TRAINING MANUAL

Management Accounting
 INDEX

INTRODUCTION................................................................................................................................................... 3

1 - SCOPE AND OBJECTIVES OF MANAGEMENT ACCOUNTING.................................................................4

2 - THE FUNCTIONS OF THE COMPANY: FUNCTIONAL RESULTS STATEMENT.........................7

3 - THE COMPONENTS OF PRODUCTION COST.................................................................................12

4 - THE DETERMINATION OF PRODUCTION COST......................................................................................14

5 - ACCOUNTING ORGANIZATION (ACCOUNTING SYSTEM)................................................................15

6 - MANAGEMENT ACCOUNTING AND DECISION MAKING...........................................................20

7 - BUDGET MANAGEMENT (PLANNING AND BUDGETS).........................................................24

8 - FINAL CONCLUSIONS............................................................................................................................. 28

9 - ANNEXES.................................................................................................................................................... 29

10 - BIBLIOGRAPHY........................................................................................................................................ 43

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INTRODUCTION

Integrated in an increasingly globalizing context in an increasingly competitive market, the

companies and institutions have in the way they are organized one of their greatest assets
value and competitive advantages.
Center of decisions and consequently of action, the company of our days has to decide
in advance and quickly in order to act in a safe and swift manner. The organization of all
their functions, the competencies and responsibilities that each one has and performs must be
properly defined.
One form of organization involves the adoption by companies of an accounting of
management. A source of qualitative information, necessary for quick and correct decision-making, the
management accounting is considered nowadays as an indispensable tool for a
correct management of any institution or company.
The training manual that follows is in addition to the sessions presented during the
The training action aims to be an instrument to aid in understanding the importance and usefulness
of management accounting.

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1 - SCOPE AND OBJECTIVES OF MANAGEMENT ACCOUNTING

As a starting point for the study of management accounting, it is of particular importance.

the separation and correct understanding of the two concepts that make up your designation: the
accounting and management.
The concept of general accounting (general or financial) that we all know respects
basically it is an exact science that based on a certain accounting code classifies the
operations and obligations of a company or institution in order to be properly compiled afterwards
quantitative information can be developed for subsequent analysis.
Adopted and mandatory for all economic agents allows for a basis of analysis and
credible comparison. As users, we can refer to companies (Public or Private),
Public Institutions (Hospitals, Autonomous Organizations), Non-profit Private Institutions
(IPPSS) and the Official Organizations (Ministries). Each of these economic agents has at its disposal
a different classification code but suitable for the needs and specificities of each one of the
its areas of intervention.
To put into practice this entire classification system and the preparation of accounting information.
general or in more technical terms finance is carried out by a group of duly qualified professionals
accredited in order to ensure the reliability and truthfulness of the information produced.
The most well-known of all these performers is the Certified Accountant, who is currently the
the only entity recognized by the tax administration, with legally defined status and career, to
the exercise of this type of functions. Other professionals in the area include technicians.
administrative and Accounting technicians.
These professionals produce a set of information with a specific character and typology.
own and is basically summarized in the following types:
Nature of costs and benefits used and generated by a certain entity;
Financial reports and maps;
Maps of fiscal nature;

After presenting this set of concepts, we can affirm that the main objective of
financial accounting will be to prepare and provide quantitative information to various
decision-making elements of the entity or company;

As a broader and more technical definition, accounting is defined as:

The discipline that provides financial and other essential information for efficient management
evaluation of the activities of any organism;
The process of identifying, measuring, communicating economic information to enable judgments
informed and decisions by the information users;

Presented the concept of general accounting, we then move on to the concept of management.

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 Similar to accounting, the management process of a company or organization also has
interveners who are basically the Managers themselves, the Administrators and the directors
at the most diverse levels (General, Financial, Production).
Your functions specifically relate to decision-making regarding the use
alternative of limited resources (capital, equipment, etc.), by maintaining and reporting on the custody of the
resources of the entity for which they are responsible and to the effective planning and control of resources
human/materials of an entity.
The exercise of your functions has as its ultimate goal the rational use of the existing resources in
entity, the satisfaction of all stakeholders in the company's activities (employees, suppliers,
clients, status) and lastly perhaps the most important the creation of added value for the partners and
shareholders.
Managing will be in a shorter but also more objective way to optimize limited resources.
that are made available, with the greatest added value and possible return.
In order to assess the breadth and complexity of the concept and functions of management, it is necessary to

Below are two quotes that allow us an objective analysis of what it means to manage:

To manage is to foresee and plan, to organize, command, control, and coordinate.

Managing is like holding a dove in your hand. If we squeeze it too hard, we kill it. If we open it...

too much in hand it slips away from us.

The combination of the accounting and management concepts previously presented serves as a basis for
a better understanding and analysis of the concept of management accounting of its scope and its
objectives.
Following the same line of thought previously presented, we have as participants in the
management accounting three types of professionals in three different phases of action that accounting
of management dictates:
Management Accountant: responsible for the execution of management accounting, namely
in the collection, preparation and interpretation of information;

Controllers: the professionals who carry out the process of controlling and analyzing information
provisional and what actually happens in reality;
Directors and Managers who are the clients of the information for a proper analysis and future
decisions;

At this point, the figure of a new professional directly related to accounting emerges.
management: the Management Accountant. This is a Cost Accounting specialist who deals with
report for internal management purposes of companies.
Given the performance of a highly complex function, a set of requirements is demanded of you.

broader skills than the traditional accountant as we know it.

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 The management accountant will need to possess:
Diagnostic capability;
Knowledge of various subjects (finance, economics, management);
Ability to make decisions;
Ability to communicate (understandable and concise);
Integrity;

The management accountant is therefore responsible for the preparation and execution of accounting.
management that will have as main objectives:
Also provide financial information;
Quantitative information;
Qualitative/specific information;
Cost accounting of companies;

It is in these last two items that the main difference resides, and perhaps much of the concept of
management accounting, for the general or financial accounting that we all know.
Management accounting is a discipline of general accounting with a more technical character
specifically geared towards the analytical determination of the costs incurred by the company, with the
the purpose of providing information to company decision-makers, and in some situations to decide and suggest
decision making.
Thus, adopting a more technical definition, management accounting will be the
process of identifying, measuring, accumulating, analyzing, preparing, communicating, and interpreting information

(financial and operational) to be used by management to plan, evaluate, and control an organization and
ensure the use of, and the responsibility for, its resources.

