ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

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ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

MODULE 5 – CHAPTER 10 & 11 CHAPTER 10 – FUNDAMENTALS OF COST MANAGEMENT

Using Activity-Based Cost Management to Add Value

Activity-based cost management: uses activity-based costing data to evaluate the cost of value-chain activities within the firm and identify opportunities for improvement

Activity-Based Costing: a system used to assign costs to products based on the products’ use of activities, which are the discrete tasksan organization undertakes to make or deliver the product

The value chain: the set of activities that transforms raw resources into products for customers

Value-added activities in the value chain are the things that customers will pay for

To maximize profits, firms must manage activities and resources used to fund those activities to minimize costs while providing value for the customer

Two benefits of implementing ABC and ABCM

o

Description

ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

MODULE 5 – CHAPTER 10 & 11 CHAPTER 10 – FUNDAMENTALS OF COST MANAGEMENT

Using Activity-Based Cost Management to Add Value

Activity-based cost management: uses activity-based costing data to evaluate the cost of value-chain activities within the firm and identify opportunities for improvement

Activity-Based Costing: a system used to assign costs to products based on the products’ use of activities, which are the discrete tasksan organization undertakes to make or deliver the product

The value chain: the set of activities that transforms raw resources into products for customers

Value-added activities in the value chain are the things that customers will pay for

To maximize profits, firms must manage activities and resources used to fund those activities to minimize costs while providing value for the customer

Two benefits of implementing ABC and ABCM

oBetter information about product costs: this helps managers make decisions about pricing and whether to keep or drop products

oBetter information about the cost of activities and processes: this helps managers gain useful information that may have been hidden by the previous accounting system

Using Activity-Based Cost Information to Improve Processes

The first step in ABCM is activity analysis. Activity analysis has 6 stepsoIdentify what the customer wants or expects from the firm’s products/services, including key features, price, and quality

oChart, from start to finish, the company’s activities for completing the product

oDevelop activity-based costing data for each activity, based on the resources used in each activity
oClassify all activities as value-added or nonvalue-added
oCompare the costs of each activity with the value that customers assign to it (the value of nonvalue-added activities would be 0)
oContinuously improve the efficiency of all value-added activities. Eliminate or reduce nonvalue-added activities. This changing of operational processes to improve performance, often after examining activity-based costing data to determine opportunities for improvement, is called process reengineering
Activity analysis provides a way for organizations to think systematically about the processes that they sue to provide products to their customers.
Manager working with accountants use the analysis to identify and eliminate activities that add costs but not value The following types of activities are candidates for elimination because they do not add value to the product (from the customer’s perspective)
oStoring items: storing raw materials in a warehouse, storing partially completed products (WIP), and storing finished products are all nonvalue-added activities
oMoving items: moving parts, materials, and other items around the factory floor does not add value to the finished product
oWaiting for work: idle time like waiting for raw materials to arrive to begin production does not add value to products
Using Activity-Based Cost Management in a Service Setting
Example: Activity flow in the loan application process oReceive Application
Verify Information
Make Decision
Communicate Decision

ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

ACCT 521 COST ACCOUNTING School: Liberty University *Professor:Leah Lane, Atnhony Faiella, DR.HANN, ULLMER,B, Dr.Higgetts, MelanieH… Documents (367) Q&A (127) Textbook Exercises (20+) Most important docs of the week 7 pagesREFORMATION OF INSTRUMENTSREFORMATION OF INSTRUMENTS Liberty University COST ACCOUNTING

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ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

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ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

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ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

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ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

ACCT 521 – Spring 2014 Register Now MODULE 4 – COST.docx Textbook Exercises Fundamentals of Cost Accounting image Fundamentals of Cost Accounting Ch 1, Section CDMD Cost Data for Managerial Decisions,

Exercise 1Ch 1, Section CDMD Cost Data for Managerial Decisions, Exercise 1Fundamentals of Cost Accounting Ch 2, Section HCFS How Costs Flow through the Statements, Exercise 1Income statement is made to get the operating profit of the year. For this purpose the cost of…

Fundamentals of Cost Accounting Ch 3, Section CVPA Cost-Volume-Profit Analysis, Exercise 1Calculation of the operating profit: It is calculated by total variable and fixed cost from the…Fundamentals of Cost Accounting Ch 4, Section DA Differential Analysis, Exercise 1

Calculation of the effect of the decision on the company’s operating profit: It is determined…Fundamentals of Cost Accounting Ch 5, Section WMECB What Methods Are Used to Estimate Cost Behavior?, Exercise 1The total variable cost is calculated by adding all the variable costs.

Calculate the average fixed…Fundamentals of Cost Accounting Ch 6, Section CPCPI Costing in a Single Product, Continuous Process Industry, Exercise 1The production of barrels started with 8,000 units and 8,000 units are in the finished goods. It…Fundamentals of Cost Accounting Ch 7, Section CCJ Computing the Cost of a Job,

Exercise 1Global explanation: Direct materials is debited to increase the materials balance since the…Fundamentals of Cost Accounting Ch 8, Section RTPCR Reporting This Information to Managers:

ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

The Production Cost Report, Exercise 1The equivalent unit of ending work-in-process ending inventory is calculated by multiplying the…Fundamentals of Cost Accounting Ch 9, Section RPCDM Reported Product Costs and Decision Making, Exercise 1In the given question, the manufacturing overhead has been increased by $100,800.

It means total…Fundamentals of Cost Accounting COST ACCOUNTING Tests Questions & Answers Showing 1 to 8 of 127 View all Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per 1 2 3 4 5 See photo below. 1 2 3 4 5

Hello, I am having issues with part (c) of this question. The overhead rates that I calculated for are 1.5 (for Variable Overhead rate) and 3.5 (For the fixed 1 2 3 4 5 Please help me answer the Cash flow indirect and direct method 1 2 3 4 5 Phyllis maintained an IRA account at the brokerage firm ABC.

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ACCT 521 ACCT521 ACCT/521 MODULE 5 – CHAPTER 10 & 11

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