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Monique Lawrence
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Decks in this class (24)
1.1 Management accounting and cost accounting
Cima terminology defines manageme...,
Cima terminology defines cost acc...,
Cost accounting is focused on cal...
10
cards
1.2 Rationales for costing and understanding costs
If we understand and calculate co...,
Cost unit definition,
Cost centre definition
12
cards
2.1 Absorption Costing & Marginal Costing
The aim of traditional absorption...,
Total cost,
Period costs
20
cards
2.2 Reconciling the profits & Pricing strategies
When inventory levels increase de...,
Profit differences in the long term,
The differences between the two p...
8
cards
3.1 Activity-based costing
Modern production environments no...,
The modern production environment...,
Issues with absorption costing in...
15
cards
4.1 Other costing techniques
There are two main types of costi...,
Joint products are,
By products are
17
cards
4.2 Costing digital products
A digital product typically refer...,
Digital products can be more diff...,
The timing of digital product costs
15
cards
5.1 Variance analysis - Sales variances
Standard costing is a technique w...,
There are four main types of stan...,
Attainable standards
16
cards
5.2 Variance analysis - Material Variances & Labour variances
Direct materials total variance i...,
Th,
Direct material price variance is...
13
cards
5.3 Variable overhead variances & Fixed production overhead cost variances
Variable overhead variances,
Variable overhead total variance,
Variable overhead expenditure var...
16
cards
6.1 Further variance analysis
Sales mix and quantity variances,
Steps for calculating the sales m...,
Step 1 the standard mix
16
cards
7.1 Preparing budgets
Problems of planning variances,
Purposes of budgeting,
Purpose of budgeting planning
23
cards
7.2 Sensitivity analysis and stress testing budgets | Budget data
Sensitivity analysis involves,
Stress testing a budget involves,
Risks and events must be evaluate...
13
cards
7.3 Approaches to budgeting
A periodic budget shows,
A rolling budget aka continuous b...,
Reasons for rolling budgets
20
cards
8.1 Forecasting techniques - High low method & Linear regression
Budgets are based on,
Forecasts i,
Forecasts might be based on
14
cards
8.2 Forecasting technique - Time series analysis
A time series is a,
Components of a time series,
The basic trend refers to
12
cards
9.1 Budgetary control
The meaning of budgetary control,
Two main types of control system,
Feedback control
18
cards
9.2 The behavioural aspects of budgeting
There are two ways in which a bud...,
Budgets and motivation,
If a budget is to have any influe...
18
cards
10.1 Relevant costs and revenues
Relevant costs and revenues are,
Relevant costs and revenues have ...,
Two specific types of relevant costs
16
cards
10.2 Decision making based on relevant costing principles
There are many decisions that an ...,
Types of decisions include,
Limiting factor decisions
23
cards
11.1 Breakeven analysis
Cvp analysis makes use of,
C s ratio,
Breakeven point
19
cards
12.1 Linear Programming
Linear programming,
Minimisation problems
15
cards
13.1 Risk and uncertainty in the short term
Risk and uncertainty both refer t...,
We tend to differentiate between ...,
Dealing with is more challenging ...
15
cards
13.2 Dealing with uncertainty in decision making
Tools available when probabilitie...,
Maximax,
Maximin rule involves
5
cards
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3 - P1 - Management Accounting
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