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How to Use the Materials These Kaplan Publishing learning materials have been carefully designed to make your learning experience as easy as possible and to give you the best chances of success in your examinations. The product range contains a number of features to help you in the study process. They include: (1) Detailed study guide and syllabus objectives (2) Description of the examination (3) Study skills and revision guidance (4) Complete text or essential text (5) Question practice The sections on the study guide, the syllabus objectives, the examination and study skills should all be read before you commence your studies. They are designed to familiarise you with the nature and content of the examination and give you tips on how to best to approach your learning. The complete text or essential text comprises the main learning materials and gives guidance as to the importance of topics and where other related resources can be found. Each chapter includes:
fre ea cc as tud ym ate ria l.b log sp ot co m freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m freeaccastudymaterial.blogspot.com co ACCA ot and ria FIA l.b log Paper F2 sp ate Diploma in Accounting and ym Business as tud Management Accounting (MA/FMA) ea cc Study Notes *SNF2J15* fre SNF2J15 ACCA Study Notes F2 MA June 15 freeaccastudymaterial.blogspot.com sp ot co m freeaccastudymaterial.blogspot.com l.b log British library cataloguinginpublication data A catalogue record for this book is available from the British Library. © Kaplan Financial Limited, 2013 ate ria Published by: Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ as tud ym The text in this material and others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan Group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials. Printed and bound in Great Britain. Acknowledgements cc We are grateful to the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants for permission to reproduce past examination questions. The answers have been prepared by Kaplan Publishing. fre ea All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Kaplan Publishing. ii KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com Contents Page The nature and purpose of management accounting Chapter Sources of data Chapter Presenting information Chapter Types of cost and cost behaviour Chapter Accounting for inventory Chapter Accounting for labour Chapter Accounting for overheads Chapter Marginal and absorption costing 163 Chapter Job, batch and process costing 179 Chapter 10 Service and operation costing 213 Chapter 11 Alternative costing principles 225 Chapter 12 Forecasting techniques 241 Chapter 13 Budgeting 281 Chapter 14 Capital budgeting 323 Chapter 15 Standard costing 357 Chapter 16 Performance measurement techniques 399 Chapter 17 Performance measurement in specific situations 429 Chapter 18 Spreadsheets 455 Chapter 19 Questions 465 Chapter 20 Answers 505 sp 21 l.b log 35 53 81 as tud ym ate ria 117 137 fre ea cc ot Chapter co m freeaccastudymaterial.blogspot.com iii KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com fre ea cc as tud ym ate ria l.b log sp ot co m freeaccastudymaterial.blogspot.com iv KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com chapter m Intro fre ea cc as tud ym ate ria l.b log sp Paper Introduction ot co v freeaccastudymaterial.blogspot.com How to Use the Materials ot co m freeaccastudymaterial.blogspot.com sp These Kaplan Publishing learning materials have been carefully designed to make your learning experience as easy as possible and to give you the best chances of success in your examinations. l.b log The product range contains a number of features to help you in the study process. They include: (1) Detailed study guide and syllabus objectives (2) Description of the examination (3) Study skills and revision guidance (5) Question practice ria (4) Complete text or essential text ate The sections on the study guide, the syllabus objectives, the examination and study skills should all be read before you commence your studies. They are designed to familiarise you with the nature and content of the examination and give you tips on how to best to approach your learning. fre ea cc as tud ym The complete text or essential text comprises the main learning materials and gives guidance as to the importance of topics and where other related resources can be found. Each chapter includes: • The learning objectives contained in each chapter, which have been carefully mapped to the examining body's own syllabus learning objectives or outcomes. You should use these to check you have a clear understanding