BAC 814: Management Accounting Notes

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TABLE OF CONTENTS

LESSON ONE:.............................................................................................................................. 4
1.0. NATURE AND PURPOSE OF MANAGEMENT ACCOUNTING............................. 4
1.1 OBJECTIVES ...................................................................................................................... 4
1.2. INTRODUCTION ............................................................................................................... 4
1.3. THE DECISION MAKING PROCESS ................................................................................ 8
LESSON TWO ............................................................................................................................ 22
2.0. COST CONCEPTS & CLASSIFICATION.................................................................... 22
2.1. OBJECTIVES...................................................................................................................... 22
2.2. INTRODUCTION ............................................................................................................... 22
2.3. CLASSIFICATION OF COSTS ......................................................................................... 23
FURTHER READING ........................................................................................................ 36
LESSON THREE........................................................................................................................ 37
3.0. MARGINAL AND ABSORPTION COSTING (COST ACCUMULATION) ............ 37
3.1. OBJECTIVES...................................................................................................................... 37
3.2. INTRODUCTION ............................................................................................................... 37
3.3. TRADITIONAL ABSORPTION COSTING...................................................................... 37
3.4. ACTIVITY BASED COSTING ( ABC) ............................................................................. 45
FURTHER READING ........................................................................................................ 54
LESSON FOUR .......................................................................................................................... 55
4.0 BUDGETING AND BUDGETARY CONTROL ........................................................... 55
4.1. OBJECTIVES...................................................................................................................... 55
4.2. INTRODUCTION ............................................................................................................... 55
4.3. BUDGETARY CONTROL ................................................................................................ 57
4.4 MASTER BUDGET............................................................................................................ 61
FURTHER READING ........................................................................................................ 65
LESSON FIVE ............................................................................................................................ 66
5.0. ANALYSIS OF VARIANCE............................................................................................ 66
5.1. OBJECTIVES...................................................................................................................... 66
5.2. INTRODUCTION ............................................................................................................... 66
5.3 CONTEMPORARY APPROACHES TO VARIANCE ANALYSIS ................................ 70
FURTHER READING ........................................................................................................ 79
LESSON SIX ............................................................................................................................... 80
6.0. CAPITAL BUDGETING TECHNIQUES ...................................................................... 80
6.1. OBJECTIVES...................................................................................................................... 80
6.2. INTRODUCTION ............................................................................................................... 80
FURTHER READING ........................................................................................................ 95
LESSON SEVEN ........................................................................................................................ 96
7.0. PRODUCT COSTING METHODS ................................................................................ 96
7.1. OBJECTIVES...................................................................................................................... 96
7.2. INTRODUCTION ............................................................................................................... 96
7.2.1. PROCESS COSTING ........................................................................................................ 96
7.2.1. JOB ORDER COSTING ................................................................................................. 101
7.5. QUESTIONS .................................................................................................................... 105
REFERENCES.......................................................................................................................... 114
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