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2 - THE FUNCTIONS OF THE COMPANY: INCOME STATEMENT BY FUNCTIONS

From the analysis of the previous chapter, we found that one of the users of management accounting is
the companies. In the following chapter, fundamental concepts related to the
definition of your organization's company and its functions as a basis for better work
understanding the applicability and utility of management or analytical accounting in them.
First, we will globally define what a company is.
It is a set of people and assets that interact internally and with numerous
external entities, developing an activity (Productive, Commercial, Provision of Services),
through multiple functions or departments that articulate with each other and sometimes condition each other.
This type of entities has a set of functions or objectives. Companies have two functions.
different: the economic function and the social function.

Within the economic function, that which largely serves as an argument for the creation of
A company can encompass various types of objectives to achieve:
Maximization of profit value;
Maximization of sales volume;
Maximization of the company's value;
Creation of added value, that is, a remuneration for the initially invested capital
by the investors in the creation of the company and its business;
As for the social function, it assumes an increasingly important role in our days.
increasing, since it largely reflects the involvement that the company can achieve with the agents
non-economic factors that surround it and the contribution it makes to the development of social order in the environment

where it is inserted. As a result of its social function we have:

Tax payment;
Formation of people;
Social and economic development of the area where it is located.
Good work environment and good relationship among employees;
These two functions have recipients. In the first case of the economic function, we will have the partners.

shareholders, managers and their employees, regarding the social function the intended recipients
will be the State, Local Government and the environment in general.

The company will thus be a place where a set of relationships is established.

only of external order but above all of internal order. To regulate these internal relations it is necessary
that the company has established a set of rules and guidelines that serve as a basis and regulation
for relationships to be established and developed in a balanced and rational way.
We call this set of rules and guidelines the General Organization of the company.
The overall organization of the company can be summarized in the:

The way the company is internally organized (departments, areas, etc.);

Forms and types of relationships that are established between the various departments;
Hierarchy relationships;

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 Degree of responsibility and autonomy of each department;
The representation of these relationships of dependency, hierarchy, and responsibility has a
schematic representation of what is called the Company's Organizational Chart.
From the analysis of a company's organizational chart, the main idea we can draw is that the
the company is organized into departments. A department of a company will be a set
of people who, having a set of means at their disposal, performs a specific activity with
a certain degree of autonomy and with previously set objectives.
The most common departments found in the vast majority of companies are
basically the following:
Management/Administration;
Production;
Commercial;
Administrative and Financial;
As mentioned earlier, each of these departments has a set of activities.
specifics that will be consonant with the case basically the following:
Production department:
Manufacturing of products;

Production planning and control;

Quality control;
Provisioning;
Management of stocks of raw materials and subsidiaries;
Commercial Department:
Management of finished products (stocks, orders, etc.);
Sales (clients, promotion, prospecting);
Transport
Administrative and Financial Department:
Accounting;
Finance;
Guys;
The administration or management will be responsible for the global management of the company, the relations with entities.

outdoor and the setting of objectives aimed at the continuity and development of the company.

So that all these departments can develop their activities and achieve their objectives
those proposed to them have to bear costs.
The cost will thus be a sacrifice of resources aimed at achieving a specific objective.
The existing types of costs are basically two:
Technological or material cost: a set formed by the quantities of goods and services that...
consume or use;

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 Monetary cost: value resulting from the sum of the products of those quantities by
respective prices;
According to the activities carried out by each of the departments of the companies, so the
costs that they support have a specific character. Then a set of costs is presented.
normally supported by each department of a company:
On procurement: pertains to the purchase, storage, and distribution of materials;
Of production or industrial: all those that the manufacturing of the products implies;

For sale or distribution: they pertain to the execution of sales and the delivery of products;

Administrative: they pertain to the management and control of the company's activities;
Financial: Cost of external capital applied in the company;

Defended are the departments that make up a company and the type of costs that each
one of them supports let's then analyze the document that serves as the basis for the cost analysis
What each department has to support and what its type or characteristic is. The document is named
Demonstration of Results by Functions, which as the name suggests presents the results that
each function or department of the company presents, that is, the difference between the revenues that
originates and costs that it supports.
As main characteristics, we can affirm that the Income Statement by Functions is
a document prepared by management accounting, which is of utmost importance in
to the extent that it allows an analytical and functional view of the company based on each of the
departments that compose it.
In conclusion, the great difference and at the same time the virtue of this document compared to the others

accounting documents imply a reclassification of costs/losses and revenues/gains

from the perspective of the functions, activities, existing segments in the company.
The following presents a schematic model of the Income Statement by Functions
officially adopted in accordance with Article 25 of the 4th Directive of the EC:

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Schematic Model

Statement of Results by Functions (a)

Exercises
N N-1
1 Sales and Provision of Services x x
2 Cost of sales and provision of services -x -x
3 Gross Results x x

4 Distribution Costs -x -x
5 Administrative Costs -x -x
6 Other operating income x x

Operational Results x x

7 Capital participation income:

Related to interconnected companies x x
Related to other companies x x

8 Income from negotiable securities and other financial investments

Related to interconnected companies x x
Related to other companies x x

9 Other interest and similar income

Related to interconnected companies x x
Related to other companies x x

10 Amortizations and provisions for financial investments -x -x

11 Interest and similar costs
Related to interconnected companies -x -x
Others -x -x

Current Results x x

14 Extraordinary profits and gains x x

15 Extraordinary costs and losses -x -x

Results before taxes x x

Income tax for the year -x -x

19 Net income for the year x x

In accordance with Article 25 of the 4th Directive of the EEC

For a more detailed analysis of the structure of the Income Statement by functions, it is important
it is noted that this is divided into two blocks:
• Operational Block: presents the report of the revenues and costs of the main operations.
company, which includes items 1 to 6 and is reflected in the achievement of the operating result;

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 • Non-Operational Block: presents the income and costs of financial, secondary activities
and the company's assistants, which includes the remaining items presented and which together with the
operating result previously established to obtain the overall result of the company (Result
Exercise liquid;
In conclusion, the statement of results by functions represents one of the main documents.
for management accounting.
First, because as previously mentioned, since management accounting is a
cost accounting, this document allows the company to obtain the costs it has to bear
and likewise, if it is possible to accurately define its type and origin, that is, which department
or function of the company that originated.

