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ACCA F5 EBOOK EXAM TOPICS Note: click the cross-reference below for easy navigation. Click + Home to come back.

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EXAM TOPICS ........................................................................................................................... 1 KEY TERMS ................................................................................................................................ 3 INTENDED BENEFITS OF THE E-BOOK ........................................................................ 6 AUTHOR’S PROFILE ............................................................................................................. 19 IMPORTANT!........................................................................................................................... 20 USER’S GUIDE ......................................................................................................................... 22 INTRODUCTION TO F5 PERFORMANCE MANAGEMENT.................................... 24 EXAMINER’S GUIDANCE .................................................................................................... 27 AUTHOR’S GUIDANCE......................................................................................................... 30 STUDY PLANNER .................................................................................................................. 31 FORMULA SHEET.................................................................................................................. 33 PAST PAPER ANALYSIS ...................................................................................................... 34 Exam Topic 1: ACTIVITY BASED COSTING ................................................................ 36 Exam Topic 2: LIFE CYCLE COSTING............................................................................ 66 Exam Topic 3: TARGET COSTING .................................................................................. 71 Exam Topic 4: THROUGHPUT ACCOUNTING ........................................................... 80 Exam Topic 5: ENVIRONMENTAL ACCOUNTING ................................................... 90 Exam Topic 6: RELEVANT COSTING............................................................................. 92 Exam Topic 7: SHORT-TERM DECISION-MAKING.................................................. 96 Exam Topic 8: COST VOLUME PROFIT ANALYSIS .................................................. 99 Exam Topic 9: PRICING DECISIONS ........................................................................... 101 Exam Topic 10: LINEAR PROGRAMING ................................................................... 104 Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Exam Topic 11: RISK & UNCERTAINTY IN DECISION-MAKING .................... 106 Exam Topic 12: LEARNING CURVE THEORY ......................................................... 108 Exam Topic 13: FORECASTING .................................................................................... 110 Exam Topic 14: BUDGETING SYSTEMS .................................................................... 113 Exam Topic 15: TYPES OF BUDGETING ................................................................... 115 Exam Topic 16: BASIC VARIANCE ANALYSIS ........................................................ 117 Exam Topic 17: MIX & YIELD VARIANCES .............................................................. 120 Exam Topic 18: PLANNING & OPERATIONAL VARIANCE ............................... 122 Exam Topic 19: FINANCIAL PERFORMANCE MEASUREMENT ..................... 124 Exam Topic 20: NON FINANCIAL PERFORMANCE MEASUREMENT .......... 128 Exam Topic 21: TRANSFER PRICING ........................................................................ 132 Exam Topic 22: BEHAVIOURAL ASPECTS OF PERFORMANCE MEASUREMENT ................................................................................................................. 135 RELATED PRODUCTS ....................................................................................................... 137 REPORT ABUSE .................................................................................................................. 138 Exam Focused ACCA Study Text Books Free Download

Special Offer Place a http://accasupport.com link at any ONE of your or other account to get any TWO exam topics above of your choice for free not included in free version by emailing at [email protected] or [email protected] Email should contain web page URL where you have placed a link and name of any TWO exam topics you want.

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KEY TERMS A Absorption Costing · 40 Acid Test Ratio · 129 Additive Model · 114 B Benchmarking · 133 Blanket Rate or Single Factory Wide Rate · 41 C Capacity Ratio · 133 Cash Budgets · 119 Clear · 132 Coefficient of Correlation · 114 Coefficient of Determination · 114 Competitive Performance · 133 Consumer Price Index (CPI) · 114 Contribution · 47 Controllability · 132 Critical Success Factors (CSF) · 132 Current Asset Ratio · 129 Cyclical Variations · 114 D Departmental Overhead Absorption Rate · 42 Deseasonalisation · 115 Determinants · 132 Dimensions · 132

Direct Labour Budget · 119 Dividend Cover · 129 Dividends Yield · 129 E Earnings per Share (EPS) · 129 Earnings Yield · 129 Economy · 133 Effectiveness · 133 Efficiency · 133 Efficiency Ratio · 133 Equity · 132 F Financial Gearing · 129 Financial Performance · 133 Fixed Production Overhead Capacity Variance · 121 Fixed Production Overhead Variance · 121 Flexibility · 133 Functional Budgets · 119 G Gross Profit Margin · 128 I Innovation · 133 Interest Cover · 129 Inventory Turnover · 129

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K

Q

Key Performance Indicators (KPI) · 132

Quality · 132 Quick Ratio · 129

L

R

Labour Cost Variance · 121

Random Variations · 114 Raw Materials Budget · 119 Regression Analysis · 114 Residual Income (RI) · 130 Resource Utilization · 133 Results · 133 Retail Price Index (RPI) · 114 Return on Capital Employed (ROCE) · 129 Return on Equity (ROE) · 130 Return on Investment (ROI) · 129 Rewards · 132

M Marginal Costing · 47 Master Budgets · 119 Material Cost Variance · 121 Motivation · 132 Multiplicative Model · 115 O Operating Profit Margin · 128 Operational Gearing · 129 Overhead Budget · 119 Ownership · 132 P Payout Ratio · 129 Pre-determined Overhead Absorption Rate · 40 Pre-Determined Overhead Absorption Rate · 40 Price Earnings (P/E) Ratio · 129 Principle Budget Factor · 119 Production Budget · 119 Production Volume Ratio · 133

S Sales Budget · 119 Seasonal Variations · 114 Share Options · 139 Standards · 132 T Trade Payable Turnover · 129 Trade Receivable Turnover · 129 Trend · 114 V Value for Money · 133

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Variable Production Overhead

Variance · 121

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INTENDED BENEFITS OF THE E-BOOK Features & 1) Exam Focused:

Benefits of ACCA Study Text Ebook Exam focused ACCA study text ebooks are aimed to help you passing exams by allowing you spend efforts and time smartly. ACCA study text books aim to educate you in the way you are expected to apply your knowledge in the exam. ACCA study text books are updated prior to each exam session and during the exam session in the light of recent information available such as examiner published an article in student accountant. In that case, you will receive updated version of relevant ACCA study text book via e-mail. accasupport.com

Usually ACCA students look for ACCA exam tips at the end of exam session to learn important syllabus areas much better. Therefore, those ACCA students usually do exam focused study only 2 weeks or 1 month before. ACCA students can greatly improve the probability of passing exams if they do exam focused study from the beginning. Exam Focused ACCA Study Text Books bring all relevant information under one roof to eliminate information gathering on relevant ACCA Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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exam paper and prevents the chances of omission of important information about the relevant ACCA exam paper. These study materials take account of examiners comments and reports, past exam papers, student accountant articles, tips from other tutors, syllabus areas examined by other professional accountancy bodies, publications in business magazines etc. 2) Examiner's Guidance:

Examiner's Guidance are exam preparation tips given by the examiner in student accountant, examiner's interview and other documents.

3) Author's Guidance:

Author's guidance are applicable to all syllabus areas. It also includes tips to enable you to prepare for exams and perform during exams effectively .

4) Exam Awareness:

5) Exam Support:

Exam Awareness shows the frequency and magnitude (marks) of each syllabus area. It also shows the relationship between various syllabus areas and how each syllabus area contributes toward passing exams. Exam Support provides guidance on application of knowledge in exam context. Just knowledge is not enough for passing exams rather you have to use it wisely in limited time available in the exams.

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6) Past Paper

Past paper analysis is given at the beginning of

Analysis (F5, F9, the study text and also directly below relevant P1, P3):

headings. Past paper analysis at the beginning of the study text enables you to practice past exam questions relevant to each syllabus area on ACCA global website. Therefore, you do not need to buy expensive practice kit or search for relevant questions to practice a particular syllabus area. Past paper analysis directly below each relevant heading gives an idea about the length, complexity of requirements and VERBS (Explain, Evaluate, Report etc) in which each syllabus area can be examined.

7) Learning Objective (F2/FMA only):

Learning objective sets the knowledge and skills expected to be achieved after reading particular syllabus area. F2 Management Accounting exam format does not provide significant benefit from past paper analysis. In CBE (computer based exams) each candidate may be examined different set of questions.

8) Illustrations (if any):

However, importance of each exam topic is discussed under exam awareness and exam support headings. Illustrations are simple numerical examples given to prepare students for more challenging exam standard questions.

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Illustrations depend on the type of ACCA paper. Discussion based ACCA papers may not include illustrations. 9) Explanations (if any):

Explanations are given to explain the rationale (why & how) behind steps involved in calculations. Explanations depend on illustrations provided in the study text book.

10) Examples:

Examples are given to explain technical theoretical knowledge in simple and understandable way. Technical jargons are used to prepare you for different technical terms used by the examiner to dodge you to ensure that you understood the text rather than rote learn the text. These technical jargons are explained in parenthesis or as separate example to make you understand the technical term and syllabus area as whole. It also shows the application of knowledge into practice. It is especially useful when you are expected to apply your knowledge to answer scenario based questions. Processing information meaningfully and logically leads to better retention of information. Linking new information to information already

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committed to your memory, such as every day experiences, is proven technique for learning new knowledge. It will also motivate you to learn harder, as you will understand the benefits of technical knowledge in your career as chartered accountant. 11) Diagrams:

Diagrams are given to explain complex concepts and procedures, which are difficult to understand in words. Diagrams also lead to better memorization of knowledge. Diagrams lead to the use of right brain while text lead to the use of left brain. Combination of text and diagrams enables you to learn ACCA papers using both brains to avoid getting overstressed left part of the brain due to excessive reading. Left brain is responsible for reading, calculation, analysis. Right brain is responsible for establishing relationships, reading graphs & charts and dealing with non-financial aspects, such as motivation of managers and employees.

12) Practice Questions:

Practice questions are exam standard questions to provide a clue about length complexity and format of questions likely to be asked in the exams. Solutions are given in a format that will save

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time, while solving questions during the exams. Time management is important during exam, ability to solve question but taking more than time available is of no use. You must be able to solve question within given time. Therefore, you must identify, which steps will be rewarded and which steps can be omitted without losing marks. In addition, you solution should be properly crossreferenced such as working 1, 2, 3 etc and labeled using descriptive text rather than abbreviations. Solution is supported with explanations to tell you why and how that particular step is performed. 13) Hyperlinks:

Hyperlinks are links to other areas of study text book. In addition, table of exam topics are linked to exam topics and table of sub exam topics are linked to sub exam topics given at the beginning of each exam topic.

14) Bookmarks:

Hyperlinks will save several minutes per day, which you may spend navigating through ordinary printed and ebooks. Hyperlinks will save large amount of time during the whole exam session. Bookmarks are given for reaching quickly to relevant syllabus area. It is an alternative to hyperlinks.

15) Key Terms:

Table of key terms shows important terms across the study text book that you must understand in order to learn relevant topic and pass the exams. It allows you to reach to the place inside study text

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book, where you can develop basic understanding about particular term.

16) Colours:

Colours are used for demarcation between essential text, supporting examples, exam support etc. It will enable you to find required ebook feature such as example, exam support, diagram etc easily. It also make learning interesting. Writing golden words without motivating reader to read it is of little use.

17) Annotations:

You can highlight text and add comment anywhere in the study text book. Highlighting will enable you to highlight phrases and sentences you want to read again. Commenting will allow you to make a brief note in the study text book. You can use commenting to: 

Save mnemonics.



Mark as read important, unread, read, Revised etc.

However, most publishers do not allow these features to enforce their copyrights. 18) Readout Loud:

Readout load enables students to listen written text. You can use any screen reader of your choice

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to convert text to speech. Those who have problem reading text can particularly benefit from this feature. Others can have a break from reading text. Listening involves the use of Right brain opposed reading, which involves the use of Left brain. Listening allows your Left brain to revitalize for future reading. It will also help revision of your syllabus before exams much faster. It is usually believed that listening is many times faster process than reading. You can adjust the speed according to your preference.

19) Accessibility:

Each point of theory is started from separate line to enable you to listen only the text of your interest. These study text books have legible fonts type & size and high contrast colours to enable you read easily without producing strain on your eyes. You do not need to zoom and then scroll horizontally to read study text.

20) Study Planner:

You can switch to two pages per screen layout to avoid frequent vertical scrolling, without compromising readability to significant extent. Study planner is a method allows you to plan for study within limited time available. It also allows you to track your progress against plan; therefore, you can adjust your speed

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of study and study hours accordingly. Time management is specially important for professional students that you have to meet other commitment such as job, friends and family. 21) Printer Friendly: ACCA study text books are economical to print. Diagrams, tables and other formatting are made to keep the cost of printing to minimum. You may consider printing two pages side by side to save papers and cost, without compromising readability to significant extent. Most other publishers do not allow printing an ebook at all or just allow to printed 25% - 60% of the ebook pages. accasupport.com allows 100% printing of the ebook pages. It will also provide portability as you can easily carry it in our bags. 22) PDF File Format: PDF (Portable document format) files can be viewed using free adobe reader. Adobe reader is compatible with most operating systems such as windows, Mac, Android etc. You can also read ACCA study text ebook on tablets and cell phones supporting PDF format to take these ebooks on the way or at workplace in your pocket. Therefore, you also do not need to buy pocket Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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notes too. It can be used on multiple computers and mobile device without any limitation imposed on the number of devices. PDF file format is widely used file format used to compress file size of electronic documents such as ebooks and takes very little time to load as compare to ebooks having EXE file format. ACCA study text ebook is searchable through any software having find and replace function. However, conversion of PDF into DOC, TXT etc format may distort structure of an ebook or make it unreadable at all. 23) Environment Friendly:

Reading Ebooks on digital media such as PC, laptop, tablets, cell phones are among the best ways to save papers and therefore, environment from greenhouse effect. Millions of papers can save thousands of trees each day. It also prevents CO2 emission in traveling or delivery of printed books in addition to traveling or delivery cost and time.

24) Instant Download:

In addition, it is our moral duty to care for environment and society who lives in that environment. You can benefit from studying immediately after download. Step-by-step guidance is given for downloading ebook for first time buyers.

