For Examinations to June 2015 Paper F5 | PERFORMANCE

Transcription

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For Examinations to June 2015
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Revision Essentials
ACCA
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Paper F5 | PERFORMANCE MANAGEMENT
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ACCA
PAPER F5
PERFORMANCE MANAGEMENT
REVISION ESSENTIALS
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©2014 DeVry/Becker Educational Development Corp. All rights reserved.
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(i)
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These are condensed notes focusing on key issues for those of you who lead busy, mobile
lives or for those of you who want to revise in a more focused fashion.
(ii)
CONTENTS
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CONTENTS
Page
Syllabus
(v)
Core topics
(vi)
Activity based costing
0101
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Costing systems and techniques
0201
Developments in management accounting
0301
Relevant costing
0401
CVP analysis
Limiting factor decisions
Pricing
Risk and uncertainty
Budgeting
0501
0601
0701
0801
0901
Quantitative techniques for budgeting
1001
Basic variance analysis
1101
1201
Planning and operational variances
1301
Performance measurement
1401
Further aspects of performance measurement
1501
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Advanced variance analysis
(iii)
CONTENTS
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Page
Divisional performance evaluation
1601
Transfer pricing
1701
Performance management information systems
1801
1901
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Article – Approaching written questions
Article – Target costing and lifecycle costing
2001
Article – Environmental management accounting
2101
Article – Materials mix and yield variances
2201
Article – Performance measurement
2301
Article – Interpreting financial data
2401
Article – Performance measurement and the balanced scorecard
2501
Article – Transfer pricing
2601
Analysis of specimen exam
2701
Examination Technique
2801
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Further reading
2901
These are condensed notes focusing on key issues and offering a limited number of examples and exercises for those of you
who lead busy, mobile lives or for those of you who want to revise in a more focused fashion.
Be Warned: These notes only offer guidance on key issues. On their own they are not enough to pass the examination.
(iv)
SYLLABUS
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Aim
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To develop knowledge and skills in the application of
management accounting techniques to quantitative and
qualitative information for planning, decision-making,
performance evaluation, and control
Main capabilities
Position of the paper in the overall syllabus
The syllabus for Paper F5, Performance Management, builds
on the knowledge gained in Paper F2, Management
Accounting, and prepares those candidates who choose to
study Paper P5, Advanced Performance Management, at the
Professional level.
On successful completion of this paper candidates should be
able to:
A
Explain and apply cost accounting techniques
B
Select and appropriately apply decision-making
techniques to facilitate business decisions and promote
efficient and effective use of scarce business resources,
appreciating the risks and uncertainty inherent in
business and controlling those risks
D
Format of the examination
The syllabus is assessed by a three-hour paper-based
examination. .
Section A of the exam comprises 20 multiple choice
questions of 2 marks each.
Identify and apply appropriate budgeting techniques
and methods for planning and control
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C
Identify and discuss performance management
information systems and assess the performance of a
business from both a financial and non-financial
viewpoint, appreciating the problems of controlling
divisionalised businesses and the importance of
allowing for external aspects.
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INTRODUCTION
Use standard costing systems to measure and control
business performance and to identify remedial action
(v)
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Section B of the exam comprises three 10 mark questions and
two 15 mark questions. The two 15 mark questions will come
from any part of the syllabus except Section A, specialist cost
and management accounting techniques. The section A
questions and the other questions in Section B can cover any
areas of the syllabus.
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SYLLABUS
(vi)
CORE TOPICS CHECKLIST
CORE TOPICS
Tick when completed
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Tick when completed
Specialist cost and management accounting techniques
Budgeting

Activity based costing



Target costing



Life-cycle costing



Types of Budget

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Budgetary systems


Quantitative analysis in budgeting

Throughput accounting


Behavioural aspects of budgeting

Environmental accounting

Standard costing and variance analysis
Decision-making techniques

Budgeting and standard costing

Relevant cost analysis


Material mix and yield variances


Cost Volume Profit analysis


Sales mix and quantity variances


Limiting factors




Pricing decisions


Behavioural aspects of standard costing


Make-or-buy and other short –term decisions 

Dealing with risk and uncertainty
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

(vii)
CORE TOPICS CHECKLIST
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Tick when completed
Performance management systems
Performance management information
systems


Sources of management information


Management reports


The scope of performance management


Divisional performance and transfer pricing


Performance analysis in not for profit
organisations and the public sector


External considerations and behavioural
aspects

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
(viii)
COSTING SYSTEMS AND TECHNIQUES
Marginal costing
In marginal costing (MC) inventory is valued to include only
variable production cost:
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Absorption costing
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$ per unit
x
x
__
Prime cost
x
Variable production overhead
x
––
Marginal cost inventory valuation
x
––
An important principle in management accounting is
contribution. Contribution is revenue minus variable costs. It
shows how much the profit of an organisation increases if
output increases by 1 unit.
Direct materials
Direct labour
$/unit
x
x
x
––
Absorption costing inventory valuation
x
––
Overheads are absorbed using some pre determined overhead
absorption rate. This absorption rate might be based on
labour hours, machine hours or even a per unit basis. If
labour hours are used, for example the absorption rate is
calculated as:
Prime cost (direct materials + direct labour)
Variable production overhead
Fixed production overhead
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COSTING SYSTEMS AND TECHNIQUES
Budgeted fixed overheads
Budgeted labour hours
After this, the cost per unit of each product is calculated by
multiplying the labour hours used for one unit of the product
by this overhead absorption rate.
In an absorption costing (AC) system all production costs are
included in inventory valuation. This involves using some
basis to “absorb” fixed production overheads into the cost of
making one unit of a product.
0101
ACTIVITY BASED COSTING
Activity based costing aims to analyse overhead costs in
more depth to identify what activities cause those costs. The
costs are then apportioned to different products based on how
much each products uses the activity:
The steps in an activity based costing exercise can be
summarised as follows:
1.
Identify the major activities that each department
performs (e. g. maintaining machines).
2.
Determine the “driver” for each activity – that is the
factor that causes the cost of the activity to vary (e. g.
time taken, man hours).
Advantages and disadvantages of activity based costing
Advantages
Calculate an absorption rate per unit of driver for each
activity – this may be based on budgeted or actual costs.
(e.g. maintenance cost per man hour =
Total maintenance costs
)
Total man hours
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3.
Calculate the cost per unit of each product by dividing
the total cost (calculated in 4) by the number of units
produced.
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5.
Calculate the total cost that will be absorbed by each
product (e. g. Product A used 1,000 hours of
maintenance. Therefore Product A will absorb 1,000
hours × rate calculated in step 3 above). Each product
will include costs from several activities.
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4.
Activity Based Costing

Better decision making (by providing more accurate
information of products profitability)

Cost can be designed out of products by eliminating
unnecessary activities.

