Absorption costing

OAR= Estimated Production Overhead / Estimated Activity Level，都是 budget 值

*Activity level 可以是 production units，可以是 labor hours，也可是 machine hours
取决于劳动密集，还是机械生产密集 intensive.

实际计算 Cost of sale (COS) 时，Overhead absorbed = OAR x actual activity level
Advantage ★考点 Disadvantage
Recognize selling prices cover all costs 通过改变生产规模 Manipulate profit
Complies with IAS 2 – accounting for Based on the assumption that overheads are volume
inventory related

OAR 由 Estimates 计算得，主观偏差

Marginal costing
Advantage Disadvantage
适合 decision making as it highlights Danger that products sold on marginal contribution –
contribution fail to cover fixed costs
Fixed cost are treated as period costs Doesn’t comply with IAS 2，需要调整报表
Necessitates analysis of mixed costs between FC and
Profit depends on sales and efficiency
VC

★技巧 AC = MC + (Closing Inventory – Opening Inventory) x OAR

*The absorption costing requires subjective judgments.预算估计主观判断太多
*There is often more than one way to allocate the overheads.制造成本分摊可操纵

Activity-based costing
★考点 Traditional absorption costing 适用于 ★考点 Activity-based costing 适用于
One or a few simple and similar products Production has become more complex
Overhead costs 占很小比例 proportion Assess product profitability realistically
资源 consumption not driven by volume
Larger organizations & the service sector

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 成本驱动 driver：不同单位，不同 OAR

◆解题步骤：Cost Pool → Cost Drive → OAR → Absorbed → Full Cost

★考点 Advantage ★考点 Disadvantage

More accurate cost/unit 适用绩效 appraisal. Time consuming & expensive
Control OC by managing cost drivers Limited benefit 当成本和 volume related
Profitability analysis to customers 或生产线 Multiple cost drivers 情况复杂，导致不精确
Better understanding of what drives OC Arbitrary apportionment 任意分配
Problems when implementing ABC：
- 耗时
- 需要上层支持，因为缺乏信息
★考点-计算题(10.Dec.Q4) - Project team 运作，成员来自各个部门
- IT 部门支持
- 了解成本结构
- Cost-benefit analysis★成本效益分析

Target costing
Cost plus pricing 传统成本法 Target costing

Focus on internal Focus on external

Estimated cost – Target cost = Cost Gap

Target Cost = Selling price – desired profit margin

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 Steps of target costing 如何减少 Cost gap
1) 购买便宜的材料（bulk buying 采购折扣或新供应商）
 Product specifications 2) 降低人工成本
 Selling price 3) 提高生产能力，生产效率
 Target profit： margin/ ROI 4) 以自动化替代人工 automation
 Target cost 5) 减少无用环节 eliminate non value added activities
 Close the cost gap 6) 尽量减少部件数量，或尽可能使用多的标准件
注：不能在质量上妥协 compromise，不得影响质量

★考点 Implications of target costing

1) Cost control： 目标成本体系中，价格是首要考量 consideration！ 开发 development 过程中就要考
虑成本，而不是后来产生时再考虑.
2) Performance management： 业绩管理 focus on 确保完成 sales targets 以及提高生产加工方式
improve production processed to drive down costs ，至少达到目标成本.

★考点 Difficulties of using target costing in service industries

基于服务行业的以下 4 个特点，服务行业不适用于 target cost
1) Simultaneity 同时性：created at time consumed
2) Heterogeneity 异质性： quality/ consistency varies
3) Intangibility 无形的： of what is provided
4) Perishability 易腐烂性： cannot make in advance and store up
5) No transfer to ownership 物权不转移
除此以外，服务行业需要更多的定性的 qualitative information 来实现价格和评估表现， eg：Quality of
service 或 Repeat customers 等等

Life cycle costing

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 1) Development Sales volume： None
主要： A high level of set-up costs
Research & development costs
研发费用
Product design and production facilities
2) Introduction Sales volume： Very low level
主要： High marketing and promotion costs
广告费等 High business risk (negative cash flow， very high fixed costs)

3) Growth Sales volume： Rapid increase

主要： Sales revenue increase dramatically
Marketing and promotion cost will continue through this stage
投入设备和广告
Costs decrease as fixed costs are recovered over greater sales volumes
Sales volume： Stable high volume
4) Maturity Initially profits keep increase as initial set-up and fixed costs are
主要： recovered
材料人工等 Marketing and distribution economies are achieved
产品区别化来提高竞争力 Price competition and product differentiation will start to erode
profitability as new customers are limited
Sales volume： Falling demand
5) Decline Product is phasing out， 经济效益下滑 marketing costs are cut in this
主要： stage
退役成本 A replacement product needs to have been developed(R&D)
或改良产品来延长生命周期 Extra development costs to refine the model/function to extend life cycle
Decommissioning cost 退役成本，产品退出市场

作用：Maximizing return over the product life cycle 产品整个生命周期的投资回报最大化

1) Design costs out of products 早期设计时考虑了产品 70%+的成本，从整个生命周期来看，最大化的
降低成本.
2) Minimize the time to market 缩短入场时间，尽早占据市场，且竞争对手的产品不多
3) Maximize the length of the life cycle itself. 将产品可盈利的时间拉长，来增加收益
4) Minimize break-even time 尽快达到盈亏平衡点，即尽早收回投资，实现盈利
5) Manage the product’s cash flow 管理现金流

Key time periods need to be measured：

Time to market
Break-even time after product launch
Return factor 投资收回后收益

Implications 对企业的启示/意义
1) True costs of product are identified 特点：考虑了 R&D，全面考虑了产品盈利性
2) Price will change according to demand 产品价格随市场需求/竞争情况而调整
3) Assess profitability over product life not by period 从生命周期看利润情况，而非阶段

★考点 Benefits 优势：

1) 考虑了预期寿命内的外部因素 external factors
2) 考虑所有成本包括 R&D 费用，进而在设计时就考虑了成本降低问题
3) 非常适用于当前的 competitive environment，现代产品生命周期都较短，大部分费用 a large portion of
costs 发生在先期，即研发和产品引进市场阶段.

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4) 鼓励长期回报的政策，譬如若产品生命 5 年，这 5 年内全部盈利多少，则有多少奖励.鼓励工程师
和生产经理更多从大局考虑，而非短期的盈利性.
5) 鼓励最大化产品周期内的投资回报

★考点计算题：Profitability = total sales revenue – total cost，不要忘记 R&D 阶段费用

Throughput accounting 产量会计

Theory of constraints (TOC) 限制理论：目的是最大化生产力 throughput.
Throughput = sales revenue – direct material costs

理论假设 Assumption：
1) Material is the only totally variable cost in the short-term.短期内只有材料是可变成本
2) Direct labor costs are not variable in the short-term. Many employees are usually guaranteed a minimum
weekly wage.短期内工资非可变成本，许多员工是固定工资.
TOC 理论 focuses on factors bottlenecks which are constraints to this maximization.

Bottlenecks management：
产能受限于瓶颈资源，分析必须保证该资源充分利用.
1) Identify the binding constraints 确定瓶颈
2) Exploit. 开发，确保瓶颈资源充分利用
3) Subordinate. 协同，其他步骤放慢进度来配合瓶颈资源，关键是不要有 WIP 产生.
4) Evaluate the systems bottleneck.评估+提供 increase sources or improve its efficiency.
5) Return to step 1. 通常，一个瓶颈克服，就会有另一个瓶颈产生.重复步骤提升.

★考点-计算题 (09. June.Q1)

Throughput per factory hour(usually in unit) = Sales - direct material costs

bottleneck hour(factory hour) per unit
Factory cost per factory hour(usually in total) = Total factory cost
Total bottleneck hours
Throughput accounting ratio (TPAR) = Throughput (Return) per bottleneck hour
factory cost per bottleneck hour

在该理论下，企业的目的是实现 TPAR>1，说明 throughput>operation cost，实现盈利.