of all the topics on which you might be assessed in the examination • The chapter diagram provides a visual reference for the content in the chapter, giving an overview of the topics and how they link together • The content for each topic area commences with a brief explanation or definition to put the topic into context before covering the topic in detail. You should follow your studying of the content with a review of the illustration/s. These are worked examples which will help you to understand better how to apply the content for the topic vi KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com m freeaccastudymaterial.blogspot.com Test your understanding sections provide an opportunity to assess your understanding of the key topics by applying what you have learned to short questions. Answers can be found at the back of each chapter • Summary diagrams complete each chapter to show the important links between topics and the overall content of the paper. These diagrams should be used to check that you have covered and understood the core topics before moving on • Question practice is provided at the back of each chapter. A Question Bank is also included at the back of the book. Appropriate question practice is fundamental – to increase your chances of passing the Exam, you must make sure that you have practised these questions before entering the Exam hall l.b log sp ot co • Icon Explanations ria Definition – Key definitions that you will need to learn from the core content. ate Key Point – Identifies topics that are key to success and are often examined. ym Expandable Text – Expandable text provides you with additional information about a topic area and may help you gain a better understanding of the core content. Essential text users can access this additional content online (read it where you need further guidance or skip over when you are happy with the topic) as tud Illustration – Worked examples help you understand the core content better. Test Your Understanding – Exercises for you to complete to ensure that you have understood the topics just learned. cc Tricky topic – When reviewing these areas care should be taken and all illustrations and test your understanding exercises should be completed to ensure that the topic is understood. fre ea Online subscribers vii KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com m freeaccastudymaterial.blogspot.com Online subscribers co Paper introduction Paper background ot Syllabus objectives The examination Paperbased examination tips Computerbased examination (CBE) tips Preparing to study Effective studying Three ways of taking notes Further reading ria Revison l.b log Study skills and revision guidance sp Examination format fre ea cc as tud ym ate You can find further reading and technical articles under the student section of ACCA's website. viii KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m chapter ot co l.b log sp The nature and purpose of management accounting Chapter learning objectives Upon completion of this chapter you will be able to: distinguish between data and information • explain the difference between strategic, tactical and operational planning • • distinguish between cost, profit, investment and revenue centres • describe the purpose and role of cost and management accounting within an organisation’s management information system ria • • • identify and explain the attributes of good information ym ate outline the managerial processes of planning, decision making and control as tud describe the differing needs for information of cost, profit, investment and revenue centres managers • compare and contrast financial accounting with cost and management accounting • explain the limitations of management information in providing guidance for managerial decisionmaking fre ea cc freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m chapter 20 co (59) B Physical flow: Opening WIP + Units added Finished units + start closing WIP = 45,000 12,000 + 48,000 + 15,000 ot sp Equivalent units calculation: Physical units 45,000 Material 45,000 Conversion 45,000 Start closing WIP Cost per EU: Costs in op WIP Costs of period Total costs EU Cost per EU 15,000 60,000 9,000 54,000 Material Conversion $33,600 $22,980 $144,000 $307,500 $177,600 $330,480 60,000 54,000 $2.96 $6.12 ria 15,000 ym Value of finished output: ate Total EU l.b log Completed units Completed units = 45,000 @ ($2.96 + $6.12) = $408,600 as tud Closing WIP: Material 15,000 @ $2.96 = $44,400 Conversion costs 9,000 @ $6.12 = $55,080 fre ea cc Total closing WIP = $99,480 515 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m Answers co (60) B Physical flow: Opening