Management accounting provides information to managers for planning, control, and decision making purposes. The management accounting system must be tailored to the organization's structure and management style to ensure the right information is provided to the right people. Factors like information needs, sources of data, conversion methods, and costs must be considered when setting up an effective management accounting system.
This document provides an overview of management accounting and information. It defines management accounting as the provision of financial information to management for purposes such as planning, controlling activities, decision making, and disclosure. Effective management accounting involves participation in management processes like planning, budgeting, cost accounting, and financial control. The document also discusses the collection and uses of information for strategic planning, operations management, decision making, and control. It emphasizes that information must be relevant, accurately measured and communicated to users for it to be useful.
The document discusses applying the Theory of Constraints (TOC) methodology to optimize production throughput for a manufacturing organization. It provides an overview of TOC concepts like identifying the constraint, exploiting the constraint, and subordinating all other processes. It also explains the Drum-Buffer-Rope technique for protecting the constraint and maximizing its utilization. The document then presents a case study where TOC analysis identified several issues negatively impacting throughput, like batch size policies and poor material planning. Implementing TOC principles was expected to improve on-time delivery and reduce inventory levels.
Business continuity management (BCM) aims to establish a strategic and operational framework to improve organizational resilience against disruptions. Common issues include a lack of alignment between IT processes and business processes. To address this "gap", organizations should appoint an appropriate sponsor, follow best practices and standards, and regularly test plans. Effective BCM requires a holistic approach led by business needs rather than being delegated solely to IT.
This document provides an overview and table of contents for the book "The A-Z of Management Concepts and Models" by Bengt Karlöf and Fredrik Helin Lövingsson. The book is published by Thorogood Publishing and contains entries from A to Z explaining various management concepts. The preface discusses the need for clear definitions of management concepts and models to facilitate efficient communication. The table of contents lists over 50 management-related terms that will be defined and explained in the book.
The document is a dissertation outline by Ronald S. Farrell on the topic of a platform-based methodology for redesigning low volume, highly customized products. The outline includes sections on motivation, research questions and objectives, literature review, and an overview of three research areas: bottom-up product platform design, product platform portfolio optimization, and web-based implementation. It also lists future work as a section.
This document provides guidance on the practical experience requirements for entry into CIMA Membership. It outlines that candidates must have a minimum of three years' relevant work experience to apply, with at least 18 months falling into the "Core" experience category. The core area covers tasks like management accounting and decision-making. The document guides candidates on completing the four section application, which requires employment summaries, detailed experience records, and evidence of skills development. Candidates are advised to start recording their experience as soon as it begins to facilitate a smooth application process.
The document discusses fundamentals of performance evaluation of computer and telecommunication systems. It covers topics such as performance evaluation techniques, probability theory, measurement, benchmarking, queueing theory, simulation modeling, and analysis of simulation results. The intended audience are students and professionals interested in learning about performance evaluation of computer and telecommunication systems.
This document is a study manual for the Diploma in Business Management that covers topics related to human resource management (HRM). It includes 13 units that discuss concepts such as HRM and its context, ethics and corporate social responsibility in HRM, human resource planning, recruitment and selection, performance management, and health and safety. The manual provides definitions and explanations of key HRM terms and processes to help students learn about managing and developing employees in organizational contexts.
This document provides an overview of management accounting and information. It defines management accounting as the provision of financial information to management for purposes such as planning, controlling activities, decision making, and disclosure. Effective management accounting involves participation in management processes like planning, budgeting, cost accounting, and financial control. The document also discusses the collection and uses of information for strategic planning, operations management, decision making, and control. It emphasizes that information must be relevant, accurately measured and communicated to users for it to be useful.
The document discusses applying the Theory of Constraints (TOC) methodology to optimize production throughput for a manufacturing organization. It provides an overview of TOC concepts like identifying the constraint, exploiting the constraint, and subordinating all other processes. It also explains the Drum-Buffer-Rope technique for protecting the constraint and maximizing its utilization. The document then presents a case study where TOC analysis identified several issues negatively impacting throughput, like batch size policies and poor material planning. Implementing TOC principles was expected to improve on-time delivery and reduce inventory levels.
Business continuity management (BCM) aims to establish a strategic and operational framework to improve organizational resilience against disruptions. Common issues include a lack of alignment between IT processes and business processes. To address this "gap", organizations should appoint an appropriate sponsor, follow best practices and standards, and regularly test plans. Effective BCM requires a holistic approach led by business needs rather than being delegated solely to IT.