★考点-分析 Suggest how a TPAR could be improved

思路：从计算公式着手
1) 分母变大（提高售价，降低材料成本）
2) 分子变小（降低生产成本/运营成本）
3) 提高瓶颈资源的产能 Improve the productivity of the bottleneck

★考点-计算题(11.June.Q5) Goldratt’s 5 setps for multi-products decision making

1) Identify the bottleneck 确定瓶颈
2) Calculate the throughput per unit for each product 计算每个产品的 throughput/unit
3) Calculate the throughput per unit of the bottleneck resource for each product 计算 throughput/machine

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 hour
4) Rank the products in the order of the result 分等级，按步骤 3 的数值由高到低排名
5) Allocate resources using rank for best production plan. 按照等级分配 bottleneck 资源

Limitations of TPAR 缺点/限制

It concentrates on the short-term decision making.The bottleneck and labor costs are largely fixed. However, it
is not realistic for a business to produce on the short term only.
利于短期决定，其理论假设与现实不符。
It is more difficult to apply throughput accounting concepts to the longer term when all costs are variable. The
company should consider this long term view before rejecting products with a TPAR < 1.
固定成本长期不可能不变，所以需要从长期来考虑，即时 TPAR<1 的产品，有长期战略意义，也要继
续生产。所以，不能仅仅从 TPAR 来判断。
补充：概念比较
Traditional costing Throughput accounting
Variable cost Material， Labor & VOH Material only
Fixed cost FOH + others Labor + Overhead + others
Inventory valued at Total production cost Material only
Value added When items produced When items sold
Product profitability Sell price – product cost Rate at money is earned (TPAR)

Environmental accounting
重要意义
from a clear understanding & effective management of environment-related costs
1) 对于某些行业，环境成本 are becoming huge for some companies. 一旦确认了，有助于控制和降低
这部分成本.譬如石油公司 BP.
2) 已逐渐成为 worldwide regulation，譬如 ISO14001，有些规定需汇报 environment cost
3) Ethical issues 道德认知 –企业需要认识到生产对环境的影响(e.g. carbon emissions).
4) Improved brand image 品牌效应 –’green product’ can be selling point.卖点，提高声誉
5) More accurate pricing and improved profitability. 考虑环境成本利于精确定价
Contribution of environmental management accounting (EMA)：关注企业和环境互相影响

★考点 Defining and accounting for environmental costs 定义（2 种不同定义方式）

1． Hansen and Mendoza(1999) 提出
1) Environmental prevention costs 预防成本
The costs of activities undertaken to prevent the production of waste. Eg： environmental training.
2) Environmental detection costs 发现成本
Costs incurred to ensure that the organisation complies with regulations and voluntary standards
确保企业合规/按标准
Eg：record keeping and recording.
3) Environmental internal failure costs 内部失败成本
Costs incurred from performing activities that have produced contaminants and waste that have not been
discharged into the environment
还未排入外部环境. eg： waste disposal costs
4) Environmental external failure costs 外部失败成本
Costs incurred on activities performed after discharging waste into the environment.

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 已排入外部环境的后续成本，eg：诉讼

2. US Environmental Protection Agency 提出

1) Conventional cost 传统成本
Raw material and energy costs 与环境相关的
2) Potentially hidden costs
In ‘general overheads’
普遍账户里涵盖的，没有单列
3) Contingent costs 或有成本
Costs to be incurred at a future date， eg cleanup costs
4) Image and relationship costs 为了企业声誉和公共关系而产生的成本
the costs of preparing environmental reports（环境报告）.

★考点-论述题（13.Dec.Q1）4 种确认和分配环境成本的方法：
The material inflows are recorded and balanced with outflows. This
Input/ outflow analysis means what comes in, must go out.
流入/流出分析 差额表示 waste，
环境成本必须从 waste（kg）转化到$（可以以材料成本价来计）
Material flow 在企业中以 3 种形态 categories 存在.
Flow cost accounting 这 3 种形态下的 value 和 cost 要分别计算.
1) Material 目的是降低 quantity of materials 来降低 total business costs in the
2) System and delivery long-run 并使其产生 positive effect on the environment & business
3) Disposal long-term cost.
简单来说，合理规划 3 种形态的量，来降低成本和排放.
用 ABC 方式来处理 environment-related costs
Activity-based costing
（原来它是 hidden on general overheads，现在把它找出来）
需要从设计阶段，就考虑到整个生命周期中，所有对环境有影响
Life cycle costing
的成本（full environmental consequences）.

Break-even analysis
定义：又称 Cost-volume-profit analysis(CVP)，公司在盈亏平衡点的利润为$nil.If sales exceed the
break-even point(该点是一个 sales volume)，公司才能盈利.

理论假设 Assumptions： 以下 3 个成本为定值

1) Selling price per unit
2) Variable cost per unit
3) Total fixed costs
单一产品的 break-even 分析：这里的 fixed cost 还包括销售成本（non-production cost）

Method 1: Activity level at which there is neither profit or loss

Break-even point = Fixed costs
Unit contribution

Method 2: The amount of contribution earned per dollar of sales

Contribution/sales ratio = Contribution / unit
Selling price /unit

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Break even revenue = Fixed costs or Break-even point x selling price / unit
C/S ratio

Method 3: The difference between the budgeted level of activity and the break-even level of activity
Margin of safety = Budgeted sales －Break even sales

Margin of safety(%) = Budgeted sales – Break even sales

Budgeted sales
补充:
Sales volume to earn a required profit = Required profit + Fixed costs
Contribution per unit

Chart 1：
Break-even chart

Chart 2：
Contribution Break-even chart
该表是 highlight the importance of contribution and focus on the
variable costs.
（跟 chart 1.没有本质区别）

Chart 3：
The profit-volume chart
考试最常用的图
Advantage：清晰描绘可变成本
（斜率）对利润和盈亏平衡的影响 Depicting clearly the effect on

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profit and break-even point of any changes in variables.

Limitation 使用的 5 个限制应用

基于 3 个理论假设+2 个补充.
All costs can be split into fixed and variable elements.所有成本都简单分成固定和可变
Inventory levels are constant (Sales = Production).库存水平是定值
注：假设 Assumption 过于理想化，不符合生产实际和市场环境，通常都是理论的缺点.

Multi -product break-even analysis 多种产品的盈亏平衡

理论 Assumption： Sales mix remains constant.销售量的配比（A：B：C=3：2：4）保持定值.

Weighted average C/S ratio = total contribution

total revenue

Break-even point = Fixed costs

weighted average Unit contribution

Sales revenue to earn a required profit = Required profit + Fixed costs

weighted average C/S ratio

Margin of safety (%) = Budgeted sales – Break even sales

Budgeted sales

Average contribution =C1 × Q1 + C2 × Q2 + C3 ×Q3

Q1 + Q2 + Q3
C = Contribution, Q = Quantity

★考点-计算题 + 绘图题（12 Dec，Q1）

The multi-product profit-volume graph：
1. 计算每个产品的 C/S ratio ，排序 rank the products in order of profitability；
2. 按照 rank 顺序生产，计算 cumulative sales 和 cumulative profit（=SR-VC-FC） ；
3. 绘图，从最会盈利的产品开始，3 条线的斜率是 3 个产品对应的 c/s ratios；
4. 连接头尾点，代表 average profitability of the three products.

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*图上的最后一条斜线指 3 个产品（以不变比率）销售的平均收益，跟 X 轴交点是 BEP.

Planning with limiting factors

Firm limit factors on production/plans： Demand、Materials、Labour、Machine hours、Money
1. 当企业只存在一个限制因素时：
1) Identify scarce resource.确认稀缺资源 shortfall=resource needed–resource available
2) Calculate the contribution per unit for each product. 计算每个产品 contribution
3) Calculate contribution per unit of the scarce resource.计算各产品稀缺资源 contribution
4) Rank the products in order of the result from 根据 contribution 安排生产优先级
5) Allocate the resources using this ranking. 根据排序分配资源

2. 当企业存在多个限制因素时：建立 2 个变量的线性方程
1) Define the variables (x， y) 可以 let X=units of product A， Y=…
2) State the constraints as linear relationships，例如 10 X +15 Y ≤ 18000，X、Y》0
3) Objective function 目标函数（最大化 contribution） ，如 Maximum ： 8X +12 Y
4) Draw the lines on the gragh 绘图
5) Feasible region 可行性区间 & Optimum production point 最佳生产点： C

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找目标函数与 Y 轴交点最大时，函数最大.

