Tài liệu ACCA mới nhất từ BPP môn F2

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FMA
BPP Learning Media is the sole ACCA Platinum Approved Learning Partner –
content for the FIA and ACCA qualifications. In this, the only FMA/F2 study text to
be reviewed by the examiner:
 We highlight the most important elements in the syllabus and the key skills
you will need
 We signpost how each chapter links to the syllabus and the study guide
 We provide lots of exam focus points demonstrating what the examiner will
want you to do

 We emphasise key points in regular fast forward summaries
 We test your knowledge of what you’ve studied in quick quizzes
 We examine your understanding in our exam question bank
 We reference all the important topics in our full index
BPP’s Practice & Revision Kit and i-Pass products also support this paper.
FOR EXAMS FROM FEBRUARY 2013 TO JANUARY 2014
PAPER F2
MANAGEMENT ACCOUNTING
Note
FIA FMA and ACCA Paper F2 are examined under the same syllabus and study guide.
FMA/F2 MANAGEMENT ACCOUNTING

ii






First edition March 2011
Second edition September 2012
ISBN 9781 4453 9967 6
Previous ISBN 9781 4453 7306 5
eISBN 9781 4453 9243 1
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solutions in the exam answer bank have been
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©
BPP Learning Media Ltd
2012



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CONTENTS

iii
Contents
Page
Introduction
Helping you to pass – the ONLY FMA/F2 study text reviewed by the examiner! v
Chapter features vi
Studying FMA/F2 vii
The Computer Based Examination xvi
Tackling Multiple Choice Questions xvii
Part A
The nature, source and purpose of management information
1 Accounting for management 3
2 Sources of data 19
3 Cost classification 37
4 Cost behaviour 55
5 Presenting information 75
Part B
Cost accounting techniques
6 Accounting for materials 97
7 Accounting for labour 129
8 Accounting for overheads 151
9 Absorption and marginal costing 179
10 Job, batch and service costing 193
11 Process costing 215
12 Process costing, joint products and by-products 243
13 Alternative costing principles 255

Part C
Budgeting
14 Forecasting 275
15 Budgeting 321
16 The budgetary process 349
17 Making budgets work 379
18 Capital expenditure budgeting 395
19 Methods of project appraisal 403
Part D
Standard costing
20 Standard costing 431
21 Basic variance analysis 441
22 Further variance analysis 459
Part E
Performance measurement
23 Performance measurement 479
24 Applications of performance measurement 511
25 Cost management 543
Exam question bank
559
Exam answer bank
581
Appendix: Mathematical tables
601
Index
607
Review form

FMA/F2 MANAGEMENT ACCOUNTING

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INTRODUCTION

v
Helping you to pass – the ONLY FMA/F2 study text reviewed by the
examiner!
BPP Learning Media – the sole Platinum Approved Learning Partner -
content
As ACCA’s sole Platinum Approved Learning Partner – content, BPP Learning Media gives you the
unique opportunity to use examiner-reviewed study materials for exams from February 2013 to January
2014. By incorporating the examiner’s comments and suggestions regarding the depth and breadth of
syllabus coverage, the BPP Learning Media Interactive Text provides excellent, ACCA-approved support
for your studies.
The PER alert!
To become a Certified Accounting Technician or qualify as an ACCA member, you not only have to pass
all your exams but also fulfil a practical experience requirement (PER). To help you to recognise areas
of the syllabus that you might be able to apply in the workplace to achieve different performance
objectives, we have introduced the ‘PER alert’ feature. You will find this feature throughout the
Interactive Text to remind you that what you are learning in order to pass your FIA and ACCA exams is
equally useful to the fulfilment of the PER requirement.
Your achievement of the PER should be recorded in your online My Experience record.
Tackling studying
Studying can be a daunting prospect, particularly when you have lots of other commitments. The
different features of the Text, the purposes of which are explained fully on the Chapter features page,

will help you whilst studying and improve your chances of exam success.
Developing exam awareness
Our Texts are completely focused on helping you pass your exam.
Our advice on Studying FMA/F2 outlines the content of the paper and the recommended approach to
studying.
Exam focus points are included within the chapters to highlight when and how specific topics might be
examined.
Using the Syllabus and Study Guide
You can find the Syllabus and Study Guide on page ix of this Interactive Text.

Testing what you can do
Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can
recall what you have learnt.
We include Questions – lots of them – both within chapters and in the Exam Question Bank, as well as
Quick Quizzes at the end of each chapter to test your knowledge of the chapter content.

FMA/F2 MANAGEMENT ACCOUNTING

vi

Chapter features
Each chapter contains a number of helpful features to guide you through each topic.
Topic list
Tells you what you will be studying in this chapter and the
relevant section numbers, together with the ACCA syllabus
references.
Introduction

Puts the chapter content in the context of the syllabus as a
whole.

