ACCA Paper F5 Performance Management Essential Text
ACCAPaper F5Performance ManagementEssential Text
British library cataloguing in publication dataA catalogue record for this book is available from the British Library.Published by:Kaplan Publishing UKUnit 2 The Business CentreMolly Millars LaneWokinghamBerkshireRG41 2QZ Kaplan Financial Limited, 2012The text in this material and any others made available by any Kaplan Group company does notamount to advice on a particular matter and should not be taken as such. No reliance should beplaced on the content as the basis for any investment or other decision or in connection with anyadvice given to third parties. Please consult your appropriate professional adviser as necessary.Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to anyperson in respect of any losses or other claims, whether direct, indirect, incidental, consequential orotherwise arising in relation to the use of such materials.Printed and bound in Great Britain.AcknowledgementsWe are grateful to the Association of Chartered Certified Accountants and the Chartered Institute ofManagement Accountants for permission to reproduce past examination questions. The answershave been prepared by Kaplan Publishing.All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, ortransmitted, in any form or by any means, electronic, mechanical, photocopying, recording orotherwise, without the prior written permission of Kaplan Publishing.iiKAPLAN PUBLISHING
ContentsPageChapter 1A Revision of F2 topicsChapter 2Traditional and advanced costing methods41Chapter 3Cost volume profit analysis81Chapter 4Planning with limiting factors111Chapter 5Pricing139Chapter 6Make or buy and other short term decisions163Chapter 7Risk and uncertainty189Chapter 8Budgeting209Chapter 9Quantitative analysis239Chapter 10Advanced variances257Chapter 11Performance measurement and control295Chapter 12Divisional performance measurement andtransfer pricing327Chapter 13Performance measurement in not for profitorganisations347Chapter 14Performance management information systems 357Chapter 15Question & AnswersKAPLAN PUBLISHING1379iii
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chapterIntroPaper Introductionv
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Test your understanding sections provide anopportunity to assess your understanding of the keytopics by applying what you have learned to shortquestions. Answers can be found at the back of eachchapter. Summary diagrams complete each chapter to showthe important links between topics and the overallcontent of the paper. These diagrams should be used tocheck that you have covered and understood the coretopics before moving on. Question practice is provided at the back of each text.Icon ExplanationsDefinition Key definitions that you will need to learn fromthe core content.Key Point Identifies topics that are key to success and areoften examined.Expandable Text Expandable text provides you withadditional information about a topic area and may help yougain a better understanding of the core content. Essentialtext users can access this additional content on line (read itwhere you need further guidance or skip over when you arehappy with the topic)Illustration Worked examples help you understand thecore content better.Test Your Understanding Exercises for you to completeto ensure that you have understood the topics just learned.Tricky topic When reviewing these areas care should betaken and all illustrations and test your understandingexercises should be completed to ensure that the topic isunderstood.KAPLAN PUBLISHINGvii
Online subscribersPaper introductionPaper backgroundObjectives of the syllabusCore areas of the syllabusSyllabus objectivesThe examinationExamination formatPaper based examination tipsStudy skills and revision guidancePreparing to studyEffective studyingThree ways of taking notes:RevisionFurther readingYou can find further reading and technical articles under thestudent section of ACCA’s website.viiiKAPLAN PUBLISHING
FORMULAE SHEETLearning curveY axbWhereY cumulative average time per unit to produce x unitsa the time taken for the first unit of outputx the cumulative number of units producedb the index of learning (log LR/log2)LR the learning rate as a decimalDemand curveP a bQb Change in priceChange in quantitya price when Q 0MR a – 2bQKAPLAN PUBLISHINGix
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chapter1A Revision of F2 topicsChapter learning objectivesThe contents of this chapter were recently removed from the syllabusas they are now assumed knowledge from the F2 syllabus.Standard costing and the basics of variance analysis wereencountered in F2. In F5 you will have to cope with the following: new variancesmore complex calculationsdiscussion of the results and implications of your calculations.1