Slack/Surplus 松弛（input）和过剩（output）
1) Slack is the amount of resource is not fully used and indicates that unused resources can be put into
another use.表示资源没有充分利用，可以将该资源用于其他地方.
2) Surplus is the amount of output over the min requirement 表示产出超过最低要求.
3) Shadow price (dual price)： 阴影价格
4) Additional contribution generated from one additional unit of limiting factor.
☆ Shadow price= New total contribution -Original total contribution 可得额外贡献
5) Opportunity cost of not having the use of one extra unit.不使用额外资源的机会成本
6) The maximum extra amount that should be paid for one additional unit of scarce resource.额外购买稀缺
资源的成本。
☆如果 shadow price > 额外单位成本，方案可行.

★典型例题：10 June Q3 & 10 Dec Q3

Pricing
The price elasticity of demand (PED) 价格的需求弹性

The relationship between PED and pricing strategy：这里是用 PED 绝对值与 1 比较

1) If the % change in demand > the % change in price，
then price elasticity >1，需求弹性(敏感)，所以 Price cuts are recommended. 降价来促进销售
2) If the % change in demand < the % change in price，
then price elasticity <1，需求非弹性，所以 Price increases are recommended 提价来增加利润

Tabular approach 表格法

Maximize profit is to calculate the extra costs and revenues at different combinations of output and selling
price. 额外收入和额外成本比较
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The algebraic approach 代数法
1) Marginal cost = Marginal revenue， profit maximization.
边际成本=边际收入，利润最大
2) The optimal selling price can be determined using MR=MC 确定最优销售价格
3) Marginal revenue is the additional revenue from selling one extra unit. It may not the same as the price
charged for all units up to that demand level， as to increase volumes the price may have to be reduced.
边际收入是每多卖出 1 个时的额外收入，这里需要注意的是：伴随销售量增加，售价可能会
减少.
4) Marginal cost is the cost from making one more unit.
通常就是 variable cost.

★考点-计算步骤 Demand equation：

1) Establish the linear relationship between price (P) and quantity demanded (Q)
公式 P=a-bQ Where the price increases then quantity demanded will decrease.

2) Marginal revenue 公式 MR=a-2bQ

3) Establish the MC = variable cost per unit
4) To maximize profit， equate MC and MR then to find Q. 计算 MR=MC 时的 Q
5) Substitute Q into the price equation to find the optimum price.代入方程，求得 P
6) Calculate the maximum profit 计算最大利润

补充：MR=0 时，收入最大.

Cost-based pricing
Equation for the total cost (基于成本的 mark up profit)：Y=a+bx
其中 a 阶段 FC，b 单位 VC，X 是 activity level，Y 是总成本.

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 Advantage Disadvantage
只关注内部目标(利润率)和成本，不考虑市场
Easy， quick， and cheap to apply 情况.没有对竞争对手的定价策略有反措施，从
无需搜集市场和竞争对手信息 而丢失市场和客户.
确保所有成本都 cover，公司盈利 Arbitrary allocation 任意分配，overhead 吸收
有主观性，基于不同的 cost drive 会不同.

Market-skimming 溢价定价法 关键词：高价

大量投入广告费和营销费来包装产品，让它以高价 launch the market.
当产品进入 growth， maturity and decline 阶段后，价格逐渐下降.
盈利阶段：在产品生命周期的 early stage，gain high unit profits.

★考点 suitable for 适用于：

1) Product is new and different and has little direct competition 高科技产品，名牌产品
2) Products have a short life cycle. 生命周期太短，需要迅速收回投资成本
3) The strength of demand and sensitivity of demand to price of the product 价格非弹性
4) A firm with liquidity problems needs to generate high cash flows early on 公司有流动性要求，需要尽
快增加现金流

Market penetration 渗透定价法 关键词：低价

低价策略投放市场，来赢取非常大的销售量，迅速占领市场.

★考点 suitable for 适用于：

1) The firm wishes to increase market share 公司期望增加市场占有率
2) High elastic demand 价格非常有弹性，通常为日用品，消耗量非常大的产品
3) Economies of scale 规模经济(high sales volume result in cost reduction)
4) The firm wants to discourage new entrants from entering the market 低价赶走竞争者
5) Shorten the initial period of product’s life cycle 缩短了市场进入时间，尽快实现盈利

Price discrimination 价格歧视

Company sells the same product at different prices in different markets 不同地区，不同定价.
Conditions 适用于：
1) Customers can be segregated into different markets 能够划分市场（按年龄、地区等）
2) Customers cannot buy at the lower price in one market and sell at the higher price in the other market 无
法在高低价市场窜货来赚差价.
3) Seller must have some degree of monopoly power 卖方必须有垄断市场的能力

Complementary product pricing 互补销售/捆绑销售

One product is sold separately but normally used with another product.两个产品一起使用
eg. badminton balls and badminton pads 羽毛球拍和羽毛球，捆绑销售

Product-line pricing 产品线定价

Most organizations sell not just one product but a range of products. Focus is placed on the profit from the
whole range rather than the profit on each single product.
举例：整体橱柜，利润关注于整套橱柜，而不是局部或单个橱柜的价格.

Volume discounting pricing 折扣定价

This includes quantity discounts and cumulative quantity discounts. 不同数量，不同折扣
Advantages：

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1) Increase customer loyalty 提高客户忠诚度
2) Attract new customers 吸引新客户
3) Lower sales processing costs 更低的销售成本
4) Clearance of surplus stock or unpopular items.有利于清库存，尤其是不流行的产品

Relevant costs pricing

Relevant costs can be used to arrive at a minimum tender price for a one-off tender or contract. The minimum
price should be equal to the total of all relevant cash flows.
最低售价至少 cover 相关成本

★典型考题：
11 June Q2 (a) demand function (b) penetration/skimming pricing
09 Dec Q5 (b) production-line/complementary pricing
10 June Q1 (c) the choice of pricing strategies

Relevant cost analysis

★★★重点+难点+考点

主要为了做短期决定 Short-term decisions：

Accept or reject Make or buy Outsourcing
Revenue>relevant cost，接受 内部成本>外部采购，买 内部成本>外加工，外采购
Shut down Minimum price Further processing
Lost revenue<Saved cost，关 Contract price>现金流，接受 销售-后续加工费，选更大值

Relevant costs 是 direct consequence of a decision，是 further cash flow，3 大特点：

1) Future costs 未来的成本
2) Cash flows 实际现金流
3) Incremental costs 增加的

1. 属于 relevant cost
1) Opportunity costs–the potential benefit foregone 机会成本，潜在可能收益
2) Avoidance costs –the specific costs of an activity which would be avoided if that activity did not
exist 如果行为不发生可避免的成本
3) Differential costs
2. 不属于 relevant cost
1) Sunk costs–costs have already been incurred. 沉没成本，不满足 further
2) Committed costs–costs under a long-term contract.承诺成本，不满足 incremental，例如：贷款合
同的分期还款
3) Notional (imputed) costs–non cash items.名义成本，例如：设备折旧

Relevant cost of overhead

Specific to a department/product 是直接相关的 是 relevant cost
General or Allocated fixed cost 分摊过来的制造费用 不是 relevant cost

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Make or Buy
If spare capacity exists If no spare capacity exists
Relevant cost of making in house
Relevant cost of making in house
= variable cost of internal manufacture + any fixed
= variable cost of internal manufacture + any fixed
costs directly related to that product + opportunity
costs directly related to that product.
cost of internal manufacture.

