Module Aims:- An understanding of the various costing techniques used in different organisations;- A knowledge of the opportunities and problems using cost data and to recommend effective corrective management action based on their conclusions;- A greater awareness of the need and uses for management accounting information for competing in today’s business environment.
Introduction to cost terms and concepts
Cost Accumulation for profit measurement
Materials and stock control: stock records and pricing stores issues.Methods of remuneration and labour cost control including wages analysis.Overhead analysis and reapportionment of service department overheads.Absorption procedures and over and under recovery of overheads.Calculation of product cost and pricing methods.
Accounting entries for a job costing system and application of job costing.
Information for decision making
Contribution approach to decision making.Cost – Volume – Profit analysisRole of cost information in make or buy, capacity and pricing decisions.The budget process and budgetary planning including cash budgeting
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