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CMA
قناة يوتيوب
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CMA
Part1 10 units
4 units 1-4 Costs ……………
25%,Ethics 5%
2 units 5-6 Budgets...................30%
2 units 7-8 Performance...........25%
2 units 9-10 Control.....................15%
Financial planning
, Performance , Control
Jan 1 السنة المالية Dec 31
Budget Variances Financial Statements
1- Income statement
2- Owner's Equity statement
3- Balance Sheet statement
4- Cash Flow statement 5- Notes
STUDY UNIT ONE
Ethics for Management
Accountants and Cost Management Concepts
2.1 Cost management terminology:-
1- Subdisciplines of accounting
a- Financial
accounting is concerned principally with reporting to external
users,
Usually through a set of financial statements produced in accordance
with GAAP.
Financial accounting thus has a historical focus.
b- Management accounting is concerned principally with reporting
to internal users.
The management accountant's goal is to produce reports that improve
organizational
Decision-making. Management accounting is thus future oriented.
c- Cost accounting supports both financial and management accounting.
Information
About the cost of resources acquired and consumed by an organization
underlies
Effective reporting for both internal and external users.
Q. Management accounting differs from
financial accounting in that financial accounting is
A. More oriented toward the future.
B. Primarily concerned with external
financial reporting.
C. Concerned with nonquantitative
information.
D. Heavily involved with decision analysis
and implementation of decisions.
2. BASIC DEFINITIONS
A- A cost is denned by the IMA in two senses
1) "In
management accounting, a measurement in monetary terms of the amount of
resources used for some purpose. The term by itself is not operational. It
becomes operational when modified by a term that defines the purpose, such as
acquisition cost, incremental cost, or fixed cost.
2) "In financial accounting, the sacrifice measured
by the price paid or required to be paid to acquire goods or services. The term
"cost" is often used when referring to the valuation of a good or
service acquired. When the benefits of the acquisition (the goods or services)
expire, the cost becomes an expense or loss.
b) A cost object is anything for which
costs are accumulated for managerial purposes. Examples are products,
processes, employees, departments, and facilities.
c) A cost driver is the basic used to
assign costs to a cost object.
1) Cost driver is anything that causes costs to be incurred
each time the driver occurs .Examples are set-up, moving, number of parts,
packing or handling.
2) The key aspect to a cost driver is the existence of a direct
cause and effect relationship between the quantity of the driver
consumed and the amount of total cost.
Ql. Which one of the following is least
likely to be an objective of a cost accounting system?
A. Product costing.
B. Department efficiency.
C. Inventory valuation.
D. Sales commission determination.
Q2. In a broad sense, cost accounting can best be defined within the
accounting
System as
A. Internal and external reporting that may be used in making
nonroutine decisions
and in developing plans and policies.
B. External reporting to government, various outside parties, and
shareholders.
C. Internal reporting for use in management planning and control, and
external
reporting to the extent its product-costing function satisfies external
reporting
requirements.
D. Internal reporting for use in planning and controlling routine
operations.
Q3. Bright Co. manufactures
light bulbs. The following salaries were included in Bright's
manufacturing costs for the year:
Machine operators
$145,000
Factory supervisors 60,000
Factory supervisors 60,000
Machinery
mechanics 25,000
What is the amount of Bright's direct labor
for the year?
A. $230,000
B. $205,000
C. $170,000
D. $145,000
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