When cost plus methods of pricing are used, prices
based on ABC are likely to reflect more accurately the
true cost of producing a product.
0201
ACTIVITY BASED COSTING
Selection of cost drivers may not be easy.

Additional time and cost of setting up and administering
the system.

Exclusion of non-production overheads can be difficult.

Many judgemental decisions still required in the
construction of an ABC system.
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
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Disadvantages
0202
DEVELOPMENTS IN MANAGEMENT ACCOUNTING
Target costing
Selling price
Less: required margin
Target cost
Actual (Budgeted cost)
Target costing is more effective if used during the design of a
new product, as costs can be designed out. For existing
products, costs will have to be “controlled out” which is
normally more difficult.
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Objective – to identify the required cost per unit of a product
so that an acceptable margin can be achieved even when
selling at a competitive price.
Estimate the actual cost of the product (or budgeted cost
for products in the design phase). Identify ways to
eliminate the “gap” between the actual and target cost.
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
DEVELOPMENTS IN MANAGEMENT
ACCOUNTING
Benefits of target costing
$
X
(X)
–––
X
X
–––
COST
GAP
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The following steps are used:

Determine the price that customers would be prepared
to pay for the product.

Determine the required profit margin. Deduct this from
the price to obtain the target cost.

Requires organisations to focus on the external
environment as price is based on market rather than use
of cost plus methods of pricing.

Product design takes into account those facets of a
product that customers are prepared to pay for, and
removes those that customers do not value.

Cost control is considered at the design stage of a
product when it is easier to eliminate costs.

In practice, companies that have adopted target costing
tend to have lower costs per unit.
0301
Benefits of life cycle costing
Traditional management accounting provides information
about product costs and revenues only for the period covered
by the management accounts.

Management do not see the picture of the profits or
losses over the whole life of the product.

Costs per unit typically include only manufacturing
costs and ignore costs incurred in developing the
product and costs that may be incurred at the end of the
product’s lifecycle, such as disposal costs.

Management will plan the pricing strategy of a product
over its whole life rather than on a short-term basis.
Decision-making will be based on more relevant
information as management have the whole picture of
the product over its life rather than the current period
only.
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Lifecycle costing
Throughput Accounting Ratio
T.PA.R. =
Return per factory hour
Cost per factory hour
Throughput pet unit
Hours of bottleneck resource used per unit
Return per factory hour =
Much of the costs of a product are determined at the design
stage, so it is important that at this stage future revenues are
considered, to ensure that over the whole life, the revenues
will exceed the costs.
Cost per factory hour =
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Lifecycle costing involves budgeting and monitoring the
costs, revenues and cash flows generated by a product over
its whole life rather than on a period-by-period basis.

Life cycle cost per unit can also be calculated. This
takes the total of all costs incurred over the life of the
product, and divides by the number of units produced.
Other factory costs
Bottleneck resource hours available

Aim: to focus the attention of management on
production bottlenecks and how to maximize the
“throughput” that can be generated in the presence of
such bottlenecks.

Throughout ≈ contribution – however, material is the
only truly variable cost in the short term.
0302
and monetary information on environment related costs
and savings.
Other factory costs = all other costs (including labour
and “variable overheads” which are all fixed in the
short term.
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
Need for environmental management accounting
Advantages of the t.p.a.r.
The environment has become an important political and
social issue in the last 30 years. Organisations need to be
aware of their environmental behaviour because:
Focuses the attention of management on eliminating
bottlenecks. If a manager wishes to improve his or her
measured throughput, there are three possible ways
(mathematically)

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Increase selling price per unit or reduce material
cost per unit. Unlikely in a competitive
environment.

Reduce “fixed costs” per hour of bottleneck – but
this may impact on quality

Eliminate the bottleneck – by investing in
additional machinery, or redesigning processes so
less time is spent on the bottleneck resource.
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Environmental management accounting

Poor environmental behaviour can harm the reputation
of the organisation, which may lead to a fall in
revenues.

Organisations may incur fines and cost of cleaning up
in cases of poor environmental behaviour – for example
causing pollution.

Increasing government regulation has increased the
costs of compliance with environmental laws and
regulations.

Organisations can save money by becoming more
efficient at their use of scarce resources – such as
energy.
Definition
EMA aims to provide internal information to
management in the form of physical information on the
use of energy, water and materials (including waste),
0303
Traditional management accounting does not show
managers the environmental impact of the
organisation’s activities.
Various commentators have defined categories of
environmental related costs. Broad definitions such as that
proposed by the US Environmental protection agency are as
follows:
Environmental external failure costs – cost of cleaning
up pollution after it has been released into the
environment.
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
Environmental costs
Environmental management accounting techniques

Use of environmental reports showing the costs such as
those proposed by Hansen and Mendova.
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Conventional costs of buying inputs with environmental
relevance such as energy

Potentially hidden costs – items with environmental
relevance hidden in overheads

Contingent costs – such as cleaning up damage

Image and relationship costs.
Hansen and Mendova gave a more narrow definition of
environmental costs:
Environmental prevention costs – such as redesigning
production processes to reduce pollution

Environmental detection costs

Environmental internal failure costs – cost of cleaning
up pollution before it has been released into the
environment.
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

Activity based costing extended to include
environmental activities and their appropriate drivers

Input output (mass balance) analysis – reconciles
quantities input with quantities of output (in Kilos, litres
etc.). This highlights waste.

