Elements of Cost
The subjects covered in Elements of Cost are:
Materials – Stock Control Levels, Materials Issues, Evaluating Closing Stocks
Labour – Remuneration methods, Time-based, Premium schemes, staff turnover
Overheads – Allocation of overheads, apportionment methods, absorption methods, over and under absorbed overheads
Manufacturing account – format and calculations
Cost Accounting Methods
The subjects covered in Cost Accounting Methods are:
Marginal Costing – Fixed and Variable Costs, Semi-variable Costs, Contributions and C/S% ratio, decision-making techniques, breakeven charts
Job Costing – Job cost estimates, Job Accounts and Job Profit Statements
Contract Costing – Contract Accounts, Notional Profits, Attributable Profits calculations
Process Costing – Process Accounts, Abnormal Gains and Losses, Valuing work in progress techniques
Activity Based Costing – Classifying Costs into activities, absorbing overheads using ABC
Cost bookkeeping – Integrated Accounts, Interlocking Accounts, Reconciliations
Planning and Control
The subjects covered in Planning and Control are:
Marginal Costing
Standard Costing – Setting Standards, Production and Sales Variances, Performance Indicators, Standard Cost Bookkeeping
Budgets – Preparing a Sales Budget, preparing a Production Budget, Flexible Budgets, Cash Budget
Investments decisions – Net Present Value, Internal Rate of Return, Payback Method, Accounting Rate of ReturnRatios – Profitability Ratios, Liquidity Ratios, Activity Ratios, MAT’s, Index Numbers, Seasonal Variations