Study Guide

Links the chapter content with ACCA guidance.

Fast Forward

Summarises the content of main chapter headings,
allowing you to preview and review each section easily.

Key Term

Definitions of important concepts that can often earn you
easy marks in exams.

Exam Focus
Point

Tell you how specific topics may be examined.

Formula

Formulae which have to be learnt.

PER Alert

This feature gives you a useful indication of syllabus areas
that closely relate to performance objectives in your
Practical Experience Requirement (PER).

Question

Gives you essential practice of techniques covered in the
chapter.
Chapter Roundup
A full list of the Fast Forwards included in the chapter,
providing an easy source of review.
Quick Quiz
A quick test of your knowledge of the main topics in the
chapter.
Exam Question Bank
Found at the back of the Interactive Text with more exam-
style chapter questions. Cross referenced for easy
navigation.


INTRODUCTION

vii
Studying FMA/F2
How to Use this Interactive Text
Aim of this Interactive Text

To pass the examination you need a thorough understanding in all areas covered by the syllabus and
teaching guide.
Recommended approach
(a) To pass you need to be able to answer questions on everything specified by the syllabus and
teaching guide. Read the Text very carefully and do not skip any of it.
(b) Learning is an active process. Do all the questions as you work through the Text so you can be
sure you really understand what you have read.
(c) After you have covered the material in the Interactive Text, work through the Exam Question

Bank, checking your answers carefully against the Exam Answer Bank.
(d) Before you take the exam, check that you still remember the material using the following quick
revision plan.
(i) Read through the chapter topic list at the beginning of each chapter. Are there any gaps
in your knowledge? If so, study the section again.
(ii) Read and learn the key terms.
(iii) Look at the exam focus points. These show the ways in which topics might be examined.
(iv) Read the chapter roundups, which are a summary of the fast forwards in each chapter.
(v) Do the quick quizzes again. If you know what you're doing, they shouldn't take long.
This approach is only a suggestion. You or your college may well adapt it to suit your needs.
Remember this is a practical course.
(a) Try to relate the material to your experience in the workplace or any other work experience you
may have had.
(b) Try to make as many links as you can to other papers at the Introductory and Intermediate levels.

What FMA/F2 is about
The aim of this syllabus is to develop a knowledge and understanding of the principles and techniques
used in recording, analysing and reporting costs and revenues for internal management purposes. It
covers management information, cost recording, costing techniques, budgeting and performance
measurement.
For practice and revision use BPP Learning Media’s Practice and Revision Kit, iPass and Passcards.
To provide the knowledge and practice to help you succeed in the examination for Paper FMA/F2
Management Accounting.
FMA/F2 MANAGEMENT ACCOUNTING

viii

Approach to examining the syllabus
Paper FMA/F2 is a two-hour paper. It can be taken as a written paper or a computer based examination.
The questions in the computer based examination are objective test questions – multiple choice, number

entry and multiple response. (See page xvi for frequently asked questions about computer based
examinations.)
The written examination is structured as follows:

Number of marks


50 compulsory multiple choice questions of two marks each

100


The December 2011 examiner’s report (found on the ACCA website) advised students to
 Study the whole syllabus
 Practise as many questions as possible in preparing for the examination
 Read questions very carefully in the examination
 Attempt all questions in the examination (there are no negative marks for incorrect answers)
 Try to attempt the ‘easy’ examination questions first
 Not spend too much time on apparently ‘difficult’ questions
 Read previous Examiner’s Reports
INTRODUCTION

ix
Syllabus and Study guide

FMA/F2 MANAGEMENT ACCOUNTING

x

INTRODUCTION

xi

FMA/F2 MANAGEMENT ACCOUNTING

xii


INTRODUCTION

xiii

FMA/F2 MANAGEMENT ACCOUNTING

xiv


INTRODUCTION

xv

FMA/F2 MANAGEMENT ACCOUNTING

xvi

The Computer Based Examination
Computer based examinations (CBEs) are available for the first seven FIA papers (not papers FAU, FTX
or FFM) and ACCA papers F1, F2, and F3, in addition to the conventional paper based examination.
Computer based examinations must be taken at an ACCA CBE Licensed Centre.

How does CBE work?

