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Summary Managerial Accounting
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- Karel De Grote-Hogeschool (KdG)
A summary about "Managerial Accounting".
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MANAGERIAL ACCOUNTING30 NOVEMBER 2021
International Business Management
Prof. A. Resing
2021 – 2022
,Table of Contents
CHAPTER 1: THE MANAGER AND MANAGEMENT ACCOUNTING....................................................................4
CHAPTER 2: AN INTRODUCTION TO COST TERMS AND PURPOSES..................................................................5
2.1 COST CLASSIFICATIONS.......................................................................................................................................5
Direct vs. indirect costs....................................................................................................................................5
fixed vs. variable costs.....................................................................................................................................5
Budgeted vs. actual costs.................................................................................................................................6
product vs. period costs...................................................................................................................................6
2.2 CALCULATION: COST OF GOODS SOLD....................................................................................................................7
CHAPTER 3: COST-VOLUME-PROFIT ANALYSIS............................................................................................... 8
3.1: EXAMPLE WITH A BMW X6..............................................................................................................................8
Variable Costs...................................................................................................................................................8
Fixed Costs........................................................................................................................................................8
Total Costs........................................................................................................................................................9
Total Revenues.................................................................................................................................................9
CVP: Graphically...............................................................................................................................................9
3.2 SELLING HOTDOGS AT GROENPLAATS..................................................................................................................10
3.3 PROBLEM 3-27: CVP-ANALYSIS, INCOME TAXES...................................................................................................10
3.4 MARGINS OF SAFETY.......................................................................................................................................11
3.5 EXAMPLE – PROBLEMS..............................................................................................................................12
CHAPTER 4: JOB COSTING............................................................................................................................ 13
4.1 2 TYPES OF COSTING SYSTEMS:..........................................................................................................................14
4.2 7 STEP APPROACH TO JOB COSTING....................................................................................................................15
4.3 UNDERALLOCATED OR OVERALLOCATED INDIRECT COSTS........................................................................................15
4.4 EXAMPLES – PROBLEMS............................................................................................................................15
CHAPTER 5: ACTIVITY BASED COSTING AND ACTIVITY BASED MANAGEMENT..............................................16
5.1 BROAD AVERAGING AND ITS CONSEQUENCES........................................................................................................16
Peanut butter costing.....................................................................................................................................17
5.2 UNDER- AND OVERCOSTING..............................................................................................................................17
strategic consequences of under or overcosting............................................................................................17
5.3 COST REFINEMENT..........................................................................................................................................18
How do you refine a costing system?.............................................................................................................18
5.4 EXAMPLES – PROBLEMS...................................................................................................................................19
CHAPTER 6: MASTER BUDGET AND RESPONSIBILITY ACCOUNTING..............................................................19
6.1 BUDGET........................................................................................................................................................20
Budgeting cycle and master budget..............................................................................................................20
6.2 THE BUDGETING PROCESS................................................................................................................................21
6.3 APPENDIX: THE CASH BUDGET...........................................................................................................................21
example: mi casa corp...................................................................................................................................22
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Emilie Dimitriou
,CHAPTER 7: FLEXIBLE BUDGETS AND VARIANCES......................................................................................... 22
7.1 WHAT ARE VARIANCES?...................................................................................................................................22
7.2 VARIANCE ANALYSIS........................................................................................................................................23
7.3 STATIC BUDGET VARIANCES: DIFFERENCE BETWEEN ORIGINAL BUDGET AND THE ACTUALS..............................................23
HOW?.............................................................................................................................................................24
Flexing the budget..........................................................................................................................................24
7.4 PRICE AND EFFIENCY VARIANCES........................................................................................................................26
7.5 EXAMPLES – PROBLEMS:.................................................................................................................................27
CHAPTER 8: CAPITAL BUDGETING & COST ANALYSIS....................................................................................27
8.1 BASIC PROBLEM OF CAPITAL BUDGETING..............................................................................................................27
time value of money.......................................................................................................................................28
future values..................................................................................................................................................28
present values................................................................................................................................................29
8.2 VALUING MULTPLE CASH FLOWS........................................................................................................................30
multiple cash flows: Future value..................................................................................................................30
multiple cash flows: present value.................................................................................................................30
8.3 ANNUITIES.................................................................................................................................................... 31
present value concept....................................................................................................................................31
8.4 NET PRESENT VALUE AND OTHER INVESTMENT CRITERIA.........................................................................................31
investment appraisal techniques...................................................................................................................32
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Emilie Dimitriou
, CHAPTER 1: THE MANAGER AND MANAGEMENT
ACCOUNTING
Managerial versus Financial Accounting:
Managerial Accounting Financial Accounting
- Internal reporting - External reporting
- Specification of users - Rules and regulations
- Continuous provision of - Periodic provision of information
information - Historical
- Future-oriented
Management accounting is the process of:
- Measuring
- Analyzing
- Reporting
Financial and non-financial information that helps managers make decisions to fulfill the
goals of an organization.
Managers use management accounting information to:
1. Develop communicate, and implement strategies
2. Coordinate product design, production and marketing decisions and evaluate a
company’s performance.
Management accounting information and reports do not have to follow set principles or
rules. The key questions are always:
How will this information help managers do their jobs better?
Do the benefits of producing this information exceed the costs?
5 areas in which management accountants provide information:
Planning and controlling the organization
Cost-Price calculation
Cost allocation
Investment appraisal
Cost-Volume-Profit Analysis/BEP analysis
“Information should be provided timely in the required formats.”
Cost accounting:
Cost accounting provides information for both management accounting and financial
accounting professionals.
It’s the process of measuring, analyzing and reporting financial and non-financial
information related to the cost of acquiring or using resources in an organization.
Cost accounting is part of management accounting!
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Emilie Dimitriou
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