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3 - THE COMPONENTS OF PRODUCTION COST

To begin this chapter, we will start with two concepts presented in the chapter.
previous: the concept of cost and the definition of a company's production function and its objectives.
As we refer to it, cost is a sacrifice of resources in order to achieve a specific objective. In
The specific case of the production function will basically be the equipment that the company had to
acquire the labor you hired, the raw materials and necessary supplies for the manufacturing of a
determined product. Beyond the function of producing, it is the responsibility of a company's production to fulfill another

set of tasks that will be, as we saw before, the planning and control of production, the
quality control, procurement and inventory management of raw materials and subsidiaries.
One of the objectives of management accounting is the detailed determination of the costs incurred by
company and by the departments. In the case of the production function, the main objective that accounting
management will have to achieve is to determine the production cost of a certain product or
service.
For the determination of this production cost and subsequently in a more complete manner of
The final cost of the product is usually viewed from the perspective of the product in which various states are distinguished.

cost according to the various phases of the product.

The cost stadiums are basically three:
Production or industrial cost;
Complex cost;
Economic-technical cost;
In the assessment of the production cost or of the product, we have several phases and various types of cost that

we will have to include and analyze.

When we talk about production or industrial costs, we must include all production costs or
industrial. This type of cost includes all those that are necessary for us to produce or
to manufacture a certain product from the entry of raw materials into the production line until the final product is obtained

of the finished product. As examples, we will first have raw materials and labor.
In addition to these, we consider all the set of subsidiary subjects necessary for production where
we can include electricity, water, and a whole set of other costs that we may
consider secondary but at the same time essential for the production of our good.
When analyzing the components of production cost, we can further subdivide them into two types:
Direct materials cost + direct labor cost = Prime Cost
Direct labor cost + Manufacturing overhead = Conversion cost
As for the comprehensive cost, it refers to the phase in which we have our good produced but
to which we still have to allocate a set of costs that do not directly relate to the phase of
production of the same but which the company has to support for the production and placement of
well at the points of sale next to the customer is possible. This type of cost relates to the costs of
distribution, administrative and financial, specifically costs from other departments of the company not
directly related to the production department.

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 In summary, the comprehensive cost will be the sum of the production cost and the distribution costs.
administrative and financial.
In a more technical manner and from a financial perspective, the comprehensive cost will be equivalent to the price.

below which the company will have a loss.

Finally, the economic-technical cost. This cost results from the sum of the comprehensive cost with the
figurative expenses being equivalent to the normal selling price of the product. As figurative expenses
we can indicate the share that the company reserves for the remuneration of the invested capital
partners or founders of the company. Generally speaking, the interest rate at which they are compensated

initially invested capitals.

With all the data for calculating these different types of costs and obtaining the cost
economic of a certain product, management accounting will have a calculation basis to determine the
profit for each product sold by the company.
The profit will be no more than the difference between the market selling price and the economic cost.

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4 - THE DETERMINATION OF PRODUCTION COST

All components of the production cost of a product are defined and are
basically the cost of consumed materials (DM), direct labor costs and expenses
In manufacturing, the determination of production cost basically results from the sum of these three.
components.
The work to be carried out by management accounting will be the precise determination of the costs of each
one of these components is the part that contributes to the cost of production.
Having executed this work, management accounting will present its results through
documents that will serve for analysis and decision-making for the management bodies of the company.

Next, we will analyze and indicate the various items that allow us to identify this cost of
production as well as the documents where they are included.
As we referred to in chapter nº 2 during the study of the Income Statement by Functions,
operational block The Operational Block presents the report of the revenues and costs of the main operations
of the company, which includes items 1 to 6 and is reflected in the achievement of the operating result. The
production function is one of the main functions and has an operational character. The cost of
The production of a certain product is reflected in item no. 2 of the Statement of
results Functions where the is precisely Cost of production.
To obtain the comprehensive cost from the income statement by functions, we will have to
sum items nº 2, 5, 6, 9 and 11 where to the cost of sales and services rendered we will add
The Distribution Costs and the Financial and Administrative Costs.
Once again, the importance of D.R. by functions stands out, as it allows us to obtain the cost of
product in various states according to the cost perspective mentioned in the previous chapter.

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5 - ACCOUNTING ORGANIZATION (ACCOUNTING SYSTEM)

So that the information obtained both by general accounting and by management accounting can
to be analyzed and serve as a term of comparison between different stages of time and various types of
it is necessary to establish an organization for the way information is handled and
produced and finally transmitted abroad.
We call this type of organization Accounting Organization or Accounting System.
For better understanding, we will next present the accounting system for both.
types of accounting analyzed nevertheless:
Financial or General Accounting
Management or Cost Accounting
Regarding Financial or General Accounting, the main instrument of guidance and
organization is the Chart of Accounts that is officially designated and described in the Official Plan of
Accounting, abbreviated as POC. This is the plan that is referenced here.
accounting system to be used by all economic agents in the execution and organization of their
accounting. This document also refers to the models and types of documents that
they serve as a record for accounting, in this specific case the record books (Journals, Ledger,
Trial balances, IT), and finally to the tax-approved Financial Statements, which will be the
compilation and analysis documents of all accounting information of a given entity.
In a more detailed analysis, the Chart of Accounts (POC - Official Accounting Plan) organizes the
classification system of the operations of a certain company according to a framework or code
of accounts that is presented next:

Chart of Accounts
Classes Denomination

Balance Sheets 1 Monetary Means

2 Third parties
3 Existences
4 Immovable assets
5 Capital Reserves and Transferred Reserves

Profit and Loss Accounts 6 Costs by nature

7 Profits by nature
8 Results
Other Accounts 9 Cost Accounting
0 Free Account

The record books (Journals, Ledgers, Trial Balances, IT) are the documentary support in paper
or computer scientist of the documents resulting from the company's activity as well as their classification of
agreement with the POC and with the chart of accounts indicated therein.

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 Finally, the Financial Statements aim to provide information about the
financial position, the achievement and changes in the financial position of the company that is useful to
a wide range of users in order to enable him to make financial and economic decisions
according to the definition of the IASC, the official international body that regulates accounting guidelines.
The most common financial statements are:
Balance;
Income Statement by Nature;
Results Demonstration by Functions;
The type of information obtained from these documents is quite distinct. In the Balance
we obtain a property information of the company, of all the assets it owns as well as of the credits and
debts held, and static since it refers solely to a specific date, that is, the end of
each economic exercise;
In the Income Statement by Nature, the information has an economic and dynamic character,
as it reflects the company's performance over a certain period
economic. Provides decision-makers with detailed information on profitable performance
from the company, it measures the success of operations for a given period (profit/loss) and allows for extraction of the

amount, timeliness, and uncertainty of future results.

