ISBN 9780070278448 Author/Module Code: NEISH
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1 Introduction to management accounting
The role of management accounting
Product and service costing
Cost classifications
Cost versus expense
Inventories
Cost, selling price, margins and pricing policy
2 Manufacturing statements
Structure of the manufacturing statement
Factory and non-factory expenses
Preparation of the manufacturing statement
Analysis of manufacturing statements
Transfer of cost of production
Accounting entries
3 Cost flows
The manufacturing process
Flow of materials and costs
Perpetual inventory system
The effect of the GST
Separate cost ledger
Alternative factory overhead recording
Cost flows in non-manufacturing firms
4 Materials—control and accounting
Purchasing and storage procedures
Issuing procedures
Costing materials into store
Costing materials out to production
Physical stocktake
Periodic stock valuation
Accounting standards
5 Labour—control and accounting
Definition of some payroll terms
Payroll
Direct and indirect labour analysis
Labour-related costs
6 Factory overhead—control and accounting
Factory overhead accounting
Cost drivers
Fixed and variable costs
Factory overhead recovery rates
Flexible budgeting
Budgeting semi-variable costs
Departmental factory overhead
Reciprocal services
Improved product costing
Activity-based costing
7 Job costing
Job cost system
Job cost records
Job cost accounting records—manufacturers
Job costing with a separate cost ledger
Under-applied or over-applied factory overhead
Job costing in service industries
8 Responsibility accounting
Organisation structure
Responsibility accounting
Responsibility centres
Budget preparation
Performance reports
Cost allocation
Overhead analysis
Responsibility accounting and blame
Controllability
9 Cost–volume–profit analysis
Presentation of statement of comprehensive income for CVP analysis
The break-even equation
Contribution margin method
Contribution margin ratio method
Target net profit
Effects of income tax
Margin of safety
Analysis using graphs
Evaluating changes
Sales mix and CVP analysis
CVP analysis for different industries
Assumptions and limitations of CVP analysis
10 Direct costing
Inventory valuation
Statements of comprehensive income with actual factory overhead
Reconciliation of reported profits—absorption and direct costing
Reporting variable marketing and administrative expense—direct costing
Statements of comprehensive income with applied factory overhead
Australian Accounting Standard AASB 102 Inventories
Australian Taxation Office requirements
Advantages and disadvantages of direct costing
11 Activity-based costing
Activity-based costing
Activity levels
Three approaches to ABC Cost drivers
Designing an ABC system
ABC application rates
Total manufacturing costs
Accounting entries
Full product costs
ABC and job costing
12 Process costing fundamentals
Cost flows
Comparison with job costing
Flow of units through a process
Process costing concepts
Cost of production report
Accounting entries
Beginning work in process
Weighted average method
First-in-first-out (FIFO) method
13 Advanced process costing
Cost flows—more than one department
Cost of production reports—more than one process
Accounting entries
Process costing and lost or spoiled units
Process costing—more than one department and spoilage
14 Operation costing
Illustrative example
15 Joint and by-product costing
Why allocate joint costs?
Allocating joint costs
Accounting for joint costs
Decision: sell at split-off or process further
By-products
16 Standard costing
Setting a standard manufacturing cost
Different types of standards
Flexible budgeting
Variance analysis
Causes of and responsibilities for variances
Journal entries for a standard cost system
Effect of work in process
Disposition of variances
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