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ACCA F2
Management Accounting (MA)
管理会计
ACCA Lecturer: Belinda Qiu
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Part B Accounting for Material
1. Process relating to material
2. Physical inventory and book inventory
3. FIFO, LIFO, weighted average
4. Holding cost, ordering cost
5. EOQ
6. EBQ
7. Re-order level, Maximum level, Minimum level
8. Material inventory account
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Part B Accounting for labor
1. Direct and indirect labor cost
2. Remuneration methods
3. Labor turnover
4. Labor efficiency, capacity and production volume ratios
5. Labor account
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Part B Accounting for labor
1. Direct and indirect labor cost
1.1 Direct and indirect workers
-Direct workers: employees who are directly involved in making an
organization’s products.
-Indirect workers: employees who aren’t directly involved in making
an organization’s products.(maintenance staff & factory
supervisors)
Idle time: when workers are paid but not making any products, for
Example when a machine breaks down.
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Part B Accounting for labor
1.2 Direct and indirect labor cost
Overtime premium: time in excess of the basic hours for a period
Bonus payment: a payment in addition to a basic salary or wage and
is paid for either achieving or exceeding certain targets.
Direct workers Indirect workers
Basic pay Normal work Direct General Indirect
Idle time, training, etc.
Indirect For specific jobs
Direct
Overtime premium
General Indirect General Indirect
For specific jobs
Direct
For specific jobs
Direct
Bonus, sick pay, social contributions
Indirect
Indirect
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Part B Accounting for labor
2. Remuneration methods
2.1 Time-based system
Total wages=(hours worked*basic rate of pay per hour)+(overtime
hours worked*overtime premium per hour)
2.2 Piecework system
Wages = Units produced * Rate of pay per unit
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Part B Accounting for labor
3. Labor turnover
3.1 Labor turnover is the rate at which employees leave a company
and this rate should be kept as low as possible.
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Part B Accounting for labor
3.2 Cause of labor turnover
-avoidable:
Poor remuneration
Poor working conditions
Lack of training opportunities
Lack of promotion prospects
Poor relationship
-unavoidable:
Retirement
Illness/death
Family reasons
Relocation
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Part B Accounting for labor
3.3 Cost of labor turnover
-replacement cost:
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Part B Accounting for labor
-Preventative cost:
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Part B Accounting for labor
3.4 Individual and group bonus schemes
3.4.1 Individual bonus scheme
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Part B Accounting for labor
3.4.2 Group bonus scheme:
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Part B Accounting for labor
4. Labor efficiency, capacity and production volume ratios
Actual output*standard hours per unit
Budgeted output*standard hours per unit
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Part B Accounting for labor
Example:
Standard time allowed per unit: 30 min
Actual output in period: 840 units
Actual hours worked: 410 hours
Budget hours worked: 400 hours
Labor efficiency ratio=
840∗0.5
410= 102%
Labor capacity ratio=410
400= 102.5%
Labor production ratio=840∗0.5
400= 105%
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Part B Accounting for labor
5. Labor account- expense
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