Questions are displayed on a monitor

Candidates enter their answer directly onto the computer

Candidates have two hours to complete the examination

When the candidate has completed their examination, the final percentage score is calculated
and displayed on screen

Candidates are provided with a Provisional Result Notification showing their results before leaving
the examination room

The CBE Licensed Centre uploads the results to the ACCA (as proof of the candidate's
performance) within 72 hours
 Candidates can check their exam status on the ACCA website by logging into myACCA
Benefits

Flexibility as a CBE can be sat at any time

Resits can also be taken at any time and there is no restriction on the number of times a
candidate can sit a CBE

Instant feedback as the computer displays the results at the end of the CBE

Results are notified to ACCA within 72 hours
CBE question types

Multiple choice – choose one answer from four options


Multiple response – select more than one response by clicking the appropriate tick boxes

Multiple response matching – select a response to a number of related statements by choosing
one option from a number of drop down menus

Number entry – key in a numerical response to a question

The January 2012 issue of ACCA Student Accountant magazine contains an article on CBEs. Ensure
that you are familiar with this article.
/>
For more information on computer-based exams, visit the ACCA website.
/>
INTRODUCTION

xvii
Tackling Multiple Choice Questions
MCQ's are part of all FIA exams and ACCA papers F1, F2 and F3. They form the paper-based exams
and may appear in the CBE.
The MCQs in your exam contain four possible answers. You have to choose the option that best
answers the question. The three incorrect options are called distracters. There is a skill in answering
MCQs quickly and correctly. By practising MCQs you can develop this skill, giving you a better chance of
passing the exam.
You may wish to follow the approach outlined below, or you may prefer to adapt it.
Step 1
Skim read all the MCQs and identify what appear to be the easier questions.
Step 2
Attempt each question – starting with the easier questions identified in Step 1. Read
the question thoroughly. You may prefer to work out the answer before looking at the
options, or you may prefer to look at the options at the beginning. Adopt the method

that works best for you.
Step 3
Read the four options and see if one matches your own answer. Be careful with
numerical questions as the distracters are designed to match answers that incorporate
common errors. Check that your calculation is correct. Have you followed the
requirement exactly? Have you included every stage of the calculation?
Step 4
You may find that none of the options matches your answer.
 Re-read the question to ensure that you understand it and are answering the
requirement
 Eliminate any obviously wrong answers
 Consider which of the remaining answers is the most likely to be correct and
select the option
Step 5
If you are still unsure make a note and continue to the next question
Step 6
Revisit unanswered questions. When you come back to a question after a break you
often find you are able to answer it correctly straight away. If you are still unsure have
a guess. You are not penalised for incorrect answers, so never leave a question
unanswered!
After extensive practice and revision of MCQs, you may find that you recognise a question when you sit
the exam. Be aware that the detail and/or requirement may be different. If the question seems familiar
read the requirement and options carefully – do not assume that it is identical.
The January 2012 issue of ACCA Student Accountant magazine contains an article on how to answer
MCQs. Ensure that you are familiar with this article.
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FMA/F2 MANAGEMENT ACCOUNTING

xviii




1


The nature, source and purpose of
management information
part
PART A: THE NATURE, SOURCE AND PURPOSE OF MANAGEMENT INFORMATION

2





3
C H A P T E R


TOPIC LIST
SYLLABUS
REFERENCE
1 Information A1 (e), (f)
2 Planning, control and decision-making A1 (c), (d)

3 Financial accounting and cost and management accounting A1 (a), (b)
4 Cost accounting information and decision making A1 (g)
Accounting for
management
This chapter provides an introduction to Management
Accounting. We look at data and information and
introduce you to cost accounting and the differences
between financial accounting and management
accounting. We also outline the managerial processes of
planning, control and decision-making. The sources of
data are covered in the next chapter. Chapters 3 and 4
provide basic information on how costs are classified and
how they behave.
PART A: THE NATURE, SOURCE AND PURPOSE OF MANAGEMENT INFORMATION

4


Study Guide
Intellectual level


A The nature, source and purpose of management information


1 Accounting for management


(a) Describe the purpose and role of cost and management
accounting within an organisation

K

(b) Compare and contrast financial accounting with cost and
management accounting
K

(c) Outline the managerial processes of planning, decision making
and control
K

(d) Explain the difference between strategic, tactical and
operational planning
K

(e) Distinguish between 'data' and 'information'
K

(f) Identify and explain the attributes of good information
K

(g) Explain the limitations of management information in providing
guidance for managerial decision-making
K


1 Information
1.1 Data and information
Data is the raw material for data processing. Data relate to facts, events and transactions and so forth.
Information is data that has been processed in such a way as to be meaningful to the person who
receives it. Information is anything that is communicated.