This document provides an overview and table of contents for the book "The A-Z of Management Concepts and Models" by Bengt Karlöf and Fredrik Helin Lövingsson. The book is published by Thorogood Publishing and contains entries from A to Z explaining various management concepts. The preface discusses the need for clear definitions of management concepts and models to facilitate efficient communication. The table of contents lists over 50 management-related terms that will be defined and explained in the book.
The document is a dissertation outline by Ronald S. Farrell on the topic of a platform-based methodology for redesigning low volume, highly customized products. The outline includes sections on motivation, research questions and objectives, literature review, and an overview of three research areas: bottom-up product platform design, product platform portfolio optimization, and web-based implementation. It also lists future work as a section.
This document provides guidance on the practical experience requirements for entry into CIMA Membership. It outlines that candidates must have a minimum of three years' relevant work experience to apply, with at least 18 months falling into the "Core" experience category. The core area covers tasks like management accounting and decision-making. The document guides candidates on completing the four section application, which requires employment summaries, detailed experience records, and evidence of skills development. Candidates are advised to start recording their experience as soon as it begins to facilitate a smooth application process.
The document discusses fundamentals of performance evaluation of computer and telecommunication systems. It covers topics such as performance evaluation techniques, probability theory, measurement, benchmarking, queueing theory, simulation modeling, and analysis of simulation results. The intended audience are students and professionals interested in learning about performance evaluation of computer and telecommunication systems.
This document is a study manual for the Diploma in Business Management that covers topics related to human resource management (HRM). It includes 13 units that discuss concepts such as HRM and its context, ethics and corporate social responsibility in HRM, human resource planning, recruitment and selection, performance management, and health and safety. The manual provides definitions and explanations of key HRM terms and processes to help students learn about managing and developing employees in organizational contexts.
This document is a study manual for the Diploma in Business Management that covers the topic of human resource management. It includes 13 units that discuss key aspects of HRM such as HR planning, recruitment and selection, performance management, learning and development, and health and safety. The manual provides definitions and explanations of important HRM concepts and theoretical frameworks to help readers understand both the strategic role and operational responsibilities related to managing an organization's workforce.
The document provides an overview of project management, including defining a project as a series of related jobs directed toward a major output over a significant period of time. It discusses work breakdown structures, project control charts like Gantt charts, and different ways to structure projects using pure, functional, or matrix organizational structures, each with their own advantages and disadvantages. The key aspects covered are defining the tasks, subtasks, and work packages in a hierarchy using a work breakdown structure.
1) SupplyWeaver is a supply chain consulting firm that helps clients improve performance in low-cost supply chains, with a focus on China.
2) They provide end-to-end capabilities including diagnosing client operations, assessing supply bases, improving supply chain performance, managing risks, and assisting with commercial negotiations.
3) Their low-cost supply chain performance improvement model involves analyzing opportunities, developing strategies, aligning processes between partners, managing relationships, and driving continuous improvement.
The document discusses practices for measuring and disclosing the fair value of financial instruments when markets are no longer active.
It provides guidance on applying the fair value measurement objective when markets are inactive, including using all available market information and appropriately adjusting for risk. It also discusses issues like distinguishing forced transactions from orderly ones, and using management estimates versus observable data.
The document aims to clarify practices for measuring fair values consistently with the objective of determining the price from an orderly transaction between market participants. It emphasizes using observable inputs where possible and making adjustments as needed based on available evidence.
This document provides an overview of service strategy and management. It discusses:
1. The growth of the service economy and how IT enables new types of services.
2. How organizations can exploit resources through services without owning them via technologies like cloud computing and service-oriented architectures.
3. The need for IT organizations to understand services, customers, competition and develop strategic assets to differentiate themselves and provide value.
4. How concepts from service management can be applied across various types of organizations to improve relationships with customers and business outcomes.
This document provides an overview of the sixth edition of the textbook "Cost and Management Accounting: An Introduction" by Colin Drury. The book aims to introduce students pursuing a one-year cost and management accounting course to the theory and practice of cost and management accounting. It covers topics such as cost accumulation, cost behavior, decision making, budgeting, and performance measurement. The book is intended for students in foundation/intermediate professional programs and undergraduate business programs.
JD Edwards & Peoplesoft 2 _ Scott Ash _ Fullfillment and apparel management m...InSync2011
The document outlines JD Edwards EnterpriseOne solutions for apparel management and fulfillment management. It discusses the business challenges in apparel and fulfillment industries and how the JD Edwards solutions address them. Key capabilities covered include inventory fulfillment, apparel-specific features like matrix management, collection management, and product data management with bill of materials and routing inheritance. Customer testimonials provide examples of how the solutions have helped companies improve flexibility, allocations, and integrated apparel management.
