TABLE OF CONTENTS

Topics
Executive Summary
1.0 Introduction
1.1 Background of Study
1.2 Significance of Study
1.3 Company Overview
2.0 Body
2.1 Task 1 - Different costing methods. Costing technique to
classify, analyze and calculate the variable costs and fixed costs
that occurred in the most recent year for AMMB based on its
financial report and financial statements.
2.1.1 Different costing methods
2.1.2. Activity Based Costing
2.2 Task 2 Analysis of routine cost performance to identify
and suggest the potential improvements and also propose
methods for the cost reduction and enhancement of value for
AMMB
2.2.1 AMMB Routine Cost Performance
2.2.2 Strategies for Improving Banks Operating
Performance
2.2.3 Methods for the cost reduction and enhancement of
value for AMMB
2.3 Task 3 - Purpose and nature of budgeting process which
is appropriate for AMMB and its needs
2.4 Task 4 - Reconciling operating statement. Possible
causes and corrective actions for monitoring performance.
2.4.1 Operating Statement Reconciling budgeted and
Actual Results to calculate variances:
2.4.2 Possible causes and corrective actions for
monitoring performance.
3.0 Conclusion
4.0 References
5.0 Appendix

EXECUTIVE SUMMARY

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Olympia College

Diploma in Business Management

Financial accounting is a specialized branch of accounting that keeps track of a company's

financial transactions. Using standardized guidelines, the transactions are recorded,
summarized, and presented in a financial report or financial statement such as an income
statement or a balance sheet.
Companies issue financial statements on a routine schedule. The statements are considered
external because they are given to people outside of the company, with the primary recipients
being owners/stockholders, as well as certain lenders. If a corporation's stock is publicly
traded, however, its financial statements tend to be widely circulated, and information will
likely reach secondary recipients such as competitors, customers, employees, labor
organizations, and investment analysts.
It's important to point out that the purpose of financial accounting is not to report the value of
a company. Rather, its purpose is to provide enough information for others to assess the value
of a company for themselves.
Because external financial statements are used by a variety of people in a variety of ways,
financial accounting has common rules known as accounting standards and as generally
accepted accounting principles (GAAP).

Accounting can be defined as an information

system that provides information about the results of a business' performance and its
economic position.
The main objective of a business is to maximize profit. The goal of maximization of profit
cannot be materialized unless there is constant monitoring by those charges with management
and governance. Accounting asks as a language through which the business speaks for itself.
Financial Accounting generates financial statements which provide information most relevant
to users which are outside the company such as investors, lenders, government authorities,
rating agencies, etc.

1.0 INTRODUCTION
1.1 Background of Study
This research will focus at AMMB Holdings Berhad (AmBank) which is listed in Kuala
Lumpur Stock Exchange where a financial report and financial statements for the most recent
year are to be obtained to classify, analyze and calculate its production and operating costs for
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the cost reduction, budgeting and monitoring of cost performance against budgets in given
task such as:
1.

Different costing methods. The appropriate costing technique to classify, analyze and
calculate the variable costs and fixed costs that occurred in the most recent year for

AMMB based on its financial report and financial statements.

2. The routine cost performance to identify and suggest the potential improvements and
also propose methods for the cost reduction and enhancement of value for AMMB.
3. The purpose and nature of budgeting process which is appropriate for AMMB and its
needs.
4. An operating statement reconciling budgeted and actual results to calculate variances,
and also identify possible causes and corrective actions for monitoring performance.

1.2 Significance of Study

The purpose and significance of this study are:
1. Be able to analyze cost information within a business.
Classify different types of cost.
Use different costing methods.
2. Be able to propose methods to reduce costs and enhance value within a business.
Analyze routine cost reports.
Use performance indicators to identify potential improvements.
Suggest improvements to reduce costs, enhance value and quality.
3. Be able to prepare forecasts and budgets for a business.
Explain the purpose and nature of the budgeting process.
Select appropriate budgeting methods for the organization and its needs.
4. Be able to monitor performance against budgets within a business.
Calculate variances, identify possible causes and recommend corrective
action.
Prepare an operating statement reconciling budgeted and actual results.

