ACCA F5复习提纲.docx

ACCA F5复习提纲.docx

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ACCAF5复习提纲

Self-reviewF5

PartAStd.costing

Lifecyclecostingestimatesthecostsandrevenuesattributabletoaproductoveritsentireexpectedlifecycle,fromproductionconceptanddesigntoeventualwithdrawalfromthemarket.

Howtomaximizethereturn?

（profit）

1.Extendthelengthofthelifespan.

2.Minimizethetimetomarket.

3.Shortentheintroduction.

4.ControltheR&D.

5.Minimizethebreakeventime.

Profitability、Pricing、Costcontrol、Decisionmaking

Targetcosting

Purpose:

improvethecompetitiontosuittheenvironmentwithsimilarproducts

Process:

Step1Determineaproductspecification

Step2Decideatargetsellingpriceatwhichtheorganisationwillbeabletoselltheproduct

successfullyandachieveadesiredmarketshare.

Step3Estimatetherequiredprofit,basedonrequiredprofitmarginorreturnoninvestment.

Step4Calculate:

Targetcost=Targetsellingprice–Targetprofit.

Step5Prepareanestimatedcostfortheproduct,basedontheinitialdesignspecificationandcurrentcostlevels.

Step6Calculate:

Targetcostgap=Estimatedcost–Targetcost.

Step7Makeeffortstoclosethegap.

Howtoclosethecostgap?

1.Usingcheaperstaff

2.Acquiringmoreefficienttechnology

3.Cuttingoutnon-value-addedactivities

4.Trainingstaffinmoreefficienttechniques

Benefits:

1.costreductiontechniques

2.focusoncustomerimprovethelevelofsatisfaction

3.focusonproductdesignandprocess

4.improvethecompetitivenessofproductsandenhancingtheprofitabilityofsuccess

ThroughputAccounting

TOC（Thetheoryofconstraints）:

Itskeyfinancialconceptistoturnmaterialsintosalesasquicklyaspossible,therebymaximizingthenetcashgeneratedfromsales----productionmanagement

Assumptions:

1.Intheshortrun,thecostofpurchasematerialsistheonlyvariablecost,othercostsinthefactoryarefixedcosts.

2.Producingfororders,theidealinventorylevelshouldbezero.

3.profitabilityisdeterminedbyhowquicklygoodscanbeproducedtosatisfycustomerorders.

4.idletimeatnon-bottleneckexistandisaccepted

TAperbottleneckresource（returnperfactoryhr）-----Throughput/bottleneckhrsperunit

计算题：

Optimumplan:

（1）.Limitingfactoranalysis（contributionperbottleneckresource）

（2）.TAaccounting（Throughputperbottleneckresource）

1.TA类

process：

1.Thebottleneckresourceisxxxx

2.calculationTA/unitTA/bottleneckhours

3.rankproduction

4.allocateresourcetoarriveatoptimumproductionplan

TAratio:

totalTA/totalfactorycost

TAperbottleneckresource/Factorycostperbottleneckresource

TAperunit/Factoryperunit

2.ABC类

CostpoolO/Hactivitydriverno.ofdriversOH/driver

Cost（O/H）perproduct

EA

EMA（environmentalmanagementaccounting）---internal

US:

1.Conventionalcost

2.Potentiallyhiddencost

3.Contingentcosts

4.Imageandrelationshipcosts

UNDSD:

1.Input/outputanalysis

2.Flowcostaccounting---materialsystemdelivery&disposal

3.ABC

4.Lifecyclecosting

PartBDecisionmaking

Singlelimitingfactor---optimumproductionplan

Rank—contributionperlimitingfactor=CPU/limitingfactorperunit

Multiplelimitingfactor-linearprogramming

画图—可行域交点代入目标方程式

Variables:

Letx=numberofXXX

Letcrepresentthecontribution

Constraints:

联立不等式组

p.s:

nonnegativity

Objective:

c=

Slack

Slackoccurswhenmaximumavailabilityofaresourceorotherconstrainingfactorisnotused.

Constraintwithslack----non-criticalconstraint,shadowprice=0

Constraintwithoutslack---criticalconstraint（binding）

Thisisanon-criticalscarceresourceandassuchithasashadowpriceofnil.

Shadowprice

Theshadowprice（dualprice）ofalimitingfactoristheincreaseinvaluewhichwouldbecreatedbyhavingoneadditionalunitofthelimitingfactoratitsoriginalcost.

（linearprogramming）extracontributionorprofitthatmaybeearnedbyrelaxingabindingresourceconstraintbyoneunit.

Process：

联立两个binding

Shadowprice=totalcontribution（newoptimalplan）-totalcontributioninoriginalsolution

Relevantcostsarefuturecashflowsarisingasadirectconsequenceofadecision.

Opportunitycostisthebenefitsacrificedbychoosingoneopportunityratherthanthenextbestalternative.