WIP + Units added Finished units + units start to finish + start closing WIP 12,000 + 48,000 = 12,000 + 33,000 + 15,000 Start to Start closing finish WIP Physical units 12,000 33,000 Material 0 33,000 Conversion 7,200 Costs of period EU Cost per EU 15,000 48,000 9,000 49,200 Material Conversion $144,000 $307,500 48,000 49,200 $3 $6.25 ria 33,000 Total EU 15,000 l.b log sp Finish opening WIP ot ate Value of finished output = value of units start to finish + completed opening WIP: Units start to finish = 33,000 @ ($3 + $6.25) = $305,250 ym Completed Opening WIP: Costs b/fwd Material added Conversion costs (7,200@$6.25) Total value = $101,580 as tud $56,580 0 $45,000 cc Hence total value of finished production = $305,250 + $101,580 = $406,830 Note: Closing WIP Material 15,000@$3 = $45,000 Conversion 9000 @ $6.25 = $56,250 Total value = $101,250 fre ea (61) C 516 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com Chapter 10: Service and operation costing (62) A TRUE ot (63) B – which would use process costing to establish the cost of a physical product (64) C – which would be of use to the Restaurant/ Kitchen sp (65) B FALSE co m chapter 20 l.b log Many service applications do involve high fixed costs but a higher number of cost units will result in a lower fixed cost per unit. (66) B Total km travelled p.a. = 200km × 5 days x 50 weeks × 6 vehicles = 300,000 km ria Total VC = 300,000 km @ $0.50 = $150,000 Total Running costs = $150,000 VC + $225,000 FC = $375,000 p.a. ate Total tonne km p.a. = 4 journeys × 25 km × 5 tonnes × 5 days × 50 weeks × 6 vehicles = 750,000 km Standard cost per tonne km = $375,000 / 750,000 = $0.50 ym Chapter 11: Alternative costing systems (67) A as tud ABC is fairly complicated, is a form of absorption (not marginal) costing and is particularly useful when fixed overheads are high and not primarily volume driven. (68) D ea cc A customer service team deals with customer queries and complaints from outside the organisation, typically after goods have been delivered to the customer. The costs of this team arise from quality failures and are preventable. They are external failure costs. Maintenance is intended to prevent machine breakdowns and so to prevent quality failures, and they are therefore prevention costs. Test equipment is used for inspection. fre (69) D A product’s life cycle costs are very inclusive; none of these would be excluded. 517 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m Answers co (70) A ot Value analysis involves identify why and how customers value a product to enable cost savings to be made without compromising the value to the customer. Chapter 12: Forecasting techniques sp (71) A l.b log The correlation coefficient measures the strength of the connection between two variables. A correlation coefficient of 0 suggests that the two variables are unrelated and as a result there is no linear relationship between them. The closer the value to +1 or –1 the greater the correlation and the more reliable the line of best fit. (72) C 20X3 25/22 ×100 = 114 ate (73) D (74) D Revenue ($000) 1,150 1,250 1,200 ym Year 2004 2005 2006 Value of x 25 26 27 28 as tud Quarter Index adjustment 140/100 140/115 140/130 Adjusted revenue ($000) 1,610 1,522 1,292 Trend units Forecast sales units 26×25+8,850=9,500 26×26+8,850=9,526 26×27+8,850=9,552 26×28+8,850=9,578 9,500×85%=8,075 9,526×95%=9,049.7 9,552×105%=10,029.6 9,578×115%=11,014.7 Difference between Q1 and Q4 budgeted sales = 11,014.7 – 8,075.0 =2,939.7 units (75) D Budgeted production each quarter = 38,169/4 = 9,542.25 units fre ea cc 1 2 3 4 ria The calculation of the index for each year is as follows: 518 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com (76) B ot X is the time period reference number and for the first quarter of year 1 is 1. The time period reference number for the third quarter of year 7 is 27 co m chapter 20 y = 25,000 + 6,500 × 27 = 200,500 units sp (77) B FALSE l.b log Using the line to predict values within the range observed is known as interpolation. (78) C b = (5 × 83,920) – (540 × 755) ———————————— = 0.89 (5 × 61,000) – (5402) ria (79) C Chapter 13: Budgeting (80) B (i) Correct ym (ii) Correct ate y= (10 × 19) + 150 = 340 (iii) Incorrect, e.g. budget for number of employees required (iv) Incorrect. Master budget also includes budgeted cash flow (v) Incorrect. Adjusts variable costs. Fixed are fixed as tud (81) C (82) D Jan Feb Mar Sales 2,000 2,500 3,000 –Opening inventory (200) (250) (300) +Closing inventory 250 300 350 2,050 2,550 3,050 cc Production fre ea 519 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m Answers co (83) D sp ot Profit = $300,000 × 0.2 = 