ACCA APPROVED CONTENT PROVIDER ACCA Approved Interactive Text Foundations in Accountancy MA2 Managing Costs and Finances For exams from 1 September 2016 to 31 August 2017 MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
Foundations in I Accountancy N T E R A MA2 C T MANAGING COSTS AND FINANCES I V E T BPP Learning Media is an ACCA Approved Content Provider for the Foundations in E Accountancy qualification. This means we work closely with ACCA to ensure this Interactive Text contains the information you need to pass your exam. X In this Interactive Text, which has been reviewed by the ACCA examination team, T we: Highlight the most important elements in the syllabus and the key skills you need Signpost how each chapter links to the syllabus and the study guide Provide lots of exam focus points demonstrating what the examination team will want you to do Emphasise key points in regular fast forward summaries Test your knowledge in quick quizzes Examine your understanding in our practice question bank Reference all the important topics in our full index BPP’s Practice & Revision Kit also supports this paper. FOR EXAMS FROM 1 SEPTEMBER 2016 TO 31 AUGUST 2017 MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES First edition November 2011 A note about copyright Fifth edition March 2016 Dear Customer ISBN 9781 4727 4613 9 (Previous ISBN 9781 4727 3523 2) What does the little © mean and why does it matter? e-ISBN 9781 4727 4629 0 Your market-leading BPP books, course materials and e- learning materials do not write and update themselves. People British Library Cataloguing-in-Publication Data write them on their own behalf or as employees of an A catalogue record for this book organisation that invests in this activity. Copyright law protects is available from the British Library their livelihoods. It does so by creating rights over the use of the content. Published by Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a BPP Learning Media Ltd serious breach of professional ethics. BPP House, Aldine Place London W12 8AA With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning www.bpp.com/learningmedia Media: Photocopying our materials is a breach of copyright Printed in the United Kingdom by Scanning, ripcasting or conversion of our digital RICOH UK Limited materials into different file formats, uploading them to Unit 2 facebook or e-mailing them to your friends is a breach Wells Place of copyright Merstham You can, of course, sell your books, in the form in which you RH1 3LG have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please Your learning materials, published by BPP Learning note the e-products are sold on a single user licence basis: we Media Ltd, are printed on paper obtained from do not supply 'unlock' codes to people who have bought them traceable sustainable sources. secondhand. And what about outside the UK? BPP Learning Media strives All our rights reserved. No part of this publication may to make our materials available at prices students can afford be reproduced, stored in a retrieval system or by local printing arrangements, pricing policies and transmitted, in any form or by any means, electronic, partnerships which are clearly listed on our website. A tiny mechanical, photocopying, recording or otherwise, minority ignore this and indulge in criminal activity by illegally without the prior written permission of BPP Learning photocopying our material or supporting organisations that do. Media. If they act illegally and unethically in one area, can you really trust them? We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past Copyright © IFRS Foundation examination questions. The suggested solutions in the practice answer bank have been prepared by BPP All rights reserved. Reproduction and use rights are strictly Learning Media Ltd, except where otherwise stated. limited. No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole BPP Learning Media is grateful to the IASB for or in part or by any electronic, mechanical or other means, permission to reproduce extracts from the International now known or hereafter invented, including photocopying and Financial Reporting Standards including all recording, or in any information storage and retrieval system, International Accounting Standards, SIC and IFRIC without prior permission in writing from the IFRS Foundation. Interpretations (the Standards). The Standards together Contact the IFRS Foundation for further details. with their accompanying documents are issued by: The IFRS Foundation logo, the IASB logo, the IFRS for SMEs The International Accounting Standards Board (IASB) logo, the “Hexagon Device”, “IFRS Foundation”, “eIFRS”, 30 Cannon Street, London, EC4M 6XH, United “IAS”, “IASB”, “IFRS for SMEs”, “IASs”, “IFRS”, “IFRSs”, Kingdom. Email: info@ifrs.org Web: www.ifrs.org “International Accounting Standards” and “International Disclaimer: The IASB, the International Financial Financial Reporting Standards”, “IFRIC” “SIC” and “IFRS Reporting Standards (IFRS) Foundation, the authors Taxonomy” are Trade Marks of the IFRS Foundation. and the publishers do not accept responsibility for any Further details of the Trade Marks including details of loss caused by acting or refraining from acting in countries where the Trade Marks are registered or applied for reliance on the material in this publication, whether such loss is caused by negligence or otherwise to the are available from the Licensor on request. maximum extent permitted by law. © BPP Learning Media Ltd 2016 ii MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
CONTENTS Contents Page Introduction Helping you to pass ....................................................................................................................... v Chapter features ........................................................................................................................... vi Studying MA2 ............................................................................................................................. vii The Computer Based Examination ................................................................................................xvii Tackling Multiple Choice Questions.............................................................................................. xviii Part A Management information 1 Management information ....................................................................................................... 3 2 The role of information technology ........................................................................................ 27 3 Cost classification ............................................................................................................... 37 4 Cost behaviour ................................................................................................................... 