Finally, in the Income Statement by Functions, beyond the economic character, the
information presents a qualitative component to the extent that it has previously allowed a
more detailed analysis according to each department of the company and type of cost;
As recipients of this information, the outside will have the Balance Sheet and the
Income Statement, while the internal decision-makers of the company have in the Income Statement
R. for Functions a privileged instrument. Both models of the statements, the Balance and the
Results Demonstration by Nature can be found in the attached Excel file at the end of this manual.
of training.
Next, we will analyze the organization of the accounting system of management accounting or
analytics. The analysis will be guided according to the following items:
Articulation of accounts in analytical and general accounting;
Main accounts of analytical accounting;
List of accounts from analytical accounting
Account transactions;
As for the articulation of accounts, there are two accounting systems used by
management accounting
Dualist System: the two accounts are separate, with no movement in accounts.
of each of them in counterbalance to the accounts of the other, the agreement of
costs and benefits values;
Modeling System: movement of accounts in general accounting by counterpart of
analytical accounting
Within this system, there are two subsystems:

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 1st - There are cost and revenue accounts in general accounting in a first phase of recording;
2nd - Costs and revenues are recorded against the financial accounts, there are no
accounts of classes 6 and 7;
It is noteworthy that within the context of the current accounting legislation in our country it will be
the use of the first subsystem is mandatory as accounting is governed by the POC, where it is done
reference to the express obligation to use classes 6 and 7.
As for the accounting system used by management accounting, it is presented in
following a description of the chart of accounts indicated by the POC as well as the subdivisions of the accounts and

what are your functions and types of costs that can be included in them.

Main Accounts
91. Reflected Accounts

92. Cost reclassification

93. Cost centers

94. Cost of goods and services produced

95. Existences

96. Charges to distribute

97. Deviations from pre-established costs

98. Differences in Incorporation

99. Analytical Results

91 - Reflected Accounts
• Only moved in the double-entry accounting system;
• Accounts (91.1 to 91.9) are used to record the movements of costs and revenues accounted for.
in classes 6 and 7;

92 - Reclassification of costs
• Reclassification of costs according to their nature (class 6), to serve the objectives of
internal accounting
92.1 - Cost of Purchases
92.2 - Direct Labor
92.3 – General Manufacturing Expenses

92.4 - Transformation Costs

93 - Cost Centers

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• Charges arising from the operation of the company and attributed to a specific department
you analytically designated cost centers;
93.1 - Center Cost Provisioning
93.2 - Cost Center Production
93.3 - Distribution Cost Center
93.4 - Administrative Cost Center

94 - Costs of Goods and Services Produced

• It aims to enable the determination of the production cost of goods and services;
94.1 - Product A
94.2 - Product B

95 - Existence
• Perpetual inventory system;
95.2 – Merchandise
95.3 – Finished and intermediate products
95.4 – Subproducts, waste, and scraps
95.5 – Products and work in progress
95.6 - Subsidiary and consumption raw materials

96 - Charges to be distributed

• Cost periodization (Social charges, Insurance);

96.1 – Social charges
96.2 – Insurance
96.3 - Conservation and repair

97 - Deviations without pre-established costs

98 – Differences in Incorporation
• Differences between the values of general and analytical accounting;

99 – Analytical results
• Determine the results of the adopted period;
99.01 Sales and provision of services
99.02 Cost of sales and services rendered
99.03 Unincorporated industrial costs
99.04 Distribution costs
99.05 Administrative Costs

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99.06 Other operating income
99.07 Financial Gains
99.08 Financial Costs
99.09 Extraordinary results
99.10 Tax on income for the period

The movement of this accounting system is summarized in the following table:

Account Debit Credit
92.1 Counterpart Class 3 or 91.3 / 93 Counterpart 95.6
92.2 Counterpart 64 or 91.64/ 96.1 Counterpart 94
92.3 Counterpart class 6 or 91.6/ 96/95 Counterpart 94
92.4 Equal 92.3 Equal 92.3
93 Equal 92.3 Equal 92.3 / 99.4 and 99.5
94 Counterpart 95.6 / 92.3 / 92.2 Counterpart 95.3 / 95.4
95.3 Counterpart 94 (CIP) Counterpart 99.2 and 94
95.4 Equal to 95.3 Equal 95.4
95.6 Counterpart 92.1 Counterpart 94 / 93 or 92.3 or 92.4
96 Class 6 Counterpart 92 and 93
99.01 Counterpart 71 or 91.71
99.02 Counterparty 95
99.04 Counterpart class 6 or 91.6 / 93.3
99.05 Equal to 99.04

The practical handling of these accounts is applied in the resolution of the written exercise.
conducted at the end of the session of this chapter, which is attached to this training manual, where
the graduates will be better able to understand its functioning.
In conclusion, management accounting, although it has its own accounting system, needs to
always rely on the accounting system of general or financial accounts as a basis for information
for analysis and translation for your accounting system. However, your organization is covered by a
greater complexity that allows you to achieve more efficiently the objective for which it is used, or
be the acquisition of more detailed and qualitative information.

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6 - MANAGEMENT ACCOUNTING AND DECISION MAKING

Management accounting is a discipline with a technical character and specifically oriented towards the
analytical determination of the costs incurred by the company, with the purpose of providing information
to the decision-makers of the companies.

As can be inferred from the previously presented definition, the company's costs are the object.
principle of management accounting analysis. Based on this information top, the bodies
decision-makers guide your decision-making, primarily analyzing the impact of current costs or
futures in which they may engage in the activity, evolution, and development of the company.
As we mentioned earlier, the cost is a sacrifice of resources aimed at achieving a specific goal.
goal. The main and largest objective of any company will be profit, that is, the difference between the
market price of your product and the cost of that same product. From a technical point of view and
financial profit will be an increase in funds/capital that the company has to finance its assets and
to repay the capital invested in it, in short, the creation of added value. In this way, the majority
the decisions to be made by the company's decision-making bodies will have as their main objective the enhancement

of profit.
The decision is made based on several possible alternatives by choosing the alternative in which the
sum of freed means for superior. When analyzing the options, the decision-maker faces two types
of decisions. An alternative that consists of changing the situation under analysis or
the one in which the maintenance of the current situation is presented (reference alternative).
When analyzing the various possible alternatives, the decision-maker faces several types of object costs.
from your analysis.