Flow cost accounting – a more sophisticated version of
input output analysis that produces physical and
monetary information about the inputs and outputs of
each process.

Life cycle costing – includes environmental costs such
as packaging costs in a products life cycle.
0304
RELEVANT COST ANALYSIS
RELEVANT COSTS
2
OPPORTUNITY COST
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1.1 For decision-making
2.1 Key point

 All opportunity costs are “relevant”.
 Not all relevant costs are opportunity costs.
Relevant

Future,
incremental,
cash flows.
Avoidable costs.

Controllable.
Non-relevant
Historic costs, sunk
costs
apportioned fixed costs
non-cash items
(depreciation,
profit/loss on sale).
2.2 Definition

Committed costs.


Common costs
“management charges”.
2.3 Potential difficulties

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
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Only costs (and revenues) affected by a decision are
“relevant”.
“The value of the benefit sacrificed . . . in favour of an
alternative.”
“The potential benefit foregone (from the best rejected course
of action).”
Clearly arise in use of scarce resources.

Estimating future costs/revenues (benefit sacrificed).

Identifying alternative uses (and best alternative
forgone).

Ignores effect on accounting profit.

Ignores any risk associated with each alternative.
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RELEVANT COST OF SPECIFIC ITEMS

3.1 Relevant costs of materials

Are they used
regularly?
Replacement
cost
If work can be done in idle time, relevant cost is zero.
If labour is fully employed relevant cost is the
additional payments required:


to hire additional labour;
overtime payments.
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Yes
3.2 Relevant costs of labour
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No
Already bought?
No
Replacement
cost

Yes


Opportunity cost
(e.g. sale value)
Replacement cost = current purchase cost.

Deprival value applies where materials are scarce
(§3.4).
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
If labour is fully employed and no further labour is
available:
direct cost of labour (wages); plus
lost contribution from other production.
This is equivalent to revenue foregone less costs (other
than labour) saved.
3.3 Overheads

Additional (e.g. stepped) fixed overheads or those that
can be saved are relevant.

Reallocated/apportioned overheads are not relevant.

Overhead absorption is not relevant (arbitrary).
0402
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3.4 Deprival value
The value of an existing asset if a business were to be
deprived of it is:
RC
RC
NRV
EV
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Lower of (2)
and
Higher of (1)
NRV
= Replacement cost
= Net realisable value
= Economic value
(i.e. PV of expected future earnings)
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(1) Asset should be in use ( EV) or sold ( NRV)
whichever is higher.
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(2) Asset should be replaced only if replacement cost is
lower than (1).
0403
CVP ANALYSIS
Example
This is a summary of the article that was published in Student
Accountant magazine..
Company A makes product x. The selling price for product x
is $50 and its variable costs are $30. The contribution per
unit (sales price less variable costs) is $20. Fixed costs are
$200,000 per year.
The objective of CVP analysis
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CVP analysis looks at the effects on differing levels of
activity on the profit of the business. In the short-run,
profitability often hinges upon volume, as sales price and the
costs of materials and labour are usually known with some
degree of accuracy in the short run.
The break-even point is where total revenues and total costs
are equal. There are three methods for ascertaining the breakeven point:
1. The equation method
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COST VOLUME PROFIT ANALYSIS
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Total revenues are found by multiplying unit selling price
(USP) by quantity sold (Q). Total costs are made up of total
fixed costs (FC) and variable costs (VC). Total variable costs
are found by multiplying unit variable cost (UVC) by total
quantity. Any excess of total revenue over total costs will
give rise to profit (P).
Total revenue ─total variable costs ── total fixed costs =
Profit.
(50Q) ─ (30Q) ─200, 000 = P.
If we now set P to zero to find breakeven point:
(50Q) ─ (30Q) ─200, 000 = 0
20Q ─ 200,000 = 0
20Q = 200,000
Q = 10,000 units.
If company A sells exactly 10,000 units, it will break even,
and if it sells more than 10,000 units it will make a profit.
2. The contribution margin method
The unit contribution margin (UCM) is the unit-selling price
(USP) less the unit variable cost (UVC). Hence the formula
from our equation method can be manipulated in the
following way:
(USP ×Q) ─ (UVC ×Q) ─FC = P
0501
CVP ANALYSIS
(USP ×Q) ─ (UVC ×Q) ─FC = P
Total costs
(USP ─UVC) ×Q = FC + P
(UCM) ×Q = FC + P
FC  P
UCM
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Q=
Total revenue
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$000
So if P = 0 then we would simply take our fixed costs and
divide them by out unit contribution margin.
Applying this to company A again:
Break even
point
Fixed costs
UCM = 20, FC = 200,000 and P= 0
Q=
FC
UCM
=
200,000
20
Therefore Q = 10,000 units.
3. The graphical method
Units sold
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The total costs and total revenue lines are plotted on a graph.
$ are shown on the y-axis, and units on the x-axis. The point
where the total cost and revenue lines intersect is the breakeven point.
The distance between the total cost and total revenue line
represents the amount of profit or loss at any different output
levels.
Profit-volume graphs are discussed in more detail later in the
article.
0502
CVP ANALYSIS
A business may want to know how many items it must sell in
order to obtain a target profit.
Margin of Safety
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Example (continued)
Company A wants to achieve a target profit of $300,000. If
the equation method is used, the profit of $300,000 is put into
the equation rather than the profit of $0.
(50Q) ─ (30Q) ─200, 000 = 300,000
20Q = 500,000
Q = 25,000 units.
Alternatively the contribution method can be used:
UCM = 20, FC = 200,000 and P= 300,000.
FC  P
UCM
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Q=
Q=
Finally the answer can be read from the graph. The profit will
be $300,000 where the gap between the total revenue and
total cost line is $300,000 since the gap represents profit.
This is not a quick enough method to use in the exam so it is
not recommended.
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Ascertaining the sales volume required to achieve a target
profit
200,000  300,000
20
Therefore Q = 25,000.
The margin of safety indicates by how much sales can
decrease before a loss occurs, i.e. it is the excess of budgeted
revenues over break-even revenues. Using company A as an
example, let’s assume that budgeted sales are 20,000 units.
The margin of safety can be found, in units, as follows:
Budgeted sales  break-even sales = 20,000 10,000 =
10,000 units.
It may be calculated as a percentage:
Budgeted sales - break even sales
 100
budgeted sales
In company A’s case it will be
10,000
20,000
 100 = 50%.
Finally it could be calculated in terms of $ revenue as
follows: Budgeted sales  break-even sales  selling price =
10,000 × $50 = $50,000.
0503
CVP ANALYSIS
For company A: $20/$50 = 0.4
In multi-product situations, a weighted average C/S ratio can
then be used to find CVP information such as breakeven
point, margin of safety etc.
Example 2
Company A also begins producing product y. The following
information is available for both products:
Product x
$50
$30
$20
0.4
20,000
Product y
$60
$45
$15
0.25
10,000
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Sales price
Variable cost
Contribution per unit
C/S ratios
Budgeted sales (units)
(20,000  20) + (10,000  15)/ (20,000  50) + (10,000  60)
= 34.375%.
The C/S ratio tells us what percentage each $1 of sales
revenue contributes towards fixed costs.
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It is often useful in single product situations, and essential in
multi-product situations to ascertain how much each $ sold
actually contributes towards the fixed cost. This calculation
is known as the contribution to sales or C/S ratio. It is found
in single product situations by dividing the unit contribution
by the selling price.
The weighted C/S ratio is the total expected contribution
divided by the total expected sales:
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Contribution to sales ratio
It can also be used to calculate the break-even point in $
revenue. The break-even point in for company A can be
calculated in this way:
Break-even point (revenue) =
Fixed costs
C/S ratio
=
$200,000
34.375%
=
$581,818 of sales revenue.
To achieve a target profit of $300,000:
Fixed costs plus required profit
C/S ratio
=
$200,000  $300,000
34.375%
= revenue of $1,454,546.
Such calculations assume that products X and Y are sold in a
constant mix of 2x to 1y. In reality this constant mix is
unlikely.
0504
CVP ANALYSIS
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The graph can then be drawn, showing cumulative sales on
the x axis and cumulative profit/ loss on the Y axis:
$000
350
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Multi product profit volume charts
The profit volume graph focuses purely on showing a profit/
loss line and does not separately show the cost and revenue
lines.
In a multi-product environment it is common to show two
lines on the graph: one straight line, where a constant mix of
products is assumed; and one bow-shaped line, where it is
assumed that the company sells its most profitable product
first, and then its next most profitable product, and so on.
In order to draw the graph, it is necessary to work out the C/S
ratio of each product being sold, before ranking the products
in order of profitability. In the case of company A this is
shown above, and it can be seen that since product A has a
higher C/S ratio that product B, it would be ranked (and sold)
first.
It is useful to draw a quick table (prevents mistakes in the
exam hall) in order to ascertain each of the points that need to
be plotted on the graph in order to plot the profit/ loss lines:
Product ranking
1
1
Contribution Cumulative Revenue Cumulative
Profit/ loss
revenue
$000
$000
$000
$000
(Fixed costs)
0
(200)
0
0
X (up to budgeted sales) 400
200 1,000,000 1,000,000
Y (up to budgeted sales) 150
350
650,000 1,650,000
0505
200
Most profitable first
582
Sales $000
200
Sales in constant mix
1,000
1,650
CVP ANALYSIS
The limitations of CVP analysis are based on its
assumptions:
There is a single product, or there are multiple products
sold in a fixed mix. If the product mix changes, so does
the break-even point.