60,000 Cost of sales = $240,000 Cost of sales = opening inventory + purchases – closing inventory 240,000 = 40,000 + P – 60,000 P = 240,000 – 40,000 + 60,000 P= $260,000 (84) D l.b log Month 4 production = 120,000 + 8,000 – 6,000 = 122,000 units Month 4 usage = 122,000 units @ 2kg = 244,000 kg (85) C Skilled Hours per unit units Total hours ate ria Total hours required = 16,000 + 36,000 = 52,000 Alpha Beta 2 3 8,000 12,000 16,000 36,000 ym (86) D Answers A and B refer to profitrelated pay and answer C describes either piece work payment or payment by the hour/day. as tud (87) C Where there is goal congruence, managers who are working to achieve their own personal goals will automatically also be working to achieve the organisation’s goals. Although the use of aspiration levels to set targets (option D) is likely to help in the achievement of goal congruence, it is not of itself a definition of the term. fre ea cc (88) C Statement (i) is incorrect. Managers at an operational level are more likely to know what is realistically achievable than a senior manager imposing budget targets from above. Statement (ii) is arguably correct: participation in budgeting could improve motivation. Statement (iii) is correct: imposed budgets should be much quicker to prepare, because less discussion time and negotiation time is required than with participative budgetsetting. 520 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com (89) B ot Option C is a fixed budget and option D is a rolling budget. Option A is incorrect as a flexible budget includes all costs. co m chapter 20 sp (90) C l.b log A flexible budget helps to control resource efficiency by providing a realistic budget cost allowance for the actual level of activity achieved. Control action can therefore be more effective because the effects of any volume change have been removed from the comparison. (91) A ria A fixed budget is a budget prepared for a planned single level of activity. It does not ignore inflation (option C is incorrect) and it includes direct costs as well as overhead costs (option D is incorrect). A fixed budget can be prepared for a single product as well as a mix of products (option B is incorrect). ate (92) D The productionline manager does not control prices or rates (93) B ym Chapter 14: Capital Budgeting as tud Cash flow Discount rate Present value $ 10% $ Year 0 Initial outlay (2,000,000) 1.000 (2,000,000) Year 1–6 Annual cash flow 450,000 4.355 1,959,750 Net present value (40,250) (94) B Year Discount factor 5% 1.000 0.952 0.907 Present value $ (80,000) 23,800 22,675 fre ea cc 0 1 2 Cash flow $ (80,000) 25,000 25,000 521 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m Answers Cash flow $ (50,000) 22,000 22,000 20,000 sp 0 1 2 3 Cumulative cash flow $ (50,000) (28,000) (6,000) 14,000 ot Year co (95) C 2 years and 4 months (96) D Year Item Cost of machine Net cash flow from sales Net cash flow from sales Net cash flow from sales 1 22,000 22,000 ate 2 (50,000) 3 Discount PV factor 10% 1.000 (50,000) Cumulative cash flow $ 0.909 19,998 (30,002) 0.826 18,172 (11,830) 0.751 15,020 3,190 ria 0 Cash flow $ l.b log Months calculated = 6,000/20,000 × 12 = 3.6 months 20,000 (50,000) ym 2 years and 10 months Months calculated = 11,830/15,020 × 12 = 9.5 months (97) B Cash flow $ 0 (75,000) 1–5 25,000 NPV as tud Year Discount factor 15% 1.000 3.352 Present value $ (75,000) 83,800 8,800 Discount factor 20% 1.000 2.991 Present value $ (75,000) 74,775 (225) cc IRR = 15 + [8,800/(8,800 – 225) × 5] =19.9% fre ea (98) C $100,000/$20,000 = 5 Years (99) B IRR = 10 + [12,304/(12,304 – 3,216) × 5] = 13.96% therefore 14% 522 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com Present value $ (200,000) 66,640 62,460 57,900 28,920 16,080 (32,000) ot Discount factor 20% 1.000 0.833 0.694 0.579 0.482 0.402 NPV sp 0 1 2 3 4 5 Cash flow $ (200,000) 80,000 90,000 100,000 60,000 40,000 l.b log Year co (100)A m chapter 20 IRR = 10 + [87,980/(87,980 – 32,000) × 10] = 17.3% (101)B Investment Cash flow $000 ria Cash Discounted cash Cumulative cash flow flow flow $000 $000 $000 450 450 (450) 130 118.17 (331.83) 130 107.38 (224.45) 130 97.63 (126.82) 130 88.79 (38.03) 150 93.15 55.12 ym Investment (400) 100 120 140 120 ate Initial investment Incremental cash flows Year 1 Year 2 Year 3 Year 4 (102)C Cumulative cash flow (400) (300) (180) (40) 80 fre ea cc as tud Initial investment Incremental cash flows Year 1 Year 2 Year 3 Year 4 Year 5 523 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m Answers l.b log Initial investment Incremental cash flows Year 1 Year 2 Year 3 Year 4 Year 5 Net present value $000 350 50 110 130 150 100 Discounted cash flows (20%) $000 350 41.65 76.34 75.27 72.3 40.2 41.24 ot Cash flows sp Investment co (103)D 48 (10%) IRR = 10 + [48/(48 – 41.24) × 10] = 15.4% (104)B Aq × Ap = 1,560 × $5.25 = $8,190 ym (106)C $8,000 ——— $190A ——— ate Sq × Sp = 4,800 × 20/60 × $5 = (105)C ria Chapter 15: Standard costing Actual materials used × standard rate 28,000 × $3.30 Standard cost of actual production 5,900 × 5 × $3.30 ––––– 4,950 favourable ––––– as tud 97,350 97,350 $105,000 – 30,000 × $3.30 = $6,000 adverse fre ea cc (107)A 524 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m chapter 20 co (108)C Budget selling price = $108,000/9,000 = $12 ot $104,500 – 9,500 × $12 = $9,500 adverse Standard contribution = $36,000/9,000 = $4 per unit (110)B Actual hours x standard rate 8,320 × $7 Less favourable expenditure variance Actual expenditure ria l.b log Volume variance = 500 × $4 = $2,000 favourable. sp (109)B $ 58,240 (1,664) ––––– 56,576 ––––– ate Therefore actual rate per hour = $56,576/8,320 = $6.80 (111)B FALSE (112)D ym The fixed overhead volume variance can be subdivided into a capacity and an efficiency variance. as tud Standard fixed overhead rate per unit = $280,000 / 7,000 = $40 per unit Fixed overhead volume variance = 200 units × $40 = $8,000 favourable (overabsorbed) (113)B Standard contribution on actual Sales Less: Adverse total variable costs variance Actual Contribution $85,600 ($12,600) $73,000 fre ea cc 525 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m Answers co Chapter 16: Performance measurement techniques (114)C sp ot RI = Net profit before interest – (10% × invested capital) Therefore £240,000 = £640,000 – (10% × invested capital) So 10% × invested capital = £400,000 Therefore invested capital = £4m ROI = Net profit before interest/Invested capital ROI = £640,000/£4,000,000 × 100 = 16% l.b log (115)B Output per standard hour is 2 units as each unit has a standard time allowance of 30 minutes. Budgeted labour hours are 1,500/2 = 750 The actual output measured in standard hours is 1,400/2 = 700 standard hours ria The PV ratio = 700/750 × 100% = 93.3% ate (116)C The capacity ratio = 720/750 × 100% = 96% ym (117)A The efficiency ratio = 700/720 × 100% = 97.2% (118)D fre ea cc as tud (119)B The current ratio is all current assets including inventory divided by current liabilities, while the acid test is the current asset figure less inventory divided by current liabilities. These can only be equal if a firm carries no inventory 526 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com Chapter 17: Performance measurement in specific situations (120)B Reducing mortality rates is likely to be a stated objective of the hospital and as such is a measure of output, or effectiveness l.b log sp ot (121)B The manager of a profit centre can exercise control over revenues and controllable costs, but has no influence concerning the capital invested in the centre. Contribution (i) would be a useful performance measure because a profit centre manager can exercise control over sales revenue and variable costs. Controllable profit (ii) would also be useful as long as any overhead costs charged in deriving the profit figure are controllable by the profit centre manager. Apportioned central costs would not be deducted when calculating controllable profit. Return on investment (iii), residual income (iv) would not be useful because they require a measure of the capital invested in the division. co m chapter 20 ria Chapter 18: Spreadsheets (122)A TRUE ate (123)B FALSE A database would be more useful. (124)C ym Spread sheets are designed to analyse data and sort list items, not for longterm storage of raw data. as tud Spreadsheet packages do include a graphical function. (125)B fre ea cc Where a database would be more suitable. 527 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com fre ea cc as tud ym ate ria l.b log sp ot co m Answers 528 KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com fre ea cc as tud ym ate ria l.b log sp ot co m freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com ... Management Accounting (MA/FMA) ea cc Study Notes *SNF2J15* fre SNF2J15 ACCA Study Notes F2 MA June 15 freeaccastudymaterial.blogspot.com sp ot co m freeaccastudymaterial.blogspot.com l.b log British... co m freeaccastudymaterial.blogspot.com iii KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com fre ea cc as tud ym ate ria l.b log sp ot co m freeaccastudymaterial.blogspot.com iv KAPLAN PUBLISHING... You can find further reading and technical articles under the student section of ACCA' s website. viii KAPLAN PUBLISHING freeaccastudymaterial.blogspot.com freeaccastudymaterial.blogspot.com m chapter ot co l.b log