By Robert Scarlett
CIMA Revision playing cards are the one fabrics written and counseled by way of CIMA. they supply succinct yet whole assurance of the entire significant issues of the CIMA 2005 syllabus. The pocket-sized, spiral-bound layout allows them to be carried round simply, making them necessary assets anyplace you're. Diagrams and bulleted lists are used all through to reveal the major issues as truly and concisely as attainable. This simplifies the syllabus and makes the issues effortless to benefit and have in mind. CIMA Revision playing cards offer: * examination assistance and tricks * A precis of all of the key themes of the hot syllabus * visible aids to consolidate studying * examination centred, pocket sized revision publications summarising the major issues of the CIMA syllabus * Diagrams and tables all through toughen key options and relief reminiscence retention and remember * simply moveable dimension
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A standard cost or a standard selling price provides possible internal benchmarks with which actual costs and selling price can be compared 34 The Theory and Practice of Standard Costing Standard costing and the budgetary control report K Key points The whole scheme of things involves preparing periodic (typically monthly) statements, which reconcile budget profit with actual profit The principles involved in budgetary control reporting are: – one has to use either the budget or standard as a benchmark, against which performance is measured – generally, a below benchmark performance is considered ‘bad,’ while above benchmark is ‘good’ – the reconciliation may involve a variance analysis of the kind considered above – but, it may involve a straight comparison of actual and budget – both standard costing and budgetary control are exercises in ‘static optimisation’ – they work on the assumption that there is a ‘best way’ of doing things and that way is the standard 35 The Theory and Practice of Standard Costing Standard costing and the budgetary control report Example Let us return to the MNO Ltd example in the previous section and add information to the effect that actual costs incurred in the period are £ 1,520.
An operation may be confronted with several constraints, but the limiting factor is the one that constrains things the most Principal budget factor – the limiting factor which is identified as part of a budgetary planning exercise. Once identified, the principal budget factor is the constraint around which the budget is built Contribution per unit of the limiting factor – the performance metric that is usually used to determine the ranking of alternative uses of the limiting factor 54 Basic Aspects of Management Accounting Limiting factors Key points K Tip – for MAPE examination purposes, the principal budget factor will never be too difficult to pick out.
The selling price variance indicates the impact on profit of making sales at above or below standard prices Example MNO Ltd’s budget for the current period includes sales of 100 Units with a £ 15 standard cost at a standard selling price of £ 20. Actual results are 110 Units sold at a price of £ 19 each. What are the sales variances? Budget profit £ 500 (100 Units budget Â £ 5 standard profit) Sales volume profit variance 50 fav ((110 Units actual À 100 Units budget) Â £ 5) Standard profit 550 (110 Units Â £ 5) Selling price variance 110 adv ((£ 19 actual selling price À £ 20 standard) Â 110 Units) 33 The Theory and Practice of Standard Costing Standard costing and the budgetary control report Definitions Budgetary control – the continuous comparison of budget with actual results as a method of measuring performance and/or as a guide to action Financial reporting – the practice of preparing financial statements containing information required for management and other purposes Performance metric – a measurement used to indicate the standard of performance.