美国注册管理会计师CMAP2_S8

Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)1MODULE34TAXES:TRANSACTIONSINPROPERTYS8:DecisionAnalysis&RiskMgmtInstructor:HelenCopyright高才国际教育集团P2–FinancialDecisionMakingCopyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)2DecisionAnalysis&RiskMgmtS8A.Cost-Volume-Profit(CVP)AnalysisB.MarginalanalysisC.Short-RunProfitMaximizationD.DecisionMakingE.PriceElasticityofDemandF.PricingG.RiskMgmtCopyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)3A.Cost-Volume-Profit(CVP)AnalysisCopyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)4ACost-Volume-Profit(CVP)Analysis1.CVPAnalysis(BreakevenAnalysis)TCTR$UnitsBEPa)CVPChartFCUCMCopyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)5ACost-Volume-Profit(CVP)Analysis1.CVPAnalysisb)IntroductionItisatoolforunderstandingtheinteractionofrevenueswithfixedandvariablecosts.ItilluminateshowchangesinassumptionsaboutcostbehaviorandtherelevantrangesinwhichthoseassumptionsarevalidmayaffecttherelationshipsamongREV,VC,andFCatvariousproductionlevels.Thus,CVPanalysisallowsmgmttodiscerntheprobableeffectsofchangesinsalesvolume,salesprice,productmix,etc.Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)6ACost-Volume-Profit(CVP)Analysis1.CVPAnalysisc)ComponentsofCVPanalysisLevelorvolumeofactivityUnitsellingpricesVCperunitTotalFCSales(Revenues)mix①ItisthecompositionoftotalREVintermsofvariousproducts,i.e.thepercentageofeachproductincludedintotalREV.Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)7ACost-Volume-Profit(CVP)Analysis1.CVPAnalysisd)AssumptionsofCVPCostandrevenuerelationshipsarepredictableandlinear.①Thesearetrueovertherelevantrangeofactivityandspecifiedtimespan.②NolearningcurveeffectoperatestoreduceUDLcostsathigheroutputlevel.②TotalVCchangeproportionallywithvolume,butunitVCareconstantovertherelevantrange.ChangesinINVareinsignificantinamount.①Thatis,production=sales.③TotalFCremainconstantovertherelevantrangeofvolume,butunitFCvaryindirectlywithvolume.Allcostsareeitherfixedorvariable.①Theclassificationoffixedvs.variablecanbeaffectedbythetimeframebeingconsidered.Thelongerthetimespan,themorelikelythecostisVC.Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)8ACost-Volume-Profit(CVP)Analysis1.CVPAnalysisd)AssumptionsofCVPUnitsellingpriceandmarketconditionsareconstant.Therevenue(sales)mixisconstant,orthefirmmakesandsellsonlyoneproduct.REVandCostsvaryonlywithchangesinphysicalunitvolume.①Hence,volumeisthesolerevenuedriverandcostdriver.Technologyandproductiveefficiencyareconstant.①Itismaintainedforallvolumechanges.TheBEPisdirectlyrelatedtocostsandinverselyrelatedtothebudgetedmarginofsafetyandthecontributionmargin.①MarginofsafetyistheexcessofbudgetedREVoverbreakevenREV(orBudunitsoverBEPunits)Thetimevalueofmoneyisignored.Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)9ACost-Volume-Profit(CVP)Analysis2.Break-EvenPoint(BEP)a)BEPinunitsandindollarsBEPisthelevelofoutputatwhichtotalREV=totalEXP,thatis,thepointatwhichoperatingincomeiszero.UCMisthecontributionfromthesaleofoneunittocoverFCandpossiblyatargetedprofit.①CalculationofOperatingincomeOperatingincome=Sales–VC–FC①Itisexpressedaseitherapercentageofthesellingprice(UCMratio)oradollaramount.②ItistheslopeoftheTCcurve.UCM=USP–UVCUCM%=(USP–UVC)÷USPX100%Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)10ACost-Volume-Profit(CVP)Analysis2.Break-EvenPoint(BEP)a)BEPinunitsandindollarsBEPinunits①Itcanbedeterminedbysettingoperatingincometozeroandsolvetheequation.Operatingincome=Sales–VC–FC=0②ItcanalsobedeterminedbydividingFCbytheUCM(dollar).BEPinunits=FC÷UCMBEPindollars①ItcanbecalculatedbydividingFCbytheUCMratio.BEPindollars=FC÷UCM%Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)11ACost-Volume-Profit(CVP)Analysis2.Break-EvenPoint(BEP)a)BEPinunitsandindollarsExample:Aproductissoldfor$.60perunit,withVCof$.20perunitandFCof$10,000.Answer:•BEPinunitbysettingoperatingincomeequalszero.Operatingincome=Sales–VC–FC0=$.60Q–$.20Q–$10,000Q=25,000units•BEPinunitbydividingFCbyUCM(dollars)BEP=$10,000÷($.60–$.20)=25,000units•BEPindollarsbydividingFCbyUCMratioUCMratio=($.60–$.20)÷$.60X100%=66.67%BEP=$10,000÷66.67%=$15,000Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)12ACost-Volume-Profit(CVP)Analysis2.Break-EvenPoint(BEP)b)ThecontributionI/SwithperunitamountsItisanintegralpartofbreakevenanalysis.①EveryunitsoldcontributesacertainpercentageofitssalesREVtocoveringFC.②OnceFCarefullycovered,alladditionalREVbecomesprofit.Example:(cont’d)Sales(40,000units)Less:VCCMLess:FCOperatingincomeIntotal$24,000(8,000)16,000(10,000)$6,000Perunit$.60(.20)$.40Percent100%(33%)67%Copyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)13ACost-Volume-Profit(CVP)Analysis3.ApplicationsofCVPAnalysisa)TargetoperatingincomeAnamountofoperatingincome,eitherindollarsorasapercentageofsales,isfrequentlyrequired.Sales=Targetoperatingincome+VC+FCSometimesafter-taxamount(i.e.NI)insteadofapretaxamountofoperatingincomeisrequired.Sales=[TargetNI÷(1–Taxrate)]+VC+FCCopyright高才国际教育集团S8:DecisionAnalysis&RiskMgmt(byHelen)14ACost-Volume-Profit(CVP)An