Costs represent negative cash flows, outflows of monetary resources or others from which the
the company provides and for the purpose of making a decision can assume three types:
Differential Costs = Difference between current costs and the new alternative;
Irrelevant costs: fixed costs, are not important in decision making (costs
administrative costs incurred in the past;
Opportunity cost: alternatives for the application of resources and their respective yields
associated;
With the possession of these types of costs, what is their value and what impact does each of them have and regarding

the alternatives presented to them allow the manager to develop their strategy in a safer manner
decision.
Another important factor in decision making is the cost/volume relationship.
The volume can be measured by the amount of time period, the number of units
produced or the number of hours worked (components of the cost of production).
Costs can exhibit two types of behavior in relation to volume: fixed costs or
variable costs.
The main characteristics of fixed costs are:

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 They do not vary with the volume;
Provide the company's ability to produce and sell its products;
Cost capacity:
Physics (buildings, equipment, etc.)
Organizational (company frames)
Financial (financial resources)
All these costs remain unchanged with volume variations, whether in number of
units produced or by the number of hours worked.
Variable costs show a similar behavior.
Variable Costs:
They vary when the volume increases or decreases;

They result from the use of the capacity to produce and sell the products;
As an example, we can refer to electrical energy, labor, or sales commissions.
Variable costs also have another type of characteristics. Thus, they can be:
Proportional to the volume as is the case with raw materials;
Progressives increase proportionally based on volume, sales commissions:
They decrease as the volume increases;
In summary, variable costs necessarily change with variations in volume.
The interest in this distinction allows for detailed information on various factors that
company. The two most important are first of all allows us to conduct a comparative analysis
between the way of utilizing installed capacity vs number of units produced, that is, it allows
check what the utilization and profitability we are getting from the equipment we have
our availability based on the total volume of production carried out.
Secondly, it allows for an analysis of the break-even point in sales. The break-even point is equal to
number of units to sell to cover fixed costs, the point at which the company will neither make a profit nor
loss, that is, when the selling price of the product is equal to the cost of the product.

To obtain this indicator, we will take into account the Complex Cost that is obtained from
sum of the product cost with the fixed costs.
In the product valuation method, there are still two types of criteria. Total Costing and Costing
Variable. In Total Costing, the cost of our product includes Fixed Costs and Variable Costs, such as the
such as Direct Materials, Labor, Manufacturing overhead, and all fixed costs of the company
inputs per unit of product produced.
In Variable Costing, the cost of the product only includes Variable Costs: Direct Materials,
Labor and manufacturing overhead costs. Fixed costs are considered costs of the period to which they belong.
reports the clarification of the results, not being directly attributed to our product.
In the second part of this chapter we will analyze the ways to obtain the necessary information for the
our decisions and how to interpret this information. Next, we present the calculation method of
break-even point of sales. As a starting point, let's consider the calculation of operating results
from the company (R), which will be the difference between revenues and costs.

21
 R=P-C
R = RESULTS
P = REVENUES
COSTS

As a way of calculating profits and costs, we will basically have to:

• P = pv (selling price) * Q (quantities produced or sold)
• C = c (unit costs) * Q (quantities produced or sold)

In a more detailed way, we will have that our result (R) will be:

R = pv * Q - c * Q

At the critical sales point, the main objective will be to calculate the value of the portion of the total costs.
is composed of fixed costs.

R = pv * Q - Cf - Cv * Q

As a final result, we want to achieve a sales volume for a result equal to zero.

0 = pv * Qx - Cf - Cv * Qx

Thus, the Critical Point of sales will be

Qx = Cf / (pv – Cv)

Qx = quantity needed to produce and sell for revenues to equal costs, there is no
neither profit nor loss.

We can also calculate the Critical Point of sales in value, with the following calculation formula:

Vx = pv * Qx

Vx = Cf / (1 - (Cv / pv)

In conclusion, we can affirm that for decision-making, management accounting

it is assumed as an important tool as it allows us to obtain what in a

22
financial perspective reveals itself as more important in a company, the costs it has to bear and the
its nature. Management accounting allows us a more detailed study insofar as
can perform the separation of fixed costs and variable costs, the organization and division of
costs and its type by sections or departments.
For any decision-making element in a company, it will be vitally important for me at the time.
when deciding, take the following elements into account:

Costs;
Types and classification of costs;
Valuation of the product cost;
Future profitability of our decisions in relation to the set of alternatives;
Final impact on the balance, continuity, and growth of the company;

23
7 - BUDGET MANAGEMENT (PLANNING AND BUDGETS)

Management is characterized, as we referred to and analyzed earlier, by a complexity and at the same time
useful time enormous in the increasingly global and competitive context in which companies operate
found inserted.
The functions of management are basically four: planning, organizing, motivation, and coordination.
and the control.
Budget management is one of the disciplines of management and is an important working tool and
analysis fundamentally contemplates two management functions, planning and controlling.
The definition of these two concepts will be the starting point for the study of budget management. As
planning we can define the process of analyzing all the elements that make up the company
(humans, materials, financial), the economic and social context in which it is inserted and the evolution that occurs
can foresee, set the course to follow by defining the general policy to observe and the objectives to achieve, for the
company in general and for each department that is part of it. Regarding control, it will be the
process of verifying whether the objectives and goals initially defined in the planning phase are
to be fulfilled.
These two functions complement each other. The control will ensure compliance with all of the
objectives set in the planning while it will process the deviations that the function of
control may eventually come to detect.
Budget management is the combination of the actions of these two functions. Budget management will be
type of management characterized by systematically planning the activities to be developed by the
company and in which planning translates in the short term into the existence of the annual budget, which sets
to each manager in quantities, values, and deadlines the means to be used and the profits or operations to
to carry out, periodically comparing the objectives with the achievements.
To achieve the objectives and responsibilities assigned to them, budget management has
the following set of tools is available:
Plans (medium term, strategic and annual);
Annual Budget (annual plan)
Budget Control
The joint use of these tools provides an information system whose main component is
the budget.
The budget is the quantitative expression of an action plan, constituting an important
coordination and action instrument. Operating within a normally defined time frame of one year,
The main document to be prepared by the budget management will be the annual budget.
The main characteristics of the Annual Budget are:
Set of programs and budgets developed to frame the activities of a
company in a certain year;
Define the operations to be performed and the resources to be used;

Costs, revenues and expected results;