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You will be granted 100% free study text ebook for subsequent exam session until you pass your exams. Unfortunately, if an ACCA student does not make a pass, then he/she has to send an e-mail along with ACCA result screen shot/PDF file and customer order number or transaction identification number. Most publishers do not involved writing and editing their books. They hire writers having expert knowledge on particular topic. However, they are not connected with ACCA training provision and therefore, not aware of practical challenges, jargons etc faced by students during the exams and areas of weakness on the part of students. It creates lack of harmony between different syllabus areas. Each syllabus area seems to be unrelated to each other while studying. However, most examiners require students to demonstrate the understanding of overlapping nature of the syllabus. This would not be a case, if entire syllabus of relevant ebook was written by one mentor. Many publishers using their study text books as marketing tool for other highly profitable activities such as tuition providing, recruitment agency, paid advertising etc. Ebook publishing is not their core competency. They tend to direct their resources towards more profitable activities, while quality of ebooks may suffer as a result. accasupport.com is devoted full time to ebook publishing and continuously acquire new skills (memory techniques, for example) and resources (word processing software, for example) to compile an ebook to support students in much better way.

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USER’S GUIDE E book features Past Papers Sub Exam Topics Exam Topic Awareness Exam Support Example Illustration Explanation Formula Diagram

Details Past papers provides a clue about the verbs (Explain, Evaluate etc) and marks available in the exams. It provides list of main headings at the beginning of each exam topic. You have to click relevant heading in a list to reach there. It provides broad information on composition (theoretical v computational) and importance of each paper in exam context. Exam Support provides detailed information on application of theory and calculations in exam context. Example provides practical application of technical theoretical knowledge. Illustration provides numerical applications of theoretical knowledge. Explanations provide the reasons for correctness or un correctness of particular statements and calculation. Formula is mathematical equations and tabular formats. Diagrams are visual (Graph, Charts, Tree formats etc) presentations of theoretical knowledge. Cross-referencing are hyperlinks to other exam topics.

Cross reference Highlighting Bookmarks

Click previous view button to go back. Highlighting is used show the relationship or connection between words and figures. Click bookmark icon in the side bar (see below) to jump to specific exam topic in the e-book.

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INTRODUCTION TO F5 PERFORMANCE MANAGEMENT Examiner Ann Irons is examiner for Paper F5 Performance Management

Aim To develop knowledge and skills in the application of management accounting techniques to quantitative and qualitative information for planning, decisionmaking, performance evaluation, and control.

Assumed Knowledge from Previous Papers You are expected to have knowledge from following papers for the purpose of this exam. F1 Accountant in Business. F2 Management Accounting.

Position of F5 Performance Management

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Exam Support: Syllabus areas that are not included in the study guide of previous papers are more likely to be examined in F5 Performance Management than those that are already included in pervious papers.

Main Capabilities & Relationships

Exam Paper Format 5 questions are examinable for 20 mark each. All questions must be attempted. Each question could be comprised of many requirements (a, b, c, d, e etc).

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Mathematical questions are rewarded separately from text-based questions. If you get calculations wrong, you can still earn marks by commenting reasonably on wrong figures. F5 has a ratio of 40-50 marks of calculation and 50-60 marks of theory till date. Beware, that future would contain significantly different ratio. Usually each question examines only one part of the syllabus. However, any question may examine many topics from that part of the syllabus. Example: Question examining Part A (Specialist cost and management accounting techniques) can cover chapters such as Absorption costing, Marginal costing and ABC costing as requirement a, b, c respectively.

Duration of Exam Total time: 3 hours 15 minutes 3 hours are writing and reading time. Additional 15 minutes are reading and planning time. However, you can annotate question paper only during that time.

Resources: http://www.accaglobal.com/en/student/qualification-resources/accaqualification/acca-exams/f5-exams.html http://www.accaglobal.com/en/student/Essentials/pass-exams.html http://updates.accasupport.com http://accasupport.com/blog/

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EXAMINER’S GUIDANCE Examiners words from student accountant September 2010 article: “I try to make questions original and true to life, rather than focusing purely on the traditional manufacturing environment, which only plays a small part in the world of commerce now in many parts of the world”. “I want to give candidates the best possible opportunity of passing the Paper F5 exam by being as prescriptive as possible in my requirements”. “In my view, there is nothing worse than a candidate who fails an exam not because they don’t know the syllabus but because they could not work out what was expected of them from the requirement. I therefore try to be vigilant at all times about the need for clarity of English, especially when writing requirements”. “Don’t be surprised to see requirements broken down a little more than you are used to; I’m trying to help you”. “It’s essentially a management accounting paper that also requires you to interpret financial information as you would in the real world”. “Sometimes it is inevitable that the discussion follows the numbers, so you need to make sure that you are able to do the numbers, but rest assured: where your discussion follows your numbers, you will be given credit for what you have written even if your numbers were wrong”. Words from Examiners Interview transcript: “It is not enough when assessing financial performance to quote percentage increases and decreases in figures but then make no analysis of them. A quality answer would read sales increased by 1.3%, just above inflation. This was purely down to the increase in admission prices rather than an increase in the volume of sales, since visitor numbers actually fell by 6.7%. Overall then, this is not particularly good”.

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“A really key area in this paper is performance measurement – both financial and non-financial performance – and classic performance measurement questions are still not being done well”. “It is so important to read every line of the scenario actively, asking yourself ‘why am I being given this information? What is its significance?’”. “Candidates were somewhat confused when it came to calculating planning and operational variances. I think this happens because students try to rote learn lots of formula for the exam, without actually understanding why the formula is what it is”. “The discussion about what the variances were actually useful for was rather poor”. “I am concerned to see that some students seem to rote learn the suggested answers and regurgitate on a question covering the same topic, regardless of what the particular scenario of that question is”. “Linear programming also continues to present a challenge for students”. “Candidates need to be prepared for the fact that the examiner will try and vary up the way a subject is examined, in order to separate those students who clearly understand a topic from those who have simply rote learned notes and methods”. “most candidates in December 2010’s paper had clearly made up their mind that this area wasn’t going to be examined again, and were unable to even draw a graph never mind find an optimal production point. Question spotting is a dangerous game and should be avoided at all costs”. “Start with the questions you are confident about first and leave the weaker ones until later. As well as building up your own confidence in the exam”. “I have written quite a few articles over the last eighteen months and there are also many good articles written by other examiners and freelance writers”. “They can emphasise the importance of students allocating marks to each question part and sticking to their time allocations”. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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“All subjects are important but the areas of linear programming and performance measurement are worthy of a particular mention”. “Half the problem is that some students have forgotten basic maths and can’t solve simultaneous equations”. “Backflush accounting has been removed from the syllabus”. “The following additions have also been made to the syllabus: - Section A: Specialist cost and management accounting techniques. There are two additions to this area of the syllabus: two extra requirements in relation to life cycle costing’ and the introduction of a whole new area, ‘environmental accounting”. “Students could be asked to write about the area of CVP analysis, as well as perform extensive calculations and draw a number of graphs. I wrote an article on this new area in the July 2010 edition of Student.” “The key is to wholly understand the definition of what a relevant cash flow is, rather than trying to learn flow diagrams to guide you through (Although I am not saying that these aren’t useful)”. “I think a basic understanding of simple economics is necessary in order to understand pricing properly”. “In the previous syllabus decision trees were specifically excluded from ‘dealing with risk and uncertainty’, and they are now specifically included”.

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AUTHOR’S GUIDANCE Preparing for Exams Exam Day Guidance

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STUDY PLANNER Determine number of days available Formula: ∗ 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑎𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒 = 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝑒𝑥𝑎𝑚 − 𝑅𝑒𝑣𝑖𝑠𝑖𝑜𝑛 𝑡𝑖𝑚𝑒 − 𝐼𝑑𝑙𝑒 𝑡𝑖𝑚𝑒 Idle time can be incurred due to sickness, computer crash, social events etc. It depends on your daily activities and environment. I recommend you to make a printed copy to read when computer is not available. Allocation of number of days available to exams Formula: ∗ 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑝𝑒𝑟 𝑒𝑥𝑎𝑚 = ∗ 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑎𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒 × 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑝𝑎𝑔𝑒𝑠 𝑝𝑒𝑟 𝑑𝑎𝑦 =

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑝𝑎𝑔𝑒𝑠 𝑇𝑜𝑡𝑎𝑙 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑝𝑎𝑔𝑒𝑠

∗ 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑝𝑎𝑔𝑒𝑠 𝑝𝑒𝑟 𝑒𝑥𝑎𝑚 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑎𝑙𝑙𝑜𝑐𝑎𝑡𝑒𝑑

Number of pages will include allowance for solving past paper questions, student accountant articles etc. Please note that different syllabus areas will take different amount of time. Calculations will take more time than theoretical areas. Therefore, it will give you only rough idea of your progress. Tracking progress Formula: 𝑅𝑒𝑣𝑖𝑠𝑒𝑑 𝑛𝑜 𝑜𝑓 𝑝𝑎𝑔𝑒𝑠 𝑝𝑒𝑟 𝑑𝑎𝑦 =

𝑅𝑒𝑚𝑎𝑖𝑛𝑖𝑛𝑔 𝑡𝑜𝑡𝑎𝑙 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑝𝑎𝑔𝑒𝑠 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑎𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒

If revised number of page per day is > than originally plan; it means you are lagging behind and now you have to do study more per day.

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Troubleshooting Study at time of day when you are fresh. This will enable you to learn more in available time. Consider skip reading examples, if you understood theory by reading main text. Study sub exam topics in the end, which is less likely to be examined in your exam session. You can see past paper analysis given below each sub exam topic

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FORMULA SHEET

.

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PAST PAPER ANALYSIS Exam Topics 06/12 12/11 06/11 12/10 06/10 12/09 06/09 12/08 06/08 12/07 P/P Activity based Q5:c Q4:a Q1:a, Q4:a,b,c, Q1: a,b, costing ,b,c b,d d c,d Life cycle costing Q4:a Q4:a:b Target costing Q2:a,c,d Q2:b Q1 Q3:a,c Throughput Q5 Q1 accounting Environmental accounting (New topic) Relevant costing Q1:a,b Q3:a Short-term Q1:a,c Q5:a,c Q4:a,c Q4:a,b,d decisions Pricing Decisions Q2:a Q1:c Q5:b Q4:c (i,iii) Q4:a,b ,b Linear Q1:b Q3 Q3 Q2 programming CVP analysis Q1:d Q4:c Risk & Q1 Q2 Uncertainty Learning curve Q4:b Q2:a(ii) Q2:a,c Q3:b Q3,b Forecasting Q3:a Q3:a,b Q3:b,c Budgeting Q3:b Q3:a Q5 Q3:c Q5:d Q4:c Q3:a,b systems & Behavioural aspects Types of Q3:b Q5:a,b budgeting Basic Variance Q4:a,b Q1:a Q2:a,b Q1:a,c Q3:a,b Q4,d Q1:a,b Q3:c,e analysis (i,iii) Mix & Yield Q5:a Q3:b Q3:b Q3:d Q2:a(I,ii) Variances ,b Planning & Q5:b Q3:c Q1:a(ii) Q1:b operational ,b variances Financial Q5:a,b, Q4:b Q5,a Q4:a Q2:b Q1:a,c Q3:a Q2:a,b Q4,a performance c,d measurement Transfer pricing Q2:a,b Q4:c,d Non-financial Q2:b Q4:a Q2 Q4:b Q2:c Q3:d Q2:c Q2:a(iii) performance Q4: b,c measurement

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Exam Topics 06/12 12/11 06/11 12/10 06/10 12/09 06/09 12/08 06/08 Behavioural Q5:e Q5:b,c Q4:b Q1:b aspects of Q3:c performance measurement

12/07

P/P

Above analysis is given to emphasis the comparative importance of each topic. This analysis can be used as guide for allocating time to topics accordingly. Do not attempt to guess future question paper from this analysis, as this is historical data and it is not helpful for reading examiners mind at a time of setting exam paper. Also, see how different exam topics are examined together in single question.

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Exam Topic 1:

ACTIVITY BASED COSTING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Absorption Costing 2 Pre-Determined Overhead Absorption Rate 3 Calculating Products Cost Using Absorption Costing 4 Marginal Costing 5 Contribution 6 Activity Based Costing 7 Commenting On Results under ABC & Absorption Costing 8 Implications for Pricing & Profitability 9 Increasing Popularity of ABC 10 Benefits & Limitations of ABC 11 ABC Vs Absorption Costing Vs Marginal Costing 12 Practice Question & Solution Exam Awareness Factors Details Frequency ABC costing is most frequently examined topics among various costing techniques. Magnitude ABC costing can be examined as full 20 marks question. Composition 50 to 70 percent marks are for calculation and 30 to 50 percent marks are for discussion. It is possible to gains marks in this part of the question even if you get calculations wrong. Relationship It can be examined (calculation or discussion) in combination with other costing techniques particularly, Absorption and Marginal costing and other topics as well. See PAST PAPER ANALYSIS to explore relationships between exam topics. You can use these relationships to gather relevant points across various exam topics that can be used to answer questions.

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Absorption Costing Exam

Q.no

12/10

Q4:a

06/10

Q1:a

06/08

Q4:c

P/P

Q1:a

Requirement Calculate the full cost per unit for products A, B and C under traditional absorption costing, using direct labour hours as the basis for apportionment. Calculate the cost and quoted price of a GC and of an EX using labour hours to absorb the overheads. Calculate the cost per unit and the margin for the CB and the TJ using machine hours to absorb the overheads. Calculate the cost per unit for each product using traditional methods, absorbing overheads on the basis of machine hours.

Marks 9 5 5 3

Exam Support: Absorption costing is the most important product costing technique for both exams and in practice. You have studied both absorption and marginal costing. It is given here for revision. You may consider moving to ABC Costing if you are comfortable with absorption and marginal costing. Absorption costing is the traditional technique for recovering (absorbing) overheads (indirect costs) via including it in products cost on some fair basis. It is due to overhead costs, which form, significant part of the product cost cannot be identified directly and allocated, like direct material & direct Labour. Need for absorbing overhead arises when organization manufactures more than one type of product. Each product may consume different amount resources and therefore consumes different amount of overhead cost. In service industries, absorption costing is used to absorb overheads cost incurred into services provided. In retail organizations, there are no or little overheads, such as packaging and labelling. These overhead costs are unlikely to be significant and therefore, cost incurred in absorbing overhead cost into products may not exceed revenue. Therefore, overheads are treated as period cost rather than included into product cost.

