The two main branches of cost accounting are costing and planning, control and performance.

Strategic management accounting is concerned principally with short-term operational decisions.

Break-even point is variable costs divided by contribution per unit.

Contribution is sales less variable costs.

A master budget is formed by feeding in the results from all the other budgets.

The balanced scorecard uses only financial information.

Strategic management accounting looks at both internal and external environments of a business.

Flexing the budget means adjusting the budget to take into account the actual quantity produced.