24
 Financial flows and situations;
Organized by months for quicker and more effective control;
This document reflects all the planned activities of a company.
organized according to the departments present in it, the resources available, and the objectives
that will have to be achieved.
When analyzing the structure of the annual budget, it is composed of a set of budgets.
organized for each of the company's departments and divided into two groups: the
operational budgets, directly related to the main and operational activity of
company, and the global budgets that are the maps where the analysis is carried out on the entirety of
company departments.
The Operational Budgets are:
Production
Sales
Activities
The Global Budgets are:
Treasury
Financial
Demonstration of results
Provisional balance
Next, we present the budgets that typically are part of the annual budget of a
company and what its specific functions are:
Sales: predicts the value of sales to be made;
Cost of Sales: records the expected cost of the products that are estimated to be sold in the budget
previous
Production costs: estimates the cost of the products to be sold;

Purchases: quantities of the various materials to be acquired and their respective costs;

Non-industrial costs: estimates the costs of the commercial administrative sections and the costs
financial
Other costs and benefits: all those not classified under the previous ones;

Treasury: current receipts and payments of the previously forecasted operations;

Investments and divestments: purchase and sale of equipment and means;
Finance: predicts the financing needs or application of surpluses and treasury;
Income statement: obtained from the operational budgets;
Provisional balance: it draws on information from the initial balance, from the cash flow budget,
investment, financial budget, and the income statement;

When we analyze all these budgets together, we see that the importance of the budget
annual goes through:

25
 Planning and setting objectives;
Performance evaluation;
Communication, motivation, and decentralization;

Planning and organization model;

Analyzed the function of planning, we move on to the study of the second function of budget management, the

Budget Control.
It is up to budget control to assess the company's performance and compare it with the
initially planned and budgeted and the actual, reporting to the management bodies for corrective measures;
The operational process of budget control is represented by the following scheme:

Plan and act, using budgets

↓
Performance:
Evaluate, comparing the actual results with the budgeted ones
↓
Feedback
↓
Manager

The analysis of the actual and the initially budgeted may in some cases not correspond.
from this difference, between the actual and the budgeted, one of the most important concepts of control is born
budgetary: the deviation.
The deviation can take several forms:
Volume deviation:
Efficiency deviation;
Price deviation:
Mix deviation (impact resulting from the non-observance of the estimated composition for the element
budget under review e.g.: Labor, sales;
All these types have a quantitative correspondence that will be subject to correction and analysis by
part of the company's management bodies.

The importance of Budget Management can be measured by two factors:

Managers plan, coordinate, and make decisions based on information that they have from sources the
personal observation, the historical data (general accounting) and the budget control;
It's important for the organization to grow with information from various levels and for the implementation of

control and planning instruments should be seen as a necessary investment and

profitable

26
As main conclusions of the study of budget management, we have to:
Provides medium and long-term qualitative information;
It is an important basis for decision-making and tracking the evolution of the company;

Method of accountability for the managers of the various departments;

Measurement of the return on invested capital in all means available to the company;
It allows to foresee, compare, and correct;

27
8 - FINAL CONCLUSIONS

Upon completing this training manual, we hope that the trainees have understood the
importance and utility that management accounting, in its various facets and functions, has
for the management of a company in our days.
The practical component and the subsequent analysis of the information obtained allows for a detailed view.

of items and factors that influence the normal development of a company's activity and by
consequence on its profitability indices and the final goal of its continuation and growth.
Given the nature of our business fabric, predominantly made up of companies from
small and medium-sized, and given the mentality of the vast majority of our entrepreneurs, it is
the purpose of this training manual is for trainees to become aware of the huge range of applications that
management accounting may have in their workplaces and also transmit this
importance to your employers and responsible managers giving partly a small big
contribution to development and competitiveness that unfortunately is still not evident in our
business fabric.

28
9 - ANNEXES

9.1 – Testes of the sessions

TEST NUMBER 1
Training Action: Management Accounting

Theme: Scope and Objectives of Management Accounting

Written Test
Correction

1 - Indicate two users of Financial Accounting.

Public/Private Companies, Public Institutes, IPSS.

2- Which of the accounting practitioners has recognition and legal status for the practice of
financial accounting?

Official Accounting Technician

3 – What type of information is provided by financial accounting?

Quantitative Information.

4 - Complete the statements regarding the functions assigned to the participants in the management of an entity:

Decision-making regarding the alternative use of limited resources (capital, equipment, etc.);

Maintain and report on the custody of resources;

Plan and control the effectiveness with which human/material resources of an entity are utilized;

5 – Indique dois objectivos a alcançar na gestão de qualquer entidade.

Creation of added value and satisfaction of the stakeholders.

6 - What is the main figure in management accounting and what is their specialty?

Management Accountant and their specialty is cost accounting.

7 – Indique 2 objectivos da contabilidade de gestão.

Financial Information, Quantitative and Qualitative Information, Cost Accounting.

29
8 - Complete the concept of Management Accounting:

The process of identifying, measuring, accumulating, analyzing, preparing, communicating, and interpreting information

(financial and operational) to be used by management to plan, evaluate and control an organization and ensure the
use of, and the responsibility for your resources;

TEST NUMBER 2
Training Action: Management Accounting

Theme: The functions of the company: Income Statement by Functions;

Written Test
Correction

1 - Briefly define a company.

Set of people and assets that relate internally and externally, that develops a
activity through multiple functions that articulate with each other and sometimes condition each other.

2- Indicate what the two main functions of a company are.

Economic and social function.

3 - Indicate at least one recipient for each of the company's functions.

Economic Function: Partners, shareholders, workers.
Social Function: State, local administration, environment in general.

4 - Complete the statements regarding the general organization of a company:

• The way the company is internally organized (departments, areas, etc.);

• Forms and types of relationships that are established between the various departments;
• Hierarchy relations;
• Degree of responsibility and autonomy of each department;

5 – Mention two functions of the departments indicated below:

Production: Manufacturing of products, planning and production control.

Commercial: Sales, transportation, finished product management;
Administrative: Accounting, Finance, and Personnel.

6 - What types of costs exist?

30
 Material or technological cost and monetary cost

7 - Indicate two costs related to the production and financial departments?

Financial: Labor and consulting services
Production: Cost of raw materials and equipment repair.

8 - Briefly define the two blocks in a profit and loss statement by function?
Operational Block: presents the results of the company's main activities.
Non-Operational Block: presents the costs and revenues of financial and secondary activities.
company assistants.