A Revision of F2 topicsStandard costingWhat is standard costing?A standard cost for a product or service is a predetermined unit cost setunder specified working conditions.The uses of standard costsThe main purposes of standard costs are:2 control: the standard cost can be compared to the actual costs andany differences investigated. performance measurement: any differences between the standardand the actual cost can be used as a basis for assessing theperformance of cost centre managers. to value inventories: an alternative to methods such as LIFO andFIFO. to simplify accounting: there is only one cost, the standard.KAPLAN PUBLISHING
chapter 1Suitability of standard costingStandard costing is most suited to organisations with: mass production of homogenous productsrepetitive assembly workThe large scale repetition of production allows the average usage ofresources to be determined.Standard costing is less suited to organisations that produce non homogenous products or where the level of human intervention is high.McDonaldisationTest your understanding 1Which of the following organisations may use standard costing?(i) a bank(ii) a kitchen designer(iii) a food manufacturer(a) (i), (ii) and (iii)(b) (i) and (ii) only(c) (ii) and (iii) only(d) (i) and (iii) onlyPreparing standard costsA standard cost is based on the expected price and usage of material,labour and overheads.KAPLAN PUBLISHING3
A Revision of F2 topicsTest your understanding 2K Ltd makes two products. Information regarding one of those productsis given below:Budgeted output/ sales for the year: 900 unitsStandard details for one unitDirect materialsDirect wagesVariable overheadFixed production overheadFixed non production overhead40 square metres at 5.30 persquare metreBonding department: 24 hours at 5.00 per hourFinishing department: 15 hours at 4.80 per hour 1.50 per bonding labour hour 1 per finishing labour hour 36,000 27,000Note: Variable overheads are recovered (absorbed) using hours, fixedoverheads are recovered on a unit basis.Required:(a) Prepare a standard cost card for one unit and enter on the standardcost card the following subtotals:(i) Prime cost(ii) Variable production cost(iii) Total production cost(iv) Total cost.(b) Calculate the selling price per unit allowing for a profit of 25% of theselling price.Types of standardThere are four main types of standard:Attainable standards 4They are based upon efficient (but not perfect) operating conditions.The standard will include allowances for normal material losses,realistic allowances for fatigue, machine breakdowns, etc.KAPLAN PUBLISHING
chapter 1 These are the most frequently encountered type of standard.These standards may motivate employees to work harder since theyprovide a realistic but challenging target.Basic standards These are long term standards which remain unchanged over a periodof years. Their sole use is to show trends over time for such items as materialprices, labour rates and efficiency and the effect of changing methods. They cannot be used to highlight current efficiency.These standards may demotivate employees if, over time, they becometoo easy to achieve and, as a result, employees may feel bored andunchallenged.Current standards These are standards based on current working conditions. The disadvantage is that they do not attempt to motivate employees toimprove upon current working conditions and, as a result, employeesmay feel unchallenged.They are useful when current conditions are abnormal and any otherstandard would provide meaningless information.Ideal standards These are based upon perfect operating conditions. In their search for perfect quality, Japanese companies use idealstandards for pinpointing areas where close examination may result inlarge cost savings. Ideal standards may have an adverse motivational impact sinceemployees may feel that the standard is impossible to achieve.This means that there is no wastage or scrap, no breakdowns, nostoppages or idle time; in short, no inefficiencies.Preparing standard costs which allow for idle time and wasteAttainable standards are set at levels which include an allowance for: Idle time, i.e. employees are paid for time when they are not working.Waste, i.e. of materials.KAPLAN PUBLISHING5
