CIMA - C1 Fundamentals of Management Accounting
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400
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Index
401
Note. Key terms and their page references are in bold
ABC, 72
Abnormal gain, 267
Abnormal loss, 267
Absorbed overhead, 67
Absorbed overhead, 67
Absorption base, 59
Absorption costing, 50
Absorption rate, 59
Absorption, 58
Activity based costing (ABC), 73
Activity based costing (ABC), 73
Activity based costing, 72
Administration costs, 16
Administration overhead, 13
Allocation, 50
Apportion, 51
Apportionment bases, 51
Attainable standards, 156
AVCO, 109
Average cost, 109
Avoidable costs, 19
Bases of apportionment, 51
Basic standards, 156
Batch costing, 310
Blanket absorption rates, 65
Bonus schemes, 162
Breakeven analysis, 120
Breakeven arithmetic, 123
Breakeven chart, 129
Breakeven point, 86, 120
Budget cost allowance, 226
Budget flexing, 227
Budget variances, 229
Budgets and management reward, 234
By-product, 291
C/S ratio, 121
Classification by function, 16
Classification by nature, 10
Classification by purpose, 10
Classification by responsibility, 10, 21
Code, 23
Committed fixed costs, 22
Common costs, 292
Composite codes, 24
Composite cost unit, 333
Composite cost units, 8
Concept of cost, 9
Contract accounts, 313
Contract costing, 312
Contract, 312
Contribution breakeven chart, 132
Contribution, 84, 120, 345
Contribution/sales (C/S) ratio, 121
Control, 229
Controllability, 22
Controllable cost, 22
Cost accountant, 4
Cost accounting systems, 5, 240
Cost accounting, 4
Cost behaviour, 34, 45
Cost bookkeeping and variances, 253
Cost bookkeeping, 239
Cost centres, 7, 351
Cost classification for decision making, 18
Cost classification, 10, 18
Cost codes, 23
Cost driver, 74
Cost elements, 11
Cost measurement, 9
Cost object, 7
Cost per unit for services, 334
Cost plus pricing, 302
Cost pools, 74
Cost unit, 7, 351
Cost units and service costing, 333
Cost, 9
Costs, 351
direct, 351
fixed, 351
functional, 351
indirect, 351
variable, 351
Cost-volume-profit analysis (CVP), 120
Cumulative weighted average pricing, 109
Current standards, 156
Decision making, 4, 18
Departmental absorption rates, 65
Departments, 6
Deprival value of an asset, 20
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Index
Deprival value, 20
Differential costs, 19
Differential piecework schemes, 161
Direct cost, 11
Direct expenses, 12
Direct labour cost, 12
Direct labour efficiency variance, 173
Direct labour idle time variance, 175
Direct labour rate variance, 173
Direct labour variances, 173
Direct material price variance, 170
Direct material total variance, 170
Direct material usage variance, 170
Direct material variances, 170
Direct material, 11
Direct materials cost, 12
Direct method, 55
Direct wages, 12
Discretionary fixed costs, 23
Distribution overhead, 14
Double entry bookkeeping, 240
Dual responsibility, 23
Economic cost, 9
Economic value, 9
Equivalent units, 279
Expenses, 351
FIFO (first in, first out), 105
FIFO, 105
Financial accounting, 5
Financial accounts, 5
First in, first out, 105
Fixed budget, 226
Fixed budgets, 226
Fixed cost, 18, 34
Flexible budget, 226
Flexible budgeting, 225
Full cost plus pricing, 94
Functional costs, 16
Functions, 6
General and administrative expenses, 345
General overheads, 16
Gross margin, 345
Gross revenue, 345
Group bonus scheme, 163
High day-rate system, 163
High/low method, 42
Historic cost, 9
Historical costs versus standard costs, 153
Ideal standards, 156
Idle time variance, 174
Idle time variance, 175
Idle time, 165
Incentive schemes involving shares, 163
Incentive schemes, 162
Incremental costs, 19
Indirect cost, 12
Individual bonus scheme, 163
Information for management, 343
Intangibility, 332