Pre-Determined Overhead Absorption Rate Pre-determined overhead absorption rate is calculated on budgeted amount and budgeted activity level. It is calculated at the beginning of the period before actual overhead costs are incurred in manufacturing products. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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This allows including share of overheads in the product cost and setting selling price in advance. 2.1 Blanket Rate or Single Factory Wide Rate Formula: 𝑆𝑖𝑛𝑔𝑙𝑒 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑇𝑜𝑡𝑎𝑙 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝑐𝑜𝑠𝑡𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑇𝑜𝑡𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑙𝑒𝑣𝑒𝑙𝑠

It is used were organization have single department or multiple departments having similar kind of activities (labour intensive or machine intensive), which each department performs for manufacturing good or providing services. Example: A laundry shop, where cloths are washed and dried using washing machines. An organization selling handmade biscuits, in which every work from making dough to rolling and cooking are all Labour intensive operations. 2.1.1 Calculating Blanket Rate Formula: 𝑆𝑖𝑛𝑔𝑙𝑒 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑇𝑜𝑡𝑎𝑙 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝑐𝑜𝑠𝑡𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑇𝑜𝑡𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑙𝑒𝑣𝑒𝑙𝑠

Illustration: Organization has following detail for overhead cost in the upcoming period. Expenses $ Factory rent 50,000 Power cost 15,000 Machine & tools depreciation 10,000 Machine maintenance cost 6,000 Cleaning & hygiene 4,000 Subsidized canteen 5,000 Total allocated overheads 328,000 Total reapportioned overheads 418,000

Machine hours Labour hours

Production cost centres Cutting Assembling Finishing 8,000 4,000 3,200 5,000 8,000 5,000

Service cost centres Cleaning Canteen 2,000 1,000 1000 1000

Total 18,200 20,000

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Organization wishes to absorb overheads on machine hour basis. Required: Calculate factory wide absorption overhead rate. Solution: 𝑆𝑖𝑛𝑔𝑙𝑒 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 𝑤𝑖𝑑𝑒 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑇𝑜𝑡𝑎𝑙 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝑐𝑜𝑠𝑡𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑇𝑜𝑡𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑙𝑒𝑣𝑒𝑙𝑠

𝑆𝑖𝑛𝑔𝑙𝑒 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 𝑤𝑖𝑑𝑒 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

$418,000 = $22.967 18,200 𝑀𝑎𝑐 ℎ𝑜𝑢𝑟𝑠

Exam Support Overhead absorption rate should be rounded-up to contain at least two decimal places. Rounding less than two decimal places can significantly change product cost. 2.2 Departmental Overhead Absorption Rate Department overhead absorption rate is the rate used for each department specifically based on kind of activities (manual or automated) it performs for manufacturing goods or providing services. Example: A clothes manufacturing company, where yarns of cloth are manufactured using machines; and cutting and sewing is done manually by Labours. 2.2.1 Calculating Departmental Overhead Absorption Rates Calculation of departmental overheads requires allocation and apportionment of overheads. Exam Support Allocation and apportionment for overhead costs are not examinable in paper F5. However, it is given below to refresh your memory. Formula: 𝐷𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡𝑎𝑙 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡𝑎𝑙 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑙𝑒𝑣𝑒𝑙

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Expenses Factory rent Power cost Machine & tools depreciation Machine maintenance cost Cleaning & hygiene Subsidized canteen

Total allocated overheads Machine hours Floor area Factory volume No of Labours (direct & indirect) Labour hours

$ 50,000 15,000 10,000 6,000 4,000 5,000

Production cost centres Service cost centres Cutting Assembling Finishing Cleaning Canteen Total $106,000 $108,000 $114,000 $328,000 8,000 4,000 3,200 2,000 1,000 18,200 5,000 5,000 5,000 500 2,000 17,500 8,000 8,000 8,000 800 1,000 25,800 30 5,000

30 8,000

30 5,000

5 1000

5 1000

100 20,000

Organization wishes to absorb overheads on machine hour basis for cutting cost centre and on labour hour basis for assembling and finishing cost centre. Required: Calculate departmental overhead absorption rate for each production cost centre. Solution:

Factory rent Power cost Machine & tool depreciation Machine maintenance cost Cleaning and hygiene Subsidized canteen Total overhead costs Cleaning cost Canteen cost Cleaning cost Canteen cost

Production cost centres Cutting Assembling Finishing $ $ $ 14,286 14,286 14,286 4,651 4,651 4,651 4,396 2,198 1,758

Service cost centres Cleaning Canteen $ $ 1,429 5,714 465 581 1,099 550

2,637

1,319

1,055

659

0 0 25,970 2,449 28,419 3,941 32,360 210 32,570 8.2 32,578.2

0 0 22,454 2,449 24,903 3,941 28,844 210 29,054 8.2 29,062.2

0 0 21,750 2,449 24,199 3,941 28,140 210 28,350 8.2 28,358.2

4,000 0 7,652 (7,652) 0 657 657 (657) 0 1.37 1.37

Total $ 50,000 15,000 10,000

330

6,000

5,000 12,175 306 12,481 (12,481) 0 26 26 (26) 0

4,000 5,000 90,000 0 90,000 0 90,000 0 90,000 0 90,000

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Total allocated overheads

106,000 138,578.2

108,000 137,062.2

114,000 142,358.2

𝐶𝑢𝑡𝑡𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 = 𝐶𝑢𝑡𝑡𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑂. 𝐻 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

1.37

0

328,000 418,000

𝐶𝑢𝑡𝑡𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑀𝑎ℎ𝑖𝑛𝑒 ℎ𝑜𝑢𝑟𝑠

$138,578.2 = $17.32 𝑝𝑒𝑟 𝑚𝑎𝑐ℎ𝑖𝑛𝑒 ℎ𝑜𝑢𝑟 8,000 𝑚𝑎𝑐ℎ ℎ𝑟𝑠

Explanation To determine cutting department overheads based on machine hours as cutting department seems to be machine intensive.

𝐴𝑠𝑠𝑒𝑚𝑏𝑙𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 = 𝐴𝑠𝑠𝑒𝑚𝑏𝑙𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑂. 𝐻 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐴𝑠𝑠𝑒𝑚𝑏𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑙𝑎𝑏𝑜𝑟 ℎ𝑜𝑢𝑟𝑠

$137,062.2 = $17.13 𝑝𝑒𝑟 𝑙𝑎𝑏𝑜𝑢𝑟 ℎ𝑜𝑢𝑟 8,000 𝑙𝑎𝑏 ℎ𝑟𝑠

Explanation To determine assembling department overheads based on Labour hours as assembling department seems to be Labour intensive.

𝐹𝑖𝑛𝑖𝑠ℎ𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 = 𝐹𝑖𝑛𝑖𝑠ℎ𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑂. 𝐻 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐹𝑖𝑛𝑖𝑠ℎ𝑖𝑛𝑔 𝑑𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑙𝑎𝑏𝑜𝑟 ℎ𝑜𝑢𝑟𝑠

$142,358.2 = $28.47 𝑙𝑎𝑏𝑜𝑢𝑟 ℎ𝑜𝑢𝑟 5,000 𝑙𝑎𝑏 ℎ𝑟𝑠

Explanation To determine finishing department overheads based on Labour hours as finishing department seems to be Labour intensive.

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2.3 Selection of Basis for Overhead Absorption Rates The following bases for absorption of overheads are usually used but other methods are also possible. Organization may choose any other method as it consider appropriate. These are:  No of units produced.  No of labour hours.  No of machine hours.  Total direct material cost.  Total direct Labour cost.  Prime cost (Direct material + Direct Labour + Direct expenses). It is the sum of all direct costs.  Conversion cost (Direct Labour + Factory Overheads). It is the cost of converting material into finished goods.

Calculating Products Cost Using Absorption Costing Diagram: Costs Details Direct material Direct Labour Direct expense Prime cost Production overheads (Based on absorption rate) Product cost Admin overheads (Period cost) Selling & distribution (Period cost)

$ X X X X X X X X X X

Full cost

Illustration: An organization has following data for calculating product cost in upcoming period. Direct Material

$300,000

Direct Labour

$250,000

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Direct Expenses

$100,000

Production overheads are absorbed on basis of factory wide rate of $22.967/machine hour. There will be 18,200 machine hour (estimated) during the period. Selling cost for the period is estimated at $5/ unit. Sales and production volume for the period is 10,000 units and there was no closing inventory in the previous period. Administration cost for the period is $ 50,000. Required: Calculate the product cost and product cost per unit and full cost. Solution: Costs Direct material Direct Labour Direct expense Prime cost Production overheads Product cost

Workings

(Budgeted)

$ Workings 300,000 ($300,000/10,000) 250,000 ($250,000/10,000) 100,000 ($100,000/10,000) 650,000 ($22.967 x 418,000

$/unit 30 25 10 65 41.80

1,068,000 ($1,068,000/10,000)

106.8

18,200hrs/10,000units)

Workings

Product cost Admin overheads Selling & distribution Full cost

$ 1,068,000 (Period cost) 50,000 ($5 x 10,000) 50,000 1,168,000

Administration, Selling and distribution overheads are only included when specifically instructed to do so. Finance overheads are never included in product cost. Illustration (Extract 06/10: Q1, a): BBB has a policy to price all jobs at budgeted total cost plus 50% mark up. Overheads are currently absorbed on labour hour basis. Total overheads Labour hours $400,000 40,000 Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Product Materials Labour hours GC $3,500 300 EX $8,000 500

Labour is paid $15 per hour. Required: Calculate the cost and quoted price of a GC and of an EX using labour hours to absorb the overheads. Solution: Details Materials Labour Overheads Total cost Quoted price

Workings 300hrs x $15/hr 300hrs x $10/hr (W1) 11,000 x 150%

GC 3,500 4,500 3,000 11,000 16,500

Workings 500hrs x $15/hr 500hrs x $10/hr (W1) 20,500 x 150%

EX 8,000 7,500 5,000 20,500 30,750

Workings: 𝑆𝑖𝑛𝑔𝑙𝑒 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑡𝑜𝑡𝑎𝑙 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝑐𝑜𝑠𝑡𝑠 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑡𝑜𝑡𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑙𝑒𝑣𝑒𝑙𝑠

𝑂𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

$400,000 = $10⁄ℎ𝑟 40,000ℎ𝑟𝑠

Marginal Costing Marginal costing is the technique used to determine product cost and used for other short-term decision-making purpose. Examples: Whether to manufacture in-house or buy from external supplier. How much of each product should be manufactured. Whether to accept or reject offer made by customer or supplier. Whether to continue or discontinue an operation. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Marginal costing only considers variable costs as relevant for decision-making. It considers all fixed costs as irrelevant and so it is not taken into account for short-term decision-making. Marginal costing recognizes fixed costs as irrelevant because in short-term, fixed cost remains constant (unchanged) with change in activity level. Marginal costing not only considers production costs (Material, Labour and Overheads) as variable; it also considers non-production variable costs (Selling & distribution, administration and finance overheads) as relevant for product costing. Marginal costing leads to all variable costs being considered in decision-making process.

Contribution Contribution is figure obtained after deducting all variable costs from sales. Marginal costing considers only contribution as relevant for decision-making rather than profit. 5.1 Calculating Contribution & Profit in Marginal Costing Formula: 𝐶𝑜𝑛𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛 = 𝑆𝑎𝑙𝑒𝑠 − 𝑇𝑜𝑡𝑎𝑙 𝑣𝑎𝑟𝑖𝑎𝑏𝑙𝑒 𝑐𝑜𝑠𝑡 $ Sales revenue Variable costs (Product Cost) Direct material Direct Labour Variable production overheads Variable selling & distribution overheads Variable administration overheads Total variable cost Contribution Fixed costs (Period Cost) Fixed production overheads Fixed selling & distribution overheads Fixed administration overheads Total fixed cost Net Profit

$ X (X) (X) (X) (X) (X) (X) X (X) (X) (X) (X) X

Illustration: An organization has sales revenue of $1,000,000 and following costs: Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Direct materials Direct Labours Variable production overheads (indirect material + indirect Labour) Fixed production overheads Selling & distribution overheads (60% fixed cost) Administration overheads (80% fixed cost) Finance overheads (100% fixed cost)

$(000) 100 150 100 150 150 120 50

Required: Calculate contribution and profit. Comment on the results. Solution: $(000) Sales revenue Variable costs (Product Cost) Direct materials Direct Labours Variable production overheads Selling & distribution overheads ($150 x 40%) Administration overheads ($120 x 20%) Total variable costs Contribution Fixed costs (Period Cost) Fixed production overheads Selling & distribution overheads ($150 x 60%) Administration overheads Total fixed cost (excluding finance overheads) Net Profit/Operating Profit

$(000) 1,000

100 150 100 60 24 434 566 150 90 96 336 230

Contribution indicates how each product will contribute towards recovery of fixed cost. As i said earlier that fixed cost is irrelevant. However, if organization has to survive, then it has to recover its total cost (Variable + Fixed) to break even (no profit/no loss) and earn profits in the long term. 5.2 Uses of Contribution  Contribution is used for decision-making regarding one off opportunity such as bidding for tender.  Contribution indicates impact of management decision on liquidity (cash flows), which is vital for survival of the organization. Variable costs involve Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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cash outflows whereas fixed cost contains both cash as well as non-cash expenses such as depreciation.  Contribution allows determining profit-maximizing combination of selling price and demand.  Contribution allows evaluating proposals such as outsourcing; buying materials from outside supplier; discontinuing activities, products, departments, branches etc.  Contribution helps in determining the optimal production mix. Products can be ranked according to the level of contribution per limiting factor provided by each product. 5.3 Contribution Vs Profit Contribution Contribution is relevant in the short-term. Contribution is objective indicator of organizational performance.

Profit Profit is relevant in the long-term. Profit is subjective indicator of organizational performance, as it requires absorption of fixed costs on some fair basis. Profit is more useful for financial accounting purpose so that management can be held accountable for total cost (variable + fixed) incurred.

Contribution is more useful for management accounting purpose. Management accountants have to assist managers in their day-to-day decision-making. Contribution is only useful for short- Profit is useful for long-term planning term planning and control as it and control as it takes account of ignores fixed costs. variable as well as fixed costs. In longterm, all fixed costs are considered as variable. Contribution can be used fairly as Profit reflects both cash & non-cash an indicator of cash flow income/expenditures such as interest movements. receivable, depreciation respectively.

Activity Based Costing Exam

Q.no

12/11

Q5:c

Requirement Briefly outline the steps involved in allocating overheads using activity based costing.