Volume is the only factor that changes. All other
variables remain constant. This may not hold true as for
example economies of scale may be achieved as volume
increases. If sales volumes are to increase price must
fall. There are many other reasons why the assumption
may not hold true.

The total cost and total revenue functions are linear.
This is only likely to hold within a short run restricted
level of activity.

Costs can be divided into fixed and variable. In reality
some may be semi fixed.
SA
M
PL


Profits are calculated on a variable cost basis or, if
absorption costing is used, it is assumed that
production volumes are equal to sales volumes.
E

Limitations of Cost volume profit analysis
Fixed costs remain constant over the “relevant range”
levels of activity in which the business has experience
and can therefore perform a degree of accurate analysis.
0506
LIMITING FACTOR DECISIONS
Make or buy decision
Limiting factor decisions involve maximising profits in
circumstances where one or more of the inputs to production
(materials, labour etc.) are scarce. Since fixed costs are
unaffected by the level of output in the short run, maximising
profits involves maximising contribution.

The steps are the same as above except that we replace
contribution per unit with the saving of variable cost of
manufacturing over variable cost of purchase
At the end after the production plan has been
formulated as in (4) above we buy in the shortfall
M
PL
Key Factor analysis

E

Where only one input is limited, and the organisation has to
decide which product to manufacture, the following steps are
used:
Calculate the contribution per unit generated by each of
the products.
2
Identify the number of units (kilos/litres) of the limited
factor used by each product.
3
Dividing (1) by (2) gives the contribution per unit of
limited factor generated by each product.
4
Produce the products that generate the highest
contribution per unit of limited factor.
SA
1.
Care over this purchase must be taken to ensure the
requisite quantity and quality of this purchase and
reliability of delivery
Linear Programming
Where more than one input is limited, linear programming is
used to determine the mix of output that maximises
contribution. This is best illustrated by an example.
0601
M
PL
A company makes two products, tables and chairs. Each
table generates contribution of $20, and each chair generates
contribution of $5. Skilled labour is in short supply, and only
180 labour hours are available each week. Each table requires
2 hours of labour, and each chair requires 3 hours. Wood is
limited to 40 square metres per week. Each table requires 0.5
square metres, and each chair requires 0.75 square metres.
The following steps are followed in order to set up the linear
program:
1.
Define the variables:
Let x = output of tables and y = output of chairs.
2.
Define the objective function:
Contribution C = 20 x + 5 y.
3
Having set up the linear program, we attempt to solve it. If
there are only two variables, then the linear program can be
solved graphically. This involves plotting the constraints on a
diagram, to identify the “feasible” region, which is the region
showing all the possible production possibilities that could be
achieved given the constraints. A sample contribution line is
then plotted. We may for example draw the line C= 1000
(chosen randomly). This line shows all combinations of x and
y that provide contribution of 1,000. This line crosses the xaxis at x= 20, y= 0, and crosses the y-axis at the point where
y = 5, x = 0. Having drawn the line, place a ruler over it.
Move the ruler away from the origin, always keeping it
parallel to the sample contribution line, and move it as far
away from the origin as possible while still being in the
feasible region. The furthest point, where the line is still in
the feasible region is the point where contribution is
maximised.
E
Example
Define the constraints:
SA
Labour: 2 x + 3 y 180
Wood: 0.5 x + 0.75 y  40
Non-negativity: x  0, y  0.
0602
PRICING
Pricing policies should consider the 4 C’s of pricing:
Costs – A company must cover its costs in the long run