Integrated accounts, 240
Integrated systems, 240
Inter-relationships between variances, 191
Inventory valuation and profitability, 113
Inventory valuation using absorption costing and
marginal costing, 87
Inventory valuation, 104
Job accounts, 300
Job costing and computerisation, 302
Job costing and services, 343
Job costing for internal services, 309
Job costing, 300
Job, 300
Joint costs, 292
Joint products, 291
Key factor, 138
Labour, 351
Last in, first out, 108
LIFO (last in, first out), 108
LIFO, 108
Limiting factor analysis, 138
Limiting factor, 138
Limiting factor, 138
Line of best fit method, 44
Line of best fit, 44
Losses on incomplete contracts, 322
Management accounting, 4
Management accounts, 5
Management by exception,154
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Index
403
Management reports, 343
Manufacturing accounts, 249
Manufacturing cost, 16
Margin of safety, 122
Marginal cost plus pricing, 97
Marginal cost, 84
Marginal costing, 84, 85
Margins, 98
Marketing expense, 345
Mark-ups, 98
Master budgets, 226
Materials, 103, 351
Mixed cost, 38
Net realisable value, 20
Non-controllable costs, 22
Non-linear variable costs, 37
Normal loss, 267
Not-for-profit organisations, 334
Objective classification, 10, 24
Operating statements, 182
Opportunity cost, 9
Opportunity costs, 19
Over absorbed overhead, 67
Over absorption of overhead, 67
Overhead absorption rate, 59
Overhead absorption, 58
Overhead allocation, 50
Overhead apportionment, 51
Overhead costs, 49
Overhead, 12
Overtime premium, 165
P/V graph, 133
P/V ratio, 121
Performance standards, 156
Period cost, 16
Perishability, 332
Piecework schemes, 160
Pricing decisions, 94
Prime cost, 11
Process accounts, 264
Process costing and losses, 267
Process costing and opening work in progress, 285
Process costing, 264
Product cost, 16
Production overhead, 13
Profit sharing scheme, 163
Profit/volume (P/V) graph, 133
Profit/volume ratio, 121
Profits on contracts, 316
Progress payments, 316
Prudence, 319
Re-apportion, 55
Relevant cost, 18
Relevant range, 39
Remuneration methods, 160
Repeated distribution method, 55
Responsibility accounting, 22
Responsibility centre, 22
Retention monies, 316
Return on investment, 96
Return on sales, 96
Reward strategies, 234
Sales price variance, 180
Sales variances, 180
Sales volume contribution variance, 180
Sales volume profit variance, 180
Sales volume revenue variance, 180
Scattergraph method, 44
Scrap, 272
Selling overhead, 13
Semi-fixed costs, 38
Semi-variable cost, 18, 38
Semi-variable cost, 18, 38
Semi-variable costs, 38
Service cost centre cost apportionment, 55
Service costing, 331
Service industry costing, 332
Service organisations, 332
Simultaneity, 332
Single factory overhead absorption rates, 66
Standard cost bookkeeping, 251
Standard cost, 150
Standard costing, 150, 153
Standard hour, 159
Standard operation sheet, 155
Standard product specification, 155
Standard time allowances, 161
Step cost, 36
Straight piece rate scheme, 160
Subjective classification, 10, 24
Sunk cost, 20
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Index
T
angible, 8
Target profit, 124
Target return on investment, 96
Target return on sales, 96
Time-based systems, 160
Uncontrollable cost, 22
Under absorbed overhead, 67
Under absorption of overhead, 67
Unit cost measures, 334
Value-added, 345
Variable cost, 18, 35
Variable overhead total variance, 177
Variable overhead variances, 177
Variable production overhead efficiency variance, 177,
178
Variable production overhead total variance,178
Variable, 85
Variance analysis, 170
Variances – reasons for, 179
Variances, 170
Wages control account, 247
Weighted average cost method, 285
Weighted average price, 109
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