A Revision of F2 topicsTest your understanding 3The fastest time in which a batch of 20 ‘spicy meat special’ sandwicheshas been made was 32 minutes, with no hold ups. However, workstudies have shown that, on average, about 8% of the sandwich makers’time is non productive and that, in addition to this, setup time (gettingingredients together etc.), is 2 minutes.If the sandwich makers are paid 4.50 per hour, what is theattainable standard labour cost of one sandwich?Flexible budgetingBefore introducing the concept of flexible budgeting it is important tounderstand the following terms: Fixed budget: this is prepared before the beginning of a budgetperiod for a single level of activity. Flexible budget: this is also prepared before the beginning of abudget period. It is prepared for a number of levels of activity andrequires the analysis of costs between fixed and variable elements. Flexed budget: this is prepared at the end of the budget period. Itprovides a more meaningful estimate of costs and revenues and isbased on the actual level of output.Budgetary control compares actual results against expected results. Thedifference between the two is called a variance.The actual results may be better (favourable variance) or worse (adversevariance) than expected.It can be useful to present these figures in a flexible budget statement.(Note: This is not the same as a flexible budget).6KAPLAN PUBLISHING
chapter 1Test your understanding 4A business has prepared the following standard cost card based onproducing and selling 10,000 units per month:Selling priceVariable production costsFixed production costProfit per unit 1031—6—Actual production and sales for month 1 were 12,000 units and thisresulted in the following:SalesVariable production costsFixed production costsTotal profit 000125409——76——Required:Using a flexible budgeting approach, prepare a table showing theoriginal fixed budget, the flexed budget, the actual results and the totalmeaningful variances.Controllability and performance managementA cost is controllable if a manager is responsible for it being incurred or isable to authorise the expenditure.A manager should only be evaluated on the costs over which they havecontrol.KAPLAN PUBLISHING7
A Revision of F2 topicsTest your understanding 5The materials purchasing manager is assessed on: total material expenditure for the organisation a notional rental cost, allocated by head office, for the materialstorage area.the cost of introducing safety measures, regarding the standard andthe quality of materials, in accordance with revised governmentlegislationRequired:Discuss whether these costs are controllable by the manager and if theyshould be used to appraise the manager.Test your understanding 6Explain whether a production manager should be accountable fordirect labour and direct materials cost variances.1 Revision of basic variance analysisVariance analysis is the process by which the total difference betweenstandard and actual results is analysed.A number of basic variances can be calculated. If the results are better thanexpected, the variance is favourable (F). If the results are worse thanexpected, the variance is adverse (A).It is important to be able to:–calculate the variance–explain the meaning of the variance calculated–identify possible causes for each variance.Once the variances have been calculated, an operating statement can beprepared reconciling actual profit to budgeted profit, under marginal costingor under absorption costing principles.Basic variances can be calculated for sales, material, labour, variableoverheads and fixed overheads. Each of these will be reviewed in turn.8KAPLAN PUBLISHING
chapter 1Sales variancesCalculationNote: 'Margin' contribution per unit (marginal costing) or profit per unit(absorption costing).Test your understanding 7 Sales variancesW Ltd has budgeted sales of 6,500 units but actually sold only 6,000units. Its standard cost card is as follows:Direct materialDirect wagesVariable overheadFixed overheadTotal standard costStandard gross profitStandard selling price 258418–––555–––60–––The actual selling price for the period was 61.KAPLAN PUBLISHING9
A Revision of F2 topicsRequired:Calculate the sales price and sales volume variance for the period:(a) Using absorption costing(b) Using marginal costingCauses of sales variancesVarianceSales priceFavourableAdverseUnexpected price increasedue to:Unexpected price decreasedue to: higher than anticipatedcustomer demand lower than anticipated demand for competitor'sproducts an improvement inquality or performanceSales volume Unexpected increase indemand due to: lower than anticipatedcustomer demandhigher than anticipateddemand for competitor'sproductsa reduction in quality orperformanceUnexpected fall in demanddue to: a lower price a higher price improved quality orperformance lower quality orperformance of theproduct a fall in quality orperformance ofcompetitor's products an increase in quality orperformance ofcompetitor's products a successful marketingcampaign an unsuccessfulmarketing campaignNote: The sales price and volume variance may be linked. For example,an increase in the price of a product will result in a favourable sales pricevariance but may also result in an adverse sales volume variance, due to afall in demand.10KAPLAN PUBLISHING