Competitors – It should consider the market price of
competing firms


Customers – A firm should take into amount how much
its customers are prepared to pay

Corporate objectives – The firm’s specified goal e.g.
profit maximisation should be integrated with its
pricing policy
Economist’s approach
Demand curve:

To maximise sales set MR = 0, solve Q and place Q in
the demand curve equation to gain price.
M
PL

E
MR = the change in revenue from selling one more unit –
note that the marginal revenue falls at twice the rate of the
demand curve
PRICING
P = a – bQ (formula given in exam)
SA
P = price
Q = quantity demanded
a = price at which demand would be nil
b = slope of the demand curve (price changes over the
change in quantity demanded)
Marginal revenue: MR = a– 2bQ (formula given in exam)
To maximise profits set MR = MC, solve for Q and
place Q in the demand curve equation to gain price.
Accountant’s approaches
Full cost
Full total absorption cost is calculated and then an allowance
for profit is added. Although costs are covered it takes no
amount of customers or competition
Marginal cost pricing
Marginal variable cost is calculated and then an allowance
for contribution is added. Not all costs are covered and as
such should only be used in short-term relevant cost
decision-making.
Return on investment pricing
Full total absorption cost is calculated and then the allowance
for profit is based on the required return on the investment
base. Its limitations are as for full cost pricing.
0701
PRICING
Complementary pricing
Market penetration policy
Where products are used together, complementary product
pricing involves setting a discounted price for one product
with the aim of increasing sales of the second product (e.g.
charging a low price for printers, and a high price for printer
cartridges).
Used to launch new products into competitive markets

Initially set low price to attract customers away from
competitors’ products.

Later increase prices when loyal customer base has
been achieved.
Market skimming
M
PL

E
Strategic Approaches to pricing
Product line pricing
Product line pricing is where management sets the price of
related products at the same time. This includes:
Used to launch new product where no similar products
exist.

Set initially high price and sell to elite segment of
market to make large profit margins.

Later lower prices to attract a larger share of the market.

Products usually confer some status or snob value on
the initial buyers.
SA

Going rate pricing

Charging the market rate. May be used for products in
the maturity phase.

Product bundling, where a group of products may be
sold for a price that is lower than the total price of the
individual products.

Using the price of the basic product as the starting point
for setting the price for more advanced versions of the
product (e.g. the price of a 16GB i-pad is used as the
starting point for determining the price of a 32GB i-pad
etc.)
Volume discounting
This involves selling at a lower price if customers buy more
than a specified number of units of the product.
0702
PRICING
E
Price discrimination
Relevant cost pricing
M
PL
This involves selling at different prices in different markets,
with the aim of maximizing profits in each market. The
markets must be separate with no possibility of arbitrage.
SA
This means selling at relevant cost plus a margin. It is useful
for one off contracts.
0703
RISK AND UNCERTAINTY
Example
Management accounting is concerned with the future and as
such contains uncertainty and therefore risk.
If contribution could be $5,000, $30,000 or $50,000 with
respective probabilities of 0.2, 0.5 and 0.3. The expected
value of the contribution
Risk preference
A risk seeker is someone who is interested in the best
outcome no matter how small the chance of success

A risk averse decision maker does not like uncertainty
and will try to avoid it.

A decision maker is risk neutral if they are concerned
with the most likely outcome i.e. the expected value
Expected value (EV’s)

The expected value of an opportunity is equal to
the sum of all possible outcomes, multiplied by
their associated probability:
SA
(x) =  x.p(x)
$5,000  0.2=
$30,000  0.5=
$50,000  0.3 =
M
PL

E
1,000
15,000
15,000
––––––
31,000
––––––
Value of perfect information

Value of perfect information = Expected value with
perfect information – Expected value without perfect
information.
Example
A decision maker has to choose between 3 courses of action
on a daily basis – A, B and C. When making the decision, the
decision maker does not know what the state of the market
will be – it could be 1, 2 or 3. The following table shows the
possible outcomes:
0801
Action A
10
200
20
B
C
(25) 200
300 (500)
30
40
State of
market
1
2
3
If the decision maker could commission a report that would
accurately predict what the state of the market would be on
each particular day, then instead of automatically selecting
action B, the decision maker would make the following
decisions:
M
PL
Probability of each state of the market is as follows:
Expected value with perfect information
E
State of
market
1
2
3
Probability
0.3
0.5
0.2
Predicted state
of market
1
State of 2
market
3
Action
chosen
C
B
C
Outcome Prob
200
0.3
300
0.5
40
0.2
Expected value without perfect information
Expected value of each action is as follows:
A: (10 × 0.3) + (200 × 0.5) + (20 × 0.2) = $107
Expected value with perfect information is: (200 × 0.3) +
(300 × 0.5) + (40 × 0.2) = $218.
The expected value of perfect information therefore is: $218
– $148.5 = $69.5
C: (200 × 0.3) + ((500) × 0.5) + (40 × 0.2) = ($182).
Other risk strategies
Without perfect information therefore, a decision maker
using the expected value criteria would select action B, and
the expected value would therefore be $148.5.

Maximin rule – the action with the highest minimum
outcome is chosen i.e. course of action A.

