In-class Test

Closed Book Examination

Information e.g. what is good information, risk management of including TARA and Big Data
Behavioural aspects of budgeting including discussion of controllable and uncontrollable costs, ‘budget padding’.
Linear regression and times series analysis
Standard costing and variance analysis (calculation and interpretation) e.g. material, labour, variable, fixed, sales, mix, yield, operational and planning, interpretation, interrelationships and criticisms.
Job and batch costing.
Activity based costing, activity based budgeting and activity based management &amp; its use in improving the efficiency of repetitive overhead activities.
Process Costing including joint and by-products, waste and scrap, valuation of WIP (EU’S) using weighted average and FIFO.
Relevant Costing.
Pricing strategies and advanced pricing strategies.
Risk and uncertainty e.g. decision models, decision trees and networks, Bayes theorem, risk and payoff tables, effect of risk attitudes of individuals on decisions.

Management Accounting for Decision Making - 5501AFYPC

Management Accounting for Decision Making

Explain concepts of cost and revenue relevant to pricing and product decisions

Analyse information to assess risk and its impact on short-term decisions.

Discuss costing methods and their results.

Apply standard costing techniques including the reconciliation of budgeted and actual figures, distinguishing between planning and operational variances.