1.3 Company Overview

AmBank Group is one of the largest banking groups in Malaysia which was established in
1975. The Group comprises AMMB Holdings Berhad, a public listed company on the Main
Board of Bursa Malaysia, with subsidiaries offering a wide range of conventional and Islamic
financial products and services. Through its universal banking platform capabilities, the
Group caters to the needs of a broad spectrum of customer segments, for activities relating to
personal banking, business banking, investment banking, stockbroking, funds management,
life and general insurance, and family takaful. (Ambankgroup.com, 2016)
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AmBank Group is Malaysias preferred financial solutions group, its strategic partnerships
with key global players has paved the way for greater international connectivity.
Complementing its strong reputation as a key financial solution provider in Malaysia, its
partnerships with Australia and New Zealand Banking Group (ANZ), Insurance Australia
Group (IAG) and MetLife Inc has brought new energy and value in how the Group conducts
its business to better serve its markets. (Ambankgroup.com, 2016)
AmBank Group employs a strong workforce of over 12,000 employees to serve the needs of
more than six million individual and corporate customers nationwide. The Group reaches out
to its customers by providing an extensive network of more than 175 AmBank branches and
strategically located electronic banking centres, and is already being recognised as the bank
with the most number of branches opened for weekend banking services, and with the largest
ATM network at 7-Eleven stores nationwide. (Ambankgroup.com, 2016)

2.0 BODY
2.1 Task 1 - Different costing methods. Costing technique to classify, analyze and
calculate the variable costs and fixed costs that occurred in the most recent year for
AMMB based on its financial report and financial statements.
2.1.1 Different costing methods:
Since managers are making decisions only for their own organization, there is no need for the
information to be comparable to similar information from other organizations. Instead,
information must be relevant for a particular environment. Cost accounting information is
commonly used in financial accounting information, but its primary function is for use by
managers to facilitate making decisions.
All types of businesses, whether service, manufacturing or trading, require cost accounting to
track their activities. (Vanderbeck, 2002) Cost accounting has long been used to help
managers understand the costs of running a business. Modern cost accounting originated
during the industrial revolution, when the complexities of running a large scale business led
to the development of systems for recording and tracking costs to help business owners and
managers make decisions.
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Different industries follow different methods to establish the cost of their product. This varies
by the nature and specifics of each business. Some of the methods are:
1.
2.
3.
4.
5.
6.
7.
8.

Unit costing
Job costing
Contract costing
Batch costing
Operating costing
Process costing
Multiple costing
Uniform costing

Unit costing this method is also known as "single output costing." This method of costing
is used for products that can be expressed in identical quantitative units. Unit costing is
suitable for products that are manufactured by continuous manufacturing activity.
Job costing under this method, costs are ascertained for each work order separately as
each job has its own specifications and scope. Ex. painting, car repair.
Contract costing performed for big jobs involving heavy expenditure, long periods of
time, and often different work sites. Each contract is treated as a separate unit for costing.
This is also known as terminal costing. Ex. construction of bridges, roads, and buildings.
Batch costing this method of costing is used where units produced in a batch are uniform
in nature and design. For the purpose of costing, each batch is treated as an individual job or
separate unit. Ex. bakeries and pharmaceuticals.
Operating costing or service costing used to ascertain the cost of particular serviceoriented units. Each particular service is treated as a separate unit in operating costing. Ex.
Nursing homes, busses, railways, airlines.
Process costing used for products that go through different processes. Each process that
can result in either a finished good or a raw material for the next process must be evaluated
separately. In such multi-process industries, process costing is used to ascertain the cost at
each stage of production. Ex. Manufacturing of clothes.
Multiple costing or composite costing when the output is comprised of many assembled
parts or components, costs have to be ascertained for each component, as well as with the
finished product. Such costing may involve different methods of costing for different
components. Therefore, this type of costing is known as composite costing or multiple
costing. Ex. Television, cars, electronics.
Uniform costing a system in which a number of firms in the same industry use the same
method of costing, using agreed-on principles and standard accounting practices. This helps
in setting the price of the product and in inter-firm comparisons. (Wang et al., 2015)