This chapter introduces the book and discusses the importance of managing operational risk in today's financial markets. It notes that globalization, technology advances, and industry consolidation have accelerated changes and increased competitive pressures. Effective risk management, including managing operational risk, is critical for financial institutions to deal with this challenging environment. The chapter traces the development of derivatives markets and risk management practices. It argues that as financial institutions become more integrated, decentralized, and technology-driven, managing operational and other non-market risks on an enterprise-wide basis is fundamental to their successful operations. Recent high-profile losses have highlighted the need to broaden risk management beyond just market and credit risks.
4C Associates has the insight, technology and experience to drive rapid profit improvement.
We offer specialist consulting, technology and managed services to transform your costs. We apply industry and functional expertise to deliver exceptional benefits.
Minacs Spend Smart is an innovative spend management methodology that combines procurement fundamentals with modern techniques to strategically move legacy in-house buying activities to leveraging external capabilities. It provides a seamless set of outsourced procurement services including sourcing and category management, sourcing support, and purchasing operations. Minacs claims it can achieve significant negotiated savings and benefits for clients through its global skills, comprehensive solutions, and focus on capturing sustained value.
Excel models for business and operations management john f. barlowmaktro_20
This chapter provides an overview of a systems view of business operations and introduces a manufacturing business model. It discusses the key functions of finance and cost accounting, marketing, and production. It also covers management decision-making and enterprise resource planning (ERP). The chapter establishes the interrelationships between the main activities and departments within a typical manufacturing organization.
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This document presents a roadmap for implementing a Balanced Scorecard (BSC) approach within a CMMI implementation. It begins with an introduction and overview of CMMI levels and process areas. It then discusses the BSC concept, how it can benefit a CMMI implementation by measuring intangible assets beyond financials. The document outlines barriers to BSC implementation and proposes a services-oriented strategy with missions, visions, and strategies defined at all levels.
This document discusses various process improvement frameworks including CMMI, Six Sigma, DFSS, and their relationships. It provides details on:
1) The stages and goals of Six Sigma (DMAIC), DFSS (DMADV), and other process improvement methods.
2) The maturity levels and process areas addressed by CMMI for improving project management, engineering, and process management.
3) The tools commonly used with each framework, with DFSS placing additional emphasis on customer needs analysis and designing reliability into new products and services from the start.
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1) CEVA has a balanced global portfolio across regions and sectors to drive value through innovation.
2) True innovation comes from small differences, like the 3% of DNA that separates humans from dinosaurs.
3) The logistics industry needs innovation to breakthrough fragmentation and inconsistency, as other industries like automotive and retail did through companies like Toyota and Walmart.
4) CEVA fosters innovation through operational excellence pillars like lean solutions, zero defect startups, and strategic partnerships that transfer best practices across sectors.
This is a partial preview of the document found here:
https://flevy.com/browse/business-document/Cost-Drivers-Analysis-76
Description:
Competitive Cost Analysis is a valuable strategic business framework, as it helps identify potential areas of competitive advantage. Competitive Cost Analysis requires the analysis of relative cost structures of competitors (or potential competitors) within our industry. The relevant unit of analysis should be as focused and specific as possible—for instance, at the business unit or the product level.
There are three techniques primarily used when conducting Competitive Cost Analysis: Financial Ratios Analysis, Value Chain Analysis, and Cost Drivers Analysis. This document will focus on Cost Drivers Analysis.
The document discusses different approaches to outsourcing deals, including traditional outsourcing contracts and joint ventures. It provides an example of a joint venture sourcing structure where responsibilities and contributions are shared 50/50 between the client and vendor. The client typically provides people, assets, commitment as a customer, capital and subject matter experts. The vendor typically provides capital to fund start-up, tools and methods to manage change, experience leading change, transferring resources to the joint venture, and commitment to success.
This document outlines a process for documenting business processes and controls. It discusses why documentation is important, what will be documented, and how the documentation process will occur. Key points include identifying current processes and controls, opportunities for improvement, developing new process maps and documentation, and defining a new business model. The overall goal is to guide the organization in clearly defining and documenting methods and procedures.
