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3 - P1 - Management Accounting

This class was created by Brainscape user Monique Lawrence. Visit their profile to learn more about the creator.

By: Monique Lawrence
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Decks in this class (11)

1.1 Management accounting and cost accounting
Cima terminology defines manageme...,
Cima terminology defines cost acc...,
Cost accounting is focused on cal...
10  cards
1.2 Rationales for costing and understanding costs
If we understand and calculate co...,
Cost unit definition,
Cost centre definition
12  cards
2.1 Absorption Costing & Marginal Costing
The aim of traditional absorption...,
Total cost,
Period costs
20  cards
2.2 Reconciling the profits & Pricing strategies
When inventory levels increase de...,
Profit differences in the long term,
The differences between the two p...
8  cards
3.1 Activity-based costing
Modern production environments no...,
The modern production environment...,
Issues with absorption costing in...
15  cards
4.1 Other costing techniques
There are two main types of costi...,
Joint products are,
By products are
17  cards
4.2 Costing digital products
A digital product typically refer...,
Digital products can be more diff...,
The timing of digital product costs
15  cards
5.1 Variance analysis - Sales variances
Standard costing is a technique w...,
There are four main types of stan...,
Attainable standards
16  cards
5.2 Variance analysis - Material Variances & Labour variances
Direct materials total variance i...,
Th,
Direct material price variance is...
13  cards
5.3 Variable overhead variances & Fixed production overhead cost variances
Variable overhead variances,
Variable overhead total variance,
Variable overhead expenditure var...
16  cards
6.1 Further variance analysis
Sales mix and quantity variances,
Steps for calculating the sales m...,
Step 1 the standard mix
3  cards

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3 - P1 - Management Accounting

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