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The cost of acquiring the necessary raw materials and semi-finished products belongs to this group. Acquisition costs of gasoline, machine oil, gas, solid fuel, electricity, heat belong to this group. The cost of building materials arise when the company is building new facilities or making renovation of existing facilities. This material costs classification is conditional and may be different in different fields of business. As we have already noted, material costs make up a significant share of the total cost, so planning of the amount of material costs is closely related to the definition of competitive prices for the company’s products. Raw materials and semi-finished products costs should be planned taking into account the planned volume of production and the rate of cost per unit of finished product. Rate of cost per unit of finished product is determined by multiplying the technological expenses norms of individual materials at the price of such individual materials.
Total amount of costs on fuel and energy determined by multiplying the planned volume of production at the money rate of such costs per production unit. There are no needs to plan costs for spare parts if company have new equipment and full guarantee for it. The average percentage of other material costs is the ratio of the amount of such costs to the cost of raw materials in previous periods. In battery cells using 3-element cathodes composed of Co, Ni, and Mn, the cathode material accounts for at least 30% of the total cost. The chapter provides a high-level introduction to planning activities related to strategy, positioning, and budgets.
Purchase the 2016-2017 Edition of the Managerial Accounting Textbook (Chapters 17 through 24 including problem sets) for $79.95 here.
Purchase the Managerial Accounting Workbook 2016-2017 Edition (Chapters 17 through 24) for $39.95 here. Purchase the Managerial Accounting Solutions Manual 2016-2017 Edition (Chapters 17 through 24) for $44.95 here. Financial accounting is concerned with reporting to external parties such as owners, analysts, and creditors. In contrast, managers of a business oftentimes need or desire far more detailed information. Managerial accounting information tends to be focused on products, departments, and activities.
Core Values -- An entity should clearly consider and define the rules by which it will play.
Be aware that the Institute of Management Accountants (IMA) is a representative group for the managerial accounting profession.
Such mission statements provide a snapshot of the organization and provide a focal point against which to match ideas and actions. Overall, the strategic structure of an organization is established by how well it defines its values and purpose. An important part of the planning process is positioning the organization to achieve its goals. Global Trade and Transfer -- The management accountant frequently performs significant and complex analysis related to global activities. Operating Budgets -- A plan must provide definition of the anticipated revenues and expenses of an organization, and more. Capital Budgets -- The budgeting process must also contemplate the need for capital expenditures relating to new facilities and equipment.
Financing Budgets -- A company must assess financing needs, including an evaluation of potential cash shortages. The budget process is quite important (no matter how tedious the process may seem) to the viability of an organization.
A strong manager must understand how costs are captured and assigned to goods and services.
Costing Concepts -- In addition to alternative methods of costing, a good manager will need to understand different theories or concepts about costing.
With absorption costing, this overhead is schematically allocated among all units of output. As a result, internal cost accounting processes in some organizations focus on a direct costing approach.
B2B (business to business) systems provide data interchange with sufficient power to enable one company's information system to automatically initiate a product order on its vendor's information system. Inventory -- For a manufacturing company inventory may consist of raw materials, work in process, and finished goods. Responsibility Considerations -- Enabling and motivating employees to work at peak performance is an important managerial role. Many alternative techniques are used by managerial accountants to allocate responsibility for organizational costs. In addition, techniques must be utilized to capture the cost of quality, or perhaps better said, the cost of a lack of quality.
Understanding concepts of responsibility accounting will also require one to think about attaching inputs and outcomes to those responsible for their ultimate disposition. Managerial accounting provides theoretical models of calculations that are needed to support these types of decisions. Things rarely go exactly as planned, and management must make a concerted effort to monitor and adjust for deviations. In addition, a recent trend is for enhanced internal controls and mandatory certifications by CEOs and CFOs as to the accuracy of financial reports. Most large organizations have a person designated as controller (sometimes termed "comptroller").