Information is sometimes referred to as processed data. The terms 'information' and 'data' are often used
interchangeably. It is important to understand the difference between these two terms.
Researchers who conduct market research surveys might ask members of the public to complete
questionnaires about a product or a service. These completed questionnaires are data; they are
processed and analysed in order to prepare a report on the survey. This resulting report is information
and may be used by management for decision-making purposes.
1.2 Qualities of good information
Good information should be relevant, complete, accurate, clear, it should inspire confidence, it should
be appropriately communicated, its volume should be manageable, it should be timely and its cost
should be less than the benefits it provides.
Let us look at those qualities in more detail.
(a) Relevance. Information must be relevant to the purpose for which a manager wants to use it. In
practice, far too many reports fail to 'keep to the point' and contain irrelevant paragraphs which
only annoy the managers reading them.
EXAM FOCUS POINT
Although this chapter is an introductory chapter it is still highly examinable. You should expect
questions on every study session including this one.
CHAPTER 1
//
ACCOUNTING FOR MANAGEMENT

5
(b) Completeness. An information user should have all the information he or she needs to do their
job properly. If he or she does not have a complete picture of the situation, they might well make
bad decisions.
(c) Accuracy. Information should obviously be accurate because using incorrect information could
have serious and damaging consequences. However, information should only be accurate enough
for its purpose and there is no need to go into unnecessary detail for pointless accuracy.
(d) Clarity. Information must be clear to the user. If the user does not understand it properly they
cannot use it properly. Lack of clarity is one of the causes of a breakdown in communication. It is

therefore important to choose the most appropriate presentation medium or channel of
communication.
(e) Confidence. Information must be trusted by the managers who are expected to use it. However
not all information is certain. Some information has to be certain, especially operating
information, for example, related to a production process. Strategic information, especially
relating to the environment, is uncertain. However, if the assumptions underlying it are clearly
stated, this might enhance the confidence with which the information is perceived.
(f) Communication. Within any organisation, individuals are given the authority to do certain tasks,
and they must be given the information they need to do them. An office manager might be made
responsible for controlling expenditures in the office, and given a budget expenditure limit for the
year. As the year progresses, the manager might try to keep expenditure in check but unless they
are told throughout the year what is the current total expenditure to date, they will find it difficult
to judge whether they are keeping within budget or not.
(g) Volume. There are physical and mental limitations to what a person can read, absorb and
understand properly before taking action. An enormous mountain of information, even if it is all
relevant, cannot be handled. Reports to management must therefore be clear and concise and in
many systems, control action works basically on the 'exception' principle.
(h) Timing. Information which is not available until after a decision is made will be useful only for
comparisons and longer-term control, and may serve no purpose even then. Information prepared
too frequently can be a serious disadvantage. If, for example, a decision is taken at a monthly
meeting about a certain aspect of a company's operations, information to make the decision is
only required once a month, and weekly reports would be a time-consuming waste of effort.
(i) Channel of communication. There are occasions when using one particular method of
communication will be better than others. For example, job vacancies should be announced in a
medium where they will be brought to the attention of the people most likely to be interested.
The channel of communication might be the company's in-house journal, a national or local
newspaper, a professional magazine, a job centre or school careers office. Some internal
memoranda may be better sent by 'electronic mail'. Some information is best communicated
informally by telephone or word-of-mouth, whereas other information ought to be formally
communicated in writing or figures.

(j) Cost. Information should have some value, otherwise it would not be worth the cost of collecting
and filing it. The benefits obtainable from the information must also exceed the costs of acquiring
it, and whenever management is trying to decide whether or not to produce information for a
particular purpose (for example whether to computerise an operation or to build a financial
planning model) a cost/benefit study ought to be made.
PART A: THE NATURE, SOURCE AND PURPOSE OF MANAGEMENT INFORMATION

6

You may find this graph helpful. The point is that perfect information probably isn’t worth paying
for.
Marginal cost
Marginal benefit
Perfect information
Quality of information
Optimum
$

QUESTION
Value of information

The value of information lies in the action taken as a result of receiving it. What questions might you ask
in order to make an assessment of the value of information?
ANSWER
(a) What information is provided?
(b) What is it used for?
(c) Who uses it?
(d) How often is it used?
(e) Does the frequency with which it is used coincide with the frequency with which it is provided?
(f) What is achieved by using it?

(g) What other relevant information is available which could be used instead?
An assessment of the value of information can be derived in this way, and the cost of obtaining it should
then be compared against this value. On the basis of this comparison, it can be decided whether certain
items of information are worth having. It should be remembered that there may also be intangible
benefits which may be harder to quantify.

1.3 Why is information important?
Consider the following problems and what management needs to solve these problems.
(a) A company wishes to launch a new product. The company's pricing policy is to charge cost plus
20%. What should the price of the product be?
(b) An organisation's widget-making machine has a fault. The organisation has to decide whether to
repair the machine, buy a new machine or hire a machine. What does the organisation do if its
aim is to control costs?
(c) A firm is considering offering a discount of 2% to those customers who pay an invoice within
seven days of the invoice date and a discount of 1% to those customers who pay an invoice
within eight to fourteen days of the invoice date. How much will this discount offer cost the firm?
In solving these and a wide variety of other problems, management need information.
(a) In problem (a) above, management would need information about the cost of the new product.
(b) Faced with problem (b), management would need information on the cost of repairing, buying
and hiring the machine.