Cashinflows

Less:

Cashoutflows

Netcashflow

Sparecapacity

Makeorbuydecisions

Nosparecapacity

Process;

Variablecostofmaking

Variablecostofbuying

Extravariablecostofbuying

Limitingfactorsavedbybuying（perunit）

Extravariablecostofbuyingperhoursaved

Ranking

Shut-downdecisions

Factorstoconsiderforshutting-downdecisions:

1.Lossofcontributionfromthesegment

2.Savingsinspecificfixedcostsfromclosure

3.Penaltiesresultingfromtheclosure

4.Alternativeuseforresourcesreleased

5.Non-quantifiableeffects

6.Knock-onimpact—lossleader局部故意亏损以求整体利益

Ifshutdown;

Cashinflows;

Savedcosts

Increasedcontributionofotherproducts（substitute）

Cashoutflows;

Losscontribution（complement&itself）

Penalties

NCFs

Jointproductfurtherprocessingdecisions

Incrementalrevenue

Less:

Incrementalcost

Incrementalprofit/（loss）

Thexxxproductisworthfurtherprocessinginthattheextrarevenueexceedstheextracostby$xxx

PricingDecisions

Priceelasticityofdemand----inelastic0≤x<1

Elasticx>1

Demandequation;

P=a-bQ

MR=a-2bQ

P=price

a=thepriceatwhichdemandwouldbenil

b=inprice/inquantity

Q=thequantitydemanded

Profitsmaximised:

MR=MC

Revenuemaximised:

MR=0

CVPanalysis

Costvolumeprofit（CVP）/breakevenanalysisisthestudyoftheinterrelationshipsbetweencosts,volumeandprofitatvariouslevelsofactivity.

CPU-contributionperunit

BEP=contribution-FC

Tomakezeroprofit,salesvolumeshouldbeat

BEP=FC/CPU

Tomakezeroprofit,salesrevenueshouldbeat

Breakevenrevenue=FC/c/sratio

Salesvolumefortargetprofit=FC+targetprofit/CPU

利润率指标（不变）

C/Sratio=contribution/sales

=CPU/price

Weightedaveragesalespriceperunit=∑price*volume/∑volume

Marginofsafety

MOS=budgetedsales-BEP------------------insales

MOS=budgetedunits-breakevenunits---------inunits

MOS/budgetedsales（百分比形式）

LimitationsofCVPanalysis

1.Itisassumedthatfixedcostsarethesameintotalandvariablecostsarethesameperunitatalllevelsofoutput.

2.Itisassumedthatsalespriceswillbeconstantatalllevelsofactivity.

3.Productionandsalesareassumedtobethesame.

4.Uncertaintyintheestimatesoffixedcostsandunitvariablecostsisoftenignored.

Advantages

1.Highlightingthebreakevenpointandthemarginofsafetygivesmanagerssomeindicationofthelevelofriskinvolved.

2.Graphicalrepresentationofcostandrevenuedata（breakevencharts）canbemoreeasilyunderstoodbynon-financialmanagers.

3.Abreakevenmodelenablesprofitorlossatanylevelofactivitywithintherangeforwhichthemodelisvalidtobedetermined,andtheC/Sratiocanindicatetherelativeprofitabilityofdifferentproducts.

Risk&uncertainty

Riskinvolveseventswhichmayormaynotoccur,butwhoseprobabilityofoccurrencecanbeestimatedstatistically.

Riskpreference

Ariskseekerisadecision-makerwhoisinterestedinthebestoutcomes,nomatterhowsmallthechancethattheymayoccur.----optimist

Ariskaverseisadecision-makeractsontheassumptionthattheworstoutcomemightoccurandwillmakeadecisiontominimizetherisk.----pessimist

Ariskneutralisadecision-makerwhowillmakeadecisionthatbalanceriskandreturn,andconsiderthemostlikelyoutcome.

Expectedvalue----supportariskneutralattitude

EV=∑possibleoutcome*probabilities

Limitationsofexpectedvalues;

1.Theexpectedvalueofadecisionmaybeavaluethatwillneveroccur.

2.EVisanaveragevalue,itignorestheextremeoutcomes.

3.Itignorestheaspectofprobabilitydistribution.

Sensitivityanalysis

Sensitivityanalysisisusedtotestifythecriticalvaluetomakethedecisioninvalid.Sensitivityanalysiscanhelptoconcentratemanagementattentiononthemostimportantfactors.

Ifxxxcostsaremorethanx%aboveestimate,theprojectwouldmakealoss.

X%=profit/xxcost

Montecarlosimulation

Simulationmodelscanbeusedtodealwithdecisionproblemswhentherearealargenumberofuncertainvariablesinthesituation.Randomnumbersareusedtoassignvaluestothevariables.

PartCBudgetingandcontrol

Abudgetisaquantifiedplanofactionforaforthcomingaccountingperiod.

Objectivesofabudgetaryplanningandcontrolsystem:

1.Ensuretheachievementoftheorganisation’sobjectives

2.Compelplanning

3.Communicateideasandplans

4.Co-ordinateactivities

5.Provideaframeworkofresponsibilityaccounting.

6.Establishasystemofcontrol

7.Motivateemployeestoimprovetheirperformance

Theplanningandcontrolcyclehassevensteps.

Step1.Identifyobjectives

Step2.Identifypotentialstrategies

Step3.Evaluatestrategies

Step4.Choosealternativecoursesofaction

Step5.Implementthelong-termplan

Step6.Measureactualresultsandcomparewiththeplan

Step7.Respondtodivergencesfromtheplan

Feedback

Feedbackisinformationproducedasoutputfromoperations;itisusedtocompareactualresultswithplannedresultsforcontrolpurposes.

Budgetingandperformancemanagement

Afixedbudgetisabudgetwhichremainsunchangedthroughoutthebudgetperiod,regardlessofdifferencesbetweentheactualandtheoriginalplannedvolumeofoutputorsales.---------planningpurpose&preparedinadvance

Aflexiblebudgetisabudgetwhich,byrecognisingdifferentcostbehaviourpatterns,ischangedasthevolumeofoutputandsaleschanges.------controlpurpose&preparedretrospectively

Top-down（Imposedbudgeting）

Budgetpreparedby