In contrast, the chief financial officer (CFO) is usually responsible for external reporting, the treasury function, and general cash flow and financing management. Standard Costs -- To assist in monitoring productive efficiency and cost control, managerial accountants may develop standards. Variances -- Managers will focus on standards, keeping a particularly sharp eye out for significant deviations from the norm. The traditional approach to monitoring organizational performance has focused on financial measures and outcomes. In addition, lower-level personnel may be too far removed from an organization's financial outcomes to care. For instance, a fast food restaurant would want to evaluate response time, cleanliness, waste, and similar elements for the front-line employees.
Balance -- When controlling via a scorecard approach, the process must be carefully balanced. Processes relate to items like delivery time, machinery utilization rates, percent of defect free products, and so forth. If these balanced scorecards are carefully developed and implemented, they can be useful in furthering the goals of an organization. Normally, TQM-based improvements represent incremental steps in shaping organizational improvement. Under the theory of constraints (TOC), efficiency is improved by seeking out and eliminating constraints within the organization.
So far, this chapter has provided snippets of how managerial accounting supports organizational planning, directing, and controlling. By analogy, a manufacturer pours money into direct materials, direct labor, and manufacturing overhead.
There is little difference between a retailer and a manufacturer in this regard, except that the manufacturer is acquiring its inventory via a series of expenditures (for material, labor, etc.). Thus, it is fair to say that product costs are the inventoriable manufacturing costs, and period costs are the nonmanufacturing costs that should be expensed within the period incurred. Unlike retailers, manufacturers have three unique inventory categories: Raw Materials, Work in Process, and Finished Goods.
For this company, observe that finished goods is just a small piece of the overall inventory. Recall these formulations: Beginning Inventory + Purchases = Cost of Goods Available for Sale, and Cost of Goods Available for Sale - Ending Inventory = Cost of Goods Sold. Focusing first on raw material, a company must determine how much of the available supply was transferred into production during the period. The schedules of raw materials and work in process are often combined into a single schedule of cost of goods manufactured. The cost of goods sold number within the income statement is taken from the preceding schedules, and is found in the income statement below. To prove the point suppose that Altec Corporation calculated total depreciation of $500,000 for 20X1. The diagram notes how the $500,000 of depreciation cost flows to the balance sheet and income statement components.
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These expenses are determined by multiplying the expected volume of production at the rate of packaging of finished products.
These costs should be planned taking into account the degree of depletion of assets of the company.
Costs for spare parts should be planned taking into account the specific proposals of maintenance in this case.


These estimates give specific volume of construction or repair, and prices for such materials. These costs can be unpredictable very often, so their planned amount can be determined by using of their average percentage. These external users rarely have access to the information that is internal to the organization, nor do they specify the exact information that will be presented. The methods of preparation and the reports presented are governed by rules of various standard-setting organizations.
Consistently good decisions result from diligent accumulation and evaluation of information. Employees, harried with day-to-day tasks, sometimes fail to see the need to take on strategic planning. The IMA has established a set of ethical standards for its members that are part of the core values for the profession. They provide an important planning element because they define the organization's purpose and direction. It is imperative for managers to understand the nature of cost behavior and how changes in volume impact profitability. These longer-term expenditure decisions must be evaluated logically to determine whether an investment can be justified and what rate and duration of payback is likely to occur. These estimates enable companies to meet with lenders and demonstrate why and when additional financial support may be needed.
Several of the subsequent chapters are devoted to the nature and elements of sound budgeting.
Because this is a hands-on process, and frequently involves dealing with the tangible portions of the business (inventory, fabrication, assembly, etc.), some managers are especially focused on this area of oversight.
This means that costs must be minimized and efficiency maximized, while seeking to achieve enhanced output and quality standards. Logistics is facilitated by RFID (radio frequency identification) processors embedded in inventory that enable a computer to automatically track the quantity and location of inventory. The raw materials are the components and parts that are to be eventually processed into a final product. Overstocking raw materials or overproduction of finished goods will increase costs and obsolescence. For this to occur, employees must perceive that their productive efficiency and quality of output are fairly measured.
