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ACCA F2 Management Accounting Question Papers

 ACCA F2 Management Accounting Question Papers

ACCA F2 Management Accounting Question Papers : Overall aim of the syllabus This explains briefly the overall objective of the examination and indicates in the broadest sense the capabilities to be developed within the examination. Main capabilities This syllabus’s aim is broken down into several main capabilities which divide the syllabus and study guide into discrete sections. Relational diagram of main capabilities This diagram illustrates the flows and links between the main capabilities (sections) of the syllabus and should be used as an aid to planning teaching and learning in a structured way. Syllabus rationale This is a narrative explaining how the syllabus is structured and how the main capabilities or sections of the syllabus are linked. The rationale also explains in further detail what the examination intends to assess and how.

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ACCA F2 Management Accounting Question Papers: AIM

To introduce knowledge and understanding of the business and its environment and the influence this has on how organisations are structured and on the role of the accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organisation and its people and systems.

RATIONALE

The syllabus for FAB/F1, Accountant in Business introduces students who may not have a business background, to the business, which as an entity is made up of people and systems which interact with the environment and with each other. The syllabus begins with examining the purpose and types of business which exist, the key stakeholders and the rights and responsibilities that businesses have in connection with them, exploring the external influences that affect the business in its environment, including economic, legal, social and technological factors.

The syllabus then examines the structure and functions of business, focusing on corporate governance and the specific accounting related roles in this process, particularly in financial reporting, assurance, control and compliance. The syllabus then introduces key leadership, management and people issues such as effective individual and team behaviour, motivation and personal effectiveness. The final section of the syllabus examines how behaviour at all levels within business should be underpinned by accepted professional ethics and professional values.

ACCA F2 Management Accounting Question Papers: MAIN CAPABILITIES

On successful completion of this paper, candidates should be able to:

A) Understand the purpose and types of businesses and how they interact with key stakeholders and the external environment.

B) Understand business organisation structure, functions and the role of corporate governance.

C) Recognise the function of accountancy and audit in communicating, reporting and assuring financial information and in effective financial control and compliance.

D) Recognise the principles of authority and leadership and how teams and individuals are recruited, managed, motivated and developed.

E) Understand the importance of personal effectiveness as the basis for effective team and organisational behaviour. F Recognise that all aspects of business and finance should be conducted in a manner which complies with and is in the spirit of accepted professional ethics and professional values.

ACCA F2 Management Accounting Question Papers

ACCA F2 Management Accounting Question Papers : The ability to analyse financial statements using ratios and percentages to assess the performance of organisations is a skill that will be tested in many of ACCA’s exam papers. It will also be regularly used by successful candidates in their future careers.

The Paper F2/FMA syllabus introduces candidates to performance measurement and requires candidates to be able to ‘Discuss and calculate measures of financial performance (profitability, liquidity, activity and gearing) and non-financial measures’. This article will focus on measures of financial performance and will detail the skills and knowledge expected from candidates in the Paper F2/FMA exam.

Paper F2/FMA candidates are expected to be able to calculate key accounting ratios, to know what they measure, and to explain what particular values mean. The syllabus categorises ratios into four headings: profitability, liquidity, activity and gearing.

ACCA F2 Management Accounting Question Papers

ACCA F2 Management Accounting Question Papers : PROFITABILITY

Profitability ratios, as their name suggests, measure the organisation’s ability to deliver profits. Profit is necessary to give investors the return they require, and to provide funds for reinvestment in the business. Three ratios are commonly used.

1. Return on capital employed (ROCE):  operating profit ÷ (non current liabilities +
total equity) %

2. Return on sales (ROS): operating profit÷ revenue %

3. Gross margin: gross profit÷ revenue %

ACCA F2 Management Accounting Question Papers

ACCA F2 Management Accounting Question Papers : A THE NATURE, SOURCE AND PURPOSE OF MANAGEMENT INFORMATION

1. Accounting for management

a) Describe the purpose and role of cost and management accounting within an organisation.

b) Compare and contrast financial accounting with cost and management accounting.

c) Outline the managerial processes of planning, decision making and control.

d) Explain the difference between strategic, tactical and operational planning.

e) Distinguish between data and information.

f) Identify and explain the attributes of good information.

g) Explain the limitations of management information in providing guidance for managerial decision-making.

