TAILIEUCHUNG - Lecture Advanced management accounting - Chapter 4

The main contents of this chapter include all of the following: Product costing, different costs for different purposes, designing product costing systems, flow of costs in manufacturing businesses, allocating overhead costs to products, accounting for manufacturing overheads, types of product costing systems, job costing, process costing. | Chapter 4: CVP Analysis Continued Reference Book : Financial & Managerial Accounting By Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso Cost-Volume-Profit Cost Behavior Analysis Cost-Volume-Profit Analysis Variable costs Fixed costs Relevant range Mixed costs Identifying variable and fixed costs Basic components CVP income statement Break-even analysis Target net income Margin of safety We will study this in this lecture We have studied this in the previous lecture Service Cost - Actuaries compute service cost as the present value of the new benefits earned by employees during the year. Future salary levels considered in calculation. Interest on Liability - Interest accrues each year on the PBO just as it does on any discounted debt. Actual Return on Plan Assets - Increase in pension funds from interest, dividends, and realized and unrealized changes in the fair market value of the plan assets. Amortization of Unrecognized Prior Service Cost - The cost of providing retroactive benefits is allocated to pension expense in the future, specifically to the remaining service-years of the affected employees. Gain or Loss - Volatility in pension expense can be caused by sudden and large changes in the market value of plan assets and by changes in the projected benefit obligation. Two items comprise the gain or loss: difference between the actual return and the expected return on plan assets and, amortization of the unrecognized net gain or loss from previous periods Cost-Volume-Profit Analysis CVP Analysis - the study of the effects of changes in costs and volume on a company’s profits Important in profit planning A critical factor in setting selling prices, determining product mix, and maximizing use of production facilities 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog .

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