Summary FIA Foundations in Management Accounting FMA (ACCA F2) - ACCA
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ACCA
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ACCA
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FIA Foundations in Management Accounting FMA (ACCA F2)
Unlock the path to mastering Financial Management with our comprehensive ACCA FMA notes! Designed to simplify complex concepts and enhance your understanding, these notes are perfect for both beginners and those looking to reinforce their knowledge.
**Key Features:**
- **Detailed Explanations...
F2/MA
Short Notes
Accountancy Hub
Teacher: Sir Ahsan Zubair
Updated on: 15th April, 2024.
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,TABLE OF CONTENT
CHAPTER 1 : ACCOUNTING FOR MANAGEMENT 3
CHAPTER 2: SOURCES OF DATA AND ANALYSING DATA 7
CHAPTER 3: PRESENTING INFORMATION 14
CHAPTER 4: COST CLASSIFICATION 18
CHAPTER 5: ACCOUNTING FOR MATERIAL 26
CHAPTER 6: ACCOUNTING FOR LABOUR 32
CHAPTER 7: ACCOUNTING FOR OVERHEADS 36
CHAPTER 8: ABSORPTION AND MARGINAL COSTING 40
CHAPTER 9: JOB, BATCH AND PROCESS COSTING 44
CHAPTER 10: SERVICE AND OPERATION COSTING 51
CHAPTER 11: ALTERNATIVE COSTING PRINCIPLES 53
CHAPTER 12: FORECASTING TECHNIQUE 57
CHAPTER 13: BUDGETING 64
CHAPTER 14: CAPITAL BUDGETING 70
CHAPTER 15: STANDARD COSTING 78
CHAPTER 16: FINANCIAL PERFORMANCE MEASUREMENT 83
CHAPTER 13: SPREADSHEET 89
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, Chap 1: Accounting for management
Data: Data consists of numbers, letters, symbols, raw facts, events and transactions which have been recorded
but not yet processed into a form suitable for use.
Information: Information is data processed in such a way that it is meaningful to the person who receives it.
As data is converted into information, some of the detail of the data is eliminated and replaced by summaries
which are easier to understand.
Attributes of good information: (ACCURATE)
Accurate - degree of accuracy depends on the reason why information is needed.
Complete - all needed information should be given, but not excessive.
Cost-effective - the value of information should exceed the cost of producing it.
Understandable - use of technical language must be limited.
Relevant - provided information should be relevant to its purpose.
Authoritative - information should be taken from a trusted and reliable source.
Timely - it should be provided in time for decisions to be made based on that information.
Easy to use - information should meet the needs of the person it is provided to.
Mission statements:
The mission statement is a statement in writing that describes the overall aims of an organisation, that is, what it
is trying to accomplish. In other words, it set out the whole purpose of the business.
There are 4 key elements in a mission statement:
- Purpose – why does the business exist and who does it exist for?
- Strategy – what does the business provide and how is it provided?
- Policies and culture – how does the business expect its staff to
act/behave?
- Values – What are the core principles of the business?
Planning, decision making and control
Planning: Planning involves setting objectives of an organisation and identifying strategies that can be used to
achieve those objectives.
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