2. Sources of data

a) Describe sources of information from within and outside the organisation (including government statistics, financial press, professional or trade associations, quotations and price list.

b) Explain the uses and limitations of published information/data (including information from the internet) .

c) Describe the impact of general economic environment on costs/revenue.

d) Explain sampling techniques (random, systematic, stratified, multistage, cluster and quota) .

e) choose an appropriate sampling method in a specific situation.

3. Cost classification

a) Explain and illustrate production and non production costs.

b) Describe the different elements of non production costs- administrative, selling, distribution and finance.

c) Describe the different elements of production cost- materials, labour and overheads.

d) Explain the importance of the distinction between production and non production costs when valuing output and inventories.

e) Explain and illustrate with examples classifications used in the analysis of the product/service costs including by function, direct and indirect. fixed and variable, stepped fixed and semi variable costs.

f) Explain and illustrate the use of codes in categorising transaction.

g) Describe and illustrate, graphically, different types of cost behaviour.

h) Use high/low analysis to separate the fixed and variable elements of total costs including situations involving semi variable and stepped fixed costs and changes in the variable cost per unit.

i) Explain the structure of linear functions and equations.

j) Explain and illustrate the concept of cost objects, cost units and cost centres.

k) Distinguish between cost, profit, investment and revenue centres.

l) Describe the differing needs for information of cost, profit, investment and revenue centre managers.

4. Presenting information

a) Prepare written reports representing management information in suitable formats according to purpose.

b) Present information using tables, charts and graphs (bar charts, line graphs, pie charts and scatter graphs)

c) Interpret information (including the above tables, charts and graphs) presented in management reports.

B COST ACCOUNTING TECHNIQUES

1. Accounting for material, labour and overheads

a) Accounting for materials

(i) Describe the different procedures and documents necessary for the ordering, receiving and issuing of materials from inventory.

(ii) Describe the control procedures used to monitor physical and ‘book’ inventory and to minimise discrepancies and losses. (iii) Interpret the entries and balances in the material inventory account.

(iv) Identify, explain and calculate the costs of ordering and holding inventory (including buffer inventory)

(v) Calculate and interpret optimal reorder quantities.

(vi) Calculate and interpret optimal reorder quantities when discounts apply

. (vii) Produce calculations to minimise inventory costs when inventory is gradually replenished.

(viii) Describe and apply appropriate methods for establishing reorder levels where demand in the lead time is constant.

(ix) Calculate the value of closing inventory and material issues using LIFO, FIFO and average methods.

b) Accounting for labour

(i) Calculate direct and indirect costs of labour.

(ii) Explain the methods used to relate input labour costs to work done.

(iii) Prepare the journal and ledger entries to record labour cost inputs and outputs.

(iv) Describe different remuneration methods: time-based systems, piecework systems and individual and group incentive schemes.

(v) Calculate the level, and analyse the costs and causes of labour turnover.

(vi) Explain and calculate labour efficiency, capacity and production volume ratios.

(vii) Interpret the entries in the labour account.

c) Accounting for overheads

(i) Explain the different treatment of direct and indirect expenses.

(ii) Describe the procedures involved in determining production overhead absorption rates

(iii) Allocate and apportion production overheads to cost centres using an appropriate basis.

(iv) Reapportion service cost centre costs to production cost centres (including using the reciprocal method where service cost centres work for each other)

(v) Select, apply and discuss appropriate bases for absorption rates.

(vi) Prepare journal and ledger entries for manufacturing overheads incurred and absorbed.

(vii) Calculate and explain the under and over absorption of overheads.

ACCA F2 Management Accounting Question Papers

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