Duration: 16 weeks
Students will develop knowledge and understanding of management accounting techniques to support management in planning, controlling and monitoring performance in a variety of business contexts.
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To develop knowledge and understanding of management accounting techniques to support management in planning, controlling and monitoring performance in a variety of business contexts
The syllabus for Management Accounting (MA)/FMA , introduces candidates to elements of management accounting which are used to make and support decisions.
The syllabus starts by introducing the nature, the source and purpose of cost accounting and the costing techniques used in business which are essential for any management accountant.
The syllabus then looks at the preparation and use of budgeting and standard costing and variance analysis as essential tools for planning and controlling business costs. The syllabus concludes with an introduction to measuring and monitoring the performance of an organisation
On successful completion of this paper, candidates should be able to:
A Explain the nature, source and purpose of management information
B Explain and apply cost accounting techniques
C Prepare budgets for planning and control
D Compare actual costs with standard costs and analyse any variances
E Explain and apply performance measurements and monitor business performance.
A The nature, source and purpose of management information
1. Accounting for management
2. Sources of data
3 Cost classification
4 Presenting information
B Cost accounting techniques.
1. Accounting for material, labour and overheads
2. Absorption and marginal costing
3. Cost accounting methods
4. Alternative cost accounting principles
1. Nature and purpose of budgeting
2. Statistical techniques
3. Budget preparation
4. Flexible budgets
5 Capital budgeting and discounted cash flow
6 Budgetary control and reporting
7. Behavioural aspects of budgeting
D Standard costing
1 Standard costing system
2 Variance calculations and analysis
3 Reconciliation of budgeted and actual profit
E Performance measurement
1. Performance measurement - overview
2 Performance measurement - application
3 Cost reductions and value enhancement
4. Monitoring performance and reporting
Approach to examining the syllabus
The syllabus is assessed by a two hour computerbased examination. Questions will assess all parts of the syllabus and will test knowledge and some comprehension or application of this knowledge. The examination will consist of two sections. Section A will contain 35 two mark objective questions. Section B will contain 3 ten mark multitask questions each of which will examine Budgeting, Standard costing and Performance measurement sections of the syllabus.