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Hello sir! i have exam next week on F2:)
can I be asking all questions list i have here?
So ive just seen chapter 1 lecture and doing P/R kit from BPP and Kaplan:
so here is the question:
1)it says: “Anthony divides management activities into strategic planning, management control and operational control.”
Who is anthony sir?2) it says ” cost accounting info is, in general, unsuitable for decision making”
for example in F3 in Sopl, we record the COS incurred and with the help of either murk-up or marginal method is deciding our selling price. isnt it?2)or it implies that ACTUAL results cannot be used for decision making? only planned and budgeted expenditure/costs?
2) while doing the test I thought that COST ACCOUNTING is part of FINANCIAL ACCOUNTING and establishes costs incurred by an organisation…:(
so I dont understand what is COST ACCOUNTING…3)what is the difference between cost object and cost units? my tutor said there is no much difference…but still there is.
could the the price of litre of paint in painting department be cost unit? and what is the cost object then in this dept?1 Anthony was an academic who came up with the idea. You don’t need to know his name 🙂
2 Cost accounting records past costs. For decision making we need estimates for the future.
3 cost accounting concentrates on the costs (so not interested in things like receivables and irrecoverable debts!)
4 as far as the exam is concerned cost units and cost objects are the same. However it does not relate to the price of paint in painting department. The cost unit is what we want the cost of (which is going to be whatever it is we are selling).
No problem (provided that you are watching all of the lectures – I am not going to type out the lectures again here 🙂 )
sir, here it says, information used to prepare financial accounts and management accounts is the same. confused..(is it?
Says where? I cannot always explain what other books might decide to say!!!
The information must surely come from the same place – for instance if you buy materials then it needs recording whether it is for management purposes of for financial accounts purposes.
5) sir, could you explain the stratified random sampling. it is poorly explained in my notes…
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