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2.1.2. Activity Based Costing of AMMB

For the commercial banks, the exact cost information is the foundation to make a scientific
decision. However owing to overheads indirect cost of commercial banks, the traditional
costing method is unable to allocate it rationally, therefore it is very difficult to make
scientific decisions. This assignment designed the ABC (activity-based costing model) of
commercial bank based on the business process, and the model analyzed the relations of
various activities node in the identical activity center. And the limitation that traditional ABC
neglect the relations of various activities node in the identical activity center was been made
up. Accordingly the cost accounting of commercial bank will be more accurate, and the
decision based on precise cost information become more scientific.
ABC was introduced by Kaplan and Cooper of Harvard Business School as an alternative to
traditional accounting techniques in the 1980s. Many have since used this method for
product costing in both manufacturing and business applications. The ABC method of
accounting involves the breakdown of a system into individual activities and costing of the
amount of time and resources spent on each activity in the manufacture of a product. (Cooper
and Kaplan, 1991)
The essence principle of ABC accounting is products consume activities, and activity
consumes resources. The processes of ABC accounting are:
1. resources costs are aggregated to corresponding activities, and then the activity costs
been aggregated to the products
2. cost driver be determined
3. the activity-based costing model was designed
The activity-based costing is the foundation of activity-based management, and it can
provide financial support to the enterprise auxiliary decision. (Turk, 1993) The traditional
activity-based costing of commercial bank divides the flowing pattern of bank into the first
activity center and the second activity center which assigns the cost of first activity center to
second activity center by activity driver, and then assigns to cost objective. This method
neglected the relation among various activities in identical activity center, which is enough to
activity-based costing.
This research study integrates the step by step activity-based costing model and activitybased costing model based on process and establish the activity-based costing based model
on business process by the business characteristic of AMMB. The standpoint of first activity
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center and second activity center of step by step model been considered in this model,
furthermore the relation among different activities in the same activity center been thought
over in this model.

Figure 1: AMMB activity-based costing model based on business process

Source: Seiofbluemountain.com, 2016

Characteristics of bank costs include:

1. Variable Transaction Volume. A large portion of bank expenses are for personnel and
equipment directly or indirectly involved in processing checks and other documents.
However, the daily volume of checks handled fluctuates widely from one day of the week to
the next, from month to month, and from one season to another.
2. Predictability. The predictability of check volume and how it fluctuates has enabled many
banks to schedule portions of their payroll costs to coincide with the anticipated volume of
activity by using part-time clerks in the operations affected by the check activity.
3. Traceable Costs. Most bank costs are associated directly to either a fund-providing
activity, a fund-using activity, or a non-fund activity. As a result, a bank usually has a
reasonable basis for allocating its costs. For example, tellers, proof and transit clerks, and

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bookkeepers usually can be associated directly with the deposit function. The data center can
be associated with specific activities on the basis of tasks it performs for those activities.
Because transaction volume is variable, the capacity of resources provided by the fixed costs
may sometimes stand idle. If this idle capacity is to be part of the average unit costs, the
period over which the average is computed must be long enough to cover the major
fluctuations. Because transaction volume is predictable, average unit costs computed on the
basis of past experience can be projected into future periods with reasonable accuracy.
Because bank costs are traceable, the need to use arbitrary bases of allocation is minimal.
(Helmi and Hindi, 1996)

2.2 Task 2 - Routine cost performance to identify and suggest the potential
improvements and also propose methods for the cost reduction and enhancement of
value for AMMB.
2.2.1 AMMB Routine Cost Performance
The objective of this task is to identify key operational measures that may be used to study
process flows at AMMB. They are linked together using Little's law. Little's result, theorem,
lemma, law or formula is a theorem by John Little which states:

