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Lecture Advanced management accounting - Chapter 2

In this chapter, you will learn to: Management accounting systems, emphasis on costs, cost classifications: different classifications for different purposes, classifying costs according to their behaviour, direct and indirect costs, controllable and uncontrollable costs, costs across the value chain, manufacturing costs, cost flows in a manufacturing business. | Lecture 2: Managerial Accounting and Cost concepts Introduction: Managerial Accounting and Cost concepts In managerial accounting the term cost is used in many different ways. The reason is that there are many types of costs, and these costs are classified differently according to the immediate needs of management. For example, managers may want cost data to prepare external financial reports, to prepare planning budgets, or to make decisions. Managerial Accounting and Cost concepts Each different use of cost data demands a different classification and definition of costs. For example, the preparation of external financial reports requires the use of historical cost data, whereas decision making may require predictions about future costs. This notion of different costs for different purposes is a critically important aspect of managerial accounting. Basic Cost Terminology Cost – sacrificed resource to achieve a specific objective Actual cost – a cost that has occurred Budgeted cost – a predicted cost Cost object – anything of interest for which a cost is desired Cost Object Examples at BMW Cost Object Illustration Product BMW X 5 sports activity vehicle Service Dealer-support telephone hotline Project R&D project on DVD system enhancement Customer Herb Chambers Motors, a dealer that purchases a broad range of BMW vehicles Activity Setting up production machines Department Environmental, Health & Safety 5 5 Basic Cost Terminology Cost accumulation – a collection of cost data in an organized manner Cost assignment – a general term that includes gathering accumulated costs to a cost object. This includes: Tracing accumulated costs with a direct relationship to the cost object and Allocating accumulated costs with an indirect relationship to a cost object 6 6 Direct & Indirect Costs Direct costs – can be conveniently and economically traced (tracked) to a cost object Indirect costs – cannot be conveniently or economically traced (tracked) to a cost object. Instead of . | Lecture 2: Managerial Accounting and Cost concepts Introduction: Managerial Accounting and Cost concepts In managerial accounting the term cost is used in many different ways. The reason is that there are many types of costs, and these costs are classified differently according to the immediate needs of management. For example, managers may want cost data to prepare external financial reports, to prepare planning budgets, or to make decisions. Managerial Accounting and Cost concepts Each different use of cost data demands a different classification and definition of costs. For example, the preparation of external financial reports requires the use of historical cost data, whereas decision making may require predictions about future costs. This notion of different costs for different purposes is a critically important aspect of managerial accounting. Basic Cost Terminology Cost – sacrificed resource to achieve a specific objective Actual cost – a cost that has occurred Budgeted cost –