Bài giảng môn Kế toán, kiểm toán - Chapter 15: Cost control

The Flexible Budget

Show revenues and expenses
that should have occurred at the
actual activity.

May be prepared for any activity
level within the relevant range.

Reveal variances due to effective

cost control or lack of cost control.

Improve performance evaluation.

 

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1© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.Chapter 15Cost ControlPowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPAActivityBudget AmountActual AmountExplanation—=FavorableActual revenues > Budgeted revenuesActual costs Budgeted costsVarianceLO 2Performance Report Characteristics 15-3The vice president of operations receives summarized information from each store. Management by exception: Upper-level management does not receive operating detail unless activities are not performing according to plan.LO 2Performance Report Characteristics Responsibility Reporting Amount of detail varies according to level in the organization.15-4Improve performance evaluation.May be prepared for any activity level within the relevant range.Show revenues and expenses that should have occurred at the actual activity. Reveal variances due to effective cost control or lack of cost control.LO 3The Flexible Budget15-5 To a budget for different activity levels, we must know how costs behave with changes in activity levels.Total variable costs change in direct proportion to changes in activity.Total fixed costs remain unchanged within the relevant range. FixedVariableLO 3The Flexible Budget15-6Standard Costs are Based on carefully predetermined amounts.Used for planning material, labor, and overhead requirements.The expected level of performance.Benchmarks for measuring performance.LO 4Standard Cost Variance Analysis15-7Cost per Unit of Input VarianceStandard Cost VariancesThe difference between the actual price and the standard priceQuantity VarianceThe difference between the actual quantity and the standard quantityLO 4Standard Cost Variance Analysis15-8 Actual Quantity Actual Quantity Standard Quantity × × × Actual Price Standard Price Standard PriceCost per Unit of Input VarianceQuantity VarianceStandard price is the amount that should have been paid for the resources acquired.LO 4Standard Cost Variance Analysis15-9 Actual Quantity Actual Quantity Standard Quantity × × × Actual Price Standard Price Standard PriceStandard quantity is the quantity that should have been used for the output achieved. LO 4Standard Cost Variance AnalysisCost per Unit of Input VarianceQuantity Variance15-10 AQ(AP - SP) SP(AQ - SQ) AQ = Actual Quantity SP = Standard Price AP = Actual Price SQ = Standard Quantity LO 4Standard Cost Variance Analysis Actual Quantity Actual Quantity Standard Quantity × × × Actual Price Standard Price Standard PriceCost per Unit of Input VarianceQuantity Variance15-11Budget VarianceVolume VariancePOHAR = Fixed Overhead Application Rate SH = Standard Hours Allowed SH × POHAR Actual Fixed Fixed Fixed Overhead Overhead Overhead Incurred Budget Applied LO 6Analysis of Fixed Overhead Variances15-12Product cost included inProduction inefficiency costs recognized as aCurrent PeriodExpenseCost of GoodsSoldInventorySignificant Net UnfavorableVariance and current standardsInsignificant Net VarianceLO 7Accounting for VariancesSignificant Net VarianceProduct cost allocated between15-13CostCenterActual costs are compared to budgeted costsProfitCenterInvestmentCenterActual return on investment is compared to budgeted return on investmentEvaluation MeasuresActual segment margin is compared to budgeted segment marginSegmentLO 8Methods of Evaluating Segments15-14 Return on investment (ROI) is the ratio of segment margin to the investment used to generate the segment margin.ROI = Segment marginDivisional operating assetsLO 9Analysis of Investment Centers15-15SalesOperating assetsROI = Segment MarginOperating assetsROI = Segment marginSales×MarginTurnoverLO 9Analysis of Investment Centers15-16Segment marginless required return on operating assetsLO 9Residual Income – Another Measure15-17Financial PerspectiveHow do we look to the firm’s owners?Learning and Growth Perspective How can we continually improve and create value?Internal Business Process PerspectiveIn which activities must we excel?Customer PerspectiveHow do our customers see us?Integrated measuresLO 10The Balanced Scorecard15-18End of Chapter 1515-19

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