chapter 1Materials variancesCalculationTest your understanding 8 Materials variancesJames Marshall Co makes a single product with the following budgetedmaterial costs per unit:2 kg of material A at 10/kgActual details:Output 1,000 unitsMaterial purchased and used 2,200 kgMaterial cost 20,900Calculate material price and usage variances.KAPLAN PUBLISHING11
A Revision of F2 topicsCauses of material variancesVarianceFavourableMaterial price MaterialusageAdversePoorer quality materials Higher quality materials Discounts given forbuying in bulk Change to a moreexpensive supplier Change to a cheapersupplier Unexpected priceincrease encountered Incorrect budgeting Incorrect budgeting Higher quality materials Poorer quality materials Change is productspecification Change in productspecification Incorrect budgeting Incorrect budgetingMore efficient use ofmaterialLess experienced staffusing more materialsNote: The material price variance and the material usage variance may belinked. For example, the purchase of poorer quality materials may result in afavourable price variance but an adverse usage variance.Labour variancesCalculation12KAPLAN PUBLISHING
chapter 1Test your understanding 9 Labour variancesExtract from the standard cost card for K Ltd Direct labour:(15 hours @ 4.80 per hour)72Actual direct wages for the period were:15,500 hours costing 69,750 in totalActual units produced 1,000Calculate the labour rate and labour efficiency variances.Causes of labour variancesVarianceLabour rateLabourefficiencyFavourableAdverse Lower skilled staff Higher skilled staff Cut in overtime/ bonus Increase in overtime/bonus Incorrect budgeting Incorrect budgeting Unforeseen wageincrease Lower skilled staff Higher skilled staff Improved staff motivation Incorrect budgeting Fall in staff motivationIncorrect budgetingNote: The labour rate variance and the labour efficiency variance may belinked. For example, employing more highly skilled labour may result in anadverse rate variance but a favourable efficiency variance.KAPLAN PUBLISHING13
A Revision of F2 topicsVariable overhead variancesCalculationTest your understanding 10 Variable overhead variancesExtract from the standard cost card for K Ltd Variable overhead:15 hours @ 1 per hourActual variable overheads for the period were:15,500 hours15Total cost 14,900Calculate the variable overhead expenditure and variableoverhead efficiency variances.14KAPLAN PUBLISHING
chapter 1Causes of variable overhead variancesVarianceVar. o/hexpenditureVar. o/hefficiencyFavourableAdverse Unexpected saving incost of services Unexpected increase inthe cost of services More economic use ofservices Less economic use ofservices Incorrect budgeting Incorrect budgeting As for labour efficiency As for labour efficiencyFixed overhead variancesMarginal costing systemWith a marginal costing profit and loss, no overheads are absorbed, theamount spent is simply written off to the income statement.So with marginal costing the only fixed overhead variance is the differencebetween what was budgeted to be spent and what was actually spent, i.e.the fixed overhead expenditure variance.Absorption costing systemUnder absorption costing we use an overhead absorption rate to absorboverheads. Variances will occur if this absorption rate is incorrect (just aswe will get over/under absorption).KAPLAN PUBLISHING15
A Revision of F2 topicsSo with absorption costing we calculate the fixed overhead expenditurevariance and the fixed overhead volume variance (this can be split into acapacity and efficiency variance).CalculationTest your understanding 11 Fixed overhead variancesThe following information is available for J Ltd for Period 4:BudgetFixed production overheadsUnitsThe standard time to produce each unit is 2 hoursActualFixed production overheadsUnitsLabour hours 22,9606,560 24,2006,46012,600 hrsRequired:If J Ltd uses an absorption costing system, calculate the following:(a) FOAR per labour hour(b) Fixed overhead expenditure variance(c) Fixed overhead capacity variance(d) Fixed overhead efficiency variance(e) Fixed overhead volume variance16KAPLAN PUBLISHING
chapter 1Causes of fixed overhead variancesVarianceFixed o/hexpenditureFavourableAdverse Decrease in price Increase in price Seasonal effects Seasonal effects Increase in productionvolume Decrease in productionvolume Increase in demand Decrease in demand Change is productivity of labourFixed o/hcapacity Hours worked higherthan budget Hours worked lower thanbudgetFixed o/hefficiency As for labour efficiency As for labour efficiencyFixed o/hvolumeProduction lost throughstrikesOperating statement under absorption costingThe purpose of calculating variances is to identify the different effects ofeach item of cost/income on profit compared to the expected profit. Thesevariances are summarised in a reconciliation statement or operatingstatement.KAPLAN PUBLISHING17