Other issues to consider：

1) Specialist skills 如果长时间不做，那就失去制作技能
2) Confidentiality 保密，外采购有可能泄密，譬如配方
3) Customer reaction 是否能针对市场做出快速反应，满足客户需求
4) Reliability of external suppliers 外采购供应商的可靠性
5) Control， Workforce and Legal 对进度和其他各方面的控制
6) Spare capacity can bring other benefits 如果产能用于其他任务，是否增加效益

Outsourcing 部件外采购或工序外包：
需要考量的问题 Issues to consider（大体跟 make or buy 差不多）

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1) 自己制作和外采购的成本考量
2) 外采购的可靠性 reliability
3) 服务质量
4) 在生产工序上失去直接控制 lose direct control
5) 如果海外采购，会有外汇风险 exchange rate risk
6) 多出的 labor 是否可以从事其他工作，创造效益

Advantage Disadvantage
Free capital 解放资本 Potential loss of confidential information 丢失保
Cost savings 节约成本（when buy cheaper） 密信息
Access to expertise， specialist contractors can Loss in-house skills 丧失技能
offer superior quality and efficiency 获取专业化 Impact on employee’s morale 打击员工士气
服务
Free up labor capacity 释放劳动力
Contractors have the capacity and flexibility to
start production very quickly to meet sudden
variation in demand 灵活性

★典型考题：
2012 June Q1： make or buy
2009 Dec. Q5(c)： outsourcing

Showdown decision (a division，a product，a department)

关注的问题：
1) Variable costs
2) Avoidable costs (what constitutes an avoidable cost may be different depending upon the timing of the
decision)因为做决定的时间不同，avoidable cost 会不同
3) Directly attributable costs (and revenues) if the closure is made
4) Timing

One-off contracts 一次性合同

Min contract price 至少等于 total relevant cash flows associated with the contract.
时间点：做这个决定时， 之前发生的费用=sunk cost，不考虑；之后的才要考虑.并最后拿来跟 contract price
比较.
需要额外考虑的因素：
1) 不若没有合同，产生的原有材料处置费
2) 有没有合同，两种不同结果，产生的费用差额，譬如裁员费.

Further processing decisions

当 joint product 分离的点，称 split-off point 或 separation point，可分析产品 profitability.
常用 basis of apportionment of joint costs to products：
1) Market value
2) Production units
3) Net realizable value
如果只是分析是否进一步加工，那 joint cost 是无关的，不用考虑；
如果分析整个工序的可行性 process viability，可以考虑 joint cost.
两个产品的销售-后续加工费，选择获益更大的产品.

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 ★典型考题：
09 June Q4(a)： short-term decision(compare incremental revenue with costs)
09 Dec Q5(a)： cessation decision (c)outsourcing
11 Dec Q1： accept or reject
12 June Q1： outsourcing; make or buy

Risk and uncertainty

Possible outcomes Probability of each
outcome
Risk Known Known
Uncertainty Known Unknown

减少 uncertainty 的 research
Desk research Secondary sources Existing data & available resource
Field research primary sources Direct contact with a targeted group
More expensive and time consuming
Focus group Primary sources Small target groups typically
In-depth conversation about a particular topic

Sensitivity analysis 敏感性分析：

将不确定因素放入考虑，比较 contribution 变动率，对决策的影响.

Made in house Bought in and rebadge

Contribution 5 7
The external purchase price rose by more than 33.3%
The original decision would be reversed to made in house.

*Each of the variables is analyzed in turn to see how much the original estimate can change before the original
decision is reversed.
*The maximum possible change is often expressed as a percentage. 2/6=33.3%

Limitations 局限性
1) Only one variable can be tested at one time.每次只能测试一个变量
2) It does not quantify the probability of a variable.没有考虑变量变动的可能性
3) It does not have decision rule.没有特定的决策规定

Simulation 模拟仿真
A model shows the effect of more than one variable changing at the one time.数学模型，多个变量，同时改
变；一般由计算机生成，会告知各种数据产生的可能性.
It is often used in capital investment appraisal.经常用于资本市场投资评价
Limitations 局限性
1) Simulation is only for obtaining more information about the possible outcomes.只提供信息，但要自己做
决定

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2) Models can be very complex.模型很复杂
3) Probability distributions may not be available.有些可能性分布是无法实现的

Expected value 期望值

Expected value = weighted average of all possible outcomes
EV=Σpx 其中 x 为产出，p 为产出对应的可能性
注：Useful method for risk neutral decision maker 风险中立者偏好此法！
Period probability profit px
During holidays 0.6 50000 30000
Non holidays 0.4 -10000 -4000 EV = 26000

Advantage Disadvantage
1) 将不确定性也考虑进去，通过给每个可能的 1) EV 采用加权平均值，所以只适用于经常性项
产出一个可能性% 目，one-off project 不适用.
2) Easy and relatively simple method 只要看数 2) 不考虑风险偏好，只考虑最有可能性情况.
据，简单易懂，方便决定. 3) 可能性%具有主观性，或许不符合实际

Pay-off table and Maximax， Maximin and Minimax Regret (计算时，P%没有作用)

Pay-off table
绘出了各种情况和对应可能性

Maximax
只看最大收益

适用于：
risk seeker
风险偏好者

Maximin
看不同情况的最小值，然后选
择最小值最大的情况

适用于：
risk averse
风险规避者

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 Minimax regret
实质：作出错误决定带来的损
失

★典型考题：
2011.June Q1： Pay off
table，EV，maximax，
maximin

Decision tree
diagrammatic method to represent a multi-decision problem
绘图时从左往右画，评估做决定时从右往左选择.

方块代表决策点，取更高收益 圆环代表可能性点，及 EV

Perfect information and imperfect information

Perfect 实质：Guaranteed to predict the further 保证确定性，valuable to remove risk

Expected value without perfect

information
不考虑市场需求，仅仅从不同情况
可能性计算不同合同项下的 EV，选
择最大 EV
例如 900units 时，
EV=4200*0.2+4200*0.6+4200*0.2

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 Expected value with perfect
information
有了 perfect 信息，就可以选择每行
中的最优效益，然后 x P 得到最后的
EV
EV=4200*0.2+4600*0.6+5000*0.2

Value of information (VOI)

Expected value with perfect / imperfect information x
Expected value without perfect / imperfect information (x)
VOI x
*VOI 就是企业愿意为优质信息支付的 maximum price.

★典型考题：13 June Q1(a)&(b)

Budgeting control and behavioral aspects

Budgetary control 目的：P R I M E

★典型考题：11Dec.Q3

Planning 计划
Responsibility 责任-规定各部门经理的职责
Integration and co-ordination 整合-协调各部门工作
Motivation 激励-与奖金挂钩，有激励作用的计划更有利于目标完成
Evaluation and control 评估和控制-不断比较，控制和改进

Component 组成：
1) Meaningful target or standard 确立目标/标准
2) Gathering information form a system (sensor) 搜集信息
3) Comparing information to a standard (comparator) 将信息和标准比较
4) Initiate control action (effector) 采取控制行动
Controllable （受 budget holder 影响）vs Uncontrollable costs（给定时间内不受控）

Control cycle-Feedback control

‘Feedback loop’：
通过 compare actual(historical) results against a standardor plan，针对差异 take control action，改善
结果.
Positive feedback 表示结果比预期好，鼓励继续往好的方向发展
Negative feedback 表示结果不如预期，需要采取反措施
Single loop feedback 计划不变，但采取行动来让结果往计划上靠
Double loop feedback 反措施仍无法实现计划，那么改变计划

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Control cycle-Feed forward control

由当前值的发展趋势预测未来值；
Compare budgeted results against forecast 目的是为了发现差异，采取发措施，并让最终结果与计划一致
Advantage：
鼓励 proactive，问题发生前采取行动
Disadvantage：
1) 耗时，需要 regularly 有 control report
2) 需要 sophisticated forecasting system 复杂的预测系统

The performance hierarchy

Conflicting objectives 冲突点：

1) Company versus Division
公司目标是 maximize shareholders wealth； 部门目标是 accounting targets-profit.
公司关注长期 VS 部门关注短期；
部门会拒绝 dilutes 虚弱部门表现的计划；
2) Division versus Division
各部门将为争夺公司资源而 compete
3) Short termism 目光短浅
部门经理会为了缩减费用而减低 R&D 成本，或停止’slow starters’ event，因为 NPV 为负.
Solutions 解决方案：
1) Prioritization 优先

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2) Compromise 妥协
3) Negotiation 协商
4) Satisfaction 给出满意方案

Behavioral aspects of budgeting

1) Motivation and budget setting
好的预算是 challenging but achievable， Goal congruence.有挑战，可实现，目标总体一致.
2) Ways of budget process can motivated managers to performance 制订方式
a) Setting targets for financial performance 一个量化的方案 definite quantitive plan，由对应负责的经理
认可.
b) Participation in budgeting setting process 提高积极性，提高预算决定的质量
Budget bias 预算偏见：manipulate budget to make managers’ performance look better
Budget slack 预算松弛：最低成本和预算或实际成本的差.也就是可以做到更好的区间.举例，做预算时，
经理可能高估成本，低估价格，让预算更容易实现，避免做不到.