Marks 2

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12/10

Q4:b

06/10

Q1:b

06/08

Q4:d

P/P

Q1:b

Calculate the full cost per unit of each product using activity based costing. Calculate the cost and the quoted price of a GC and of an EX using ABC to absorb the overheads. Calculate the cost per unit and the margin for the CB and the TJ using activity based costing principles to absorb the overheads. Calculate cost per unit under ABC principles (work to two decimal places)

9 5 8 12

ABC is modern costing technique. It is used as an alternative to absorption costing technique. It also absorbs production, selling, and admin overheads to find full cost of the product(s). ABC considers all cost (variable + fixed) as variable in the long term. In addition to product cost, it is also used to determine the cost of activity(s) such as delivering customer order. 6.1 Understanding Key Terms 6.1.1 Activity Activity is the series of tasks performed in harmony for which customers are willing to pay. Example: Selling goods is an activity. It requires performing individual tasks such as credit rating analysis, raising sales order, dispatching goods etc. Customers are willing to pay for these activities in order to buy goods from the organization. Without these activities, customers will not be able to buy goods. 6.1.2 Cost Driver Cost driver is the reason for performing an activity and therefore, reason for cost associated with activity. Example: Number of orders received can be a cost driver for selling goods. Sales are made, whenever customer places an order. Increase in number of orders received will lead to increase in selling cost. 6.1.3 Cost Pool Cost pool is the group of all costs related to particular activity. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Example: Selling cost is the cost pool for all cost associated with selling goods such as computer depreciation, computer operator salaries and printing cost etc. 6.2 Steps for Calculating Product Cost under ABC 6.2.1 Step1 Identify cost driver (one or more) for each cost pool. Example: Number of deliveries for delivery cost. Exam Support: You do not need to document cost driver for each cost pool in your answer booklet unless specifically asked by the examiner. 6.2.2 Step2 Apportion cost pools in the ratio of total number of activity performed by each cost driver. Example: Delivery cost by number of long distance deliveries (60%) and number of short distance deliveries (40%). Hence, apportionment of delivery cost will take place in the ratio of 6:4 𝐿𝑜𝑛𝑔 𝑑𝑖𝑠𝑡 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑦 𝑐𝑜𝑠𝑡 = 𝐷𝑒𝑙𝑖𝑣𝑒𝑟𝑦 𝑐𝑜𝑠𝑡 × % 𝑜𝑓 𝑙𝑜𝑛𝑔 𝑑𝑖𝑠𝑡 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑖𝑒𝑠 𝑆ℎ𝑜𝑟𝑡 𝑑𝑖𝑠𝑡 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑦 𝑐𝑜𝑠𝑡 = 𝐷𝑒𝑙𝑖𝑣𝑒𝑟𝑦 𝑐𝑜𝑠𝑡 × % 𝑜𝑓 𝑠ℎ𝑜𝑡 𝑑𝑖𝑠𝑡 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑖𝑒𝑠 Exam Support: Step 2 is rarely examined in the ABC question. 6.2.3 Step3 Determine ABC absorption rate by dividing cost pool with total number of activity performed by respective cost driver. Exam Support: Please! Do not get confused with absorption rate. Absorption means allocation of overheads to products regardless of the costing technique used. Formula: Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐶𝑜𝑠𝑡 𝑃𝑜𝑜𝑙 𝑇𝑜𝑡𝑎𝑙 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑎𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑜𝑟 𝑐𝑜𝑠𝑡 𝑑𝑟𝑖𝑣𝑒𝑟

Example: Long distance delivery cost with number of long distance deliveries. 𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝐿𝑜𝑛𝑔 𝑑𝑖𝑠𝑡 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑦 𝑐𝑜𝑠𝑡 𝐿𝑜𝑛𝑔 𝑑𝑖𝑠𝑡𝑎𝑛𝑐𝑒 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑖𝑒𝑠

Short distance delivery cost with number of short distance deliveries. 𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 =

𝑆ℎ𝑜𝑟𝑡 𝑑𝑖𝑠𝑡𝑎𝑛𝑐𝑒 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑦 𝑐𝑜𝑠𝑡 𝑆ℎ𝑜𝑟𝑡 𝑑𝑖𝑠𝑡𝑎𝑛𝑐𝑒 𝑑𝑒𝑙𝑖𝑣𝑒𝑟𝑖𝑒𝑠

6.2.4 Step4 Absorb (allocate) overhead cost using ABC absorption rate to products. Exam Support: Examiner could use either absorbed overheads or allocated overheads in the exam. You should remember both terms. Multiply the ABC absorption rate with total number of activity consumed by each product. Formula: 𝐴𝑙𝑙𝑜𝑐𝑎𝑡𝑒𝑑 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑐𝑜𝑠𝑡 = 𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 × 𝐴𝑐𝑡𝑖𝑣𝑖𝑡𝑦 𝑐𝑜𝑛𝑠𝑢𝑚𝑒𝑑 Example: Product A has consumed 400 long distance deliveries and 1,000 short distance deliveries. 𝑃𝑟𝑜𝑑𝑢𝑐𝑡 𝐴 = 𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 × 400 𝑃𝑟𝑜𝑑𝑢𝑐𝑡 𝐴 = 𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 × 1,000 Product B has consumed 500 long distance deliveries and 400 short distance deliveries. 𝑃𝑟𝑜𝑑𝑢𝑐𝑡 𝐴 = 𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 × 500 𝑃𝑟𝑜𝑑𝑢𝑐𝑡 𝐴 = 𝐴𝐵𝐶 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 × 400 Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Exam Support: Total activity consumed by all products manufactured by the organization should be equal to number of activity used for calculating ABC absorption rate. You can use this information to check the accuracy of your calculation. 6.2.5 Step5 Total all the allocated overhead costs for each product and also add direct material and direct labour cost to determine full cost of product. To determine unit cost of a product by dividing full product cost with total activity level of a product. Activity level can be either production volume or sales volume. Production volume should be used when costing for product or production related activities. Sales volume should be used when costing for sales related activity such as customer order deliveries. To determine selling price add mark-up percentage. Mark-up percentage will be given in the question. Example: Organization wishes to earn 20% profit margin on a product. If you are given profit margin, then covert margin into mark-up, using following formula: Formula: 𝑀𝑎𝑟𝑘𝑢𝑝 % =

𝑀𝑎𝑟𝑔𝑖𝑛 (100 − 𝑀𝑎𝑟𝑔𝑖𝑛)

6.3 Calculating Product Costing Using ABC Illustration (06/10: Q1, b): Brick by Brick (BBB) is a building business that provides a range of building services to the public. Recently they have been asked to quote for garage conversions (GC) and extensions to properties (DC) and have found that they are winning fewer GC contracts than expected. BBB has a policy to price all jobs at budgeted total cost plus 50%. Overheads are currently absorbed on a labour hour basis. BBB thinks that a switch to Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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activity based costing (ABC) to absorb overheads would reduce the cost associated to GC and hence make them more competitive. You are provided with the following data: Annual overheads Overhead category $ Supervisors 90,000 Planners 70,000 Property related 240,000 Total 400,000

Activity driver Site visits Planning documents Labour hours

Total number of activities per year 500 250 40,000

A typical GC costs $3,500 in materials and takes 300 labour hours to complete. A GC requires only one site visit by a supervisor and needs only one planning document to be raised. The typical DC costs $8,000 in materials and takes 500 hours to complete. An EX requires six site visits and five planning documents. In all cases, labour is paid $15 per hour. Required: Calculate the cost and the quoted price of a GC and of an EX using ABC to absorb the overheads. Solution: Quoted Price Using ABC Workings Materials Labour

(300 x $15/hr) (500 x $15/hr)

Overheads (step3) Supervisor Planners Property Full Cost Mark up 50% on cost Quoted Price

GC $ 3,500 4,500

EX $ 8,000 7,500

180 280 1,800 10,260 5,130 15,390

1,080 1,400 3,000 20,980 10,490 31,470

Workings: Step1 (optional) Cost Pool Cost Driver Supervisors Site visits

Reason Monitoring sites incurred supervisors cost

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Cost Pool Planners Property related

Cost Driver Planning documents Labour hours

Reason Planning documents incurred planners cost Labours are used to complete property contracts.

Exam Support Cost drivers may not be given parallel to cost pools as given in the question as above. Step2 In this question, there is one cost driver for each cost pool, so there no need for cost pool apportionment. Step3 Cost pool Annual overheads in $ ÷ Total number of activities ABC absorption rate Supervisors 90,000 500 180 Planners 70,000 250 280 Property related 240,000 40,000 6

Step4 Cost Pool Activities consumed Supervisors 1:6 Planners 1:5 Property related 6:6

GC (1 x 180)180 280 1,800

EX (6 x 180)1,080 1,400 3,000

Commenting On Results under ABC & Absorption Costing Exam

Q.no

12/10

Q4:c

P/P

Q1:c

Requirement Using your calculation from (a) and (b) above, explain how activity based costing may help The Gadget Co improve the profitability of each product. Explain reasons for different cost per unit of products under ABC from Absorption costing.

Marks 6 4

Exam Support You may consider using tables to comment on different results under ABC and absorption costing. Table should include product cost per unit under each method and activity levels used for allocating cost to product under each method. Absorption costing allocates more overheads to high volume (labour, machine hours) products and allocates lesser overheads to low volume products. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Example: If product A consumes 400 labour hours and product B consumes 800 labour hours then product B will consume double overheads than product A. Allocation of overheads based on volume not may be representative of the way in which actual overheads are incurred by each product. Example: Product A (low volume) may be produced in smaller batches than product B (high volume). Smaller batches will incur more setup cost than larger batches. Machines may have to be frequently organized in different way and needs to be adjusted. This will result in increased idle time cost for labour. Therefore, product A will incur more setup cost than product B. Absorption costing does not take account of this fact. Activity based costing allocates more overheads to product consuming more activities (setup, material handling etc) and allocates lesser overheads to products consuming less activities. Example: If product A consumes 6 setups and product B consumes 3 setups, then product A will consume double overheads than product B. Some products may require more setups because of production in smaller and more frequent batches. These may be slow moving products or products of perishable nature, which will become obsolete if stored for longer time. Conversely, some products may require fewer setups because of production in larger batches. These may be fast moving products or products having unpredictable demand, which needs to be stored to meet unexpected demand. Activity based costing differentiates cost drivers between activity based cost drivers and volume based cost drivers. Activity based cost drivers change with changes in number of activities (setup, invoicing, deliveries etc).

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Volume based cost drivers change with changes in volume (labour or machine hours, units etc). Some overhead costs are still change with volume such as machine depreciation. Activity based costing takes account of the fact that it is number of activities which incurs majority of the costs rather volume (labour or machine hours) of the product. In today’s manufacturing environment, responsiveness to customer is considered as the key to success. It gives rise to number of supporting activities and related costs. It makes activity-based cost drivers significant part of overheads cost rather than volume based cost drivers. Activity based costing closely allocates each type of overhead cost to respective activities which incur cost rather than allocating all types of overhead costs on single factory wide or departmental overhead rate (labour or machine hours). Therefore, ABC costing makes use of greater number of overhead absorption rates rather than two or three overhead absorption rates used in absorption costing. Activity based costing gives fairer reflection of actual overheads incurred by each product.

Implications for Pricing & Profitability Exam P/P

Q.no Requirement Q1:d Explain implications of switching to ABC on pricing and profitability.

Marks 6

Activity based costing enable more accurate pricing of products. Products consuming more activities and cost can be charged higher to customers. Products consuming fewer activities and cost can be charged fairly to customers. Absorption costing allocates lesser overhead cost to low volume products and more overhead cost to high volume products. Mark up % on less costly product results in lower selling and more costly product results in higher selling price. Absorption costing results in under-pricing of low volume and high activity products and over pricing of high volume and low activity products. Example: Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Product A (low volume & high activity product) will be under-priced which would otherwise be priced using ABC. Product B (high volume & low activity product) will be over priced which would otherwise be priced using ABC. Under priced products will probably result in lower selling price than market price provided competitors allocating cost to their products using ABC. Therefore, profitability of low volume and high activity product will suffer due to not having sufficient gross profit margin. Eventually, organization will decide to discontinue that product which is actually profitable. This will result in dysfunctional decision-making. Over priced products will probably result in higher selling price than market price. Therefore, this will result in high gross profit margin. However, profitability of high volume and low activity product will suffer due to not having sufficient sales demand. Organization will be motivated to produce more units of that product because of higher gross profit margin. Activity based costing can be used to prevent this problem. Benefits of switching to ABC need to be evaluated against the cost of implementing and maintaining ABC. Exam Support Cost /benefit analysis is fundamental to all decisions in management accounting. You can earn an easy mark by commenting on this point in questions requiring evaluation of particular action or decision.

Increasing Popularity of ABC Exam 06/08

Q.no Q4:a

Requirement Explain why the overhead allocations have changed in the way indicated above.

Marks 8

Information technology has reduced information management cost, making ABC feasible to implement and operate. Focus shift from product to customer resulting in smaller production runs (batches) and increased production setup cost (overheads).

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Just in time inventory management philosophy resulting in increased inventory ordering cost (overheads), as inventory is purchase or produced only when demanded by customer. Shorter product life due to rapidly changing technology resulting in increased marketing and development expenditure (overheads). Internet leading to increased customer awareness on prices creating a need for more competitive product pricing to achieve advantage over competitors. Government legislation being stricter regarding customer protection to prevent violation of customer rights. This will result in more inspection and material handling overhead costs.

Benefits & Limitations of ABC Exam

Q.no

06/08

Q4:b

Requirement Briefly explain the implementation problems often experienced when ABC is first introduced.

