财政预算Outcome 3 and 4复习

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Review for Outcome 3 and 4

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Outcome 3Analyse budgetary information and prepare a variance report Flexed budgets. 弹性预算 Variance identification: Materials, Labour and Overheads. 差异识别：材料差异、人工差异和制 造费用差异 Variance analysis and reporting.差异分析和差异 报告

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Flexible Budget 弹性预算 A flexible budget is a budget that adjusts or flexes for changes in the volume of activity. The flexible budget is more sophisticated and useful than a static budget, which remains at one amount regardless of the volume of activity. 弹性预算是以预算期间可能发生的多种业务量水平 弹性预算是以预算期间可能发生的多种业务量水平 为基础，分别确定与之相应的费用数额而编制的、 为基础，分别确定与之相应的费用数额而编制的、 能适应多种业务量水平的费用预算。 能适应多种业务量水平的费用预算。

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Preparing Flexible Budget1. 2. 据题意计算出原始预算的各项成本(或费用)金额。 用各项单位成本、费用的原始数据，计算出不同产量区 间的弹性预算。 Original budget 2600 units Flexibel budget Flexibel budget 2730 units 2860 units (105%) (110%)

For January

Direct material (￡) Direct labour (￡) Variable Overheads Fixed Overheads Production Cost

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VarianceWhat does variance mean? A variance is the difference between actual and budgeted cost. Types of varianceNameFavorable Variance (F) Adverse Variance (A)

MeaningResult from actual activity is better than budgeted Result from actual activity is worse than budgeted

ImplicationIncrease budgeted profit Decrease in anticipated profit

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Example from Aardvark LimitedAardvark Limited Flexible Budget Budget Actual Variance F/A For January 2730 units 2730 units Direct Material Direct Labour Variable Overheads (￡3 pu) Fixed Overheads Total cost ￡13650 ￡23205 ￡8190 ￡12500 ￡24000 ￡8290 ￡1150 F ￡795 A ￡100 A

￡8000 ￡53045

￡8000 ￡52790

0 ￡255

F

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Material Variance Three Variance (see P192 for formulas): 1. Direct Material TOTAL Variance 2. Direct Material USAGE Variance 3. Direct Material PRICE Variance

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1. Direct Material TOTAL Variance (实际产量需耗用材料的预算数×每公斤材料 的预算价格) -(实际生产耗用材料的实际数 ×每公斤材料的实际价格) 2. Direct Material USAGE Variance 每公斤材料的预算价格×(实际产量需耗用材 料的预算数-实际生产耗用材料的实际数) 3. Direct Material PRICE Variance 实际生产耗用材料的实际数×(每公斤材料的 预算价格 -每公斤材料的实际价格)

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Labour Variance Three Variance (see P193 for formulas): 1.Direct Labour TOTAL Variance 2.Direct Labour RATE Variance 3.Direct Labour EFFICIENCY Variance

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1. Direct Labour TOTAL Variance (实际产量需耗用的预算小时数×每小时的人 工工资率预算数) -实际生产耗用小时数× 每小

时的人工工资率实际数) 2. Direct Labour RATE Variance 实际生产耗用小时数×(每小时人工工资率预 算数-每小时人工工资率实际数) 3. Direct Labour EFFICIENTY Variance 每小时人工工资率预算数×(实际产量需耗用 的预算小时数-实际生产耗用小时数)

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Overheads Variances (P203)Total Overhead Variance = Total Standard Overheads for actual production-Total Actual Overheads 实际生产发生制造费用的预算数-实际生产 发生制造费用的实际数

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Possible reasons for Material Variance (p202)Variance Material Usage Favorable 1. Higher quality. 2. Higher grade workforce. 3. New machine. 1. Inferior quality. 2. Bulk discounts. 3. Exchange rate fluctuations. Adverse 1. Inferior quality. 2. Lower grade workforce. 3. Machinery problems. 1. Higher quality. 2. Loss of discounts. 3. Specification changes.

Material Price

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Possible reasons for Labour Variance (p202)Variance Labour Efficiency Favorable Adverse 1. Higher grade workforce. 1. Lower grade workforce. 2. High moral/incentives 2. Low 3. Higher quality morale/incentives. materials 3. Inferior material. 1. Lower grade workforce. 1. Higher grade workforce. 2. Unused planned overtime. 2. Shortage of skilled labour. 3. Salary increase not awarded. 3. Unplanned overtime.

Labour Rate

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Outcome 4Investment and Project Appraisal Techniques

Payback Period. Discounted cash flow Net Present Value

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PaybackGeneral Idea This method evaluates the investments and projects according to payback period it is expected to take to recover the cost of the original investment. 这种方法是通过计算投资回收期，即企业收回全部初始投 资所需要的时间，来评价投资项目。

Decision Rule It is to accept the project with the shortest payback period. 投资回收期越短，投资方案就越好。因此，应选择投资回 收期最短的方案。

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Situation one Cash flows in every year are the same. It can be calculated by the below formula:

Initial Fixed Investment Payback Period = Annual Cash Flows

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Situation two Cash flows in every year are not the same. It can be calculated by the tableYearly Net Cash Flow Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cumulative Cash flow

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Advantages of the payback method It is considered to be simple to operate and easy to understand It uses cash flows rather than accounting profits and hence is more objectively based

Disadvantages of the payback method It ignores cash flows after initial outflow has been met It ignores risk It ignores time value of money

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Discounted Cash Flow (DCF)DCF is a method of valuing a project, company, or asset using the concepts of the time value of money. Cash flows arising in the future must be discounted to arrive at their present value (their value in today’s terms). Calculate PVPV of cash inflows= Cash inflows * Present value factor PV of cash outflows=Cash outflows * Present value factor

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Two common

features: The use of cash flows The Time Value of Money Assumptions for DCF Uncertainty does not exist There is no inflation The appropriate discount rate to use is known Unlimited funds can be raised at a competitive rate

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Net Present Value (NPV)General Idea 通过计算净现值并依据净现值的大小来评价投资 项目。 Calculate NPV NPV =PV of cash inflows - PV of cash outflows Judging standard NPV≥0, the project is acceptable; NPV<0, the project is rejected.

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