Consider cost information both current and future. Cost data will be collected, compiled and analysed, and will be processed into information of use to management - Management Accounting - Assignment Research Paper

Academic Level: Under-Graduate, Masters
Subject Area: Management Accounting

Details:

Unit Aim

• In this unit learners will consider cost information both current and future. Cost data will be collected, compiled and analysed, and will be processed into information of use to management. The unit goes on to deal with budgetary planning and control, preparing forecasts and budgets and then comparing them to actual results. Learners will consider different costing and budgetary systems and will discuss the causes of resulting variances

Learning Outcomes

1. Collect and analyse cost information within a business
2. Propose methods to reduce costs and enhance value within a business
3. Prepare forecasts and budgets for a business
4. Monitor performance against budgets within a business

Assessment Criteria

1. Identify and classify different types of cost
2. Explain the need for, and operation of, different costing methods
3. Calculate costs using appropriate techniques
4. Collect, analyse and present data using appropriate techniques
5. Prepare and analyse routine cost reports
6. Calculate and evaluate indicators of productivity, efficiency and effectiveness
7. Explain the principles of quality and value, and identify potential improvements
8. Explain the purpose and nature of the budgeting process
9. Select appropriate budgeting methods for the organisation and its` needs
10. Prepare budgets according to the chosen budgeting method
11. Prepare a cash budget
12. Calculate variances, identify possible causes and recommend corrective action
13. Prepare an operating statement reconciling budgeted and actual results
14. Report findings to management in accordance with identified responsibility centres