《财政预算Outcome 3 and 4复习教学提纲》由会员分享，可在线阅读，更多相关《财政预算Outcome 3 and 4复习教学提纲（33页珍藏版）》请在金锄头文库上搜索。
1、Review for Outcome 3 and 4,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,Flexible Budget 弹性预算,A flexible budget is a budget that adjus
2、ts 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。,Variance,What does variance mean? A variance i
3、s the difference between actual and budgeted cost. Types of variance,Example from Aardvark Limited,Material Variance,Three Variance (see P192 for formulas): Direct Material TOTAL Variance Direct Material USAGE Variance Direct Material PRICE Variance,Direct Material TOTAL Variance (实际产量需耗用材料的预算数每公斤材料
4、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) 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) 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),Labour Variance,Three Variance (see P193 for formulas): Direct Labour TOTAL Variance Direct Labour RATE Variance Direct Labour EFFIC
5、IENCY Variance,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) 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) 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),Overheads Variances (P203),Total Overhead Variance = Total Standard Overh
6、eads for actual productionTotal 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,Possible reasons for Material Variance (p202),Possible reasons for Labour Variance (p202),Payback Period. Discounted cash flow Net Present Value,Outcome 4 Investment and Project Appraisal Techniques,Payback,General Idea T
7、his 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。
8、,Situation one Cash flows in every year are the same. It can be calculated by the below formula:,Situation two Cash flows in every year are not the same. It can be calculated by the table,Advantages of the payback method It is considered to be simple to operate and easy to understand It uses cash fl
9、ows 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,DCF is a method of valuing a project, company, or asset using the concepts of the time va
10、lue of money. Cash flows arising in the future must be discounted to arrive at their present value (their value in todays terms). Calculate PV PV of cash inflows= Cash inflows * Present value factor PV of cash outflows=Cash outflows * Present value factor,Discounted Cash Flow (DCF),Two common featur
11、es: 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,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
12、 of cash inflows - PV of cash outflows Judging standard NPV0, the project is acceptable; NPV0, the project is rejected.,Features of the NPV Method,Advantages: takes into account time value of money takes into account required rate of return of company focuses on cash inflows and outflows rather than
13、 on accounting profits,Disadvantages: Assumes that we live in a world of certainty Assumes that we can borrow as required and at a completive rate of interest The cost of capital used to calculate the discount factor is usually hard to forecast,Assessment task 2outcome 3 and 4,Part A,第一问：编制弹性预算表,Not
14、e: （1）Depreciation, Insurance, Rent and rates, 和 Administration都是属于Fixed Overheads。 Fixed Overheads在做弹性预算时是不随产量的变化而变化的。 （2）差异类型的判断。Favourable variance（F） 使实际利润增加；Adverse variance（A）使实际利润减少。,第二问： （1）首先计算7个差异，并判断各个差异的类型（A/F） Note: 7个差异的计算公式分别参照P192、P193和P203,（2）然后计算7个差异的重要性（ Rate of significant ），并按3%
15、的重要性标准来判断是否需要进行差异分析 Note:,Rate of significant=,Variance,Budget cost,X 100%,第三问： （1）首先分别分析产生每个差异的原因， Note:产生差异原因的分析请参照P206表格中列举的原因，结合本题中提供的信息来分析； （2）然后，根据分析的结果给公司管理者提出今后需要注意和改进的建议,Part B,第一步：首先简要的描述一下运用投资项目评估方法进行评价的假设(至少4条)； 第二步：分别采用payback method和NPV method进行评价计算； 第三步：分别对两种方法的计算结果进行分析，并综合以上分析结果给出是否进行该项投资计划的建议； 第四步：列举在决策过程中，公司管理者还应考虑的其他财务因素和非财务因素，至少要列举三个其他因素。,Payback period:,NPV method:,Net present value(NPV)=,