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QAI.
presented at 1st International Collquium on CMMI High Maturity Best Practices 2010 held on May 21,2010 organized by QAI
CMMI High Maturity Best Practices HMBP 2010: CMMI® FOR SERVICES: INSIGHTS AND...QAI
CMMI® FOR SERVICES: INSIGHTS AND BEYOND
-Rajesh Naik
QAI.
presented at 1st International Collquium on CMMI High Maturity Best Practices 2010 held on May 21,2010 organized by QAI
Competency Based Hr Systems Developed By Chandramowly For An It Companygueste6e6f5f
M R Chandramowly joined Quasar Innovations in February 2005 to help build and manage HR systems. He facilitated workshops to develop Quasar's mission, vision, values, competencies, and HR processes like performance appraisal and employee manuals. He focused on serving the organization by assisting to achieve strategic goals through developing world-class HR processes like competency modeling and assessment.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
This document is a study manual for the Diploma in Business Management that covers the topic of human resource management. It includes 13 units that discuss key aspects of HRM such as HR planning, recruitment and selection, performance management, learning and development, and health and safety. The manual provides definitions and explanations of important HRM concepts and theoretical frameworks to help readers understand both the strategic role and operational responsibilities related to managing an organization's workforce.
The document provides an overview of project management, including defining a project as a series of related jobs directed toward a major output over a significant period of time. It discusses work breakdown structures, project control charts like Gantt charts, and different ways to structure projects using pure, functional, or matrix organizational structures, each with their own advantages and disadvantages. The key aspects covered are defining the tasks, subtasks, and work packages in a hierarchy using a work breakdown structure.
1) SupplyWeaver is a supply chain consulting firm that helps clients improve performance in low-cost supply chains, with a focus on China.
2) They provide end-to-end capabilities including diagnosing client operations, assessing supply bases, improving supply chain performance, managing risks, and assisting with commercial negotiations.
3) Their low-cost supply chain performance improvement model involves analyzing opportunities, developing strategies, aligning processes between partners, managing relationships, and driving continuous improvement.
The document discusses practices for measuring and disclosing the fair value of financial instruments when markets are no longer active.
It provides guidance on applying the fair value measurement objective when markets are inactive, including using all available market information and appropriately adjusting for risk. It also discusses issues like distinguishing forced transactions from orderly ones, and using management estimates versus observable data.
The document aims to clarify practices for measuring fair values consistently with the objective of determining the price from an orderly transaction between market participants. It emphasizes using observable inputs where possible and making adjustments as needed based on available evidence.
This document provides an overview of service strategy and management. It discusses:
1. The growth of the service economy and how IT enables new types of services.
2. How organizations can exploit resources through services without owning them via technologies like cloud computing and service-oriented architectures.
3. The need for IT organizations to understand services, customers, competition and develop strategic assets to differentiate themselves and provide value.
4. How concepts from service management can be applied across various types of organizations to improve relationships with customers and business outcomes.
This document provides an overview of the sixth edition of the textbook "Cost and Management Accounting: An Introduction" by Colin Drury. The book aims to introduce students pursuing a one-year cost and management accounting course to the theory and practice of cost and management accounting. It covers topics such as cost accumulation, cost behavior, decision making, budgeting, and performance measurement. The book is intended for students in foundation/intermediate professional programs and undergraduate business programs.
JD Edwards & Peoplesoft 2 _ Scott Ash _ Fullfillment and apparel management m...InSync2011
The document outlines JD Edwards EnterpriseOne solutions for apparel management and fulfillment management. It discusses the business challenges in apparel and fulfillment industries and how the JD Edwards solutions address them. Key capabilities covered include inventory fulfillment, apparel-specific features like matrix management, collection management, and product data management with bill of materials and routing inheritance. Customer testimonials provide examples of how the solutions have helped companies improve flexibility, allocations, and integrated apparel management.
This chapter introduces the book and discusses the importance of managing operational risk in today's financial markets. It notes that globalization, technology advances, and industry consolidation have accelerated changes and increased competitive pressures. Effective risk management, including managing operational risk, is critical for financial institutions to deal with this challenging environment. The chapter traces the development of derivatives markets and risk management practices. It argues that as financial institutions become more integrated, decentralized, and technology-driven, managing operational and other non-market risks on an enterprise-wide basis is fundamental to their successful operations. Recent high-profile losses have highlighted the need to broaden risk management beyond just market and credit risks.
4C Associates has the insight, technology and experience to drive rapid profit improvement.
We offer specialist consulting, technology and managed services to transform your costs. We apply industry and functional expertise to deliver exceptional benefits.