Marks 4

10.1 Benefits  ABC gives more accurate product cost.  ABC gives full cost of product as it includes selling and admin overheads in addition to production overheads.  ABC gives long-term product cost as it recognizes all the cost as variable, changing with changing activity levels.  ABC is realistic approach to product costing.  ABC encourages long-term decision-making approach by managers. Thus, avoiding adverse impact of short-term decision making on long-term growth and stability.  Cost of sales and inventory value calculated based on ABC can be used for financial reporting purpose. ABC gives full product cost and provides accurate information on financial performance and position of the organization.  It recognize that difference between volume based cost drivers (for cost which increases with volume such as machine maintenance cost) and Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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transaction based cost drivers (for cost which increases with transactions such as delivery cost)  ABC directs relates costs to the reasons for incurring costs in the form of cost drivers. Costs are incurred due to activities in any organization rather than number of departments.  Due to extensive information on activities is available, ABC costing can form the basis of ABC budgeting. This resulting in more realistic budgeting.  It gives information for cost control and reduction purpose. Example: Information that production in larger batches will decrease production setup costs. 10.2 Limitations  ABC is expensive to implement and operate because of such detailed information is needed on cost drivers and cost pools.  Organization may not have sufficient resources and time to implement ABC.  Managers may not understand the importance of ABC costing information for product costing and pricing purpose as it is too technical.  ABC information gathering process can consume a lot of managerial time in meeting and discussion, which can be used elsewhere to generate revenues. However, information technology has greatly reduced information-management costs. Thus, ABC is getting more affordable.  It may not deliver same benefits to smaller organization who have few activities, similar production processes and few products as compared to larger organization having many activities, complex production process and too many products.  Cost of implementing an ABC might not exceed benefits obtained from getting more accurate information. Hence, benefits of ABC costing are more than its limitations. That is why; ABC is increasingly being adopted by many organizations. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Exam Support Benefits of ABC are limitations of absorption costing and limitations of ABC are benefits of absorption costing.

ABC Vs Absorption Costing Vs Marginal Costing Exam

Q.no

06/10

Q1:d

Requirement One BBB manager has suggested that only marginal cost should be included in budget cost calculations as this would avoid the need for arbitrary overhead allocations to products. Briefly discuss this point of view and comment on the implication for the amount of mark-up that would be applied to budget costs when producing quotes for jobs.

ABC ABC absorbs product + selling + admin overheads in product cost

Absorption Costing Absorption costing conventionally absorbs only production overheads in product cost. ABC gives more realistic Absorption costing and detailed information makes use of subjective for product costing and basis for allocation, long-term decisionapportionment and making purpose such as absorption of overheads product pricing. Example: Floor area for rent As it considers all the costs as variable in long- apportionment and machine or labour hours term. ABC focuses on for absorption. activities and includes most of the Therefore, it is of little organizational cost in use in decision-making, product cost. and product costing based on absorption However, there is still costing can be subjective grouping of costs into cost pools and misleading. identification of cost drivers. ABC can be used for Absorption costing can

Marks 4

Marginal Costing Marginal costing does not include fixed costs, even fixed production overheads in product cost. Marginal costing is suitable for short-term decision-making. Example: Decisions for accepting or rejecting customer order. As it only considers variable costs and ignores fixed costs. It does not ensure full recovery of fixed cost in long-term.

Marginal costing is not

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ABC financial reporting purpose

Absorption Costing be used for financial reporting purpose.

ABC allocates cost according to the activity and volume consumed by each product.

Absorption costing allocates more overhead costs to high volume products and low activity products.

As it recognizes the difference between cost increasing with volume (volume based cost drivers) and cost increasing with activities (activity based cost drivers)

Marginal Costing allowed for financial reporting purpose by IAS 2 inventory.

Conversely, it allocates less overhead costs to low volume high activity products. It leads to dysfunctional (misleading) decisionmaking.

It leads to more accurate product costing and pricing.

Practice Question & Solution 12.1 Question (P/P, Q1) Triple Limited makes three types of 8old watch the Diva (D), the Classic (C) and the Poser (P). A traditional product costing system is used at present; although an activity based costing (ABC) system is being considered. Details of the three products for a typical period are: —

Hours per unit Materials Production Labour hours Machine hours Cost per unit ($) Units Product D ½ 1½ 20 750 Product C 1½ 1 12 1,250 Product P 1 3 25 7,000

Direct labour costs $6 per hour and production overheads are absorbed on a machine hour basis. The overhead absorption rate for the period is $28 per machine hour.

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Total production overheads are $654,500 and further show that the total production overheads can be divided as follows. % Costs relating to setups Costs relating to machinery Cost relating to materials handling Costs relating to inspection Total production overhead

35 20 15 30 100

The following total activity volumes are associated with each product line for the period as a whole. Number of Number of movements Product D Product C Product P

set ups 75 115 480 670

of materials 12 21 87 120

Number of inspections 150 180 670 1,000

Required: a) Calculate the cost per unit for each product using traditional methods, absorbing overheads based on machine hours. b) Calculate the cost per unit for each product using ABC principles (work to two decimal places). c) Explain why cost per unit calculated under ABC are often very different to costs per unit calculated under more traditional methods. Use the information for triple limited to illustrate. d) Discuss the implications of a switch to ABC on pricing and profitability. Solution (a)

Material Labour Production overhead Cost per unit

Diva

Classic

Poser

$

$

$

20 ($6 x ½hr) 3 ($28 x 1.5hrs) 42 65

12 ($6 x 1.5hrs) 9 ($28 x 1hr) 28 49

25 ($6 x 1hr) 6 ($28 x 3) 84 115

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Marking Scheme For each product 1 mark Total 3 marks

(b) Let use step-by-step procedure to solve this question (this representation is for tutorial purpose and lengthier than you would be expected to fulfil requirement. Past paper is more useful for planning your representation for exam purpose). Cost Per Unit Workings Material Labour Overhead

($77,213/750)

Diva ($) 20 3 94.95

($98,843/1,250)

Classic ($) 12 9 79.07

($484,444/7,000) Cost per unit

Poser ($) 25 6

117.95

100.07

69.21 100.21

Workings: Examiners Note: Each step required has been given its own sub-heading to make the procedure clear. The basic principle is to find an overhead cost per unit of activity for each element of overhead cost. In some cases, it might be possible to find an overhead cost per unit directly; here it is probably easier to split overhead between each product type first and then find a cost per unit as shown. (Optional) Cost Pool Set up cost

Cost driver Number of setups

Machining cost

Machine hours

Material handling cost

Material movement

Reasons Set up cost arises each time new batch of production in launched. It rises due to depreciation and maintenance of machine. It arises each time material is moved around the factory.

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Cost Pool Inspection cost

Cost driver Number of inspections

Reasons Inspection cost arises each time inspection is made.

Calculating Total Machine Hours Products Diva Classic Poser

Machine hour/unit ½ 1 3

Total number of units 750 1,250 7,000

Total machine hours 1,125 1,250 21,000 23,375

Cost Per Driver Calculation Cost Pools Set-ups Machining Materials handling Inspection

%

Apportioned cost ($) 35 229,075 20 130,900 15 98,175 30 196,350

Cost Driver Number of set ups Machine hours Material movements Number of inspections

Activity level 670 23,375 120

Cost per driver ($) 341.90 5.60 818.13

1,000

196.35

100 654,500

Overhead Split by Product Table Set-ups Machining Material Handling Inspection Total Overheads

Cost per driver ($) 341.90 5.60 818.13 196.35

Respective activities 75 : 115 : 408 1,125 :1,250 :21,000 12 :21 : 87 150 : 180 : 670

Marking Scheme Total machine hours Cost per driver calculation Overheads split by product table Cost per unit calculation Total

Diva ($) 25,643 6,300 9,817 29,453 77,213

Classic ($) 39,319 7,000 17,181 35,343 98,843

Poser ($) 164,113 117,600 71,177 131,554 484,444

Total ($) 229,075 130,900 98,175 196,350 654,500

2 marks 3 marks 4 marks 3 marks 12 marks

Exam Support Use tabular approach to save time and enhance representation and understanding. (C) Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Volume in units Absorption costing Activity based costing

Diva (1,125 Mac hrs) 750 $42 $95

Classic (1,250 Mac hrs) 1,250 $28 $79

Poser (21,000 Mac hrs) 7,000 $84 $69

Absorption costing allocates more overheads to high volume (machine hours) products such as poser and allocates less overheads to low volume products such as diva and classic. Activity based costing allocates more overheads to product consuming more activities such as Diva and allocates less overheads to products consuming less activities such as classic and poser. In this case machining cost is (130,900/654,500) 20% of total overheads incurred due to machine hours (volume) while the rest of the overheads 80% related to above activities. It would be unfair to absorb all the overheads on basis of volume (machine hours). ABC costing recognizes this flaw, and absorbs overheads using variety of activity based cost drivers (number of setups) and volume related cost driver (machine hours) giving true reflection of cost incurred in production of each product. Product Diva (D) has incurred (75/670) 11% setup cost while amounting to only (750/23000) 3.26% of total production volume. Therefore, ABC gives more weight based on activity when allocating setup cost to products as it should be, while absorption gives less weight based on volume when allocating setup cost to products. Marking Scheme Explanation 4 marks Total 4 marks

Solution to Requirement (D) Volume in units Absorption costing Activity based costing

Diva (1,125 mac hrs) 750 $42 $95

Classic (1,250 mac hrs)1,250 $28 $79

Poser (21,000 mac hrs) 7,000 $84 $69

Exam Support Do not reproduce same comments repeatedly in exams. Doing so will not earn you marks instead it will consume time. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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If triple ltd is using full cost plus pricing without considering market conditions, then it would be selling its lower cost products Diva and Classic at lower selling price and higher cost products at higher selling price. On the basis absorption costing, product Diva and Classic would be sold at lower price and poser at higher prices. It might lead to losses on lower cost products (Diva and Classic) seems to be profitable to triple ltd and higher cost product might be discontinued as it seems uneconomical to customers in comparison with its Quality due to lower activity consumption such as number of inspections. Therefore, absorption costing would encourage managers to produce more and more units of lower cost products and reducing or eliminating the production of higher cost products. It results in dysfunctional (misleading) decision-making. Under ABC manager will have true information related to cost of each product, so competitive selling price can be charged to customers to competitive advantage in the market. In price sensitive market, product Poser should be given first priority and product Diva should be given least priority. This will increase overall profitability of triple ltd. Marking Scheme Comment on pricing, markets, customers and profitability Total

6 marks 6 marks

Exam Support: Try to establish link between various exam topics as in this part of question, there is link between ABC and Pricing decision (see later).

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Exam Topic 2:

LIFE CYCLE COSTING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 What Is Life Cycle Costing 2 Stages of Product Life Cycle 3 Benefits of Product Life Cycle Costing Exam Awareness Factors Details Frequency This topic is moderately examined. However, you should be careful that it can be examined in this exam session. Magnitude It is unlikely that life cycle costing can form of basis of complete 20 marks question. However, it can be examined for 8 to 12 marks as part of a question. Composition It can be examined mostly as discussion-based question with minor calculation in rare cases. Relationship It can be examined in conjunction with other costing techniques such as target costing. Knowledge obtained in this chapter, can form the basis of answering questions regarding other syllabus areas such as decision-making, budgeting and performance measurement. See PAST PAPER ANALYSIS to explore relationships between exam topics. You can use these relationships to gather relevant points across various exam topics that can be used to answer questions.

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What Is Life Cycle Costing Life cycle costing is the cost management approach for managing products, functions, division and organization as a whole. For now, we will discuss it for products only.

Stages of Product Life Cycle Exam 12/08

Q.no

Requirement Produce the budgeted results for the game ‘Stealth’ Q4:b and briefly assess the game’s expected performance, taking into account the whole lifecycle of the game.

Marks 9

Diagram:

2.1 Design or Development Stage  Product is being planned.  Costs are being incurred resulting in negative cash flows.  There is no revenue at this stage. 2.2 Introduction  Product is first launched in the market.

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 Marketing expenditure is high due to the need for increasing demand for the new product, as customers are unaware of the product and its features. Product cost per unit is high because of:  Greater material wastages due to labour are learning production process.  Labours working are less efficiently on new product than on existing products.  Overhead cost is also high because of lower production volume, production in small batches and ordering materials in small quantities.  Costs are still greater revenues resulting in negative cash balance. 2.3 Growth  Product starts to gain popularity as more and more customers are being aware of product and its features.  Marketing expenditure is slightly lower than that at introduction stage. Product cost per unit gradually reducing because of:  Lower material wastages due to labours are learning the production process.  Labours are increasing being efficient and labour cost per unit in decreasing.  Overhead cost is decreasing due to lower production volume, production in large batches and obtaining bulk purchase discounts for ordering large quantities of material.  Revenue is increasing gradually resulting in positive cash balance.  New competitors are entering the market or developing the similar products. 2.4 Maturity  Product has achieved its full growth potential and product is well known amongst customers. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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 Marketing expenditure is at minimum at this stage, just to maintain and gain market share. Further expansion of market itself is not possible. Product cost per unit is lowest at this stage because of:  Economies of scale (bulk purchase discounts) are achieved due to mass (bulk) production volumes.  Labour efficiency is increased to its full potential. Labours are making more products per hour resulting in reduced labour cost.  Overhead cost low due to economies of scales.  Products are of high quality and reduce warranty claim cost.  Minimal training and supervision cost than above stages.  Revenues are at peak and product is generating high cash flow balance ever.  Competitor try to penetrate (enter) the market reducing their selling price. This puts increased demand for product quality to maintain selling price. 2.5 Decline  Customers are getting bored of the product and looking for other products offered by competitor or newer version of existing product.  Marketing expenditure can generate some interest in product particularly in lower income group. Product cost begin to rise because of  Production volume is reduced due to reduction in demand, resulting in loss of economies of scale.  Changes in product design can increase the life of products perhaps at some costs. Cost should only be incurred if expected benefits are greater than cost.  Product can still be profitable (cash generating) because of competitors leaving the market. As a result price pressures are decreased and organization can enjoy monopoly position in the market. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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 Competitor may leave because find the market unattractive and want to pursue other interests.  Finally, at the end of life cycle product is discontinued.

Benefits of Product Life Cycle Costing Exam

Q.no

Requirement Marks Explain the principles behind lifecycle costing and 12/08 Q4:a briefly state why Wargrin in particular should 4 consider these lifecycle principles. 11/12 Q4:c Discuss the benefits of life cycle costing. 4 Product life cycle enables managers to take better strategic decisions regarding development and discontinuation of products. Product life cycle recognizes the profitability over the whole life of the product. As you have noticed that products tend to make loss (negative cash balance) in early stages of life cycle, then it would be more wise to look at product profitability over it whole life. Other costing techniques (ABC, Absorption costing and marginal costing) excluding target costing do not recognizes this fact and tend to focus on profitability in short-term (1 year). It leads to dysfunctional (misleading) decision-making. It drops product, which are profitable during its whole life but loss making in earlier stages of its life cycle. Product life cycle demonstrate the importance of timing to be considered in developing and introducing to the market. Earlier the organization launches its product more time it will have as a monopolist. This will result in more profitability from the product over its life cycle. Conversely, voidable delays in developing and introducing the product can erode profitability of the product. Hence, time management and scheduling is important for product profitability.

