Individual 500 words

Closed Book Examination

Differences between Financial &amp; Management Accounting and cost classification/estimation.
Information for planning and control including strategical, tactical and operational planning. 
Absorption costing techniques including apportion of overheads and calculation of overhead absorption rates
Budget preparation including the use of spreadsheets e.g. sales budgets, production budgets, cash budgets, income statement and discussion of ‘what if’ scenarios.
Accounting for materials e.g. LIFO, FIFO and WA.
Accounting for labour e.g. labour mix, piecework.
Budgeting including purposes of (and how they conflict), review of models (responsibility-based and product-based) &amp; budget control and criticisms of.
Marginal Costing techniques and decision making based thereon.
Marginal v Absorption costs and effect on profit figures.
Cost Volume Profit Analysis including multi-product break even and limiting factors.
Traditional inventory control and costs pertinent to e.g. EOQ.
Flexible budgets.

Management and Cost Accounting - 4005LBSAF

Management and Cost Accounting

Account for material, labour and overheads whilst preparing and evaluating a detailed budget.

Discuss costing methods and their results

Analyse performance using budgets recognizing alternative approaches and sensitivity to variable factors.

Explain and analyse costs relevant to short-term decision making