These service departments have nothing to sell to outsiders, but are essential components of operation. A good manager will understand the need for such allocations and be able to explain and justify them to employees who may not be fully aware of why profitability is more difficult to achieve than it would seem.
Finished goods that do not function as promised cause substantial warranty costs, including rework, shipping, and scrap. In other words, a manager must be held accountable, but to do this requires the ability to monitor costs incurred and deliverables produced by defined areas of accountability (centers of responsibility). Although such models are not perfect in every case, they certainly are effective in stimulating correct thought.
The managerial accountant is a major facilitator of this control process, including exploration of alternative corrective strategies to remedy unfavorable situations.
These certifications carry penalties of perjury, and have gotten the attention of corporate executives. Steering, acceleration, and braking are not random; they are careful corrective responses to constant monitoring of many variables like traffic, road conditions, and so forth. These deviations, or variances, may provide warning signs of situations requiring corrective action by managers. These are the elements for which the employee would be responsible; presumably, success on these points translates to eventual profitability. The goal is to identify and focus on components of performance that can be measured and improved. Customer issues include frequency of repeat customers, results of customer satisfaction surveys, customer referrals, and the like. Conversely, if the elements being evaluated do not lead to enhanced performance, employees will spend time and energy pursuing tasks that have no linkage to creating value for the business. The goal of TQM is continuous improvement by focusing on customer service and systematic problem solving via teams made up of front-line employees.
For example, an airport might find that it has adequate runways, security processing, and luggage handling, but it may not have enough gates. In addition to the usual accounting matters associated with selling and administrative activities, a manufacturer must deal with accounting concerns related to acquiring and processing raw materials into a finished product. Selling costs relate to order procurement and fulfillment, and include items like advertising and commissions. In other words, products result from the manufacturing process and product costs are the summation of direct materials, direct labor, and factory overhead. What is important to note about these product costs is that they attach to inventory and are thus said to be inventoriable costs. This distinction is important, as it paves the way for relating to the financial statements of a product producing company. These relations were necessary to calculate the cost of goods sold for a company with only one category of inventory. The following schedule illustrates this process for Katrina's Trinkets, a fictitious manufacturer of inexpensive jewelry.
In a real world scenario, the beginning and ending inventory amounts would be supported by a physical inventory and the purchases determined from accounting records. Pay attention to its details, noting that (1) direct materials flow in from the schedule of raw materials, (2) the conversion costs (direct labor and overhead) are added into the mix, and (3) the cost of completed units to be transferred into finished goods is called cost of goods manufactured.
This schedule contains no new information from that presented in the prior two schedules; it is just a combination and slight rearrangement of the separate schedules. The details are rarely needed by external financial statement users who focus on the income statement. In a manufacturing business, much of the direct material, direct labor, and factory overhead can end up in inventory. There is a growing movement toward (and market for) new types of small-space dwellings and miniature homes built on wheels. Tumbleweed is one tiny house company that has made an (architectural) art of condensing spatial requirements for still-comfortable living within small-square-foot residences, down to as little as just 65 sq.
Material costs constitute a considerable share in the total cost of production and their planning is an important task in the business planning process.
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It is difficult to see the linkage between strategic endeavors and the day-to-day corporate activities associated with delivering goods and services to customers.
IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Methods include calculating break-even points and determining how to manage to achieve target income levels. In addition, global enterprises may transfer inventory and services between affiliated units in alternative countries. The process usually begins with an assessment of anticipated sales and proceeds to a detailed mapping of specific inventory purchases, staffing plans, and so forth. The actual labor and material would be tracked and assigned to that specific home (along with some amount of overhead), and the cost of each specific home can be expected to vary. For example, substantial effort is required to train staff, develop clients, bill and collect, maintain the office, visit job sites, and so forth. Absorption costing is required for external reporting purposes under generally accepted accounting principles.
