te bepalen?):
- Costs for preparing production +
- Production cost +
- Administrative costs +
- Marketing & service costs
Product cost for inventory valuation (welk bedrag komt in de boekhouding bij de voorraad?)
- Production cost
Product cost for internal reporting:
- Production cost +
- Administrative costs




Belangrijke schema’s!



8

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