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Flexing the budget means adjusting the budget to take into account the actual prices incurred Lernen beginnen
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In batch costing, 100 units at 50% complete = 50 equivalent units Lernen beginnen
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Non-financial items are not important in decision-making Lernen beginnen
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We identify activity cost drivers in activity-based costing Lernen beginnen
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The commonest limiting factor for the budgeting process is production Lernen beginnen
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Discount rate for discounting cash flows = company’s weighted average cost of capital Lernen beginnen
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Differences in accounting in different countries may be due to history or technology Lernen beginnen
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The discount rate to discount cash flows is the interest charged by the Central Bank Lernen beginnen
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Payback period generally does not use discounted cash flows it is however possible to incorporate them into payback models Lernen beginnen
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Balances scorecard uses both financial and non-financial indicators Lernen beginnen
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In absorption costing, it's important to identify activity cost drivers Lernen beginnen
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The strategic choice may involve exploiting inherent strengths such as the business's products or customer base and/or external diversification through acquisition, merger or collaboration. Lernen beginnen
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When recovering costs for pricing we use total absorption costing. However, for stock validation, we use absorption costing or marginal costing. Lernen beginnen
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The break-even point is variable costs divided by contribution per unit. Lernen beginnen
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Strategic management accounting is concerned principally with short-term operational decisions Lernen beginnen
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The two main branches of cost accounting are costing and planning, control and performance Lernen beginnen
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A cost is an actual past expenditure Lernen beginnen
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The accounting rate of return is the only investment appraisal technique that focuses on products not cash flows Lernen beginnen
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The balanced scorecard uses only financial information. Lernen beginnen
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A master budget is formed by feeding in the results from all the other budgets. Lernen beginnen
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Contribution is sales less variable costs. Lernen beginnen
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Fixed costs are those that do not vary long-term changes in the level of sales or production. Lernen beginnen
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Total absorption costing is where all the overheads incurred by a company are recovered in the valuation of stock. Lernen beginnen
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The two main branches of management accounting are cost accounting and decision-making. Lernen beginnen
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The four main capital investment appraisal techniques are payback period, accounting rate of return, net present value and internal rate of return. Lernen beginnen
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The cost of activities in value chain analysis is determined by key cost drivers. Lernen beginnen
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SWOT analysis stands for strengths, weaknesses, opportunities and threats. Lernen beginnen
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Discounted cash flow discounts the future expected cash flows of a project back to their present-day monetary values. Lernen beginnen
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Shareholders, analyst advisers and Customers are examples of internal and external users of accountant. Lernen beginnen
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The four main aspects of budget and planning, coordinating, control and motivation. Lernen beginnen
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The direct materials price variance is: (the standard price per unit of material minus the actual price per unit of material) multiplied by the actual quantity of materials used. Lernen beginnen
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In stock valuation, marginal costing is normally used in valuing stock in financial reporting. Lernen beginnen
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Net present value and the internal rate of return use discounted cash flows. Lernen beginnen
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The product portfolio matrix consists of dogs, question mark, stars and cash balls. Lernen beginnen
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Spending to budget, padding the budget and creative budgeting are all common behavioral responses to budgeting. Lernen beginnen
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The contribution/sales ratio is profit divided by sales. Lernen beginnen
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Benchmarking measures a business against its competitors. Lernen beginnen
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Accountants perform other roles such as e.g. auditing, accounting, and management accounting. Lernen beginnen
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Flexing the budget means adjusting the budget to take into account the actual quantity produced. Lernen beginnen
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Strategic management accounting looks at both the internal and external environments of a business. Lernen beginnen
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The EVA measure informs whether a company creates value for shareholders Lernen beginnen
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The balanced scorecard uses a mixture of non-financial performance indicators Lernen beginnen
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The balanced scorecard uses a mixture of non-financial performance indicators Lernen beginnen
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A manufacturing business may prepare a raw materials, a production cost and a finished goods budget. Lernen beginnen
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Payback period generally does not use discounted cash flows, it is however possible to incorporate them into payback models Lernen beginnen
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The accounting rate of return is the only investment appraisal technique that focuses on profits not cash flows Lernen beginnen
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The break-even analysis shows a point at which a product makes a profit Lernen beginnen
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Contribution and contribution per unit are useful when making short-term business decisions Lernen beginnen
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Fixed costs are those that do not vary with long-term changes in the level of sales or production Lernen beginnen
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Flexing the budget means adjusting the budget to take into account actual quantity produced. Lernen beginnen
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Spending to budget, padding the budget and creative budgeting are all common behavioral responses to budgeting. Lernen beginnen
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