Managerial accounting provides numerous tools for managers to use in support of production and logistics (moving goods through production to a customer). In the past few decades, advances in technology have greatly contributed to the ability to run a lean business.
M2M (machine to machine) enables connected devices to communicate information without requiring human engagement.
A good manager will understand and be able to explain to others how such measures are determined. This does not happen by accident and requires extensive systems development work, as well as training and explanation, on the part of management accountants.
This has led to greatly expanded emphasis on controls of the various internal and external reporting mechanisms.
The corporate control function is of sufficient complexity that a controller may have hundreds of support personnel to assist with all phases of the management accounting process.
Larger organizations may also have a separate internal audit group that reviews the work of the accounting and treasury units. Clearly, each action is in response to having monitored conditions and adopted an adjusting response. Importantly, standards can be developed for labor costs and efficiency, materials cost and utilization, and more general assessments of the overall deployment of facilities and equipment (the overhead). Accountants help managers focus on the exceptions by providing the results of variance analysis. For one thing, such measures report on what has occurred and may not provide timely data to respond aggressively to changing conditions.
These scorecards are custom tailored to each position, and draw focus on evaluating elements that are important to the organization and under the control of an employee holding that position.


In addition to financial outcomes, these components can be categorized as relating to business processes, customer development, and organizational betterment. Betterment pertains to items like employee turnover, hours of advanced training, mentoring, and other similar items. Under this approach, an entire process is mapped and studied with the goal of identifying any steps that are unnecessary or that do not add value. Accounting for this manufacturing process entails consideration of three key cost components that are necessary to produce finished goods. Administrative costs arise from general management functions and include executive salaries, accounting departments, and human relations. This inventory remains as an asset until the goods are sold, at which point the inventory is gone, and the cost of the inventory is transferred to cost of goods sold on the income statement (to be matched with the revenue from the sale). But, such a definition can be misconstrued given that some expenditures (like the cost of acquiring land and buildings) will be of benefit for many years. And, the relationship between these costs can vary considerably based upon the product produced.
Don't be intimidated by the number of schedules, as they are all based on the same concept.
Or, Katrina might utilize a sophisticated perpetual system that tracks the raw material as it is placed into production. In fact, some trade secrets could be lost by publicly revealing the level of detail found in the schedules. Of the goods entered into production assume that one third remains in production, one third is finished awaiting resale, and one third was completed and sold.
While similar, these are not the same as the traditional prefabricated-and-portable housing typologies that celebrate always-on-the-road living and go-anywhere, move-anytime lifestyles.
All of these tasks must be executed with an understanding of how actions influence human behavior within, and external to, the organization. Managerial decisions can be categorized according to three interrelated business processes: planning, directing, and controlling. Remember that management is to build business value by making the right decisions, and decisions about core values are essential.
Many IMA members have earned the CMA (certified management accountant) and CFM (certified financial manager) designations. Managerial accountants study business models and the ability (or inability) to bring them to profitability via increases in scale. These transactions must be fairly measured to establish reasonable transfer prices (or potentially run afoul of tax and other rules of various countries involved).
They will usually work side-by-side with management in helping correctly interpret and utilize the information. A company's budgeting process must take into account ongoing operations, capital expenditure plans, and corporate financing.
These types of items are produced in continuous processes where costs are pooled together and output is measured in aggregate quantities. The individual architects are probably involved in multiple tasks throughout each day; therefore, it becomes difficult to say exactly how much it costs to develop a specific set of blueprints!
Overhead can include facilities depreciation, utilities, maintenance, and many other similar shared costs. Some managers are aware that sole reliance on absorption costing numbers can lead to bad decisions. These developments ultimately enhance organizational efficiency and the living standards of customers who benefit from better and cheaper products. It is easy for a production manager to focus solely on the area under direct control and ignore the costs of support tasks.