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Exam Topic 3:

TARGET COSTING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 What Is Target Costing? 2 Steps Involved In Target Costing 3 Calculating Target Cost/Unit & Cost Gap 4 Strategies to Reduce Cost 5 Benefits of Target Costing 6 Target Costing In Service Industries Exam Awareness Factors Details Frequency Target costing is moderately examined topic. Magnitude

Target costing can form the basis of complete 20 marks question or it can be examined as part of longer question.

Composition

Target costing can be examined as calculation (50%) and as discussion based question (50%). Calculation and discursive element are independent of each other. If calculation is wrong, you still gain marks are reasonable discussion. It applies to other exam topics. Relationship It can be examined with ABC, product life cycle costing, forecasting (learning curve) etc. See PAST PAPER ANALYSIS to explore relationships between exam topics. You can use these relationships to gather relevant points across various exam topics that can be used to answer questions.

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What Is Target Costing? Target costing is the market (customer) focused cost reduction and control technique for potential and existing products. Target recommends cost should be incurred for those product features, which add value (benefit) to the customer from customers’ viewpoint. All other costs should be eliminated or reduced to minimum. Target costing is the continuous activity to improve product features and minimizes cost without losing value of the product in the eyes of the customer. Improvement is sought over the whole product life cycle.

Steps Involved In Target Costing Exam 12/07 06/12

Q.no

Requirement Marks Briefly describe the target costing process that Q1:a 3 Edward Co should undertake. Explain the main steps involved in developing a target Q2:a price and target cost for a product in a typical 6 manufacturing company.

2.1 Step1 Identify the market selling price for same or similar product. 2.2 Step2 Decide the desired profit margin that should be obtained. 2.3 Step3 Deduct the desired profit margin from market selling price of the product to arrive at Target cost (expected cost). Exam Support In management accounting, you can replace term desired profit with expected profit because there is no precise need to learn these terms as you do in financial accounting. This applies to whole F5 Performance management paper. 2.4 Step4 Estimate cost of product based on internal data on material, labour and overhead to be applied to the product. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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2.5 Step5 Expected cost (step4) is then compared with estimated or budgeted cost (step5). The resulting difference is called target cost gap. 2.6 Step6 Aim to reduce target cost gap by using cost reduction strategies. 2.7 Step7 Once the target cost gap is filled, expected cost should be lowered further to achieve future improvements in the product and production process to reduced cost. These steps will be continuously repeated until the end of product life cycle. Diagram: Estimated cost

Target cost gap

Target cost

Calculating Target Cost/Unit & Cost Gap Exam 12/07 P/P

Q.no

Requirement Calculate the expected cost per unit for the radio and Q1:d identify any cost gap that might exist. Prepare detailed calculations to show whether Q3:a product S-pro will provide the target net cash flow.

Marks 13 12

Illustration (12/07: Q1, d): Edward Co assembles and sells many types of radio. It is considering extending its product range to include digital radios. These radios produce a better sound quality than traditional radios and have a large number of potential additional features not possible with the previous technologies (station scanning, more Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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choice, one touch tuning, station identification text and song identification text etc). A radio is produced by assembly workers assembling a variety of components. Production overheads are currently absorbed into product costs on an assembly labour hour basis. Edward Co is considering a target costing approach for its new digital radio product. A selling price of $44 has been set in order to compete with a similar radio on the market that has comparable features to Edward Co’s intended product. The board have agreed that the acceptable margin (after allowing for all production costs) should be 20%. Cost information for the new radio is as follows: Component 1 (Circuit board) — these are bought in and cost $410 each. They are bought in batches of 4,000 and additional delivery costs are $2,400 per batch. Component 2 (Wiring) — in an ideal situation 25 cm of wiring is needed for each completed radio. However, there is some waste involved in the process as wire is occasionally cut to the wrong length or is damaged in the assembly process. Edward Co estimates that 2% of the purchased wire is lost in the assembly process. Wire costs $050 per metre to buy. Other material - other materials cost $8 10 per radio. Assembly labour — these skilled people are difficult to recruit and retain. Edward Co has more staff of this type than needed but is prepared to carry this extra cost in return for the security it gives the business. It takes 30 minutes to assemble a radio and the assembly workers are paid $1260 per hour. It is estimated that 10% of hours paid to the assembly workers is for idle time. Production Overheads recent historic cost analysis has revealed the following production overhead data: Total production Total assembly overhead labour hours $ Month 1 620,000 19,000 Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Total production Total assembly overhead labour hours $ Month 2 700,000 23,000 Fixed production overheads are absorbed on an assembly hour basis based on normal annual activity levels. In a typical year 240,000 assembly hours will be worked by Edward Co. Required: Calculate the expected cost per unit for the radio and identify any cost gap that might exist. Solution: Component 1 Component 2

Other material Labour cost Variable production overhead (W1) Fixed production overhead (W1) Estimated or budgeted cost Expected or desired cost Cost gap Workings

Workings 4.10+($2,400/4,000) 25/100 x 100/98 x $0.5

30/60 x 100/90 x $12.60 30/60 x $20

30/60 x $12

$44 x(100-20)%

$/unit Explanation 4·70 Material cost + delivery cost 0·128 Centimetre to metre x gross up for wastages x material cost 8.10 7 0.5 hours x gross up for idle time x labour rate 10 Variable overhead incurred during labour making products. 6 Fixed overhead absorbed on the basis of labour hours 35·928 Based on management accounting information 35.20 Market selling price less desired profit margin. 0.728 Cost reduction required.

Exam Support Label your working headings shortly. High low method to variable and fixed components of overhead cost. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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𝑉𝑎𝑟𝑖𝑎𝑏𝑙𝑒 𝑝𝑟𝑜𝑑𝑢𝑐𝑡𝑖𝑜𝑛 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 =

700,000 − 620,000 = $20 23,000 − 19,000

At 23,000 labour hours (highest activity level) 𝐹𝑖𝑥𝑒𝑑 𝑝𝑟𝑜𝑑𝑢𝑐𝑡𝑖𝑜𝑛 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 = $700,000 − 23,000 × $20 = $240,000 𝑝𝑒𝑟 𝑚𝑜𝑛𝑡ℎ 𝐴𝑛𝑛𝑢𝑎𝑙 𝑎𝑏𝑠𝑜𝑟𝑝𝑡𝑖𝑜𝑛 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑 𝑟𝑎𝑡𝑒 =

240,000 × 12 = $12 240,000 𝑙. ℎ𝑟𝑠 𝑝𝑒𝑟 𝑦𝑒𝑎𝑟

Marking Scheme Cost calculation Marks Component 1 2 Component 2 2 Material other 1 Assembly labour 2 Variable production overhead 1 High low calculation 2 Fixed production OAR 1 Fixed production overhead 1 Cost gap identified 1 Total 13 marks

Strategies to Reduce Cost Exam

Q.no

Requirement Marks Assuming that a cost gap for the chair exists suggest 12/09 Q2:b 6 four ways in which it could be closed. Assuming a cost gap was identified in the process, 12/07 Q1:c outline possible steps Edward Co could take to 5 reduce this gap.  Product features can be changed to reduce non-value adding features.  Providing training to labours to become more efficiency provided benefit exceeds cost.  Providing better working conditions to labours to improve motivation and so efficiency.  Re-design production process to reduce non-value adding activities.  Outsourcing supporting (non-core) activities and automating perhaps by using information technology. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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 Change the type of material used without compromising quality.  Employee more unskilled labour by replacing them with existing skilled labours, if doing so will not deteriorate quality of the product.  Reduce labour turnover to benefit from labour learning and experience. Exam Support This list is not conclusive. You can think may others, which would be acceptable by the marker. You are not expected to copy/paste these points to answer question rather you should make relevant points according to information given in the scenario. Example: You will earn no marks by commenting on labour turnover, if scenario does not provide the clue on labour turnover problem in the organization. Points you make should be justified with reference to relevant information given in the scenario.

Benefits of Target Costing Exam

Q.no

Requirement Marks Explain the benefits to Edward Co of adopting a target 12/07 Q1:b costing approach at such an early stage in the product 4 development process.  Target costing attempts to manage costs at an early stage (development) of the product life cycle.  Most of the cost relating to product (high tech) incurs at development stage and it more beneficial to control and reduce cost at this stage.  In today modern environment product life cycle is getting shorter due to technological advancement rendering products obsolete, such as mobile phones.  Target costing determines the suitability of product for organization from market view point. If product is not suitable (desired profit margin cannot Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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achieved) than product can be discontinued before investing resources in further development and production.  Target costing enables organization to achieve advantage over competitors by seeking continuous improvement over the whole product life cycle.

Target Costing In Service Industries Exam 06/12

Q.no

Requirement Discuss THREE of the particular difficulties that the Q2:d Sickham UHS Trust may find in using target costing in its service provision.

Marks 6

Exam Support It is highly likely that this topic would be examined in future as prominently mentioned in study guide. In service industries, it is difficult to find same or similar services to identify the market price for service being provided or to be provided by the organization. Even if the comparable services can be found it is still difficult to apply its price to the services of the organization. It is due to the characteristics of services (intangible, perishable, heterogeneous, simultaneous and no transfer of ownership). There can be more than one organization charging different prices for their same or similar services. Then it becomes a subjective (biased) matter of judgement. In service industries person incurring the cost is not the person responsible for costs. It adds difficulty in managing costs. Example: In hospital, costs are incurred because of decision taken by doctors and the responsibility to manage costs relies on administration staff. Also in service industries cost managers has no control over process of providing the service. It is because of services are of technical in nature and cost manager may not have such technical skills. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Example: If you are assumed as cost controller then may not control the way mechanic repairs your car. Each time service is provided, it results in different cost and quality. Example: Hairdresser takes different amount of time each time you visit saloon. Sometimes haircutting may not result as you wished.

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Exam Topic 4:

THROUGHPUT ACCOUNTING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 What Is Throughput Accounting 2 Principle Resource Factor 3 Calculating Throughput Accounting Ratio (TPAR) 4 Calculating Optimal Product or Process Mix Exam Awareness Factors Details Frequency Throughput accounting is moderately examined topic. Magnitude It can be examined as complete 20 marks question or it can be examined as a part of longer question. Composition It can be examined as calculation (50%) and discussion (50%). Relationship It can be examined in combination with other costing techniques such as ABC costing, product life cycle and target costing. See PAST PAPER ANALYSIS to explore relationships between exam topics. You can use these relationships to gather relevant points across various exam topics that can be used to answer questions.

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What Is Throughput Accounting 1.1 Throughput Definition Throughput is profit achieved after deducting direct material cost from selling price of product. All remaining conversion costs (labour + overhead) are assumed as fixed for the whole period i.e. short-term. Reason: Labours are increasingly becoming fixed cost due salaries and minimum wage rate requirements imposed by legislation. Overhead cost are increasing become fixed due to outsourcing of various supporting business activities (internal audit) for a fixed monthly or yearly fee. Managers trying to make longer term (long-term loan) agreements (contracts) to reduce risk and uncertainty in decision-making. It means the only cost, which is variable in short-term, is direct material cost. Throughput (profitability) can be maximized by using material more efficiently. Examples: Throughput can be maximized using just in time (JIT) inventory management system to save inventory ordering cost. Total quality management (TQM) to reduce material wastage, ideally eliminate.

Principle Resource Factor Exam

Q.no

Requirement Identify the bottleneck process and briefly explain 06/09 Q1:a why this process is described as a ‘bottleneck’. Principal resource is the resource (Labour or Machine) restricting the production volume of the products.

Marks 3

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However, terminology used in F2 paper is principal resource. 2.1 Identifying Principal Resource Factor Formula: 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑢𝑛𝑖𝑡𝑠 𝑝𝑒𝑟 𝑝𝑟𝑜𝑑𝑢𝑐𝑡 =

𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝐹𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟𝑠 ℎ𝑜𝑢𝑟𝑠 𝑟𝑒𝑞𝑢𝑖𝑟𝑒𝑑 𝑝𝑒𝑟 𝑢𝑛𝑖𝑡 𝑜𝑓 𝑝𝑟𝑜𝑑𝑢𝑐𝑡

This formula is applied for each process or resource over number of products given in question. Process or resource giving lowest number of units for products in total is the principal resource factor. Illustration (06/09: Q1, a) The factory has 50 production lines each of which contain the three processes: Raw material for the sheet metal is first pressed then stretched and finally rolled. The processing capacity varies for each process and the factory manager has provided the following data: Processing time per metre in hours Product A Product B Product C Pressing 0.50 0.50 0.40 Stretching 0.25 0.40 0.25 Rolling 0.40 0.25 0.25 The factory operates for 18 hours each day for five days per week. It is closed for only two weeks of the year for holidays when maintenance is carried out. On average one hour of labour is needed for each of the 225,000 hours of factory time. Labour is paid $10 per hour. Required: Identify the bottleneck process and briefly explain why this process is described as a ‘bottleneck’. Solution (06/09: Q1, a): Products

A

B

C

Total

Pressing (W1) 450,000 450,000 562,500 1,462,500 Stretching 900,000 562,500 900,000 2,362,500 Rolling 562,500 900,000 900,000 2,362,500 Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Pressing process has the ability to make lowest number of units is the bottleneck process. Hence, it is limiting the capacity of Yam co to make more than 1,462,500 units during factory hours. Workings Budgeted factory hours given is 225,000 hrs. It can also be calculated as follows 𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑟𝑠 = 18 ℎ𝑟𝑠 × 5 𝑑𝑎𝑦𝑠 × 50 𝑤𝑜𝑟𝑘𝑖𝑛𝑔 𝑤𝑒𝑒𝑘𝑠 × 50 𝑝𝑟𝑜𝑑 𝑙𝑖𝑛𝑒𝑠 = 225,000 Pressing Process 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑢𝑛𝑖𝑡𝑠 𝑝𝑒𝑟 𝑝𝑟𝑜𝑑𝑢𝑐𝑡 =

𝐵𝑢𝑑𝑔𝑒𝑡𝑒𝑑 𝐹𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟𝑠 ℎ𝑜𝑢𝑟𝑠 𝑟𝑒𝑞𝑢𝑖𝑟𝑒𝑑 𝑝𝑒𝑟 𝑢𝑛𝑖𝑡 𝑜𝑓 𝑝𝑟𝑜𝑑𝑢𝑐𝑡

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑢𝑛𝑖𝑡𝑠 𝑝𝑒𝑟 𝑝𝑟𝑜𝑑𝑢𝑐𝑡 𝐴 =

225,000 = 450,000 𝑢𝑛𝑖𝑡𝑠 0.5

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑢𝑛𝑖𝑡𝑠 𝑝𝑒𝑟 𝑝𝑟𝑜𝑑𝑢𝑐𝑡 𝐵 =

225,000 = 450,000 𝑢𝑛𝑖𝑡𝑠 0.5

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑢𝑛𝑖𝑡𝑠 𝑝𝑒𝑟 𝑝𝑟𝑜𝑑𝑢𝑐𝑡 𝐶 =

225,000 = 562,500 𝑢𝑛𝑖𝑡𝑠 0.4

Marking Scheme Identification of bottleneck Explanation Total

1 marks 2 marks 3 marks

Calculating Throughput Accounting Ratio (TPAR) Exam 06/11

06/09

Q.no

Requirement Calculate the throughput accounting ratio for procedure C. Q5:a Note: It is recommended that you work in hours as provided in the table rather than minutes. Calculate the throughput accounting ratio (TPAR) for Q1:b each product assuming that the bottleneck process is fully utilised.