A Revision of F2 topicsIllustration 1 – Operating statement under absorption costingProforma operating statement under absorption costing (AC)Budgeted profitSales volume profit varianceStandard profit on actual sales ( flexed budget profit)Selling price varianceCost variances:Material priceMaterial usageLabour rateLabour efficiencyVariable overhead expenditureVariable overhead efficiencyFixed production overhead expenditure varianceFixed production overhead capacity varianceFixed production overhead efficiency varianceTotalF XXXXXXXXXActual profit XX/ (X)————XX/ (X)————XA (X)(X)(X)(X)(X)(X)(X)(X)(X)X/ (X)———X———Test your understanding 12 AC operating statementRiki Ltd, produces and sells one product only. The standard cost andprice for one unit being as follows:Direct material A – 10 kilograms at 12 per kgDirect material B – 6 kilograms at 5 per kgDirect wages – 5 hours at 8 per hourFixed production overheadTotal standard costStandard gross profitStandard selling price18 12030406025050––––300––––KAPLAN PUBLISHING
chapter 1The fixed production overhead included in the standard cost is based onan expected monthly output of 750 units. Riki Ltd use an absorptioncosting system.During April the actual results were as follows: 224,000Sales 700 units @ 320Direct materials:A: 7,500 KgB: 3,500 KgDirect wages 3,400 hoursFixed production overheadGross �–176,680––––––––47,320Note: Riki Ltd does not hold any inventories.Required:You are required to reconcile budgeted profit with actual profit for theperiod, calculating the following variances:Selling price, sales volume, material price, material usage, labour rate,labour efficiency, fixed overhead expenditure and fixed overheadvolume.Operating statement under marginal costingThe operating statement under marginal costing is the same as that underabsorption costing except; a sales volume contribution variance is included instead of a salesvolume profit variance the only fixed overhead variance is the expenditure variancesthe reconciliation is from budgeted to actual contribution then fixedoverheads are deducted to arrive at a profit.KAPLAN PUBLISHING19
A Revision of F2 topicsIllustration 2 – Operating statement under marginal costingProforma operating statement under marginal costing (MC) Budgeted contribution(budgeted production budgeted contn/unit)Sales volume contribution varianceXX/ (X)————Standard contribution on actual sales( flexed budget contribution)Selling price varianceXX/ (X)————XVariable cost variances:Material priceMaterial usageLabour rateLabour efficiencyVariable overhead expenditureVariable overhead efficiencyTotalActual contributionBudgeted fixed production overheadFixed overhead expenditure varianceActual profit20FA X X (X)(X)(X)(X)(X)(X)X(X)X/ (X)———X———XX/ (X)———XXXXXKAPLAN PUBLISHING
chapter 1Test your understanding 13 MC operating statementChapel Ltd manufactures a chemical protective called Rustnot. Thefollowing standard costs apply for the production of 100 cylinders:MaterialsLabourFixed overheads500 kgs @ 0.80 per kg20 hours @ 1.50 per hour20 hours @ 1.00 per hour 4003020450The monthly production/sales budget is 10,000 cylinders.Selling price 6 per cylinder.For the month of November the following production and salesinformation is available:Produced/soldSales valueMaterials purchased and used 53,200 kgsLabour 2,040 hoursFixed overheads10,600 cylinders 63,000 42,500 3,100 2,200Required:You are required to prepare an operating statement in a marginalcosting format for November detailing all the variances.Labour idle time and material wasteIdle timeIdle time occurs when employees are paid for time when they are notworking e.g. due to machine breakdown, low demand or stockouts.If idle time exists an idle time labour variance should be calculated.KAPLAN PUBLISHING21
A Revision of F2 topics2 Controlling Idle timeIdle time can be prevented or reduced considerably by :1. Proper maintenance of tools & machinery2. Advanced production planning3. Timely procurement of stores4. Assurance of supply of power5. Advance planning for machine utilisation22KAPLAN PUBLISHING