Therefore, subsequent chapters will provide insight into the logic and methods that need to be employed to manage these types of business decisions.
As this person's title suggests, the controller is primarily responsible for the control task; providing leadership for the entire cost and managerial accounting functions. Because internal auditors are reporting on the effectiveness and integrity of other units within a business organization, they usually report directly to the highest levels of corporate leadership. Likewise, business managers must rely on systematic monitoring tools to maintain awareness of where the business is headed. Scientific methodology is used to study what works and does not work, and the best practices are implemented within the organization.
In addition, such comprehensive reevaluations will help to identify bottlenecks that constrain the whole organization. Likewise, most businesses will have one or more activities that can cause a slowdown in the entire operation. First, however, this chapter concludes by introducing key managerial accounting concepts and terminology. It is better to relate period costs to presently incurred expenditures that relate to SG&A activities. A soft drink manufacturer might spend very little on producing the product, but a lot on selling. Either way, the schedule summarizes the activity for the period and concludes with the dollar amount attributed to raw materials that have flowed into the production cycle. For example, a competitor may be curious to know the labor cost incurred in producing a product, or a customer may think that the finished product price is too high relative to the raw material cost. This results in the $300,000 of factory depreciation being allocated evenly to work in process inventory, finished goods inventory, and cost of goods sold.
They are important enough that the FASB has specified external reporting rules requiring the allocation of production overhead to inventory. Furthermore, good managers must have endurance to tolerate challenges and setbacks while trying to forge ahead. Correct execution of each of these activities culminates in the creation of business value. Specific strategy setting can take many forms, but generally includes elements pertaining to the definition of core values, mission, and objectives.
These certificates represent significant competencies in managerial accounting and financial management skills, as well as a pledge to follow the ethical precepts of the IMA. Information is needed to make the decision, and management will likely enlist the internal accounting staff to prepare prospective information based upon alternative scenarios. It is worthwhile for a good manager to study the basic principles of managerial accounting in order to better understand how information can be effectively utilized in the decision process. Accountability is handled via comprehensive software that tracks an array of data on a real-time basis. Yet, good management decisions require full consideration of the costs of support services. Managerial accounting provides these monitoring tools and establishes a logical basis for making adjustments to business operations.
This inventory remains as an asset until the goods are sold, at which point the inventory is gone, and the cost of the inventory is transferred to cost of goods sold on the income statement. These costs do not logically attach to inventory and should be expensed in the period incurred.
This material transferred to production then reappears in the schedule of work in process that follows.
Note that the direct labor box has both a yellow and orange outline; remember that it is both a prime and conversion cost. Likewise, product pricing decisions must be balanced against costs and competitive market conditions. These enterprise resource packages (ERP) are extensive in their power to deliver specific query-based information for even the largest organizations. Managers must pay attention to the information being produced, and be ready to adjust business processes in response.
Popular techniques include JIT (just-in-time inventory management) and EOQ (economic order quantity). Under these rules, manufactured inventory must absorb direct labor, direct materials, and a myriad of indirect costs. Because each management action is predicated upon some specific decision, good decision making is crucial to being a successful manager. The central theme is this: (1) business value results from good decisions, (2) decisions must occur across a spectrum of planning, directing, and controlling activities, and (3) quality decision making can only consistently occur by reliance on information.
What controls are needed to monitor the purchasing process, provide for the best prices, and audit the quality of procured goods? And, sensitivity analysis is needed to determine how sales and costs will respond to changes in market conditions. A company's results of operations are sensitive to proper cost assignment, and management accountants are focused on processes for correctly measuring this information. Management must know that inventory is available when needed, productive resources (people and machinery) are scheduled appropriately, transportation systems will be available to deliver output, and so on.
In addition, management must be ready to demonstrate compliance with contracts and regulations. These are complex tasks which cannot occur without strong information resources provided by management accountants.



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Author: admin | 19.07.2015 | Category: Firewood Shed Plans


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