Budgeting systems
Top down budget approach Bottom up budget approach
Advantage Advantage
企业 Strategic plan 也会一并考虑进计划中 Increased motivation
Senior management 会有意识调节各种资源 Increased commitment from managers
高层 manager 的经验丰富 更 多 预 算 制 定 中 的 细 节 会 被 考 虑 进 more
做预算的无效时间相对较少 accurate， more realistic
Disadvantage Disadvantage
员工不满意 Dissatisfaction Senior managers may lose control.失控
员工士气不高 low morale，或抵制计划 Dysfunctional behaviour 功能歧视性行为 （预
团队合作精神 disappear. 算和企业整体目标不一致）
Process is slow.
组织目标的接受度较低
Managers may set easy targets

Incremental budgeting
今年预算=去年预算或结果+一定增量，考虑 inflation， estimated growth 和其他已知变化.
局限：budget slack， wasteful spending（如果以前有很多浪费，那还是允许继续浪费）
Appropriate for 适用于：
1) 企业经营非常稳定 stable business，预期成本不会有很大变动
2) 目前的运营是 effective 有效的，efficient 有效率的，economic 经济的
3) Certain costs can be estimated based on inflation 成本是可以预计的
Advantage Disadvantage
Quick and Easy Builds on previous information
Unnecessary spending used up budget allowance
不必要的支出扩大
Lack of business scrutiny 监督

Zero-based budgeting 零基预算（ZBB）

每年的预算从零开始算.
Appropriate for 适用于：
Non-profit-making organization 非盈利组织，大部分是服务型行业

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The department where resources are spent discretionary 部门成本任意的 such as marketing， finance，
personnel etc. 直接制造成本就不适用 Direct manufacturing costs.
Rationalization decisions 合经济学原理的决定

★解题步骤
1 Define the activities/decision package to be evaluated 定义各种行为
2 Evaluate and rank the activities 评估各种行为的等级
3 Allocate resources 分配资源
Advantage Disadvantage
过时和无效的 operation 可以被找到并剔除 Focus on short term benefits 目光短期
预算准确，有很多员工来参与预算制定 Requires high management skills 能力要求高
Responds to changes in 商业环境 Takes manger’s much of time 耗时
分配资源更 efficiently and economically Rank can be difficult for 不同类型的活动

Rolling budgeting 滚动预算 – continuous updated budget approach.每个预算关注 1 年

1) 先制定 Q1-Q4 预算；
2) 当 Q1 末时，根据 Q1 实际值来调整 Q2，Q3，Q4 值，并给出下一年 Q1 的值；
3) 等到 Q2 末时，同样由 Q2 的实际值调整 Q3-Q2 的预算，以此类推.
Appropriate for 适用于： Organization which is facing a period of uncertainty. 整年的预算会因为变化的市
场环境有很多不确定性，这种方式让预算更符合市场环境，更准确.
Budget becomes more realistic by shortening the period between preparing budgets instead of preparing a
periodic budget annually.

Advantage Disadvantage
利于计划和控制，因为基于更准确的预算 费钱，费时
减少预算中的不确定性 耗费经理很多时间，经理不愿意做
让经理定期重新评估预算 存在风险，经理偷懒，只是简单加加减减
预算会延展至 further(至未来 12 个月) 花在预算时间过多，而减少了结果的控制

Activity based budgeting 基于活动的预算(ABB)

基于 ABC 的预算，从 cost drive 找到 activity framework，来制定预算.
Advantage Disadvantage
考虑企业所有活动 耗时，有大量工作要做
认可 cost drive，通过控制 drive 来控制成本 difficult to identify all the activities
Critical success factors are identified 来帮助绩 短期内， overhead 可能不可控，并不是与 activity
效管理 volume 变动有直接变动关系
对 TQM 提供有用信息

Spreadsheets in budgeting 电子制表软件

Using the company’s accountant’s own spreadsheets for budgeting
软件含企业各种信息，可以直接用来制作预算.此处是由企业会计人员开发来做预算.
Ensure the accountant has the necessary skills to operate the budget spreadsheet.
一个小小的错误都可能导致系统瘫痪.
Have to input large amounts of date from the company’s systems into the spreadsheet.
搬数据过程中出错率很高，尤其是没人检查时.
It is very easy to corrupt a model by accidentally changing a cell or inputting data in the wrong place.
输入错误，单位格错位等，都可能导致最终预算的错误.

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Choose and change budgeting system
The main sources of information for budgeting 制定预算的信息来源
1) Previous year’s actual results
2) Other internal information such as repair and renew of fixed assets， training needs， long term
requirements of individual customers， etc.内部信息
3) Estimates of costs of new products
4) Statistical techniques 统计学方法
5) Models 模型
6) External sources of information such as suppliers price lists， inflation， exchange rate movements，
economic environment， etc.外部因素

Changing in budgetary system 需要考虑的问题：

1) 员工是否有足够能力来制定预算，执行预算
2) 是否需要花费管理层大量时间
3) 是否需要花费费用来培训员工，让其理解和执行新系统，员工抵制，不愿意改变
4) Cost-benefit analysis 成本效益分析：改变系统的成本和新系统带来的收益
5) Learning curve 学习曲线
6) Loss of control 改变过程中的失控风险
7) 缺乏会计信息（因为不同系统需要的信息要求不同，新系统需要的信息可能不全）

Budgeting and uncertainty

Preparing a budget involves forecasting which is open to risk and uncertainty 举例：
考虑了不同 activity level 时的预算， allowing better planning for
uncertainty in the future（预算含 fixed， semi-variable and variable
Flexible budget
components）
(Flexed budget)
用 flexed budget 与 actual results 比较，分析 variance 是否好.
经理 take corrective action/revise plan based on the actual events
Rolling budgets 由 Q1 值来修正之后 4Q 的预算，定期审查修正
Probabilistic budgeting 类似于 EV 的概念，different conditions 不同%可能性，求 Σpx
Sensitivity analysis 敏感性分析：将不确定因素放入考虑，比较 contribution 变动率

Quantitative analysis in budgeting 预算中的量化分析

High/low analysis：
就是之前的高低法：output levels 的最高和最低值.
Variable cost / unit = cost at high level of activity – cost at low level activity
High level activity – low level activity

Advantage Disadvantage
假设只与 activity 相关
Simple 假设过去的成本可以可靠预测未来 cost
Easy to understand and easy to use 只取了最高和最低点，其他点不在直线上
假设固定成本不变，可变成本 constant.该假设不符合实际

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Learning curve theory 学习曲线原理
原理：刚开始做的时候，不熟悉，效率低.More practice， perform quicker.
认为 labor costs and variable overheads (if labor hour driven) 在生产后期 will be lower.

当 cumulative output↑，累计平均时间↓.且 cumulative output 翻倍，累计平均时间* X%

Method 1 -tabular:

Method 2 - formula :
Y = a Xb
where Y is the cumulative average time per unit taken to produce X units.
a is the time taken to produce the first unit.
X is the cumulative number of units.
b is the index of learning (log LR/log 2 ).
LR = the learning rate as a decimal

Time to produce 10th bath = Total time to produce 10 – Total time to produce 9

Steady state – 最后会达到一个点 no further improvements will be made.

Learning effect to cease 原因：
1) 受到 machine efficiency restricts any further improvement.
2) Workforce reach their physical limits. 工人效率达到物理极限
3) There is a ‘go-slow’ agreement among the workforce.工人间达成共识，放慢节奏干活

计算 Learning rate
方法 1 表格法 Tabular：
累计 output 翻倍，累计平均时间 B=A*X%，由 A 和 B 倒推出 X%.

