MM2: Management Accounting an der Karlsruher Institut für Technologie

Karteikarten und Zusammenfassungen für MM2: Management Accounting an der Karlsruher Institut für Technologie

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs MM2: Management Accounting an der Karlsruher Institut für Technologie.

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Which are the typical MA reports?

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

What are the main Characteristics of MA?

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

What are the three basic product strategies?

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Examples of MA analysis methods

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

What is direct/indirect/total cost?

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Explanation of opportunity costs

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Difference between out-of-pocket and accrual cost

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Explain variable, fixed and committed costs?              

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Are bigger customers better customers?

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Difference between ABC and TDABC?

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

What’s the problem with ABC and how could that be solved?

Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

Explain the Balance Scorecard

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Beispielhafte Karteikarten für MM2: Management Accounting an der Karlsruher Institut für Technologie auf StudySmarter:

MM2: Management Accounting

Which are the typical MA reports?
Forecasts (revenue, costs,...)

Cost calculation at product level

Monthly income statement

Budget report

KPI report (HR, Marketing, Operations,...)

MM2: Management Accounting

What are the main Characteristics of MA?
Improve products

Improve resource use (e.g. reducing overcapacity)

Improve services

Support decision making (e.g. investing & divesting)

Reduce costs —> Gain efficiency


MM2: Management Accounting

What are the three basic product strategies?
Cost leadership (e.g. Ryanair)

Differentiation through features/brand (e.g. Apple)

Niche market (e.g. Fairphone)

MM2: Management Accounting

Examples of MA analysis methods
Operational analysis (short term)

Strategic analysis (long term)


Variance analysis
- differences between expected and actual cost

Cost benefit analysis
- Quantitative & qualitative information about proposed plans

MM2: Management Accounting

What is direct/indirect/total cost?
Direct Costs
Costs that can be traced easily and conveniently to a product or department.
Example: Cost of paint in the paint department of an automobile assembly plant.


Indirect Cost
Costs that need to be
allocated, before they can be
assigned to a product or
department.

Example: Cost of national advertising for an airline is indirect to a given flight or route.

Total Cost = direct + indirect cost

MM2: Management Accounting

Explanation of opportunity costs
Potential benefit that is given up choosing between several options

Example: Opportunity costs of attending University part time (35h/week —> 30h/week)

MM2: Management Accounting

Difference between out-of-pocket and accrual cost
Out-of-pocket cost (cash accounting)
- incremental cost paid by cash
- records the cost when the payment is done

Accrual cost
- cost of resources during an extended time period
- Match expenses with related revenues
- records the cost when the deal is made

MM2: Management Accounting

Explain variable, fixed and committed costs?              

Variable costs                       

Variable costs vary in direct proportion to the production values.

Long term everything is variable. --> Manageable costs

                       

Committed costs

Committed costs are incurred because of policies or contractual obligations. Can also be "kind of variable".

                       

Fixed costs            

Costs that do not change within a defined range of underlying productive activity. For specific time horizons! Not manageable like variable costs are.

                                                           

MM2: Management Accounting

Are bigger customers better customers?
- Frequently untested and often wrong assumption

- Size of customer often leads to discount hurting revenue

-Often the most demanding of customers (e.g. high cost to serve)

MM2: Management Accounting

Difference between ABC and TDABC?

ABC:

  • Asking the workers how much percent of their time they are doing which activity
  • this might change over time
  • ABC record activity on level of the employee


Problems with ABC:

  • People have to say how long --> Bias.
  • Activity ratio might change or shift. 
  • Really detailed level


TDABC:

  • doesn't go down to employee level
  • goes on capacity level
  • 2 components needed: 
  • --> Unit cost of supplying capacity
  • --> time required to perform a transaction or an activity

MM2: Management Accounting

What’s the problem with ABC and how could that be solved?
- ABC does not seem to succeed in practice nor creating performance benefits

- It lacks conceptual clarity

- Problem: Creating value out of data 

- Only meaningful in combination with World Class Manufacturing (Cost, Quality & Time improvements)

—> Time Driven ABC, which looks on the consumption of individual resource cost per capacity unit

MM2: Management Accounting

Explain the Balance Scorecard

- Idea: Align strategic company goals with specific measures incl. balanced KPIs (vision and strategy most important)


- Performance measurement system —> Incentives


- Analogy: A couple of balanced measures at the same time are used by pilots throughout the flight



Leading indicators: Measures that identify future outcomes (More Modern: Customer centricity)


Lagging indicators: Outcomes of earlier management plans (More Modern: Financial outcomes)



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