Maximax rule – the course of action that gives the
highest potential outcome is chosen -i.e. course of
action B.
SA
B: ((25) × 0.3) + (300 × 0.5) + (30 × 0.2) = $148.5
0802
In drawing the tree, there are two types of branches or forks:
Minimax regret rule An economist’s concept of
minimising the maximum regret involving the
construction of another table:
E

Decision fork (or point)
This is a point at which a decision maker has to decide
between two or more decisions.
Table of regrets
1
2
3
A
190
100
20
B
225
Nil
10
C
Nil
800
Nil
Action a
M
PL
State of
market
Action b
Action c
E.g. regret of A under state of market 1 is not choosing C i.e.
200 – 10 = 190.
The maximum regret associated with each decision is:
A: 190
B: 225
C: 800
Chance fork (or outcome point)
This occurs where there are several possible outcomes –
normally for each decision taken there will be two or more
possible outcomes.
A minimax regret decision maker would therefore choose
decision A as this has the lowest maximum possible regret. .
SA
Decision trees
Probability
p
Where a decision involves multiple stages, and several
outcomes are possible as a result of each decision, a decision
tree may be drawn to summarise the situation. The expected
value of each path through the tree can then be calculated, to
identify which paths have the highest expected value.
0803
Probability
q
Outcome B
Outcome A
BUDGETING
Rolling Budgets
Objectives of a system of budgeting:

C – Coordination
R – Responsibility
U – Utilisation
M – Motivation
P – Planning
E – Evaluation
T – Telling
Activity based budgeting
E
BUDGETING
M
PL
Rather than preparing the budget once a year, the
organisation continually updates the budget. Typically
the budget will be prepared for the next twelve months.
At the end of each month, another month’s budget is
added. Intervening months’ budgets may also be
changed, if factors outside the control of the company
have made the original budgets inappropriate.
Alternative systems of budgeting

Fixed v Flexible v Flexed
Incremental v Zero Based Budgeting
A fixed budget is prepared once, and remains
unchanged when used for comparison with actual
results.

Under flexible budgeting, several budgets are prepared
using the same budget assumptions, but based on
different activity levels (sales/production units). At the
end of the year, the budget with the activity level
closest to the actual is used for comparison.
SA


A flexed budget system involves “flexing” the original
budget at the end of the year to reflect the actual
activity levels, based on the original budget
assumptions.
Budgets are based on activity-based principles.

Incremental budgeting is performed by taking the
previous year’s actual or budgeted figures and adding
adjustments for inflation and other factors that have
changed.

Disadvantage of incremental budgeting is that it accepts
costs simply because they were there last year without
questioning whether they are really necessary.
Zero based budgeting

0901
Managers identify the activities they wish to perform.
(E.g. making particular products, training.)
BUDGETING
Managers produce a decision package for each activity,
showing costs and revenues, as well as qualitative
factors.
Budget committee reviews decision packages and
selects those it wishes to accept. These form the budget.

Advantage is that budget process examines each cost,
and relates it to the activities the company will perform,
rather than just accepting costs because they were in
previous year.


Bottom up (participative) budgeting means managers
prepare their own budgets. A budget committee then
approves these. Top down means that budgets are
prepared centrally, and imposed on managers.
M
PL

Top down v Bottom up
E

Disadvantage – very time consuming.
Bottom up has the following advantages:

Managers are more motivated to take ownership of the
budget

Managers have better knowledge of situation “at the
coal face”
Behavioural Aspects of Budgeting
Top down has the following advantages
Responsibility accounting

Non-financial managers may not have the financial
knowledge to prepare budgets

Preparing the budgets centrally may minimise problems
such as adding slack to budgets.

Responsibility is delegated to managers via the budget.
They are then evaluated on how they perform in
comparison with the budget.
SA
Level of difficulty

If budget is not achievable, it will de-motivate. If it is
too easy, it will not challenge.
Controllability principle

0902
Managers should only be judged on things they control.
They should not be blamed for adverse factors outside
of their control – such as increases in the price of
commodities on world markets
QUANTITATIVE TECHNIQUES FOR BUDGETING
E
 Sales year n - Sales year 1 


Sales year 1
 × 100 =

Simple mean (%) =


n




Forecasting methods
Future growth (e.g. of Sales) may be forecast based on
the average (mean) of past growth rates.
 Sales year n - Sales year 1 


Sales year 1
 × 100

Simple mean (%) =


n




 Sales year n

 1 × 100
Geometric mean (%) =  n
 Sales year 1



Example
SA
1,000 units
1,600 units.
Historic annual growth in sales per year was as follows:


 1,600
Geometric mean (%) =  2
 1 × 100 = 26.5%

 1,000


The geometric mean is more accurate, but the simple
mean can normally be used as an approximation.
Fixed and variable overheads
Sammy is trying to forecast the expected growth in sales of
its new smart phone. The company has historic data for sales
units during the last three years as follows:
20X1:
20X3:
(((1,600 - 1,000)/(1,000))/2) ×100 = 30%
M
PL

The values of fixed and variable costs can be estimated based
on historic values of total costs, using the “high low”
method:
Variable cost per unit = Total costs at high - total costs at low
Output at high - output at low (units)
Fixed costs = Total costs at high – total variable costs at high
1001
Total overhead costs for the last four months were as follows:
1
2
3
4
Output
(units)
3,000
2,400
3,600
4,000
Example
Total cost
$
3,500
3,000
4,350
4,800
The time taken to make the first unit of a
product is 100 minutes. A 95% learning
rate applies:
M
PL
Month
A new product is being made, and workers need to
learn the skill.
E

Example
Cumulative Cumulative Cumulative
Output
average time total time
1
100
95
2
95
190
4
90.25
361
8
85.74
686
High = 4,000 units (month 4) and low = 2,400 units (month 2)
Variable cost per unit = 4,800  3,000 = $1.125
4, 000  2, 400
Fixed costs = 4,800 – (4,000 × 1.125) = $300.
The cumulative average time per unit decreases by a constant
% every time total output doubles.
Formula for the learning curve
y = axb
Where
y = cumulative average time per unit to produce x units
a = time taken for the first unit of output
x = total number of units produced
b = the index of learning (log LR/log 2)
When does it apply?
This formula is provided in the exam.
Therefore monthly fixed costs are $300 and variable
overheads per unit are $1.125.
SA
Learning curve theory