Solution:

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Monthly rates of learning

Learning rate:
176/200 = 88%
154.88/176 = 88%
136.29/154.88 = 88%
Therefore the monthly rate of learning was 88%

Incremental Cumulative
Incremental total Cumulative total Cumulative average
Month number of number of
labour hours hours hours per batch
batches batches

June 1 200 1 200 200

July 1 152 2 352 176

August 2 267.52 4 619.52 154.88

September 4 470.8 8 1090.32 136.29

October 8 1090.32 16 2180.64 136.29

November 16 2180.64 32 4316.28 136.29

方法 2 代数法 Algebraic method：

Cumulative number of products made Cumulative total hours Cumulative average per unit
1 6 6
2 ? 6×r
4 ? 6×r2
8 ? 6×r3
16 42.8 6×r4
Solution：
使用 algebra 方法下可以得到等式：
42.8 = 16 × (6 × r4 )
r = 0.8171
也就是 learning rate = 81.71%

Limitations 局限：
1) 生产中有 breaks 了，那再恢复到原来的状态需要时间，学习曲线要重新建立
2) 机器运行能力限制劳动力速度，学习曲线就受限，尤其 machine intensive 生产环境
3) 当生产不是重复性发生，譬如非标产品，那么没有 learning effect
4) 产品越复杂，需要增加的经验越多，才能有所提高，体现 learning effect
5) 引入新产品时，更容易体现 learning effect

Experience effect
Learning Curve Experience curve
1) Covers all costs 降低且产量提升
technological and managerial learning effects
研究 labor hours 2) 材料价格有 bulk discount
3) 可变成本 follow the pattern of direct labor
4) 加在单个产品的 FC 降低，基于规模经济

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The experience curve is exploited through：经验曲线可以从下述数据中获取
1) Growth
2) Market share
3) Mass production
★典型考题：09 Dec Q2

Standard costing 标准成本法

实质：建立 price and usage of material， labor and overheads…的标准
目的：
1) Control 标准成本和收入与实际比较，从而更好的控制成本和收入
2) Inventory valuation 相比 FIFO，更简单有效的评估库存量
3) Performance measurement 绩效考核，评估有关部门的表现，有效激励 motivated way
4) Budgeting 精确的标准有助于建立精确的预算 accurate

Attainable standard Basic standard Current standard Ideal standard

实现难度 Challenging & achievable Too easy Too easy Too hard
Motivate Yes No No No
Allowance Wastage & inefficiencies Yes Yes No wastage
Update 适度调整 Out of date
立足点 Realistic 最好表现 预测长期趋势 Current condition Perfect 环境
Behavioral Accept Accept Accept Resist
功能 作为标准 看效率变化

Deriving 获得 standard cost：

考虑因素 Consideration
Purchase Dept a) 采购合同的协议定价，与供应商的讨价还价
确认材料的标准价格 b) 采购量大，是否有折扣
c) 材料市场预期波动
d) 生产部门需要的材料质量要求
e) Inflation
Production Dept a) 产品的预期用量 anticipated quantity
确认材料标准用量 b) 材料的质量要求
c) 废料率或报废率 wastage
d) 可能的返工
薪酬 Payroll a) Pay rise with trade union representatives 公会认可的市场价
Labor standard cost b) Particular rate refer to different labor skill grade 技能等级要求
c) Inflation
Overheads standard Production volume， capacity， efficiency
Sales price standard a) Anticipated market demand
b) Competition
c) Products
d) Manufacturing costs
e) Inflation

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*The level of participation in standard setting 员工参与制定标准将建立更精准的标准，理解公司的一些决
策行为，对标准的接受度也会增加.
*The use of pay as a motivator 与绩效挂钩的政策能够起到很好的激励作用，要防止低估

Modern manufacturing environment – 不适用于 variance analysis，原因：

1) 产品非标 non-standard，或者定制产品 customized
2) 因为经常需要审查价格，导致制定标准成本法的成本过高
3) Automation 程度高，产出和投入更多由机器控制而非人
4) TQM 和 JIT 是 ideal standard，对差异化分析的理解与标准成本法不同.例如材料费节约可能
意味着质量不好，这根 TQM 和 JIT 相悖.TQM 和 JIT 精髓在于质量要好！
5) Continuous improvement 的要求比标准成本法下 consistent standard 要高
6) Monitor performance by gathering ‘real time’ information 实时信息（>定期或期末）

World class manufacturing

Features 特点： Benefits 优势：
1) Quality improvement 质量在不断提高 1) 提高质量，减少客户的成本
2) JIT based production 准时交货，不备库存 2) 生产效率 Dramatic improvements
3) Managing people 更好的管理员工 3) Key 员工的有效激励和高忠诚度 loyalty
4) Flexible approach to customer requirements 4) 客户满意度提高+企业良好商誉
5) Competitive advantage 竞争力
6) Medium to long-term profitability 增加

Total quality management (TQM) Just in time (JIT)

Key 关键 Continuously improving quality Demand ‘pull’ system 需求推动
Quality as opposed to cost 对立 No inventory 需要才买，无库存
供应商 quality & reliability > cost

做法 Get it right， first time 1) JIT purchasing 满足生产需求

Continuous improvement 目标：用多少买多少；材料零库存；材料
目的 1) 持续改进，竞争性优势 到货准时，且达到质量要求.
2) 加强质量来降低成本 Elements： (a)频繁发货 (b)发货时间的控
3) 创新 Innovation 制 (c)跟少数供应商保持良好关系 (d)长
4) First class customer service 期契约关系 (e)质量保证
5) To involve all employees 2) JIT production 客户需求 driven

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Details 减少产品的部件数量 低成本高质量，准时交货；保证 successive
尽量在企业内使用通用件 生产的最低 WIP；最少化 idle equipment，
Improve physical characteristics facilities and workers
Elements： (a)减少 WIP 和成品 (b)减少
lead and set-up times (c)零次品+持续改进
(同 TQM) (d)灵活的劳动力 (e)生产过程
中的质量控制 (f)按订单生产 (g)一旦发
现问题，立刻解决

Performance Measuring incoming supplies Supplier quality & reliability

measurement Monitoring work as it proceeds Idle time 存在，因为有单才做
Measuring customer satisfaction

Basic variances review 差异化分析

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Material mix and yield variances

Mix variance：
因为产品原料 X：Y 不同，
导致的用量差异

Yield variance：
实际的 input-output 比和标
准不同，比如相同 output
却消耗更多 input 产生的差
异.

★解题步骤
Mix variance
Actual Qty Actual Qty Difference Std cost Variance $
Std Mix Actual Mix
Material A X X X $X X
Material B X X X $X X
X X X

Std Qty Actual Qty Difference Std cost Variance $

Std mix Std mix
Material A X X X $X X
Material B X X X $X X
X X X

★技巧：AQAM-AQSM=负(F)；AQSM-SQSM=负(F). 这里的 AQSP 表示 act qty std mix

分析：
1. Mix variance –an adverse total mix variance would suggest that a higher proportion of an expensive
material is being used.

★技巧：贵的材料多用了→Adverse

2. Yield variance –an adverse total yield variance would suggest that less output has been achieved for a
given input. The total input in volume is more than expected for the output achieved.(Unproductively)

★技巧：投入总量一样，但产出少了→Adverse

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★典型考题：11 Dec Q5 (a)

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Planning and operational variances
★解题步骤(考点)

Planning price variance (materials)

$
‘should’ actual production @ revised standard kg & original should cost X
‘should now’ actual production @ revised standard kg & revised should cost (X)
(X)
Planning Usage Variance (materials)
Kg
‘should’ actual production should use @ original should cost X
‘should now’ actual production should use @ revised should cost (X)
X
Difference valued at original standard cost $X

Operating price variance (materials)

$
‘should now’ actual purchases @ revised cost X
‘did’ actual purchases did cost (X)
X
Operating usage variance (materials)
Kg
‘should now’ actual production should use @ revised standard kg X
‘did’ actual production did use (X)
X
Difference valued at revised standard cost $X

★技巧：

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计划和操作的差异分析 Advantages
Highlights 可控和不可控的领域
提高经理对差异分析的接受度，他无需对 poor planning & faulty standard setting 负责
操作分析 provide a fairer reflection of actual performance.