Minacs Spend Smart is an innovative spend management methodology that combines procurement fundamentals with modern techniques to strategically move legacy in-house buying activities to leveraging external capabilities. It provides a seamless set of outsourced procurement services including sourcing and category management, sourcing support, and purchasing operations. Minacs claims it can achieve significant negotiated savings and benefits for clients through its global skills, comprehensive solutions, and focus on capturing sustained value.
Excel models for business and operations management john f. barlowmaktro_20
This chapter provides an overview of a systems view of business operations and introduces a manufacturing business model. It discusses the key functions of finance and cost accounting, marketing, and production. It also covers management decision-making and enterprise resource planning (ERP). The chapter establishes the interrelationships between the main activities and departments within a typical manufacturing organization.
Balanced Scorecard for CMMI Implementations - Eduardo Espinheira e Paula GomesPaula Gomes
This document presents a roadmap for implementing a Balanced Scorecard (BSC) approach within a CMMI implementation. It begins with an introduction and overview of CMMI levels and process areas. It then discusses the BSC concept, how it can benefit a CMMI implementation by measuring intangible assets beyond financials. The document outlines barriers to BSC implementation and proposes a services-oriented strategy with missions, visions, and strategies defined at all levels.
This document discusses various process improvement frameworks including CMMI, Six Sigma, DFSS, and their relationships. It provides details on:
1) The stages and goals of Six Sigma (DMAIC), DFSS (DMADV), and other process improvement methods.
2) The maturity levels and process areas addressed by CMMI for improving project management, engineering, and process management.
3) The tools commonly used with each framework, with DFSS placing additional emphasis on customer needs analysis and designing reliability into new products and services from the start.
Jerry Riordan from CEVA Americas; ‘Develop a Culture of Innovation: Dissemina...eyefortransport
Jerry Riordan discusses developing a culture of innovation at CEVA Logistics. Some key points:
1) CEVA has a balanced global portfolio across regions and sectors to drive value through innovation.
2) True innovation comes from small differences, like the 3% of DNA that separates humans from dinosaurs.
3) The logistics industry needs innovation to breakthrough fragmentation and inconsistency, as other industries like automotive and retail did through companies like Toyota and Walmart.
4) CEVA fosters innovation through operational excellence pillars like lean solutions, zero defect startups, and strategic partnerships that transfer best practices across sectors.
This is a partial preview of the document found here:
https://flevy.com/browse/business-document/Cost-Drivers-Analysis-76
Description:
Competitive Cost Analysis is a valuable strategic business framework, as it helps identify potential areas of competitive advantage. Competitive Cost Analysis requires the analysis of relative cost structures of competitors (or potential competitors) within our industry. The relevant unit of analysis should be as focused and specific as possible—for instance, at the business unit or the product level.
There are three techniques primarily used when conducting Competitive Cost Analysis: Financial Ratios Analysis, Value Chain Analysis, and Cost Drivers Analysis. This document will focus on Cost Drivers Analysis.
The document discusses different approaches to outsourcing deals, including traditional outsourcing contracts and joint ventures. It provides an example of a joint venture sourcing structure where responsibilities and contributions are shared 50/50 between the client and vendor. The client typically provides people, assets, commitment as a customer, capital and subject matter experts. The vendor typically provides capital to fund start-up, tools and methods to manage change, experience leading change, transferring resources to the joint venture, and commitment to success.
This document outlines a process for documenting business processes and controls. It discusses why documentation is important, what will be documented, and how the documentation process will occur. Key points include identifying current processes and controls, opportunities for improvement, developing new process maps and documentation, and defining a new business model. The overall goal is to guide the organization in clearly defining and documenting methods and procedures.
CMMI High Maturity Best Practices HMBP 2010: CMMI® FOR SERVICES: INSIGHTS AND...QAI
CMMI® FOR SERVICES: INSIGHTS AND BEYOND
-Rajesh Naik
QAI.
presented at 1st International Collquium on CMMI High Maturity Best Practices 2010 held on May 21,2010 organized by QAI
CMMI High Maturity Best Practices HMBP 2010: CMMI® FOR SERVICES: INSIGHTS AND...QAI
CMMI® FOR SERVICES: INSIGHTS AND BEYOND
-Rajesh Naik
QAI.
presented at 1st International Collquium on CMMI High Maturity Best Practices 2010 held on May 21,2010 organized by QAI
Competency Based Hr Systems Developed By Chandramowly For An It Companygueste6e6f5f
M R Chandramowly joined Quasar Innovations in February 2005 to help build and manage HR systems. He facilitated workshops to develop Quasar's mission, vision, values, competencies, and HR processes like performance appraisal and employee manuals. He focused on serving the organization by assisting to achieve strategic goals through developing world-class HR processes like competency modeling and assessment.