Marks 6

8

Formulae: 𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝑝𝑒𝑟 𝑠𝑐𝑎𝑟𝑐𝑒 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟 =

𝑆𝑎𝑙𝑒𝑠 − 𝐷𝑖𝑟𝑒𝑐𝑡 𝑚𝑎𝑡𝑒𝑟𝑖𝑎𝑙 𝑃𝑟𝑖𝑛𝑐𝑖𝑝𝑎𝑙 𝑟𝑒𝑠𝑜𝑢𝑟𝑐𝑒 ℎ𝑜𝑢𝑟𝑠 𝑎𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒

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It is assumed that material will always available in full supply. Above formula gives throughput generating ability of a product in each scarce hour. It enables managers to take short-term decisions on deciding which product will be made more and which product will be made less. Product generating greater throughput will be given higher rank in resource allocation. 𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑅𝑎𝑡𝑖𝑜 (𝑇𝑃𝐴𝑅) =

𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝑝𝑒𝑟 𝑠𝑐𝑎𝑟𝑐𝑒 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟 𝐶𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛 𝑐𝑜𝑠𝑡 𝑝𝑒𝑟 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟

Where 𝐶𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛 𝑐𝑜𝑠𝑡 = 𝐷𝑖𝑟𝑒𝑐𝑡 𝑙𝑎𝑏𝑜𝑢𝑟 𝑐𝑜𝑠𝑡 + 𝐹𝑎𝑐𝑡𝑜𝑟𝑦 𝑜𝑣𝑒𝑟ℎ𝑒𝑎𝑑𝑠 𝑐𝑜𝑠𝑡 Factory hours are the number of hours for which factory gate remains open Example: 5 workers work 5,000 hours per year during the same timings. Factory hours will be 5,000 hrs because it does not matter how many hours are paid per year, what matter is how long factory remained open per year. This formula compares throughput on principal resource with conversion cost incurred for whole factory during factory hours. If TPAR is greater than 1, it means product is generating more cash (throughput) than cash spent on running the factory. If TPAR is lesser than 1, it means product is losing cash in each hour product is made in the factory. It is due to cash generated from product is less than cash spent on running the factory. That product should be discontinued unless needed for other strategic purpose. Illustration (06/11: Q5, a): Thin Co is a private hospital offering three types of surgical procedures known as A, B and C. Each of them uses a pre-operative injection given by a nurse Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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before the surgery. Thin Co currently rent an operating theatre from a neighbouring government hospital. Thin Co does have an operating theatre on its premises, but it has never been put into use since it would cost $750,000 to equip. The Managing Director of Thin Co is keen to maximise profits and has heard of something called ‘throughput accounting’, which may help him to do this. The following information is available:  All patients go through a five step process, irrespective of which procedure they are having: – step 1: consultation with the advisor; – step 2: pre-operative injection given by the nurse; – step 3: anaesthetic given by anaesthetist; – step 4: procedure performed in theatre by the surgeon; – step 5: recovery with the recovery specialist.  The price of each of procedures A, B and C is $2,700, $3,500 and $4,250 respectively.  The only materials’ costs relating to the procedures are for the preoperative injections given by the nurse, the anaesthetic and the dressings. These are as follows: Procedure A Procedure B Procedure C $ per $ per $ per procedure procedure procedure Pre-operative nurse’s injections 700 800 1,000 Anaesthetic 35 40 45 Dressings 5.60 5.60 5.60  There are five members of staff employed by Thin Co. Each works a standard 40-hour week for 47 weeks of the year, a total of 1,880 hours each per annum. Their salaries are as follows: – Advisor: $45,000 per annum; – Nurse: $38,000 per annum; – Anaesthetist: $75,000 per annum; Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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– Surgeon: $90,000 per annum; – Recovery specialist: $50,000 per annum. The only other hospital costs (comparable to ‘factory costs’ in a traditional manufacturing environment) are general overheads, which include the theatre rental costs, and amount to $250,000 per annum.  Maximum annual demand for A, B and C is 600, 800 and 1,200 procedures respectively. Time spent by each procedure is as follows: Procedure A Procedure B Procedure C Hours Hours Hours per procedure per procedure per procedure Advisor 0.24 0.24 0.24 Nurse 0.27 0.28 0.30 Anaesthetist 0.25 0.28 0.33 Surgeon 0.75 1 1.25 Recovery specialist 0.60 0.70 0.74 Part hours are shown as decimals e.g. 0·24 hours = 14·4 minutes (0·24 x 60). Surgeon’s hours have been correctly identified as the bottleneck resource. Required:  Calculate the throughput accounting ratio for procedure C. Note: It is recommended that you work in hours as provided in the table rather than minutes.  The return per factory hour for products A and B has been calculated and is $2,612·53 and $2,654·40 respectively. The throughput accounting ratio for A and B has also been calculated and is 8·96 and 9·11respectively. Calculate the optimum product mix and the maximum profit per annum. Solution to Requirement (a) 𝐶𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛 𝑐𝑜𝑠𝑡 = $45,000 + $38,000 + $75,000 + $90,000 + $50,000 + $250,000 = $548,000 𝑇𝑜𝑡𝑎𝑙 ℎ𝑜𝑢𝑟𝑠 𝑜𝑓 𝑏𝑜𝑡𝑡𝑙𝑒𝑛𝑒𝑐𝑘 𝑟𝑒𝑠𝑜𝑢𝑟𝑐𝑒, 𝑡ℎ𝑒 𝑠𝑢𝑟𝑔𝑒𝑜𝑛’𝑠 𝑡𝑖𝑚𝑒 = 40ℎ𝑟𝑠 × 47 𝑤𝑒𝑒𝑘𝑠 = 1,880 ℎ𝑟𝑠 Therefore conversion cost per hospital hour = $548,000/1,880 = $291·49. $/unit Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Selling price Material cost Pre-operative nurse’s injections Anaesthetic Dressings Throughput

𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝑝𝑒𝑟 𝑠𝑐𝑎𝑟𝑐𝑒 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟 =

$/unit 4,250 1,000 45 5·60

𝑆𝑎𝑙𝑒𝑠 − 𝐷𝑖𝑟𝑒𝑐𝑡 𝑚𝑎𝑡𝑒𝑟𝑖𝑎𝑙 𝑃𝑟𝑖𝑛𝑐𝑖𝑝𝑎𝑙 𝑟𝑒𝑠𝑜𝑢𝑟𝑐𝑒 ℎ𝑜𝑢𝑟𝑠 𝑎𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒

𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝑝𝑒𝑟 𝑠𝑢𝑟𝑔𝑒𝑜𝑛 ℎ𝑜𝑢𝑟𝑠 𝑓𝑜𝑟 𝑝𝑟𝑜𝑐𝑒𝑑𝑢𝑟𝑒 𝐶 = 𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑅𝑎𝑡𝑖𝑜 (𝑇𝑃𝐴𝑅) =

1,050.60 3,199·40

$3,199.40 = $2,559 · 52 1.25

𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝑝𝑒𝑟 𝑠𝑐𝑎𝑟𝑐𝑒 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟 𝐶𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛 𝑐𝑜𝑠𝑡 𝑝𝑒𝑟 𝑓𝑎𝑐𝑡𝑜𝑟𝑦 ℎ𝑜𝑢𝑟

𝑇ℎ𝑟𝑜𝑢𝑔ℎ𝑝𝑢𝑡 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑅𝑎𝑡𝑖𝑜 (𝑇𝑃𝐴𝑅)𝑓𝑜𝑟 𝑃𝑟𝑜𝑐𝑒𝑑𝑢𝑟𝑒 𝐶 =

$2,559 · 52 = $8.78 $291 · 49

Marking Scheme TAR Cost per hour 3 Return per hour – C 2 Ratio – C 1 Total 6 marks Procedure C generates more throughput than costs incurred during operation of hospital. Solution to Requirement (b) A TPAR 8·96 RANK 2 Optimal Production Mix Procedure (product) Demand Hrs/unit A 800 1 B 600 0.75 C 504 1.25 Total

B 9·11 1

C 8·78 3

Hours taken 800 450 630 1,880

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Maximum Profit Per Annum Throughput per bottleneck Hours taken hour 800 2,654·40 450 2,612·53 630 2,559·52 1,880

Total throughput 2,123,520 1,175,638·5 1,612,497·6 4,911,656·1

Marking Scheme Optimal production plan Ranking Optimum number of A Optimum number of B Optimum number of C Total throughput Less cost Profit Total

1 1.5 1.5 1.5 0.5 0.5 0.5 7 marks

Calculating Optimal Product or Process Mix Exam

Q.no

Requirement Marks Calculate the optimum product mix and the 06/11 Q5:b 7 maximum profit per annum. This is the second stage in throughput accounting after deciding whether to produce a product at all or not. Now, we will consider: What product should be made first to make sure it gets sufficient resources to meet the demand with respect to it. How much of each product should be made taking account of any principle factor associate with product (government restriction to make above certain level) or production process (availability of resources such as labour hours and machinery condition). Illustration (06/11: Q5, b):  The return per factory hour for products A and B has been calculated and is $2,612·53 and $2,654·40 respectively. The throughput accounting ratio for A and B has also been calculated and is 8·96 and 9·11respectively. Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Required: Calculate the optimum product mix and the maximum profit per annum. Solution to Requirement (b) A TPAR 8·96 RANK 2

B 9·11 1

C 8·78 3

Optimal Production Mix Procedure (product) Demand Hrs/unit Hours taken A 800 1 800 B 600 0.75 450 C 504 1.25 630 Total 1,880 Maximum Profit Per Annum Hours taken Throughput per bottleneck hour 800 2,654·40 450 2,612·53 630 2,559·52 1,880 Marking Scheme Optimal production plan Ranking Optimum number of A Optimum number of B Optimum number of C Total throughput Less cost Profit Total

Total throughput 2,123,520 1,175,638·5 1,612,497·6 4,911,656·1

1 1.5 1.5 1.5 0.5 0.5 0.5 7 marks

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Exam Topic 5:

ENVIRONMENTAL ACCOUNTING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Environmental Management Accounting 2 Benefits of Environmental Management Accounting 3 Methods of Environmental Accounting Exam Awareness Factors

Details

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Environmental Management Accounting Benefits of Environmental Management Accounting Methods of Environmental Accounting 3.1 Activity Based Costing 3.2 Life Cycle Costing

Types of Environmental Cost 4.1 Prevention Cost 4.2 Detection Cost 4.3 Internal Failure Cost 4.4 External Failure Cost

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Exam Topic 6:

RELEVANT COSTING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Relevant Cost Vs Irrelevant Cost 2 Materials 3 Labour 4 Overheads Exam Awareness Factors

Details

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Relevant Cost Vs Irrelevant Cost 1.1 Types of Relevant Cost 1.1.1 Future Cost 1.1.2 Avoidable Cost 1.1.3 Controllable Cost 1.1.4 Replacement Cost 1.1.5 Net Realisable Value 1.1.6 Variable Cost 1.1.7 Opportunity Cost 1.1.8 Directly Attributable Fixed Cost 1.2 Types of Irrelevant Costs 1.2.1 Past or Sunk Cost 1.2.2 Committed Cost 1.2.3 Fixed Cost 1.2.4 Original Purchase Cost 1.2.5 Non-Cash Expenses

Materials 2.1 Spare Materials 2.2 Material in Use

Labour 3.1 Spare Labour 3.2 Labour in Use

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4.1 Variable Overhead 4.2 Fixed Overhead

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Exam Topic 7:

SHORT-TERM DECISION-MAKING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Outsourcing Benefits & Limitations 2 Incremental Costs & Revenues 3 Make or Buy Decision 4 Continue or Discontinue Decision 5 Further Processing Decisions 6 Non-Financial Factors Involved In Further Processing Decision Exam Awareness Factors

Details

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Outsourcing Benefits & Limitations 1.1 Benefits of Outsourcing 1.1.1 Economies of Scale 1.1.2 Planning & Budgeting 1.1.3 Realization of Surplus Assets 1.1.4 Elimination of Limiting Resources 1.1.5 Reduced Overhead Costs 1.1.6 Experience & Expertise 1.1.7 Focus On Core Activities 1.2 Limitations of Outsourcing 1.2.1 Cost May Exceed Benefits 1.2.2 Employee Morale 1.2.3 Reaction of Stakeholders 1.2.4 Legislation 1.2.5 Lack of Autonomy 1.2.6 Loss of Control

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6.2 Non-Financial Basis

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Exam Topic 8:

COST VOLUME PROFIT ANALYSIS Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Single Product Situation 2 Basic Terms 3 Multi Product Situation 4 Limitations of CVP Analysis Exam Awareness Factors

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Single Product Situation 1.1 Calculating Contribution to Sales (C/S) Ratio

Basic Terms 2.1 Breakeven Point (BEP) 2.2 Margin of Safety (MOS) 2.3 Calculating Breakeven Point 2.4 Calculating Margin of Safety 2.5 Calculating Target Profit or Revenue

Multi Product Situation 3.1 Calculating C/S Ratio 3.2 Calculating Breakeven Point 3.3 Calculating Target Profit or Revenue