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The long-term average number of customers in a stable system L is equal to the longterm average effective arrival rate, , multiplied by the (Palm-)average time a customer
spends in the system, W; or expressed algebraically: L = W. (Leon-Garcia, 2008) (Allen,
1990)
The result applies to any system, and particularly, it applies to systems within systems. So in
a bank like AMMB, the customer line might be one subsystem, and each of the tellers another
subsystem, and Little's result could be applied to each one, as well as the whole thing. The
only requirements are that the system is stable and non-preemptive; this rules out transition
states such as initial startup or shutdown.
The objective is to study current performance as well as identify target areas for
improvement. We also link the operational measures of performance to financial measures.
The opposite of looking at average is looking at a specific flow units flow time, and the
inventory status and instantaneous flow rate at a specific point in time. Flow rate is typically
tracked periodically. It then is easy to calculate the average of those numbers to obtain
average inventory and throughput during a period.

Figure 2: Routine cost for banks

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draw a process flow chart

calculate all operational flows: throughput, inventory, and flow time for each
activity.

calculate the financial flow associated with each activity.

If the activity
incurs a cost (or earns a revenue), the cost or
revenue rate is simply the throughput times the unit cost or
revenue.

summing all revenue rates and deducting all cost rates yields the profit rate,
directly broken down in terms of the relevant throughputs and inventory
numbers
the minimal set of operational
measures to predict financial

performance.

2.2.2 Beyond Cost-Cutting:

Strategies for Improving Banks Operating

Performance
With the challenges that financial institutions are facing these days and with the memories
of the recession still painfully fresh in their minds its no wonder that a growing number of
banking executives are focusing intently on cutting costs, trimming payrolls, and rightsizing their operations. But a relentless focus on cost-cutting alone is not a formula for longterm success. Whats needed is a more balanced approach one that enables an institution not
only to improve operating efficiency but also to upgrade its capabilities to respond to market
needs and prepare for the future. (Reimink, 2015)
As with any business, banks must be vigilant about keeping down costs. Today, however, the
financial services industry faces an unusual combination of circumstances that are giving
special impetus to the drive for efficiency.
The long-running low-interest-rate, slow-growth environment of the past decade has
contributed to significant rate competition, driving down margins in both loan and deposit
operations. Meanwhile, the aftershocks of the recession, coupled with a generally slowFinancial Accounting

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growing economy, are encouraging banks and their customers to move cautiously, which in
turn lead to slow portfolio growth. (Gani and Clemes, 2002)
The most successful efficiency initiatives follow a more analytic approach that reflects the
specific challenges and opportunities facing each line of business and support function.
Following are Strategies for Improving Banks Operating Performance
1. Business realignment exit business lines that have high costs and low margins and
move instead into lines that are inherently more cost-effective and profitable. Efficient
institutions take a robust approach to strategic planning, assessing the minimum
commitment of resources needed to compete in a particular line of business and
identifying opportunities to differentiate themselves from competitors. (King,
1982)This means that traditional banks might choose to move into nontraditional
businesses, such as specialty financing and payment processing provided, of course,
their analysis reveals they can compete effectively and efficiently.
2. Channel optimization assess the various ways customers interact with a bank in
order to create a cost-effective combination that is adapted to each banks specific
customer base. Other strategies include enhancing the operating hours and technical
capabilities of call centers to meet customers changing expectations.
3. Process costs reduce the unit cost-to-value ratio of each activity or transaction
such as the cost of opening an account, creating a loan document package, or handling
a specific type of transaction.
4. Staff productivity In addition to reducing process costs, automation tools can help
improve staff productivity, enabling banks to handle more transactions and greater
volumes of activity with the same number of personnel.
5. Technology and automation The overarching goal is twofold:
i) to use technology to reduce the time thats spent in finding information and
ii) to use automated business rules to move work through the institution more quickly
and efficiently.
6. Vendor relationships a focused effort designed to derive the greatest possible value
from a vendor relationship. Important tools include using service-level agreements
and vendor scorecards to monitor performance issues, such as system availability and
response times, in addition to direct expenditures.

