basic costing homework recap. basic costing lesson 1 chapter 1 - introduction to basic costing...
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Basic Costing
Homework
Recap
Basic Costing
Lesson 1 Chapter 1- Introduction to basic costing systems
ObjectivesIdentify sources of income and expenditure. Identify the 3 types of industry and explain
what they are.Analyse the advantages and disadvantages of
computerised recording versus a manual system.
Explain the purpose and define the key characteristics of financial accounting.
Explain the purpose and define the key characteristics of management accounting including how comparison can be made.
Types of BusinessSole Trader
Partnership
Limited Company
Types of business transactions
Types of Transactions
Cash / Credit
Capital / Revenue
Define the following types of Industry
Manufacturing
Retail
Service
Accounting Record Systems
or
What are the Advantages & Disadvantages?
Accounting Systems
Financial Accounting
Management Accounting
Financial AccountingProduce Financial Statements
Characteristics of Financial Accounting
Using historical data
Produced for outsiders
Outsiders make the rules
Must be accurate
Role of Management Accounts
Decision making - Short, medium and long term.
Planning – Short term plans – Budgets
Control – Checking decisions are correct.
Difference between actual and budget variances.
Types of Comparisons
SummaryLots of terminology to remember
Types of transactions
Types of industry
Role of Financial Accounts
Role of Management Accounts