47 5 Information for comparison .................................................................................................. 63 6 Reporting management information ...................................................................................... 85 Part B Cost recording 7 Materials ......................................................................................................................... 103 8 Labour............................................................................................................................. 135 9 Expenses ......................................................................................................................... 155 Part C Costing techniques 10 Overheads and absorption costing....................................................................................... 171 11 Marginal costing and absorption costing .............................................................................. 197 12 Cost bookkeeping.............................................................................................................. 213 13 Job, batch and service costing ........................................................................................... 233 14 Process costing................................................................................................................. 249 Part D Decision making 15 Cost-volume-profit (CVP) analysis ....................................................................................... 269 16 Short-term decisions ......................................................................................................... 287 17 Capital investment appraisal .............................................................................................. 301 Part E Cash management 18 Cash and cash flows ......................................................................................................... 327 19 Cash and treasury management.......................................................................................... 341 20 Forecasting cash flows ...................................................................................................... 349 21 Investing surplus funds ...................................................................................................... 381 22 Raising finance from a bank............................................................................................... 395 Appendix: Mathematical tables ............................................................................................................ 413 Practice question bank ......................................................................................................................... 417 Practice answer bank ........................................................................................................................... 441 Index ..................................................................................................................................................... 457 Review form iii MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES iv MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
INTRODUCTION Helping you to pass BPP Learning Media – ACCA Approved Content Provider As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examination team. By incorporating the examination team'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 Foundations in Accountancy 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 Interactive 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 Interactive Texts are completely focused on helping you pass your exam. Our advice on Studying MA2 outlines the content of the paper, the recommended approach to studying and any brought forward knowledge you are expected to have. 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 Practice Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content. v MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES 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. EXAMPLE Demonstrates how to apply key knowledge and techniques. Key Term Definitions of important concepts that can often earn you easy marks in exams. Exam Focus Tell you how specific topics may be examined. Point 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. vi MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
INTRODUCTION Studying MA2 How to Use this Interactive Text Aim of this Interactive Text To provide the knowledge and practice to help you succeed in the examination for Paper MA2 Managing Costs and Finances. 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. For practice and revision use BPP Learning Media’s Practice & Revision Kit and Passcards. vii MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES What MA2 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, decision making and cash management. Brought forward knowledge You will need to have a good knowledge of basic management accounting from Paper MA1 Management Information. Brought forward knowledge is identified throughout the Interactive Text. The examiner will assume you know this material and it may form part of an exam question. Approach to examining the syllabus Paper MA2 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 xvii 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 viii MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
INTRODUCTION Syllabus and Study guide ix MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES x MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES xii MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES xiv MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES xvi MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
INTRODUCTION The Computer Based Examination Computer based examinations (CBEs) are available for the first seven Foundations in Accountancy papers (not papers FAU, FTX or FFM), 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 Multiple task questions – a series of short questions related to one scenario. Question formats could include number entry, drop-down lists, multiple choice, multiple response and hotspot. For more information on computer-based exams, visit the ACCA website. www.accaglobal.com/en/student/Exams/Computer-based-exams.html xvii MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
MA2 MANAGING COSTS AND FINANCES Tackling Multiple Choice Questions MCQ's are part of all Foundations in Accountancy exams. 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. Tempting though it might be, don’t try to predict where the correct answers might fall based on any kind of pattern you think you might perceive in this section. The distribution of the correct answers do not follow any predictable pattern in this exam! xviii MAPS MASTERS' ACADEMY OF PROFESSIONAL STUDIES - JHELUM 0321-5040978 ACCA & CA
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