If the product is made largely by labour effort
1002
E
Technique
SA
M
PL
If asked for time of 7th unit, work out average time for 6
units and 7 units, work out total time and then take the
difference.
1003
BASIC VARIANCE ANALYSIS
E
Materials price variance
“BASIC” VARIANCE ANALYSIS
Sales volume variance
Difference
× standard profit/
contribution per unit* ($)
Sales volume variance ($)
X
X
––
X
X
––
X
––
* standard profit per unit if absorption
costing is used. Standard contribution
if marginal costing is used.
Sales price variance
$
X
X
––
X
––
$
X
X
––
X
––
Materials usage variance
Actual materials used (units)*
Standard quantity for
actual output (units)*
Difference
× standard cost per unit*
SA
Actual sales × actual price
Actual sales × standard price
Sales price variance
Materials price variance
M
PL
Actual sales (units)
less: budgeted sales (units)
Actual materials × actual price
Actual materials × standard price
Materials usage variance
* here units would typically be kgs or litres.
1101
X
X
––
X
X
––
X
––
Variable overhead efficiency variance
Labour rate variance
Labour efficiency variance
Hours worked
Standard hours for actual output
Difference
× standard wage rate per hour
Labour efficiency variance
X
X
––
X
––
Hours worked
Difference
× standard overhead rate per hour
M
PL
Hours paid × actual wage rate
Hours paid x standard wage rate
E
Labour rate variance
X
X
––
X
X
––
X
––
Variable overhead rate variance
Variable overhead rate variance
Actual fixed overheads
Budgeted fixed overheads
Fixed overhead expenditure variance
X
––
X
––
X
––
Fixed overhead expenditure variance
X
SA
Actual hours at actual rate
(Actual variable overhead cost)
Actual hours worked at standard
overhead rate per hour
Variable overhead
efficiency variance
X
X
––
X
X
––
1102
X
X
––
X
––
Difference (units)
× standard fixed overhead
cost per unit
X
X
––
X
Actual hours
Budgeted hours
Difference
absorption rate per hour
M
PL
Actual production (units)
Budgeted production (units)
Fixed overhead capacity variance*
E
Fixed overhead volume variance*
Fixed overhead volume variance
X
––
X
––
Fixed overhead capacity variance
If fixed overheads are absorbed using an hourly basis such as
labour hours or machine hours, the volume variance may be
analysed further:
SA
X
––
X
––
Fixed overhead efficiency variance*
Hours worked
Difference
absorption rate per hour
X
X
––
X
Fixed overhead efficiency variance
X
X
––
X
X
––
X
––
* The fixed overhead volume, capacity and efficiency
variances are only calculated if the business is using
absorption costing.
1103
In addition to calculating variances, the examiner requires
you to be able to explain what the variances actually show.
While it is not feasible to provide a comprehensive list of
possible causes of the variances, here is some guidance as to
what may have caused variances.


Sales volume variance; measures the effect on profit of
selling more/less units than budgeted.

Sales price variance; measures the effect on sales
revenues of selling at a non-standard price

Materials price variance; measures the effect on
purchases expense of paying a non-standard price for
materials. Using a different quality of materials may
cause this. This may impact other variances such as the
materials usage variance.
Materials usage variance measures the effect of losses,
rejects, defects wastage etc.
SA


Labour efficiency variance; measures the productivity
of workers. This may be related to the rate variance; if
workers have been paid a higher rate than standard, they
may have become more motivated and therefore
worked more efficiently.
E

Variable overhead efficiency variance; calculated in the
same way as labour efficiency i.e. if workers have good
productivity the machinery operates for fewer hours and
incurs less variable overhead costs such as electricity.
M
PL
Discussion points

Variable overhead rate variance; measures the effect of
paying a non-standard rate per hour for variable
overheads such as electricity.

Fixed overhead expenditure variance; the pure spending
difference between budgeted and actual fixed costs. Do
not flex fixed costs; they should not change with the
level of activity

Fixed overhead volume variance; only exists if using
absorption costing as it represents under or overabsorption of fixed costs which does not occur under
marginal costing. Be careful when interpreting this
variance; it does not show a real spending difference, it
is simply a reconciling item caused by the cost
accountant’s method of charging fixed costs through the
income statement.
Labour rate variance; measures the effect on payroll
expense of paying workers a non-standard wage.
Causes may include employing a different skill of
labour than was expected when the standard was set.
1104
ADVANCED VARIANCE ANALYSIS
Actual
quantity
in standard
mix
Difference
Variance
litres/kgs
A
litres/kgs
B
litres/kgs
(B  A)
$
(B A) x Sp
___
X
___
___
X
___
___
0
___
___
$Y
___
M
PL
Where the standard cost of a product includes two or more
materials, the usage variance can be sub analysed into two
additional variances – the mix and yield variances:
Total materials
cost variance
Material 1
Material 2
Material 3
Usage variance
Price variance
Actual
quantity
used
E
Materials mix variance and yield variances
Materials yield variance
Mix
variance
Materials mix variance
Yield
variance
The simplest way to calculate this is to compare:
Actual output – expected output for actual input. Multiply the
difference by the standard cost per unit.
SA
The best approach to the mix variance is to use a tabular
approach:
1201
Yield variance
E
Example
The standard cost of a gin and tonic in a bar in London is 50
ml gin, at a price of $5 per litre, and 300 ml tonic water, at a
standard price of $1 per litre.
40 litres of mix should yield 114 gin and tonics.
40 litres did yield 100 gin and tonics
Shortage: 14 gin and tonics.
Standard cost of 1 gin and tonic: ($5 × 0.05) + ($1 × 0.3) =
$0.55.
Yield variance (adverse) = 14 × $0.55 = $7.7.
Mix variance
M
PL
During one evening, 100 gin and tonics were served. 7 litres
of gin and 33 litres of tonic were used.
Actual
Actual
quantity
quantity
actual mix standard mix
Litres
Litres
Gin
7
5.7
Tonic
33
34.3
–––
––––
40
40
–––
––––
standard
minus
actual
Litres
(1.3)
1.3
–––
0
–––
Variance
Cigarette manufacturers who blend a mix of tobacco into the
final product routinely calculate such variances. If they use
relatively more of a cheap but low quality tobacco they may
find a favourable mix variance but adverse yield variance.
Sales mix and quantity variances
(6.5)
1.3
–––
(5.2)
–––