局限：
1) Revised budget may be biased，并需要外部信息
2) 虚弱了原预算的激励作用，因为可以不断修正
3) 给了当前操作人员借口，认为是 poor planning-不合理
4) Budget should only be revised if beyond the control of the organization. 超出可控范围
5) Budgets should not be revised for operational issues 不能因经营问题修正预算(planning)

Management information system

Information level

Next five year

Next year
Strategic planning. The process of deciding on objectives of the
organization Resource not only means
material.
Management (or tactical) control. The process by which managers assure
that resources are obtained and used effectively and efficiently in the Staff or worker are also the
accomplishment of the organization's objectives. resource of the company

Operational control (or operational planning). The process of assuring

that specific tasks are carried out effectively and efficiently. Next week

Strategic Management Accounting：关注 external，non-financial 信息，以及 internally generated

information.

特点：External and future orientation

Open system：与外部环境互相影响 interacts， Close system： isolated，与外部没有信息交换，
一般企业都是开放系统，因为需要跟客户，竞 对战略管理 less useful.
争者，市场互相影响. 存在的原因：

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 Advantage： Strong communication， 适用于 Business critical information & Confidential info.
变化的环境，高度指出 inter-dependencies of
operations & processes，关注外部因素

★考点-transaction processing system (TPS)收集存储

1) 收集、存储、修改、恢复 retrieve 企业 transactions
2) 分 batch transaction 批次处理和 real time transaction 实时处理
3) Characteristics 特征：
a) Controlled processing
b) Inflexibility 不灵活（不考虑 users 和 time，所有操作统一处理）
c) Rapid response
d) Reliability（backup & recovery）
e) Internal focus

★考点-management Information Systems (MIS)监督处理

1) Monitor performance and maintaining coordination 监督工作表现和协调
2) 它的信息 extracted from TPS，总结后生成 periodic reports
3) Characteristics 特征：
a) 支持结构性的决定 structured decisions
b) Report on existing operations 只是针对当前操作的一份报告
c) Analytical capability 分析能力
d) Internal focus
e) Relatively inflexible 相对不灵活

★考点-Executive information systems(EIS) 分析

从 MIS 获取信息，communicate with external information， 从而 support strategic decisions of senior
manager.
该系统包括 data analysis and modeling tools 数据分析和建模

★考点-Enterprise resource planning systems(ERP)

包括 TPS， MIS & EIS 的所有功能，modular software packages 软件包，将企业的管件过程进行合并，
A single systems can serve the information needs of all functional areas.
Real time 实时信息，而不同等级所需要的信息量和重要性各不同.The volume of data decreases the higher
you go in the organization.越高层需要的信息越少，偏重于总结性的信息.

Sources of management information

（考情预测：本节内容可能考 1-2 道选择题）

Internal sources of information

*这里的问卷调查表是针对企业内部员工的，所以在内部信息范畴内
External sources of information
相比内部信息更有利于战略决定 more relevant for strategic decisions.

外部信息 potentially expensive 来源：

Directories，譬如康帕斯 Kompass Associations
Government agencies Internet

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 Customers Suppliers
Databases/data ware houses

Primary and secondary data

主要信息：企业收集，更有针对性 more tailored to the user’s exact needs，相对昂贵
次要信息：不是企业自己收集的，渠道多种多样，相对便宜

Information for control：

通过对内部信息的反馈 feedback 来实现控制.

Cost of internal information

1) Direct data capture：如条形码扫描，秘书记 MOM，员工打卡
2) Processing：如处理和分析数据的时间，譬如使用 MIS 系统，计算 payroll
3) Inefficient use of information：如收集无用信息的成本、信息过时用不着…

Cost of external information

1) Direct search costs：注册市场调研网站获取信息，下载费
2) Indirect access costs：收集的信息不正确，过多，过时
3) Management costs：Recording， processing and dissemination 传播外部信息， Wasted time 信息过多
或 excessive processing
4) Infrastructure costs： 安装和维护软件、网络
5) Time-theft：因为网络或邮箱问题无法登陆浪费时间、信息量太大

Controls over information

Routine reports 常规报告
1) Cost/benefit analysis：生产报告的成本 vs usefulness of the decisions
2) Trial preparation 试运行，看看报告是否能够实现制表的初衷
3) Consistent format：确保报告 accurate，降低 misinterpretation 曲解
4) Set out clearly limits to the action 责任划分清晰
5) 评估报告的时效性 on a periodic basis，确保报告是有必要的
6) 报告作者 originator 需要注明，这样用户问题知道问谁，快速解答

Ad hoc reports 临时报告

1) Cost/benefit analysis
2) 报告内容没有重复出现在已有报告中，减少重复作业或无用功
3) 报告高度精炼，只提供 relevant information
4) 作者需要使用 most up-to-date information
5) 报告作者 originator 需要注明

Controls over distributing internal information 发布内部信息时的控制

Procedures manual 程序手册
1) 3 个 W：准备什么报告、何时提交、发给谁
2) 格式 format、标准
3) 报告是否机密 confidential、是否需要销毁 shredded、

Other controls
1) Locked or password、防火墙 to protect its data from external access
2) 权限：什么级别有资格解除信息 to protect unauthorized internal access.
3) 邮件收发制度

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Control over the security and confidential information 针对保密信息的
1) IT is vulnerable 易受攻击的 to unauthorized access， or use， from 内部或外部，除非有保护.
2) Passwords 登陆口令
3) Logical access systems 逻辑访问系统，不同登录口令可以查询登陆不同级别信息系统
4) Database controls 数据库控制
5) Firewalls 防护墙
6) Personnel security planning 个性化安全设置
7) Anti-virus and anti- spyware software 防木马，防间谍软件
8) 补充：Range check 输入的信息在有效范围内，认可；不在有效范围内，显示为 error

Financial performance indicators

Ways to compare：使用方式
Overtime 企业自己纵向时间上的比较
With other companies 跟其他公司比较
With industry average 跟行业平均值比较

Net profit 可使用 PBIT

ROCE= net profit margin × asset turnover
意义：从投资额度中赚取利润的能力.
使用：除去往年比较，同行业比较，还需和市场利率比较.
提高方式：提高利润/售价、降低 capital employed

Net profit 可使用 PBIT

Profitability 意义：售价高，成本控制好，利润率就高.
盈利性
(越高越好)

分母可用 E+NCL
意义：从投资额度中能够获取收入的能力.
提高方式：加大市场力度增加销售，降低长期负债从而提高分母.

= 1-COS/SR
意义：售价高，生产成本控制好，毛利率就高.

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 意义：衡量流动资金是否可以用来偿付流动负债.
健康要求：Current Ratio > 1
如果该比值逐年下降、低于行业平均值、小于 1 很多，都说明企业有流动性问
题.
提高方式：更好的管理应收账款
Liquidity
流动性

意义：与 current ratio 相似，更严苛.考虑了库存流动性不如其他 CA.

意义：企业持有库存的时长，越短越好.
如果该值上升，说明销售库存的能力不足，或 obsolete stock.
如果该值偏低，可能导致流动性问题或保证最佳库存数量的现金问题.

可用 COS
意义：回笼资金的时长，越短越好.
如果该值上升，说明公司可能有坏账无法收回；
应对方式：Credit checks on customer， 有效追债 chase up，及时开发票，或提
Liquidity
供（早）付款折扣.
流动性

分子可用 COS
意义：支付供应商的时长，越长越好，这样企业自有现金流多.
如果该值高，会让供应商质疑企业的付款能力，会降低自己的信用额度.
所以要有一个合适的尺度.
Financial gearing = debt / equity or debt / ( debt + equity)
意义：该值高，表示企业有较高的长期负债.
Operational gearing = contribution / PBIT
Gearing
意义：该值高，表示企业有较高的 business risk (有较高的 fixed cost).
/Risk
Interest cover = PBIT / finance cost
风险
意义：企业偿还利息的能力.
Dividend cover = Net profit / dividend
意义：企业支付股息的能力.

Limitations 局限：
1) Short- termism 目光短浅：着眼于短期，譬如不愿意投资 R&D.或买材料以次充好，为了短暂的盈
利性，而牺牲了企业商誉和长期盈利能力.
2) Manipulation 人工操纵：譬如通过计提坏账损失的方式，来认为操纵 ratio.
3) Do not convey the full picture：并没有覆盖企业整体的经营情况.