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2.2.3 Methods for the cost reduction and enhancement of value for AMMB
The current financial crisis is the result of excessive debt-fueled spending at every level
individual, business and government. The remedy is simple: spend less, waste less. The only
way to survive and profit, is to continually lower operating costs. Finding ways to lower cost,
however, can be a challenge. One method for uncovering areas is cost driver analysis.
Below are few methods that may help identify methods for cost reduction and enhancement
of value for AMMB:
1. Economies of Scale - Economies can be gained when volumes are increased. Volume
can allow activities to be performed differently and more efficiently, or simply the
ability to amortize fixed cost over a greater unit volume. Scale economies can be
achieved by increasing AMMB total sales or by restructuring a product line to offer
fewer choices and therefore more volume per product offered.
2. Capacity Utilization - When a value activity has a large fixed cost associated with it,
the cost of the activity will be affected by capacity utilization. As sales rise, the fixed
cost of the space and staff are amortizing over a larger sales volume, thereby enabling
higher profit.
3. Linkages - The cost of a value activity is frequently affected by how other activities
are performed. Some of the most common linkages are between direct and indirect
activities, quality assurance and other activities, activities that must be coordinated,
and between activities that are alternative ways of achieving the result.
4. Degree of Integration - Vertical integration is the expansion of the value activities
that a firm provides in-house as opposed to outsourcing to a third party. AMMB
should periodically evaluate its value activities to assess what method will reduce
costs and best meet their particular value-added processes.
5. Timing - AMMB should use timing to reduce costs over competitors by simply
buying key assets during times of lower prices. This skill alone could produce a
powerful cost advantage over competitors.

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2.3 Task 3 - Purpose and nature of budgeting process which is appropriate for AMMB
and its needs
A budget is a quantitative expression of a plan for a defined period of time. It may include
planned sales volumes and revenues, resource quantities, costs and expenses, assets,
liabilities and cash flows. It expresses strategic plans of business units, organizations,
activities or events in measurable terms. (CIMA Official Terminology)
Budgeting for a business is a process. It is the process of preparing a detailed statement of
financial results that are expected for a given time period in the future (Bergevin and Miller,
1994). It is establishing a planned level of expenditures, usually at a fairly detailed level. A
company may plan and maintain a budget on either an accrual or a cash basis.
The "perfect" budgeting process appears to be equal parts strategic planning, automation,
effective budgeting tools, teamwork and dedicated resources
The Budgeting process for Banks is quite different from most industries. The focus begins
with the Balance Sheet, and the reflection of the instruments already generating revenue and
cash flows, at various rates and maturity dates. This then serves as the basis of the budget
going forward as new volumes are forecasted.

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To add to the complexity, accurately calculating instrument cash flows can be arduous at best.
Taking into account the details of each instruments interest rate, maturity and payment
stream often requires importing data from various systems into complex spreadsheets or
home-grown systems that are difficult to maintain or change. Adjusting prepayments to
reflect changing interest rate forecasts further complicates this effort.
For comprehensive planning and forecasting, banks need the combination of the spreads and
payment streams of their existing instruments combined with the expected volumes and
spreads of their new business. Having one solution that houses both allows for quicker and
more accurate forecasting and enables better decision making. (Langrish, 1984)
2.4 Task 4 - Operating statement reconciling budgeted and actual results to calculate
variances. Possible causes and corrective actions for monitoring performance.
2.4.1 Operating Statement Reconciling budgeted and Actual Results to calculate
variances:
Variance analysis is a key element of performance management and is the process by which
the total difference between flexed standard and actual results is analysed. A number of basic
variances can be calculated. If the results are better than expected, the variance is favourable
(F). If the results are worse than expected, the variance is Unfavorable (U).
It is important to be able to:
1. calculate a variance
2. explain the meaning of the variance calculated
3. Identify possible causes for each variance.
Once the variances have been calculated, an operating statement can be prepared reconciling
actual profit to budgeted profit, under marginal costing or under absorption costing
principles.
Standard costing is a control system for comparing the planned costs and revenues with
actual results in order to report variances for the purpose of performance measurement and
control. Cost variances are usually reported to management in cost reconciliation statements.
When sales variances are included the reconciliation is usually in the form of a standard cost
operating statement. (Mister, 1983)
Standard Costing is a management tool that is used in organisations to improve many key
management processes including:
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1.
2.
3.
4.
5.
6.

