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Management Accounting Fundamentals Essay

2681 words - 11 pages

Management Accounting Fundamentals [MA1] Examination Blueprint 2010–2011 Purpose The Management Accounting Fundamentals [MA1] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives. In addition, information is provided on the proportion of each question type presented in the examination (that is, multiple choice, quantitative problems, and so on). Use Students should use the examination blueprint to prepare for ...view middle of the document...

ii) Question Content The following table is organized according to content area and provides information on topics, learning objectives, weighting, and levels of competence. Examination sessions: March 2011; June 2011; December 2011 Page 1 of 11

Management Accounting Fundamentals [MA1] Examination Blueprint Content Area Topics Learning objectives Weighting (%) 2% to 5% Levels of competence

Module 1. Basic concepts of management accounting 1.1 The manager’s need for information

Describe the role of management accountants in an organization. Identify the major differences and similarities between financial and managerial accounting. Identify job descriptions as either line or staff positions. Explain the basic concepts underlying lean production, six sigma, e-commerce, enterprise systems, and enterprise risk management.

Level 2


Comparing financial and managerial accounting Organizational structure

Level 2


Level 2


Process management

Level 2


Ethical standards

Explain the importance of upholding ethical standards. Identify and give examples of each of the three basic cost elements involved in the manufacture of a product. Prepare and explain the cost classifications on a manufacturing income statement. Compare, contrast types of costs: product and period; variable and fixed; direct and indirect; differential, opportunity, and sunk; and give an example of each.

Level 2


General cost classifications

Level 2


Cost classifications on financial statements

Level 2


Costs for planning, costing, and decision making

Level 1

Examination sessions: March 2011; June 2011; December 2011

Page 2 of 11

Content Area Module 2. Job-order costing 2.1


Learning objectives

Weighting (%) 3% to 8%

Levels of competence

Job-order costing — An overview

Compute predetermined overhead rates, and explain why estimated overhead costs (rather than actual overhead costs) are used in the costing process. Prepare journal entries to record the flow of direct materials cost, direct labour cost, and manufacturing overhead cost in a job-order costing system. Apply overhead cost to Work in process by use of a predetermined overhead rate. Compute any balance of under- or overapplied overhead cost for a period, and prepare the journal entry needed to close the balance into the appropriate accounts. Explain the role of job-order costing in service companies. Prepare journal entries to deal with scrap and rework of unacceptable production. Construct worksheet templates to calculate schedules of cost of goods manufactured and cost of goods sold.

Level 1


Job-order costing — Flow of costs

Level 1


Using pre-determined overhead rates

Level 1


Complications of overhead application

Level 1


Job-order costing in service companies

Level 1



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