Assignment Detail


Calculate costs using appropriate techniques

    Assignment Instructions

    Assignment Help >> Business Management

    Management Accounting: Costing and Budgeting


    The aim of this unit is to provide learners with the understanding and ability to use cost information for budgeting and forecasting purposes in the management of business.

    Learning outcomes and assessment

    LO1 Be able to analyse cost information within a business

    1.1 classify different types of cost

    1.2 use different costing methods

    1.3 calculate costs using appropriate techniques

    1.4 analyse cost data using appropriate techniques

    LO2 Be able to propose methods to reduce costs and enhance value within a business

    2.1 prepare and analyse routine cost reports

    2.2 use performance indicators to identify potential improvements

    2.3 suggest improvements to reduce costs, enhance value and quality

    LO3 Be able to prepare forecasts and budgets for a business

    3.1 explain the purpose and nature of the budgeting process

    3.2 select appropriate budgeting methods for the organisation and its needs

    3.3 prepare budgets according to the chosen budgeting method

    3.4 prepare a cash budget

    LO4 Be able to monitor performance against budgets within a business

    4.1 calculate variances, identify possible causes and recommend corrective action

    4.2 prepare an operating statement reconciling budgeted and actual results

    4.3 report findings to management in accordance with identified responsibility centres.

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