ACCA F2 notes J15 PDF
| Title | ACCA F2 notes J15 |
|---|---|
| Author | Mkhululi Lunga |
| Course | Financial reporting |
| Institution | Lupane State University |
| Pages | 188 |
| File Size | 7.9 MB |
| File Type | |
| Total Downloads | 8 |
| Total Views | 175 |
Summary
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OpenTuiti
ACCA
F2
FIA
Free resources for accou
FMA
J u Le c ne tu 20 re 15 N o ex tes am s
gement unting
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June 2015 Examinations
Paper F2
ACCA F2 / FIA FMAa
Free lectures are available on opentuition.com
CONTENTS 1
Accounting for Management
1
2
Sources of Data
5
3
Presenting Information
9
4
Cost Classification
13
5
Inventory Control
23
6
Accounting for labour
33
7
Accounting for Overheads
37
8
The Management Accountant’s Profit Statement – Absorption Costing
45
9
The Management Accountant’s Profit Statement – Marginal Costing
49
10
Process Costing – Introduction
57
11
Process Costing – Losses
61
12
Process Costing – Work-in-Progress
65
13
Process Costing – Joint Products
73
14
Alternative cost accounting
79
15
Budgeting
81
16
Behavioural aspects of budgeting
89
17
Semi-Variable Costs
91
18
Time Series Analysis
99
19
Index Numbers
103
20
Interest
109
21
Investment Appraisal
115
22
Variance Analysis
121
23
Performance Measurement Overview
131
24
Financial Performance Measurement
133
25
Non-financial performance measurement
139
26
Divisional Performance Measurement
143
Answers To Examples
147
Answers To Multiple Choice Tests
171
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June 2015 Examinations
ACCA F2 / FIA FMAi
Free lectures are available on opentuition.com
Paper F2
FORMULAE Regression analysis
a=
b=
r=
∑y b∑x n
-
n
n∑xy-∑x∑y n∑x -(∑x) 2
2
n∑xy-∑x∑y 2
(n∑x
2
-(∑x)
2
)(n∑y
2
-(∑y)
)
Economic order quantity
=
2C D 0
Ch
Economic batch quantity
=
2C0D D ) C h(1R
ii
June 2015 2011 Examinations December Examinations
ACCA F2 /Paper FIA FMA F2
FormulaE
Chapter 2
June 2015 Examinations December 2011 Examinations
ACCA F2 /Paper FIA FMA F2iii
FormulaE
Chapter 2
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June 2015 Examinations
Chapter 1
ACCA F2 / FIA FMA1
Free lectures are available on opentuition.com
ACCOUNTING FOR MANAGEMENT
1
Introduction The purpose of management accounting is to assist management in running the business in ways that will improve the performance of the business.
2
Data and information One way of assisting management is to provide them with good information to help them with their decisions. The information can be provided to them in different ways, but is usually in the form of reports. For example, a report analysing costs of producing each of several products may assist management in deciding which products to produce. It is the management accountant who will be expected to provide the information, and in order to do so he/she needs to collect data. Data consists of the facts that are gathered and stored. Data has no clear meaning until it is processed – analysed and sorted – into information.
3
What makes good information? Good quality information should:
2
June 2015 Examinations
aCCounting For managEmEnt
4
ACCA F2 / FIA FMA
Chapter 1
The main managerial processes The main areas of management accounting are: Cost accounting is identifying the cost of producing an item (or providing a service) in order to, for example, assist in deciding on a selling price.
e.g. plan how many staff will be required in the factory next year
e.g. decide on what selling price to charge for a new product
e.g. check month-by-month whether the company is over or under spending on wages
5
The different levels of planning long-term plans (e.g. 5 to 10 years) for the business e.g. what new offices to open? / what new products to launch? medium-term, more detailed, plans – usually involving producing budgets for the next year e.g. how many staff to employ next year? short-term planning and decisions e.g. which supplier to choose for a purchase next week
June 2015 Examinations
ACCA F2 / FIA FMA3
aCCounting For managEmEnt
6
Chapter 1
Comparison of management accounting with financial accounting
E XA MP L E 1
Financial Accounting
Management Accounting
4
June 2015 Examinations
ACCA F2 / FIA FMA
aCCounting For managEmEnt
Chapter 1
TEST Q UE ST ION 1 The following statements relate to financial accounting and to cost accounting: (i) The main users of financial accounting information are external to an organisation. (ii) Cost accounting is that part of financial accounting which records the cash received and payments made by an organisation. Which of the following statements are true? A
Statements (i) and (ii) are both correct.
