Accounting for the non accountant - unit 5
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Management accounting collects data to aid in planning, control, and decision making. It has six main functions: planning, control, cost accounting, decision making, financial management, and auditing. A negative approach can result in poor information and wrong decisions, so management accountants should be cooperative, non-autocratic, and informative.
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Management accounting
This ppt covers the following points :-
1. introduction of management accounting
2. Definition of management accounting
3. Nature, objective, tools and techniques, significance and limitations of management accounting
4. difference between financial and management accounting and also includes difference between cost and management accounting
5. management accountant and its roles
6. Management accounting organisation
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Nature of Management Accounting
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2. Management accounting aims to provide quantitative information to internal management for planning, controlling and decision making, while financial accounting reports to external stakeholders on the overall financial performance and position of a business.
3. Key differences include management accounting having a broader scope beyond monetary transactions, focusing on performance analysis, non-financial factors, and future projections to support internal management needs.
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Accounting for the non accountant - unit 9
This document discusses performance measurement and management in organizations. It covers:
1. Performance measurement involves identifying key areas to focus on and how to measure performance in those areas, which varies by sector and business.
2. Financial performance measures include gross profit margin, operating margin, net profit margin, and return on capital employed.
3. Non-financial measures also provide useful business performance insights.
4. Employee performance can be measured both qualitatively through meetings and appraisals, and quantitatively by expressing performance in financial metrics like sales or profit per employee.
Accounting for the non accountant - unit 8
Pricing is an important factor in a product's success and a company's survival. While price was traditionally seen as the most important factor, new startups need to consider that customers may not pay high prices for unknown brands. There are various pricing strategies companies can use, such as penetrating the market with low prices before raising them, skimming by starting high and lowering over time, or matching competitors' prices. Internal transfer pricing between company divisions also impacts costs and profits.
Accounting for the non accountant - unit 7
This document discusses different methods for calculating the cost of goods issued to production from inventory, including FIFO and average costing. It focuses on explaining the continuous weighted average (CWA) method. CWA calculates the cost of goods issued based on the weighted average cost of all inventory at the time of issue. The document provides an example of the calculations for a company that received and issued inventory during January 2015 and ensures the issue prices were calculated correctly using CWA.
Accounting for the non accountant - unit 6
CVP analysis serves several purposes:
1) To provide management information about cost behavior for routine planning and one-off decision making, such as determining the volume required at a given sales price to break even.
2) To identify potential risks in the budget by measuring the margin of safety and calculating the effect of changes in variable costs, prices, and fixed costs on profit.
3) Marginal cost is the change in total cost from producing one additional unit of a good or service. It includes any additional costs required to produce the next unit.
Accounting for the non accountant - unit 6
CVP (Cost Volume Profit) analysis serves several purposes for management: to provide information for routine planning and one-off decision making, such as determining the volume needed to break even at a given sales price. CVP also identifies potential risks in the budget by measuring the margin of safety and calculating the effect of changes in variable costs, prices, and fixed costs on profit. Marginal cost is the cost of producing one additional unit and is included in total cost at each production level. For example, if a car has a marginal cost of £1000 and sells for £8000, the contribution per unit is £7000. Break-even point is calculated as total fixed costs divided by the contribution per unit and indicates the volume needed
Accounting for the non accountant - unit 4
Operations management involves managing the key functions needed to produce and deliver a company's products and services. These functions include procurement, production, logistics, and quality management. The goal is to achieve high performance standards that allow the company to succeed in competitive global markets. Some common operational structures used in manufacturing include jobbing processes for low-volume custom work, batch processes for producing multiple items at once, project processes for construction work, mass processes for large quantities, and continuous processes for extreme volumes.
Accounting for the non accountant - unit 3
This document discusses different costing methods that can help management make better decisions. It explains that a costing system establishes the costs of activities and products based on past and estimated future costs. This allows a firm to understand profitability, compare actual vs estimated costs, and set appropriate prices. The document outlines different types of costs like direct, indirect, fixed and variable costs. It also explains methods for allocating indirect costs through apportionment and absorption costing using predetermined overhead rates. Marginal costing is also discussed as providing better information for planning by treating fixed costs as period costs.
Accounting for the non accountant - unit 2
A mission statement declares an organization's core purpose and focus, which generally remains constant over time. It states the sole reason the entity exists. Mission statements can play an important role in planning by outlining how the organization will fulfill its mission and act as a yardstick to evaluate plans. However, there are also limitations to mission statements, as they are sometimes ignored in practice, used merely for public relations, or contain vague generalizations instead of clear objectives.
Accounting for the non accountant - unit 1
This document defines key terms in accounting:
- Management accounting applies accounting principles to create value for stakeholders.
- Bookkeeping involves recording monetary transactions in accounts and extracting a trial balance.
- An audit is a systematic examination of an entity's activities, systems, and records to determine if accounts are credible. There are external auditors appointed by owners and internal auditors appointed by managers.
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Accounting for the non accountant - unit 5
- 1. • Management accounting is one of the six main branches of accounting • The main purpose is to collect data and provide information for use in planning and control, and for decision making • In recent years, management accounting techniques have become incorporated into managerial decision making • Six main functions of modern management accounting can now be recognised: Planning, control, cost accounting, decision making, financial management and auditing • A negative approach to management accounting requirements may result in poor-quality information and erroneous decision making. 5. Foundations
- 2. Foundations – Behavioural Traits A Management accountant should posses the following behavioural traits: • Cooperative. Management accountants should treat you as an equal and make it evident that your contribution is just as important as theirs • Non-autocratic. Management accountants should not adopt an autocratic, condescending manner when interacting with other employees. • Informative. They should provide detailed explanations of why, what and when some information is required and in what form it should be presented. 5.1 Behavioural Traits
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