SA
The mix variance shows that the bar staff mixed stronger gin
and tonics than the standard. Since Gin is more expensive
than tonic, this would lead to a more expensive mix than the
standard. The variance is adverse.
1202
Used to analyse the sales volume variance where the
sales budget includes a standard mix of products. This
usually occurs in situations where similar products are
sold, perhaps differentiated by brands, and each brand
has very different margins.
Total sales
variance
A
B
Quantity
variance
12
6
––
18
––
Bob sells two products, A and B. He budgets to sell 8 units of
A per day and 4 units of B per day. The standard margin
(contribution per unit) is $10 per unit for A and $5 per unit
for B. Actual sales on one particular day were 10 units of A
and 8 units of B.
SA
Similar in nature to the materials mix variance. Using a
tabular approach works best:
(2)
2
––
0
––
10
5
(20)
10
––
(10)
––
Sales quantity variance


10
8
––
18
––
M
PL
Mix
variance
Sales mix variance
Actual Actual Diff. Std. Sales
sales sales
margin mix
actual standard
variance
mix
mix
(units) (units) (units)
$
$
E
Volume variance
Price variance
Example
Product
1203
Takes the difference between actual sales (in the
standard mix) and budgeted sales. Again a tabular
approach works well:
Product
A
B
Actual
Diff. Std. Sales
sales
margin mix
standard Budgeted
variance
mix sales
(units) (units) (units)
$
$
12
6
––
18
––
8
4
––
12
––
4
2
––
6
––
10
5
40
10
––
50
––
PLANNING AND OPERATIONAL VARIANCES

Variance analysis is used to provide information about
the performance of operations, by comparing actual
performance against a standard.
When the standard itself is found to be inappropriate,
the standard should be revised before variance analysis
is performed.

Standards may be revised if:

Factors outside of the organisation mean that the
assumptions on which standards were based
become inappropriate. (For example, the
bankruptcy of a major supplier may mean
alternative suppliers had to be found.)

The original standard is found to have been
unrealistic.

This is based on the approach taken in recent exam questions
by the examiner. The examiner’s preferred approach is to
start by calculating a basic variance, for example, a material
price variance, and then to split this variance into planning
and operational.
Standards should not be revised to take into account
internal inefficiencies.
SA

Calculation of planning and operational variances
M
PL

Planning variances compare the standard cost of actual
output using the original standard with the standard cost of
output using the revised standard.
E
In practice, judgement may be required to decide if a
standard should be revised or not.
1301
2. Materials usage & labour efficiency variance
E
1. Materials price & labour rate variance
Basic Price (rate) variance
Price variance
X
X
–––
X
–––
Actual qty (hours) used
− Std. qty (hour) for actual output
M
PL
Actual qty × actual price
− Actual qty × std price
Basic usage (efficiency) variance
Difference
× std. price (rate) per unit (hour)
Basic–––
usage (efficiency) variance
Planning price
(rate) variance
X
X
–––
X
X
–––
X
–––
Operational price
(rate) variance
SA
Actual qty × std. price
X Actual qty × actual price
X
Actual qty × new std. price X Actual qty × new std. price X
–––
–––
Planning price variance
X Operational price variance X
–––
–––
Planning usage
(efficiency) variance
Std. qty (hours) for actual
−New std qty (hours)
for actual
Operational usage
(efficiency) variance
X Actual qty (hours) used
−New std. qty (hours)
X for actual
–––
Difference
X
× std. price (rate) per unit X × std. price (rate) per unit
–––
Planning usage variance
X Operational usage variance
–––
1302
X
X
–––
X
X
–––
X
–––
Planning and operational variances relating to the sales
volume variance
Remember that the sales volume variance is calculated as
follows:
Difference
× standard margin per unit
Sales volume variance
E
Revised budgeted sales*
Original budgeted sales
Units
X
X
––
X
X
––
X
––
Difference
M
PL
Actual sales
Budgeted sales
Market volume variance
Market volume variance
*Note – the revised budget quantity may have been
calculated as the actual market size × budgeted market share.
Where the sales budget is revised at the end of the year
before performing variance analysis, perhaps because the
actual market size was very different to what was anticipated
when the original budget was prepared, the sales volume
variance can be split into two parts:
Market volume variance (a planning variance)

Market share variance (an operational variance)
SA

Units
X
X
––
X
X
––
X
__
Market share variance
Actual sales
Revised budgeted sales
Difference
Market share variance
1303
Units
X
X
––
X
X
––
X
––
SA
M
PL
E
FURTHER READING
2903
E
PL
ABOUT BECKER PROFESSIONAL EDUCATION
Becker Professional Education provides a single destination
for candidates and professionals looking to advance their
careers and achieve success in:
Accounting
•
International Financial Reporting
•
Project Management
•
Continuing Professional Education
•
Healthcare
SA
M
•
For more information on how Becker Professional Education can
support you in your career, visit www.becker.com.
®
E
M
ACCA syllabus aim and main capabilities
Core topics checklist
Summary of essential facts and theory
Further reading
Relevant articles
Comprehensive analysis of past examinations
Examiners' feedback for the last exam session
Exam technique
SA
•
•
•
•
•
•
•
•
PL
Revision Essentials includes:
®
www.becker.com/ACCA | acca@becker.com
Revision Essentials are not quality assured by ACCA but their content is substantially derived from materials which have been quality assured by ACCA.

For Examinations to June 2015 Paper F5 | PERFORMANCE

Transcription

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