Limitations of CVP Analysis

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Exam Topic 9:

PRICING DECISIONS Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Pricing Strategies 2 Calculating Prices for Different Pricing Strategies 3 Price Demand Relationship 4 Price Elasticity of Demand 5 Calculating Price Elasticity of Demand 6 Determining Optimal Selling Price, Sales Volume & Profit 7 Non-Financial Aspects of Pricing Decision Exam Awareness Factors

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Pricing Strategies 1.1 Price Penetration 1.2

Discounted-Pricing

1.3 Volume Discounting 1.4 Price Skimming 1.5 Premium Pricing 1.6 Market Segmentation or Price Discrimination 1.7 Complementary Product Pricing 1.8 Product Line Pricing 1.9 Captive Product Pricing 1.10 Full Cost Plus Pricing 1.11 Marginal Cost Plus Pricing 1.12 Relevant Cost Pricing

Calculating Prices for Different Pricing Strategies Price Demand Relationship Price Elasticity of Demand Calculating Price Elasticity of Demand Determining Optimal Selling Price, Sales Volume & Profit 6.1 Straight Line Demand Equation 6.2 MC=MR (Marginal Cost Is Equal to Marginal Revenue)

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Non-Financial Aspects of Pricing Decision

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Exam Topic 10:

LINEAR PROGRAMING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Calculating Contribution 2 Calculating Optimal Production Plan for Maximizing Contribution 3 Calculating Shadow Price (Dual Price) & Slack 4 Extending Production beyond Existing Capacity 5 Revising Optimal Production Plan Exam Awareness Factors

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Optimial Production Plan in Single Limiting Factor Situation 1.1 Calculating Contribution

Calculating Optimal Production Plan for Maximizing Contribution Calculating Shadow Price (Dual Price) & Slack Extending Production beyond Existing Capacity Revising Optimal Production Plan

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Exam Topic 11:

RISK & UNCERTAINTY IN DECISIONMAKING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Basic Terms 2 Construct Payoff Tables 3 Decision Rules 4 Sensitivity Analysis 5 Decision Tree Exam Awareness Factors

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Basic Terms 1.1 Risk Vs Uncertainty 1.2 Decision-making 1.3 Outcome 1.4 Variables 1.5 Pay Off 1.6 Circumstances

Construct Payoff Tables Decision Rules 3.1 Expected Value 3.2 Calculating Expected Value 3.3 Maximin Decision Rule 3.4 Maximax 3.5 Minimax Regret Rule

Sensitivity Analysis 4.1 Performing Sensitivity Analysis

Decision Tree

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Exam Topic 12:

LEARNING CURVE THEORY Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Learning Curve 2 Calculating Product Cost/Unit (Tabular Approach) 3 Calculating Product Cost per Unit (Statistical Approach) 4 Ways to Improve Learning Rate Exam Awareness Factors

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Learning Curve Calculating Product Cost/Unit (Tabular Approach)

Calculating Product Cost per Unit (Statistical Approach) Ways to Improve Learning Rate

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ACCA F5 Study Text Ebook has More Than 50 ACCA F5 Exam Tips | Page 110 of 138 Exam Topic 13: FORECASTING

Exam Topic 13:

FORECASTING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Scatter Graph Diagrams & Line of Best Fit 2 Coefficient Of Correlation 3 Regression Analysis 4 Calculating Regression Line Analysis 5 Adjustment for Inflation or Deflation 6 Advantages & Disadvantages of Regression Line Analysis 7 Time Series Analysis 8 Moving Averages 9 Seasonal Variations 10 Advantages & Disadvantages of Time Series Analysis Exam Awareness Factors

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ACCA F5 Study Text Ebook has More Than 50 ACCA F5 Exam Tips | Page 111 of 138 Exam Topic 13: FORECASTING

Scatter Graph Diagrams & Line of Best Fit Coefficient Of Correlation 2.1 Calculating Co-Efficient Of Correlation 2.2 Coefficient of Determination

Regression Analysis Calculating Regression Line Analysis 4.1 Assumptions of Regression Line Analysis

Adjustment for Inflation or Deflation 5.1 Consumer Price Index (CPI) or Retail Price Index (RPI) 5.2 Industry Specific Price Index

Advantages & Disadvantages of Regression Line Analysis Time Series Analysis 7.1 Components of Time Series 7.1.1 Trend 7.1.2 Seasonal Variations 7.1.3 Cyclical Variations 7.1.4 Random Variations

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9.1.1 Assumption 9.2 Multiplicative Model 9.2.1 Assumption 9.3 Deseasonalisation

Advantages & Disadvantages of Time Series Analysis

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Exam Topic 14:

BUDGETING SYSTEMS Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Uses of Budgeting 2 Preparing Flexible Budgets 3 Incremental Budgeting 4 Advantages & Disadvantages of Incremental Budgeting 5 Zero Based Budgeting (ZBB) 6 Process of Zero Based Budgeting 7 Advantages & Disadvantages of Zero Based Budgeting 8 Budgeting In Private Vs Public 9 Exam Awareness Factors

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Uses of Budgeting Preparing Flexible Budgets Incremental Budgeting Advantages & Disadvantages of Incremental Budgeting Zero Based Budgeting (ZBB) Process of Zero Based Budgeting Advantages & Disadvantages of Zero Based Budgeting

Budgeting In Private Vs Public Behavioural Aspects of Budgeting

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Exam Topic 15:

TYPES OF BUDGETING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Importance of Principle Budget Factor 2 Sales Budget 3 Functional Budgets 4 Cash Budgets 5 Master Budgets Exam Awareness Factors

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Importance of Principle Budget Factor Sales Budget Functional Budgets 3.1 Production Budget 3.1.1 Raw Materials Budget 3.1.2 Direct Labour Budget 3.1.3 Variable & Fixed Production Overhead Budget

Cash Budgets Master Budgets Behavioural Aspects of Budgeting 6.1 Advantages & Disadvantages of Participative Style of Budgeting 6.2 Top down Vs Bottom up Approach to Budgeting

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Exam Topic 16:

BASIC VARIANCE ANALYSIS Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Total Sales Variance 2 Total Material Cost Variance 3 Total Labour Cost Variance 4 Total Variable Production Overhead Variance 5 Total Fixed Production Overhead Variance 6 Interpreting Variances 7 Investigating Variances 8 Reasons for Variances 9 Interrelationship between Variances 10 Reconciling Budgeted & Actual Profits 11 Total Quality Management Exam Awareness Factors

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Total Sales Variance 1.1 Sales Price Variance 1.2 Sales Volume Profit or Contribution Variance

Total Material Cost Variance 2.1 Material Price Variance 2.2 Material Usage Variance

Total Labour Cost Variance 3.1 Labour Rate Variance 3.2 Labour Efficiency Variance 3.3 Idle Time Variance

Total Variable Production Overhead Variance 4.1 Variable Production Overhead Expenditure Variance 4.2 Variable Production Overhead Efficiency Variance

Total Fixed Production Overhead Variance 5.1 Fixed Production Overhead Expenditure Variance 5.2 Fixed Production Overhead Volume Variance 5.2.1 Fixed Production Overhead Efficiency Variance 5.2.2 Fixed Production Overhead Capacity Variance

Interpreting Variances

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Investigating Variances Reasons for Variances Interrelationship between Variances Reconciling Budgeted & Actual Profits 10.1 Under Absorption Costing 10.2 Under Marginal Costing

Total Quality Management

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Exam Topic 17:

MIX & YIELD VARIANCES Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Material Mix & Yield Variance 2 Sales Mix & Yield Variance Exam Awareness Factors

Details

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Material Mix & Yield Variance 1.1 Material Mix Variance 1.2 Calculating Material Mix Variance 1.3 Material Yield Variance 1.4 Calculating Material Yield Variance 1.5 Interrelationship b/w Material Price, Mix & Yield Variance

Sales Mix & Yield Variance 2.1 Sales Mix Variance 2.2 Calculating Sales Mix Variance 2.3 Sales Yield Variance 2.4 Calculating Sales Yield Variance 2.5 Interrelation b/w Sales Price, Mix & Yield Variance

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Exam Topic 18:

PLANNING & OPERATIONAL VARIANCE Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Controllable Vs Non Controllable Costs 2 Revision of Budget 3 Planning & Operational Variances 4 Sales Planning & Operational Variance 5 Material Planning & Operational Variance 6 Labour Planning & Operational Variances Exam Awareness Factors

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Controllable Vs Non Controllable Costs Revision of Budget Planning & Operational Variances 3.1 Planning Variance 3.2 Operational Variance

Sales Planning & Operational Variance Material Planning & Operational Variance 5.1 Summary:

Labour Planning & Operational Variances 6.1 Summary:

Activity Based Variances

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Exam Topic 19:

FINANCIAL PERFORMANCE MEASUREMENT Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Assessing Financial Performance Based On Ratio Analysis 2 Divisional Performance Measures 3 Advantages & Disadvantages of Both ROE & RI Exam Awareness Factors

Details

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Assessing Financial Performance Based On Ratio Analysis 1.1 Profitability Ratios 1.1.1 Gross Profit Margin 1.1.2 Net/Operating Profit Margin 1.1.3 Cost of Sales Percentage 1.1.4 Operating Cost Percentage

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1.1.5 Sales Growth or Decline Percentage 1.2 Working Capital or Liquidity Ratios 1.2.1 Trade Receivable Turnover 1.2.2 Inventory Turnover 1.2.3 Trade Payable Turnover 1.2.4 Current Asset Ratio 1.2.5 Quick Ratio or Acid Test Ratio 1.3 Gearing Ratios 1.3.1 Financial Gearing Ratios Debt to Equity Ratio Debt to Debt plus Equity Ratio 1.3.2 Operational Gearing Ratio Contribution to Profit before Interest & Tax (PBIT) 1.3.3 Interest Cover (Times) 1.4 Investor Ratios 1.4.1 Earnings Per Share (EPS) 1.4.2 Price Earnings (P/E) Ratio 1.4.3 Earnings Yield 1.4.4 Dividends Yield 1.4.5 Dividend Cover 1.4.6 Payout Ratio 1.5 Evaluating Performance Using Ratios

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2.3 Return on Equity (ROE) 2.4 Calculating ROE 2.5 Residual Income (RI) 2.6 Calculating RI

Advantages & Disadvantages of Both ROE & RI

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Exam Topic 20:

NON FINANCIAL PERFORMANCE MEASUREMENT Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Financial Vs Non-Financial Performance Measures 2 Critical Success Factors & Key Performance Indicators 3 Balance Score Card 4 Benefits & Limitations of Balance Score Card 5 Characteristics of Services Performance Measurement in Service Industries 6 Performance Measurement in Non Profit & Public 7 Benchmarking 8 Value for Money Exam Awareness Factors

Details

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Financial Vs Non-Financial Performance Measures Critical Success Factors & Key Performance Indicators 2.1 Critical Success Factors (CSF) 2.2 Key Performance Indicators (KPI)

Balance Score Card 3.1 Financial Perspective 3.2 Customer Satisfaction Perspective 3.3 Internal Business Perspective 3.4 Innovation & Learning Perspective

Benefits & Limitations of Balance Score Card Characteristics of Services Performance Measurement in Service Industries 6.1 Standards 6.1.1 Equity 6.1.2 Ownership 6.2 Rewards 6.2.1 Motivation 6.2.2 Clear 6.2.3 Controllability 6.3 Dimensions 6.3.1 Determinants Quality of Service Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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Flexibility Innovation Resource Utilization 6.3.2 Results Financial Performance Competitive Performance

Performance Measurement in Non Profit & Public Benchmarking 8.1 Explanation of Benchmarking 8.2 Role of Benchmarking In Performance Measurement

Value for Money 9.1 Economy 9.2 Efficiency 9.3 Effectiveness 9.4 Performance Indicators 9.4.1 Economy 9.4.2 Efficiency 9.4.3 Effectiveness 9.5 Efficiency, Capacity & Activity Ratios 9.5.1 Efficiency Ratio Limitation of Efficiency Ratio 9.5.2 Capacity Ratio 9.5.3 Activity Ratio Buy Full ACCA F5 Study Text Book(375±) at ACCASUPPORT.COM | FB GROUP | COMMENT | FORUMS | JOBS ACCA F2, F9, P1, P3 Study Text Free Download & One to One ACCA Distance Learning Course & Home Tuition in Karachi

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9.5.4 Calculate Efficiency, Capacity & Production Volume Ratios

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Exam Topic 21:

TRANSFER PRICING Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Need for Transfer Pricing 2 Objectives of Transfer Pricing 3 Evaluating Transfer Price 4 Setting Transfer Price 5 Volume, Cost & Quality Exam Awareness Factors

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Need for Transfer Pricing Objectives of Transfer Pricing 2.1 Benefits of Internal Transfer 2.2 Limitations of Internal Transfer

Evaluating Transfer Price 3.1 Market Based Transfer Pricing 3.2 Cost Based Transfer Pricing 3.2.1 Full Cost Plus Pricing 3.2.2 Marginal Cost Plus Pricing 3.2.3 Marginal + Opportunity Cost Plus Pricing 3.3 Dual Transfer Pricing 3.4 Two Part Tariff Pricing

Setting Transfer Price 4.1 Lack of Spare Capacity (Unsatisfied Market Demand) 4.1.1 Maximum Transfer Price 4.1.2 Minimum Transfer Price 4.1.3 External Selling & Buying 4.2 Presence of Spare Capacity (Lack of Market Demand) 4.2.1 Maximum Transfer Price 4.2.2 Minimum Transfer Price 4.2.3 External Selling & Buying

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2. Preparing Income Statement for Divisions

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Exam Topic 22:

BEHAVIOURAL ASPECTS OF PERFORMANCE MEASUREMENT Sub Exam Topics S.no Headings (click the Cross-ref below for easy navigation) 1 Performance Measurement & Human Resource 2 Manipulation of Performance Measures 3 Managerial Incentive Schemes 4 Rewarding Performance Exam Awareness Factors

Details

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Performance Measurement & Human Resource Manipulation of Performance Measures 7.1 Cut Off 7.2 Lagging Payments 7.3 Deferring Capital Expenditures 7.4 Early Settlement Discounts 7.5 Price Reduction

Managerial Incentive Schemes 8.1 Salary 8.2 Bonus 8.3 Shares 8.4 Share Options 8.5 Pension 8.6 Benefits

Rewarding Performance

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