chapter 1Test your understanding 14ZS has a standard time of 0.5 hours per unit, at a cost of 5 per hour. Itexpects there to be non productive time equal to 5% of hours paid. Thefollowing details relate to the month of December:Units producedHours paidNon productive hoursWage costWage rate variance5,4003,000165 15,000 NilRequired:Calculate the overall labour efficiency variance and analyse it betweenproductive efficiency and excess idle time variances.Test your understanding 15 Additional idle time exampleThe following data relates to T plc for the month of January:Standard productive time per unit 2 hoursStandard wage rate per paid hourActual productionStandard idle time as a percentage of hours paidActual hours paidActual idle time hours 4.001,200 units4%2,600110Required:Calculate the labour efficiency variance and analyse it betweenproductive efficiency and idle time.Material wasteMaterial waste may also be a normal part of a process and could be causedby: evaporationscrappingtestingWaste would affect the material usage variance.KAPLAN PUBLISHING23
A Revision of F2 topicsThe purchasing of materials is a highly specialised function, that can controlwaste by :(1) Ordering the right quantity and quality of materials at the mostfavourable price;(2) Ensuring the material arrives at the right time in the production process;(3) Take active measures against theft, deterioration, breakage andadditional storage costs.When should a variance be investigated?Factors to consider include:SizeA standard is an average expected cost and therefore small variationsbetween the actual and the standard are bound to occur. These areuncontrollable variances and should not be investigated.In addition, a business may decide to only investigate variances above acertain amount. The following techniques could be used: Fixed size of variance, e.g. investigate all variances over 5,000 Statistical decision rule, e.g. investigate all variances of which there is alikelihood of less than 5% that it could have arisen randomly.Fixed percentage rule, e.g. investigate all variances over 10% of thebudgetFavourable or adverseFirms often treat adverse variances as more important than favourable andtherefore any investigation may concentrate on these adverse variances.CostFor investigation to be worthwhile, the cost of investigation must be lessthan the benefits of correcting the cause of the variance.Past patternVariances should be monitored for a number of periods in order to identifyany trends in the variances. A firm would focus its investigation on anysteadily worsening trends.24KAPLAN PUBLISHING
chapter 1The budgetThe budget may be unreliable or unrealistic. Therefore, the variances wouldbe uncontrollable and call for a change in the budget or an improvement inthe budgeting process, not an investigation of the variance.Reliability of figuresThe system for measuring and recording the figures may be unreliable. Ifthis is the case, the variances will be meaningless and should not beinvestigated.Methods used when investigating variancesKAPLAN PUBLISHING25
A Revision of F2 topics3 Chapter summary26KAPLAN PUBLISHING
chapter 1Test your understanding answersTest your understanding 1DA bank and a food manufacturer would have similar repetitive output forwhich standard costs could be calculated whereas a kitchen designer islikely to work on different jobs specified by the customer.Test your understanding 2(a)Direct materials (40 5.30)Direct labour:Bonding (24 hours 5.00)Finishing (15 hours at 4.80)(i) Prime costVariable overhead:Bonding (24 hours at 1.50 per hour)Finishing (15 hours at 1 per hour)(ii) Variable production costProduction overheads ( 36,000 900)(iii) Total production costNon production overheads ( 27,000 900)(iv) Total cost –––––49530–––––525(b)Profit ((25/75) 525)Price ( 525 175)KAPLAN PUBLISHING175–––––700–––––27
A Revision of F2 topicsTest your understanding 3Per batch of 20Ideal timeNon productive idle time(92%)(8%)(100%)Setup timeTotal timeTotal cost @ 4.50/hrStandard labour cost per sandwich ( 2.76/20)32.0 minutes2.8 minutes–––––––––––34.8 minutes2.0 minutes–––––––––––36.8 minutes 2.76 0.138Test your understanding 4Based onproduction/sales rofit28OriginalFlexedfixed budget budgetActualresultsMeaningfulvariance flexed –actual10,000 units 12,000 units 12,000 units 10,000 units 10/ unit 100,00010,000 units 3/ unit 30,00010,000 units 1/ unit 10,000————— 125,000 5,000 Fav 40,000 4,000 Adv 9,000 1,000 Fav—————————— 76,000————— 2,000 Fav————— 60,000—————12,000 units 10/ unit 1
Paper F5 Performance Management . Chapter 14 Performance management information systems 357 Chapter 15 Question & An
ACCA F9 –Financial Management PROFESSIONAL (5 papers in total) Essentials ACCA P1 –Governance, Risk and Ethics ACCA P2 –Corporate Reporting ACCA P3 –Business Analysis Options (two to be completed) ACCA P4 –Advanced Financial Management ACCA P5 –Advanced Performance Management ACCA P6 –Advan
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