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The ‘line of best fit’ drawn on a scattergraph indicates a possible linear relationship. • When correlation is strong, the estimated line of best fit should be more reliable. • Another way of measuring ‘how correlated’ two variables are is to calculate a correlation coefficient, r, and to interpret the result. The different degrees of correlation can be shown graphically on scattergraphs as follows. 48 KAPLAN PUBLISHING chapter 3 Expandable text The correlation coefficient An alternative to drawing a graph each time you want to know whether two variables are correlated, and the extent of the correlation if there is any, is to calculate the correlation coefficient (r) and to interpret the result.

In addition the mathematics will produce an equation even if there is no clear ‘cause and effect’ relationship between the two sets of figures. The strength of this relationship is explored under ‘correlation’ below. Particular care must be taken when the number of readings is low. Expandable text Illustration 2 ­ Linear regression analysis Bronze recorded the following costs for the past six months. Month 1 2 3 4 5 6 46 Activity level Units 80 60 72 75 83 66 Total cost $ 6,500 6,200 6,400 6,500 6,700 5,400 KAPLAN PUBLISHING chapter 3 Required: (a) Estimate the fixed costs per month and variable cost per unit using linear regression analysis.

Cost units A cost unit is a unit of product or service in relation to which costs are ascertained. Examples of cost units: • • • a room (in a hotel) a litre of paint (paint manufacturers) in­patient (in a hospital). Cost centres A cost centre is a production or service location, function, activity or item of equipment for which costs can be ascertained. Examples of cost centres: • • • • a department a machine a project a ward (in a hospital). Cost cards The following costs are brought together and recorded on a cost card: • • • • • • • direct materials direct labour direct expenses prime cost (total direct costs) variable production overheads fixed production overheads non­production overheads.

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ACCA F2 Management Accounting Essential text by Kaplan Publishing UK 

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