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Literatuur samenvatting Management Accounting Bedrijfskunde J2
- Instelling
- Erasmus Universiteit Rotterdam (EUR)
Samenvatting van de gehele voorgeschreven literatuur voor Management Accounting
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Voorbeeld 2 van de 11 pagina's
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Voorbeeld van de inhoud
Literatuur Management AccountingHoofdstuk 3
Cost pool = groups in which costs are collected, for example by type, source or responsibility
Cost driver = a factor that causes or relates to a change in the total cost of an activity
Cost object = any product/service/activity etc. to which costs are assigned
Direct cost = can be conveniently and economically traced directly to cost pool/object
Indirect cost = is not directly traceable to a specific cost pool or object, needs to be allocated
Overhead = combination of all indirect costs in a cost pool
Prime costs = sum of direct materials and direct labor
Conversion costs = direct labor and overhead combined
Activity-based cost driver = relate to a sort of activity
Volume-based cost driver = relate to the amount produced or quantity of service provided
Relevant range = range of the cost driver in which actual value is expected to fall, and for
which the relationship between the cost and the cost driver is approximately linear
Variable costs = changes in total in response to changes in one or more cost drivers
Fixed costs = portion of total cost that doesn’t change with change of designated cost driver
Step cost = cost that varies with the cost driver, but in discrete steps
Unit cost = total cost divided by the number of units of output
Average cost = total cost of resources divided by the units of output
Cost of goods sold = cost of product transferred to income statement when inventory is sold
Product costs = only necessary costs to complete the product
Period costs = all nonproduct expenditures for managing the firm and selling the product
Hoofdstuk 8
Cost estimation = development of relationship between cost object and cost drivers
High-low method
Highest costs−lowest costs
Y = a + bx, b =
value costdriver highest −value costdriver lowest
Regression analysis
Statistical method that minimizes the sum of the squares of the estimation errors
High R-squared. higher t-value and small p-value are high validity
Hoofdstuk 9
Cost-volume-profit (CVP) analysis = method for analyzing how various operating and
marketing decisions affect short-term profit based on an understanding of the relationship
between variable costs, fixed costs, unit selling price and the output level
Operating profit = (Units sold x Selling price per unit) – (units sold x variable cost per
unit) – fixed costs
o π B =( p× Q )−( v × Q )−F
Contribution margin per unit = p – v
Total contribution margin = contribution margin per unit x Q
Contribution margin ratio = (p – v)/p, ratio of contribution margin to selling price per unit
Contribution income statement = income statement with sales – variable costs to give the
total contribution margin, subtracted with fixed costs to give the operating profit
Breakeven planning
Breakeven point = point at which total revenue equals total costs
Breakeven in units
o 0 = (p x Q) – (v x Q) – F, solve for Q
o Q = F/(p – v)
Breakeven in dollars
o 0 = [((p – v)/p) x Y] – F, solve for Y
o Y = F/((p – v)/p)
, CVP for profit planning
Revenue planning = determining the revenue for a desired amount of pretax profit
F + πB
o Q= in units
p−v
o Y = p x Q in dollars
Cost planning = determining the costs for a known sales volume and desired profit
F + πB
o v=p–
Q
o Tradeoff between high fixed costs and low variable costs or low fixed costs and high
variable costs is solved by solving the Q for which the cost equations are equal
CPV analysis for activity-based costing (ABC)
Identifying cost drivers for indirect cost activities to allocate them
Allocating them instead of seeing them as fixed costs as in volume based CVP
In batches:
F VB+ π B
Q=
o v AB
p−v−( )
b
o Q = units
o FVB = portion of fixed costs that does not vary with the activity cost driver
o VAB = cost per batch for the activity-based cost driver
o b = batch size
Margin of safety (MOS) = amount of planned (or actual) sales above the breakeven point
MOS ratio = MOS/planned sales or revenue
Operating leverage = the extent of fixed costs in an organization’s cost structure
Degree of operating leverage (DOL) = Contribution margin/operating profit, amount of
percentage operating profit would change for a percentage change in sales volume
CVP-analysis with two or more products/services
Sales mix = relative proportion in which a company’s products/services are sold, if this
remains constant as total volume changes, we can build a single CVP model
Weighted-average contribution margin per unit = average per-unit contribution margin
based on an assumed sales mix determined on the basis of physical units
Weighted-average contribution margin ratio = average contribution margin ratio based on
sales dollars
Hoofdstuk 4
Costing = accumulating, classifying and assigning direct materials, direct labor and factory
overhead costs to cost objects, three choices:
1. Cost accumulation method
a. Job costing: tracing costs to a specific product or service
b. Process costing: accumulating costs at the department level and then allocating
these to products or services
c. Operation costing: uses a job costing approach to assign direct materials costs to
jobs and process costing to assign conversion costs to products or services
2. Cost measurement method
a. Actual: uses actual costs for direct materials, direct labor and factory overhead
b. Normal: uses actual costs for direct materials and direct labor and normal costs
for factory overhead
c. Standard: standard costs and quantities for all three types of manufacturing costs
3. Overhead application method
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