Complete the attached income statement:

Company X presented in fiscal year N the following items for filling its statement of
resultados

129,905.00 euros
Interest paid on loan X: 8,760.00 euros;
the difference between your sales and their cost was 54,250.00 euros;
received a total of 2,500.00 euros in interest from a term deposit;
your distribution costs were 6,500.00 without registering any other operational income;
The amortizations of your equipment amounted to 12,920.00 euros;
the net result was 19,820.00 euros;
- a fire in the raw materials warehouse resulted in losses of 3,500.00 euros;
the operational results amount to 40,000.00 euros

31
 Statement of Results by Functions (a)

N
1 Sales and Services 129,905.00 €
2 Cost of sales and provision of services 75,655.00 €
3 Gross Results 54,250.00 €

4 Distribution Costs €6,500.00

5 Administrative Costs 7,750.00 €
6 Other operating income 0.00 €

Operational Results € 40,000.00

7 Capital participation income:

Related to interconnected companies 0.00 €
Related to other companies 0.00 €

8 Income from negotiable securities and other financial investments

Related to interconnected companies 0.00 €
Related to other companies 0.00 €

9 Other interests and similar revenues

Related to interconnected companies 0.00 €
Related to other companies 2,500.00 €

10 Amortizations and provisions for financial investments 12,920.00 €

11 Interest and similar costs
Related to interconnected companies
Others 8.760,00 €

Current Results 20,820.00 €

14 Extraordinary profits and gains 4,500.00 €

15 Extraordinary costs and losses 3,000.00 €

Results before taxes 22,320.00 €

Income tax for the period 2,500.00 €

Net income for the period 19,820.00 €

In accordance with Article 25 of the 4th Directive of the EEC

TEST NUMBER 3
Training Action: Management Accounting

Topic: Accounting Organization (Accounting System)

Written Test

32
 Correction

1 – Briefly define how general accounting is organized.

Official accounting plan (POC); registration books and financial statements.

2- Mention at least 3 existing classes in the POC.

Assets
Class 5 - Capital;

3 - What are the most commonly used financial statements?

Balance sheet, statement of results by functions, and statement of results by nature.

4 - Which of the previously mentioned statements has an internal character in the information it provides?

Results demonstration by functions

5 - Indicate the two accounting systems of cost accounting that exist.

Dualist system and monist system.

6 - Mention at least 3 accounts used in analytical accounting.

Reflected accounts

7 - What financial statement can be obtained from class 99 of analytical accounting?

Results demonstration by functions

8 - From the income statement presented below, classify according to the system
lists of analytical accounting using the ledger.

33
 POC accounts Costs by Functions
Code Description Production Administrative Distribution Total
Profits and Gains
71 Sales 64,630.00 €
78 Financial Profits and Earnings 220.00 €
Total 64,850.00 €

Costs and losses

61 CM Consumed
Raw Materials 5,700.00 € 5,700.00 €
Subsidiary Subjects 1,092.00 € 800.00 € 40.00 € 1,932.00 €
62 FSE €9,940.00 280.00 € 1,620.00 € 11,840.00 €
63 Taxes 280.00 € 192.00 € 18.00 € 490.00 €
64 Costs for personnel 11.830,00 € 3.400,00 € 7,620.00 € 22,850.00 €
65 O. operational costs 315.00 € 16.00 € 34.00 € 365.00 €
66 Amortizations 5,700.00 € 300.00 € 210.00 € €6,210.00
68 Costs and financial losses 6,420.00 € 6,420.00 €
Total 55,807.00 €

Initial Existence of Finished Product: 16,600.00 euros;

Cost of goods sold: 40,905.00 euros;

61 95.6 92.4 - C.Transfer

7632 7632 1) 1) 7632 1932 2) 2) 1092 29157 10)
5700 3) 4) 9940
280
6) 11830
94.1 - C.
62 Manufacturing 8) 315
11840 11840 4) 3) 5700 34857 11) 6) 5700
10) 29157

63 95.3 - Finished Prod. 99.08 - C. Finan.

490 490 5) hey 16600 40905 12) 7) 6420
11) 34857

64 99.04 - C. Distributes. 99.07 - Prov. Finan.

22850 22850 6) 4) 280 220 15)
9) 300
2) 800
5) 192
65 6) 3400 99.01 - Sales
365 365 8) 8) 16 64630 14)

99.05 - C.Administration

34
 2) 40
66 4) 1620 99.02 - C. Sales
6210 6210 9) 5) 18 12) 40905
6) 7620
8) 34
9) 210
68 71
6420 6420 7) 78 14) 64630 64630
15) 220 220

TEST NUMBER 4
Training Action: Management Accounting

Theme: Management Accounting and Decision Making

Written Test
Correction

1 - Indicate and briefly define the three types of costs to consider when analyzing a
decision.

Differential costs - cost between the current situation and the alternative to be analyzed;

Irrelevant costs - although analyzed, they have no importance whatsoever;

Opportunity cost – benefit of different investment alternatives;

2- What is the classification of costs based on volume?

Fixed costs and variable costs.

3 - State the interest of the distinction mentioned in the previous question.

It allows for an analysis of the utilization of installed capacity vs production volume and allows
likewise to the calculation of the break-even point of sales.

4 - In the valuation of the production cost of a certain product, what are the two valuation methods?
existing costs?

Total costing and variable costing.

5 - Complete the formulas indicated below.

35
 R = pv * Q - c * Q
R = result

Qx = Cf / (pv – Cv)
Qx = break-even point of sales

6 – Define what the sales critical point is.

The necessary quantity to produce and sell so that revenues equal costs, that is, not
neither profit nor loss.

7 - Indicate two elements to consider in the decision-making process.

The types and classification of costs existing and to be adopted, valuation of the cost of products,
profitability.

8 - Based on the elements indicated below, calculate the critical sales point in quantity and value.

Production and sales: 100,000 units

Selling price: 1 euro/unit

Fixos Variables
Industrial costs
Direct subjects 0.30 / uni. prod. Manufactured
Transformation costs 2,200 euros 0.10 / uni. prod. Manufactured
Distribution costs 500 euros 0.10 / unit sold
Administrative Costs 850 euros 0.02 / unit sold

Initial stocks of finished products and products in the process of manufacture equal to zero.

Qx = Cf / (pv – cv) = 3550 / (1 – 0.52) = 7395 units

Cf = 2200 + 500 + 850 = 3550

Cv = 0.3 + 0.10 + 0.10 + 0.02 = 0.52

Value

36
Vx = Qx x pv = 7395 x 1 euro = 7395 euros

TEST NUMBER 5
Training Action: Management Accounting

Theme: Budget Management (Planning and Budgets)

Written Test
Correction

1 - Indicate two of the functions assigned to management.