B
Only statement (i) is correct.
C
Only statement (ii) is correct.
Q UE ST ION 2 Data is information that has been processed in such a way as to be meaningful to its recipients. Is this statement true or false? A
True
B
False
Q UE ST ION 3 The following statement refers to a quality of good information: The cost of producing information should be greater than the value of the benefits of that information to management. Is this statement true or false? A
True
B
False
June 2015 Examinations
Chapter 2
ACCA F2 / FIA FMA5
Free lectures are available on opentuition.com
SOURCES OF DATA
1
Introduction The management accountant needs data in order to be able to process it into information. This chapter lists various sources of data and also various sampling techniques.
2
Primary and secondary sources of data Primary data are data that have been collected for the specific purpose. Secondary data are data that have been collected for some other purpose but which we then use for our purposes.
3
Internal and external sources data Internal data are data collected from our own records. These are the main source of primary data. External data are data collected from elsewhere – e.g. the internet, government statistics, financial newspapers. These will be secondary data.
4
Sampling It is common to collect data from a sample rather than from the whole population. Data from the sample are used as representative of the whole population.
5
Sampling methods You should be aware of the following methods of sampling: Every item in the population has an equal chance of being selected
Select (for example) every 10th item in the population
6
June 2015 Examinations
SourCES oF Data
ACCA F2 / FIA FMA
Chapter 2
Split the population into groups, and then select at random. For example, if 60% of the population are women and 40% are men, then 60% of the sample should be women and 40% men.
For example, suppose a company has several thousand purchase invoices filed, filling 20 files. Take a random sample of (say) 5 files, and then a random sample of (say) 20 invoices from each of these files.
For example, suppose a company has 100 offices through the country, each issuing sales invoices. Take a random sample of (say) 5 offices and check every invoice at each of these offices.
Suppose the population is 60% women and 40% men, and that we want to question a sample of 200 total. Decide on a quota of 120 women (60%) and 80 men (40%) and then stop people as they appear until we have the required number of each.
June 2015 Examinations
SourCES oF Data
ACCA F2 / FIA FMA7
Chapter 2
TEST Q UE ST ION 1 A sample of people is taken with the same proportion of individuals in separate age bands as in the population as a whole. This is an example of which type of sampling? A
Random sampling
B
Systematic sampling
C
Stratified sampling
D
Cluster sampling
Q UE ST ION 2 It was decided to take a sample by selecting the 12th item and thereafter every 20th item. This is an example of which type of sampling? A
Random sampling
B
Systematic sampling
C
Stratified sampling
D
Cluster sampling
Q UE ST ION 3 Which of the following statements about stratified sampling is true? A
The sample will not be representative
B
The structure of the sample will not reflect that of the population
C
Knowledge is needed of each item in the population
D
The sample is chosen entirely at random
8
June 2015 Examinations
SourCES oF Data
ACCA F2 / FIA FMA
Chapter 2
June 2015 Examinations
ACCA F2 / FIA FMA9
Free lectures are available on opentuition.com
Chapter 3
PRESENTING INFORMATION
1
Introduction The management accountant has to provide information to management to help them make decisions, and it is important that the information is presented to them in a form that is easy for them to use. This may be in the form of a report, or a table of figures, or as a chart or graph. Although you will not be required to produce any of these, it is important that you are aware of the various formats available.
2
Tables These are a way of presenting actual numbers in a format that is easy to understand. e.g. Year
Sales $’000’s
2006 2007 2008 2009 2010
2.7 3.2 4.8 5.1 5.2
10
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