Diploma in Business Management

Understanding and determining unit costs

Arriving at cost plus prices
Budgeting revenues, costs and expected profits/contribution
Planning resource inputs such as direct materials and direct labour
Reporting performance
Controlling performance variances

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2.4.2 Possible causes and corrective actions for monitoring performance.

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Causes of material variances

Variance

Favourable

Unfavorable

Material
Price

Poorer quality materials

Discount given for buying bulk
Change to a cheaper supplier
Incorrect budgeting

Higher quality materials

Change to a more expensive supplier
Unexpected price increase
encountered
Incorrect budgeting

Material
Usage

Higher quality materials

More efficient use of material
Change is product specification
Incorrect budgeting

Poorer quality materials

Less experienced staff using more
materials
Change is product specification
Incorrect budgeting

Causes of variable overhead variances

Variance

Favourable

Unfavorable

Var. o/h
Unexpected saving in cost of
expenditur
services
e
More economic use of services
Incorrect budgeting

Unexpected increase in the cost

of service
Less economic use of service
Incorrect budgeting

Va. o/h
As for labour efficiency
efficiency

As for labour efficiency

Causes of fixed overhead variances

Variance

Favourable

Fixed o/h
expenditur
e

Unfavorable

Decrease in price
Seasonal effects

Increase in price
Seasonal effects

Fixed o/h
volume

Increase in production volume

Increase in demand
Change is productivity of labour

Fixed o/h
capacity

Hours worked higher than

budget

Hours worked lower than

budget

Fixed o/h
efficiency

As for labour efficiency

As for labour efficiency

Corrective Actions:
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Decrease in production
volume
Decrease in demand
Production lost through
strikes

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Variance Analysis provides EVMS contract management with early insight into the extent of
problems and allows corrective actions to be implemented in time to affect the future course
of the program. (Interaction Effects in Factorial Analysis of Variance, 1999)
Corrective action plan should be developed that describes the specific actions being taken,
or to be taken, which includes the individual or organization responsible for the action(s). The
corrective actions should be directly derived from root cause analysis and related to each
identified root cause. Results from previous corrective action plans should be included.
Occasionally, a successful plan will include:
1. Interim modifications or fixes in the short term, with long term changes identified as
well. When no corrective action for an overrun is possible, an explanation and EAC
rationale should be included.
2. A corrective action log should be used that tracks the actions taken and the status of
the corrective plan for each variance analysis cycle.
Corrective action plans based on clearly a defined root cause facilitates time management
action and avoids the occurrence of repetitive problems.

3.0 CONCLUSION AND RECOMMENDATION

Running any business requires immense responsibility. In a company, managers need to know
the logistics of every department, from the cost of a box of paper clips to the biggest deal
made, in order to run it successfully. Managers who arent very involved with their
companys finances dont usually do well. The ultimate goal is to make a profit by
eliminating unnecessary costs. In order to make an analysis of this, cost accounting comes
into play.
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Cost accounting is one of the different types of accounting systems that fall under
management accounting. It is a system that has been developed to provide managers with a
structure to examine the day-to-day finances of the company, while not having tax factors to
worry about. From the information gathered, managers can make decisions on where to cut
costs to improve the companys profitability. Cost accounting doesnt follow any specific
standards, such as the GAAP (Generally Accepted Accounting Principles), as it is not used
for external purposes. (Holzmann and Munter, 2013)
In a highly competitive market, service providers like banking institutions are continually
looking for ways to manage their costs and increase productivity. Although cost accounting
was originally developed for the manufacturing industry, it has proven useful in banks as
well. Cost accounting provides an accurate picture of the connection between specific costs
and specific outputs because it traces resources as they move through the company. By
adopting cost accounting for service business, the industry can learn where resources are
being wasted and which resources are most profitable.