Planning, organization, motivation, and control.

2- Complete the definition of planning indicated below:

Analyzing all the elements that make up the company (human, material, financial), the context
economic and social context in which it is inserted and the evolution that can be anticipated, set the course to be followed by defining

the general policies to observe and the objectives to achieve, for the company as a whole and for each department
which is part of.

3 - What are the instruments and functions of budget management?

Plans, budgets, and budget control. Functions: to plan, control, and compare the actual with the
planned and budgeted.

4 - Define Budget.

Quantitative expression of an action plan constituting an important coordination tool and

action;

5 - What types of budgets are part of the annual budget.

Operational budgets and global budgets.

6 - Indicate three budgets that make up the annual budget and what type of information they contain.
we can find.

37
 Sales budget, financial budget, and labor budget. The sales budget
Indicate the expected sales value of our product throughout the year. The financial budget.
it contemplates all the inflows and outflows of the company's operational activity. The budget of
labor indicates the expected costs for labor as well as all charges
supported.

7 - Complete the definition of budget control:

Evaluation of the company's performance and comparison with what was initially predicted and budgeted and the

real, reporting to the management bodies for corrective measures.

8 – Refira duas vantagens da utilização da gestão orçamental por parte das empresas.

Medium and long-term qualitative information;

Decision-making base and monitoring of the company's evolution;
Form of accountability for the managers of the various departments;
Measuring the return on capital invested in all means available to the company;
It allows to foresee, compare and correct

38
9.2 - Final Work
Training Action: Management Accounting

Theme: Budget Management (Planning and Budgets)

Forming: ___________________________

Final Work

Based on the initially provided database and the elements mentioned afterwards, build a ...
Excel file and in groups of three elements the Annual Budget for company X.

SALES BUDGET

Price
Products Unit sale PMRec. Quantities
A Tone 13.20 € 30 Days 40000
B Ton 13.60 € 30 Days 19200

Sales Forecast
Prod. A Product B
January 3000 1200
February 3000 1200
March 3000 1200
April 3000 2000
May 3500 2400
June 4000 2400
July 4000 2000
August 3000 2000
September 4000 1200
October 3500 1200
November 3000 1200
December 3000 1200
Total 40000 19200

VAT rate to be settled 21% – Payment at the end of the 2nd month following the assessment

BUDGET OF FINISHED GOODS INVENTORY

Constant production

Stock at the end of the year Initial existences

39
 Prod. A 3000 Prod. A 1000
Prod. B 1500 Prod. B 2700

BUDGET OF FINISHED GOODS INVENTORY

Raw material consumption for 1 ton produced

Subjects Uni. Prod. A Prod. B

Clay ton 1.5 1.6
Water m3 0.11 0.12
Sand ton 0.011 0.01

Initial Existences

Clay 2000
Sand 100

Transformation Costs

To produce one ton, the contribution from the following sections is required

Sections Uni. Prod. A Prod. B

Manufacturing Hm 0.14 0.15
Drying Hm 0.3 0.3
Oven Hm 0.16 0.17

COST TRANSFORMATION BUDGET

Costs Unit. Warehouse Manufacturing Drying Oven General South

Month Hm Hm Hm Month
Ordered Month 390,00 € 1.335,00 € 2,550.00 € 870.00 € 900.00 €
Electric energy KW 200 35 30 0.5 1000
Water M3 500 1,2 0.2 600
Other subsidiaries 12.50 € 0.370 € 0.225 € 0.300 € 25,200 €
Various materials 1.60 € 0.125 € 0.165 € 0.128 € 12.40 €
NAFTA Kg 6 120
Diesel Lt. 1000

Unit prices
Electric energy 0.0125 €

40
 Water 0.02 €
NAFTA 0.015 €
Diesel 0.12 €

BUDGET FOR MATERIALS STOCK AND PURCHASES

Unit. C.University.PMP Stock 12/n

Clay ton 5.6 30 Days 15 Days consumption
Sand ton 1.9 Pp 30 Days Consumption

Values subject to a rate of 21%

BUDGET FOR GENERAL EXPENSES

Description Admin. Serv. Com

Ordered 750.00 € 400.00 €
Charges
Water 13.00 € €6.00
Electric Energy 33.00 € 19.00 €
Mat. Writing. 280.00 €
Various 120.00 € 180.00 €

TREASURY BUDGET

From 31/12/n-1

Receipts

January 50,000.00 €

Payment for purchases

January 39,000.00 €
February 3,000.00 €

Other payments Other data

January Water and electricity bill paid in the month following consumption
State €4,100.00 Fire insurance in January €1,240.00
Water 70.00 € General expenses paid in the month of consumption

E.Electrica 860.00 €
S.Ac.Work €500.00

41
LABOR BUDGET

Christmas bonus December

Vacation Allowance July
Work Meeting 4.5% Payments in the following month

Various 9.5% payments every month

IRS Workers 8% 1st Month of each quarter; October and November in December

FINANCIAL BUDGET

On June 30 and December 31, semiannual payment of 20,000 euros loan

of 60,000.00 euros Initial availability of 9,000.00 euros
Loan interest rate 25% per year paid semiannually
Loans will incur interest at an annual rate of 25% paid in the following month.
Minimum monthly availabilities of 10,000.00 euros
Treasury excesses applied at a rate of 16% paid in the following month.
Distribution of costs according to fire:

MP Warehouse General Series Manufacturing Drying Oven S. Admin. S. Comer.

140.00 80.00 430.00 150.00 60.00 40.00

Repayment plan
In euros
MP warehouse General Series Manufacturing Drying Oven S. Adm. S. Comer.
Equipment 2000.00 1000 6250 2000 7000 1000 1000
Buildings 400 300 1800 500 600 80 80

Resolution of the exercise attached in the file ANNUAL BUDGET X. EXE.

9.3 – Balance Sheet and Income Statement by Functions

Models attached in the file DR-BAL.EXE.

42
10 - BIBLIOGRAPHY

Financial Accounting

CRAINER, Stuart – "The Best Quotes on Management" – Executive Digest Library, 1999;

PEREIRA, Carlos Caiano, FRANCO, Vítor Seabra – “Analytical Accounting – 6th edition”, 1994;

Josette PEYRART

- BENTO, José, MACHADO, José Fernandes – "The Official Accounting Plan Explained" - Porto
Publisher, 1998;

JORDAN, Huges, NEVES, José Carvalho, RODRIGUES, José Azevedo - "Management Control"
CIFAG, 1994;

43