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Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
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Managerial Accouning
1. Diploma
in
Business Administration
Study Manual
Managerial Accounting
The Association of Business Executives
William House • 14 Worple Road • Wimbledon • London • SW19 4DD • United Kingdom
Tel: + 44(0)20 8879 1973 • Fax: + 44(0)20 8946 7153
E-mail: info@abeuk.com • www.abeuk.com
3. ABE Diploma in Business Administration
Study Manual
Managerial Accounting
Contents
Study Title Page
Unit
Syllabus i
1 Management Accounting and Information 1
Management Accounting 2
Information 4
Collection and Measurement of Information 6
Information for Strategic, Operational and Management Control 11
Information for Decision Making 14
2 Cost Categorisation and Classification 17
Accounting Concepts and Classifications 19
Categorising Cost to Aid Decision Making and Control 21
Management Responsibility Levels 29
Cost Units 30
Cost Codes 31
Patterns of Cost Behaviour 32
Influences on Activity Levels 36
Numerical Example of Cost Behaviour 36
3 Direct and Indirect Costs 39
Material Costs 40
Labour Costs 43
Decision Making and Direct Costs 48
Overhead and Overhead Cost 49
4 Absorption Costing 51
Definition and Mechanics of Absorption Costing 52
Cost Allocation 53
Cost Apportionment 54
Overhead Absorption 59
Treatment of Administration and Selling and Distribution Overhead 64
Uses of Absorption Costing 65
4. 5 Marginal Costing 69
Definitions of Marginal Costing and Contribution 70
Marginal Versus Absorption Costing 72
Limitation of Absorption Costing 76
Application of Marginal and Absorption Costing 79
6 Activity-Based and Other Modern Costing Methods 91
Activity-Based Costing (ABC) 92
Throughput Accounting 106
Backflush Accounting 107
Just-in-Time (JIT) Manufacturing 108
7 Product Costing 113
Costing Techniques and Costing Methods 115
Job Costing 116
Batch Costing 121
Contract Costing 122
Process Costing 124
Treatment of Process Losses 127
Work-In-Progress Valuation 131
Joint Products and By-Products 134
Other Process Costing Considerations 139
8 Cost-Volume-Profit Analysis 141
The Concept of Break-Even Analysis 142
Break-Even Charts (Cost-Volume-Profit Charts) 146
The Profit/Volume Graph (or Profit Graph) 154
Sensitivity Analysis 158
9 Planning and Decision Making 161
The Principles of Decision Making 162
Decision-Making Criteria 167
Costing and Decision Making 169
10 Pricing Policies 177
Fixing the Price 178
Pricing Decisions 178
Practical Pricing Strategies 182
Further Aspects of Pricing Policy 188
11 Budgetary Control 191
Definitions and Principles 192
The Budgetary Process 196
Budgetary Procedure 201
Changes to the Budget 213
5. 12 Further Budgetary Control Techniques 215
Flexible Budgets 216
Budgeting With Uncertainty 221
Budget Problems and Methods to Overcome Them 224
Alternative Budgetary Approaches 227
Behavioural Aspects of Budgeting 230
13 Standard Costing 137
Principles of Standard Costing 238
Setting Standards 241
Setting Standards – The Learning Curve 247
The Standard Hour 253
Measures of Capacity 254
14 Standard Costing Basic Variance Analysis 259
Purpose of Variance Analysis 260
Types of Variance 264
Marginal versus Absorption Costing 269
Mix and Yield Variances 271
15 Advanced Variance Analysis and Investigation 277
Planning and Operational Variances 278
Investigation of Variances 287
Variance Interpretation 297
Interdependence between Variances 298
16 Management of Working Capital 301
Principles of Working Capital 302
Management of Working Capital Components 303
Dangers of Overtrading 306
Preparation of Cash Budgets 306
Cash Operating Cycle 308
17 Financial Mathematics I: Interest and Present Value 311
Simple Interest 312
Compound Interest 314
Present Value 318
To Find the Rate or the Number of Years 322
Depreciation 323
18 Financial Mathematics II: Capital Investment Appraisal 333
Payback Method 335
Return on Investment Method 336
Introduction to Discounted Cash Flow Methods 337
The Two Basic DCF Methods 341
19 Presentation of Management Information 353
General Principles of Presentation 354
Management Information 354