4.0 REFERENCES
1. "CIMA Official Terminology" (PDF).
2. Alberto Leon-Garcia (2008). Probability, statistics, and random processes for
electrical engineering (3rd ed.). Prentice Hall. ISBN 0-13-147122-8.
3. Allen, Arnold A. (1990). Probability, Statistics, and Queueing Theory: With Computer
Science Applications. Gulf Professional Publishing. p. 259. ISBN 0120510510.
4. Ambankgroup.com. (2016). Introduction | AmBank Group. [online] Available at:
http://www.ambankgroup.com/eng/AboutUs/Pages/Introduction.aspx [Accessed 13
May 2016].
5. Bergevin, P. and Miller, L. (1994). Financial Statement Analysis:. Journal of Business
& Finance Librarianship, pp.49-59.
6. Cooper, R. and Kaplan, R. (1991). The design of cost management systems.
Englewood Cliffs, NJ: Prentice Hall.

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7. Gani, A. and Clemes, M. (2002). Services and Economic Growth in ASEAN

Economies. Asean Economic Bulletin, pp.155-169.
8. Helmi, M. and Hindi, N. (1996). Activity Based Costing (ABC) in Banking: A Big
Challenge. The Journal of Bank Cost & Management Accounting, [online] 9(2), p.5.
Available at: https://www.questia.com/library/journal/1P3-9929852/activity-basedcosting-abc-in-banking-a-big-challenge [Accessed 18 May2016].
9. Holzmann, O. and Munter, P. (2013). Private Company GAAP: Part 2. J. Corporate
Accounting and Finance, pp.77-80.
10. Interaction Effects in Factorial Analysis of Variance. (1999). Technometrics, pp.80-80.
11. King, W. (1982). Strategic Planning for Public Service Institutions. Journal of Library
Administration, pp.43-65.
12. Langrish, J. (1984). Technological forecasting for decision making. Long Range
Planning, p.161.
13. Mister, W. (1983). Note on the interpretation of standard cost variances. Journal of
Accounting Education, pp.51-56.
14. Seiofbluemountain.com.
(2016).

[online]

Available

at:

http://www.seiofbluemountain.com/ [Accessed 18 May 2016].

15. Sridharan, S. (2015). Volatility Forecasting Using Financial Statement Information.
The Accounting Review, pp.2079-2106.
16. Stivason, C., Hicks, D. and Saunders, G. (2011). User Defined Accounting Model.
RBIS.
17. Timothy J. Reimink, (2015). Banking Performance Insights. [online] Available at:
http://www.crowehorwath.com/insights/banking-performance/cost-cutting-sixstrategies.aspx [Accessed 13 June 2016].
18. Turk, F. (1993). Activity-based costing: A cost management tool. New Directions for
Higher Education, pp.27-34.
19. Vanderbeck, E. (2002). Principles of Cost Accounting. Cincinnati, Ohio: SouthWestern/Thomson Learning.
20. Wang, H., Aas, E., Roman, E. and Smith, A. (2015). Comparison of Different Costing
Methods. Value in Health, p.A687.

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Diploma in Business Management

5.0 APPENDIX
AMMB Financial Statements 2015 (Actual)

Financial Accounting

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Financial Accounting

Diploma in Business Management

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Financial Accounting

Diploma in Business Management

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Olympia College

Diploma in Business Management

AMMB Financial Statements 2015 (Forecasted)

Financial Accounting

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Financial Accounting

Diploma in Business Management

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