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Non-Financial performance indicators
Key critical factors：
Strong brand Good customer satisfaction Fast delivery
Quality products Low price

非财务指标问题：
1) 信息过量，overload 分析不过来
2) 不能单独使用，通常需要跟财务指标一起使用
3) 过度关注 detailed operation target， then sacrificing overall company strategy
4) Review and maintain over periods 需要定期审查反馈

★重点 Balanced scorecard 平衡积分卡（从以下 4 个角度，来形成闭环的圆形考虑）

可以用于各个行业，制造业和服务行业都可！
平衡积分卡包含了一些列财务和非财务指标，covers all relevant areas of performance

Financial perspectives Maximizing shareholders’ wealth

Customer perspectives 提高 Quality of service，来提高客户满意度
Internal business perspectives 该怎样做来实现 financial and customer objectives
Innovation and learning 员工培训，产品创新，提升价值

特点：
1) Focus on external and internal factors and links them to key area of company strategy.
2) Consider financial and non-financial information-convey full picture，避免 short termism
3) Considers customers’ needs and concerns when explore a new product or market.
4) Concentrated on comparing with competitors or industry to set targets.

★重点 Building block model 积木模型 – 主要用于 Service business

Dimension 维度
Profit
Competitiveness
Quality
Resource utilization
Flexibility
Innovation
前 2 是结果+后 4 是决定因素
质量：产品可靠性&提供服务的能力
资源利用：投入获得最大产出
灵活性：准时交货，按客户需求反应
创新：开发新产品满足客户市场需求

Standards 标准（支持目标实现）
Ownership
Achievability
Equity
自主：员工参与制定标准

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实现：标准有挑战性，但可实现
平衡：确保 fairness in measurement

Rewards 奖励（支持目标实现）
Clarity
Motivation
Controllability
清晰：企业目标清晰，易理解
激励：个人被有效激励来实现目标
控制性：不该对不可控的成本负责

External considerations 外部考量

–to gain a full understanding of how and why 企业运作
1) Stakeholders
stakeholder 不同于 shareholder，范围更广，所有受影响的人都算.
企业针对不同的 Stakeholder，会 set different performance target.
2) Market conditions
对 business performance 有 big impact
3) Competitors
竞争者的 action 也要 put into consideration.
★典型考题：11 June Q4(a) & 13 June Q2

Divisional performance measurements

Divisional responsibility accounting
Cost per unit，
Division incurs costs but has no
revenue stream. Cost variance，
Cost center
发生费用，但没有收入 NFPIs related to quality，
Productivity efficiency
Revenue center Division incurs income but has Payment receivable
与Cost正好相反 no cost stream. Bad debt
Total sales，
Division has both costs and
Market share，
Profit center revenue. Manager does not have
或Contribution center the authority to invest in new Controllable profit，
assets or dispose existing ones NFPIs
与收入和成本都相关
Division has costs and revenue ROI，RI
★重点 manager does have the authority
与收入，成本，Non-current
Investment center to in new assets or dispose of
existing ones asset， working capital有关

Return on investment (ROI) = Controllable profit × 100%

Capital employed

1) Controllable profit： before tax. 如果考试中没有，那用相近的值也可.

2) Capital employed = Total Assets -Current Liability = Equity + Non-current liability 如果考试中没有，也

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 可使用 Net asset 来替代，Non-current assets 可以用 cost 记，net replacement cost 或 net book value.
3)
Advantage Disadvantage
1) Widely used and acceptable. 1) 导致功能歧视性 dysfunctional decision making.
2) 实现 comparisons between 2) 随 age of the asset if NBV are used，来提高 ROI （譬
divisions/companies of different 如折扣方式的改变，CE 降低）
sizes. 3) 导致 manipulation of figures to improve results（譬如
扩大生产规模来降低成本）
4) 如果两个公司 have different accounting policies，那
么不能用 ROI 来比较业绩.
5) Focuses on the short-term performance

注意：ROI 适用于同一公司的部门；ROCE 适用于公司整体情况！

Dysfunctional decision making.举例：公司有 2 个项目 ROIC<ROIP<ROID，部门项目经理拒绝项目 ，
因为他的收益小于部门当前的投资收益.但其实项目的回报高于公司整体的投资收益.就因为部门经理
的歧视，公司错失了一个相对于公司整体更好收益的项目.
注意：计算时，还要考虑 Cost of capital for the company，才能最终决定是否接受项目.

Residual income (RI) = controllable divisional profit – notional interest on capital

 Controllable division profit = Capital employed (same as ROI)

 这里的名义利息有时也称 imputed interest， 就是 Cost of capital for the company.

Advantage Disadvantage
 克服了 ROI 的 dysfunctional  因为是绝对值，所以不能用于比较
decision making  使用的会计数据可能是 manipulated.
 Increase awareness of cost of the
asset，由给投资部门控制

RO more frequently used than RI：

1) Dysfunctional behavior is not material 功能歧视不算太重要
2) ROI is consistence with ROCE 两个数据有一致性
3) Percentage is more easily understood %的结果更直观，易理解
4) RI requires cost of capital 需要知道资本利息

★典型考题：11 June Q4(b) & 12 June Q5

Transfer pricing： 企业内部 goods or services transferred 在部门间转让的价格.

Objectives 目的：
1) Goal congruence – 目标一致，令企业利润最大化
2) Performance measurement – 不能损害相关部门的业绩表现
3) Autonomy 自主权
4) Assist recording the movement of goods and services 支持企业整体产品和服务的流动

Limits within which transfer prices should fall 定价区间：

买方 Receiving division --最高价格 Maximum
Lowest market price - internal cost savings in delivery & package

卖方 supplying division --最低价格 Minimum

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Marginal cost + opportunity cost of the item transferred

Setting the transfer price

Market based approach 如果产品可以满载荷销售，市场可以消化产品产能，比较好销售.
市场定价法 那 market price 可以作为 transfer price.

Cost based approach

成本定价法
（4 种）

Standard full cost：

买方无利润，仅当有多余产能时，
肯卖

Marginal cost：
买方无利润，且不能 cover FC，仅
当有多余产能时，肯卖

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Standard full cost + %
定价比较高，有利润，但买方未
必愿意买.

Standard marginal cost + %

如果能 cover FC，卖方可能愿意
卖.
买方也要考虑是否低于市场价.

Dual price 假设：市场价 150 元

双重价格 采购方入账：买价为 100 元
销售方入账：实际销售 100 元，入账时记为 100 元
Opportunity cost 也要计入定价考量.

★典型考题：11 Dec Q2

Performance measurement in not-for-profit

organization 非营利性组织
Problems 如果用传统方法衡量非营利组织的业绩，会有什么问题
1) Multiple objectives 多重目标
举例：拉动旅游业；提高当地人文化生活，文化修养；即使能确定多重目标，但很难确定最重要
的目标 Overriding objectives.
2) Measuring outputs 衡量产出

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 通常产出是非量化的 non quantifiable objectives，所以很难衡量.
Data collection can be problematic.数据采集困难，譬如反馈卡.
Lack of profit measure
以非盈利为目的的组织，本就免费开放，Financial indicators are therefore meaningless.
3) Financial constraints 限制
More serious in non-profit seeking organizations.主要受中央政府的严格控制.因为拨款是纳税人/政府，
而非银行借款.
4) Political, social and legal considerations
Public sector 会受到更多的法律或政策的要求.但同时弱化了盈利能力要求，即使亏损，仍然可以运
营.

Performance measurement in not-for-profit organization 应该如何衡量非盈利组织

Value for money 3E’s： Economical， Efficient & Effective
实现一个可能会与另一个目标冲突 one criterion might conflict with
Compare against prior year data or a similar business，才有意义

1) Economy： 期望质量，最低成本 appropriate quantity & quality of inputs at lowest cost.

Culture Center Big Screen
Average cost of staff $532,200/28 $312,000/22
= $19,000 = $14,182
Average cost of fees
To artists/film distributors $125,000/15 $350,000/65
= $8,333 = $5,384

2) Effectiveness： 企业的目标是否实现，举例：the average visits per local resident last year

3) Efficiency： 投入 input 产出 output 的关系，举例：
Culture Center Big Screen
% days open 255/365 = 70% 363/365 = 99%
% hours open 70%× 8/24 = 23% 99% × 14/24 = 58%

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