Costing and Budgeting
This unit has been accredited by the CPD Certification Service.
This Costing and Budgeting course concentrates on the sections of management accounting that concern the analysis of costs and the preparation of budgets in a way in which it can aid managers in operating a business in the most efficient and profitable manner.
‘Management Accounting’ reports aid management in the planning, organisation and controlling of business activity. Much of this information also forms the basis of the Financial Statements.
Accredited by the CPD Certification Service, this course carries 160 CPD points.
Once complete, you will receive the appropriate certification from the CPD Certification Service.
You will receive comprehensive study material containing lessons, examples and activities. You also get access to our e-learning platform which contains your assessments.
Costing and Budgeting
- Printed Workbook containing lessons, examples and tasks
- 24/7 Online assessments with instant marking
- Assessments with tutor feedback
- Up to 6 months Award Winning Qualified 1-to-1 tutor support by e-mail and telephone
- Distinguish between Financial Accounting and Management Accounting as information systems.
- Identify and classify cost by: element, function and nature (behaviour).
- Understand the importance of identifying and reporting relevant information.
Accounting for Materials, Labour and Overheads
- Understand the importance of stock (inventory) control and its valuation.
- Determine labour cost
- Determine material costs
- Understand the process of Allocation, Apportionment and Absorption (Recovery) of Overhead.
- Identify the characteristics of various costing systems.
- Calculate the cost of a job, process or service.
Break Even Analysis
- Understand the principle of Marginal Costing as an aid to decision making.
Introduction to Budgets and Budgetary Control
- Prepare a budget for: Income, Labour, Material and Overhead
- Prepare a Cash Budget
- Compare budget to actual performance and analyse the variances for income and the elements of cost.
Approximately 60 to 80 hours of active study time.
No exams are required.