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By the end of the lesson, you will be able to:

Understand various types of materials used in inventory management and the valuation methods associated with them.

Analyse cost-related issues in inventory management, assess adherence to inventory control policies, and report findings accordingly.

Differentiate between costs in manufacturing accounts, create a manufacturing account, and calculate labour payments for various scenarios, such as time rate, overtime, piecework, individual tasks, and team-based work.

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Check out this Presentation designed by Hannah Page.

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By the end of this session, you will be able to:

Understand inclusion of overheads in product cost and calculate absorption rates for unit costing.

Calculate total and unit costs based on various levels of output.

Learn budgeting techniques and analyse variances in overhead costs.

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Join a game of kahoot here. Kahoot! is a free game-based learning platform that makes it fun to learn – any subject, in any language, on any device, for all ages!

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20th May Principles of Costing by Hannah Page

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Kaplan test your understanding - Materials and Inventory

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Kaplan test your understanding - Materials and Inventory

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Kaplan practice questions - Overheads ANSWERS

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Kaplan practice questions - Overheads ANSWERS

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By the end of the lesson, you will be able to:

Understand different costing systems and their relevance within organisations.

Identify the relationships between costing and financial accounting systems.

Explain cost classification by element, nature, behaviour, and function to make informed decisions.

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Kaplan practice questions - Materials and inventory

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Kaplan practice questions - Materials and inventory

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BPP Activities - Introduction to costing systems worksheet

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BPP Activities - Introduction to costing systems worksheet

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By the end of this session you should be able to:

Enter and format data into specified cells, copy and paste cells and insert rows and columns.

Format cells, including: bold, italics, underline, merge, fill with colour, wrap text, text size and borders.

Format numbers, including: thousand separators, accountancy, percentages and decimals.

Use formulas to support cost calculations, including: addition (SUM), subtraction, multiplication and division

and answer questions relating to these areas.

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BPP Test your learning - Budgeting ANSWERS

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BPP Test your learning - Budgeting ANSWERS

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Kaplan practice questions - Materials and Inventory ANSWERS

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Kaplan practice questions - Materials and Inventory ANSWERS

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BPP Test your understanding - Introduction to costing

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BPP Test your understanding - Introduction to costing

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3rd June Principles of Costing - Spreadsheets by Hannah Page

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3rd June Principles of Costing - Spreadsheets

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Check out this Presentation designed by Hannah Page.

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Kaplan practice questions - Introduction to costing systems

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Kaplan practice questions - Introduction to costing systems

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AAT Revision Sessions with our expert tutors

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AAT Revision Sessions - Join our team of experienced tutors for our online revision courses and maintain your AAT knowledge.

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Kaplan - Labour costs - Test your understanding

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Kaplan - Labour costs - Test your understanding

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Kaplan Test your understanding - Introduction to costing systems

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Kaplan Test your understanding - Introduction to costing systems

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Download and save to your computer to edit

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From Monday 15 th April 2024, the Principles of Costing assessment will only accept spreadsheet formulas in certain stipulated formats. This is to enable the assessment to be fully computer-marked. It is important to understand that just because something works in Excel, doesn't mean it will be marked correct in your assessment!

The guidance, which can be accessed via the references panel in the assessment, is as follows:

You should:

Manually enter cell references to relevant figures in the table.

Use standard round brackets ( ) where relevant.

You should not:

Use directly entered numbers in place of cell references.

Use PRODUCT in formulas for multiplication.

Use individual cell references (e.g. B1+B2+B3) within SUM functions.

Include unnecessary positive/negative signs to modify a calculation.

Include unnecessary spaces or commas.

Include unnecessary zeroes within cell references, e.g. A01 instead of A1.

Include additional cell references not relevant to the calculation.

Let's explore this in more detail by thinking about the types of formula you may need to use.

If you need to add up a list of cells, it would be acceptable to use the + key, for example =A1+B1+C1.

It would also be acceptable to use the SUM function, for example =SUM(A1:C1).

However, it would not be acceptable to combine the two. For example, =SUM(A1+B1+C1) would not be acceptable, because =SUM is unnecessary in this formula.

Similarly, you should not use commas in a SUM formula. For example, =SUM(A1,B1,C1) would not be acceptable.

Note: Only addition calculations should begin with =SUM. You should not use the Sum function for subtraction, multiplication or division.

Subtraction

You need to avoid using unnecessary positives or negatives to begin or modify your formulas.

Rearrange your calculation to find the simplest way of expressing it. For example, =C1-B1 would be acceptable, but =+C1-B1 and =-(B1-C1) would not be acceptable, because these are unnecessarily long-winded.

Multiplication

The assessment will accept the cells being entered in different orders. For example, =A1*B1 and =B1*A1 would both be correct.

There is a function in Excel called =PRODUCT which multiplies all the referenced cells together. You should not use this in any of your formulas.

We often use division when we are calculating one number as a percentage of another. If you are calculating a percentage, you need to remember to multiply it by 100. For example, to calculate C1 as a percentage of A1, you would need to enter =C1/A1*100.

This differs from Excel, where you do not need to multiply by 100, so be careful! You should always sense-check the answers to your formulas.

General Guidance

Your formulas will be marked wrong if they include:

unnecessary spaces

commas

square brackets [ ] or curly brackets { } - you must use ( )

numbers in place of cell references - e.g. =A1*50

redundant references to cells not required for the calculation

adding 0s to cell references - e.g. A01, rather than A1

Sometimes you will be asked NOT to use a formula in a particular cell. In this case, work out the answer on your calculator and type the number in.

On the AAT Lifelong Learning Portal, you will find a "Spreadsheet simulation familiarisation resource" and the practice assessments for this unit. It is essential that you use these to familiarise yourself with the functionality of the spreadsheet simulation question type. Remember, it does not behave exactly like a spreadsheet so you need to be comfortable with how it works before you sit your assessment!

Listen to our Podcast.

Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.

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From Mon 15 April 2024, the Principles of Costing assessment will only accept spreadsheet formulas in certain stipulated formats.

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PCTN22 - BPP Practice Assessment 1 ANSWERS

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PCTN22 - BPP Practice Assessment 1 ANSWERS

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Email - hp2008@tiscali.co.uk     Password - Burton23!!

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Log in to use BPP resources available for all exams

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Log in to use BPP resources available for all exams

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Kaplan questions - Principles of Costing

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Kaplan questions - Principles of Costing

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AAT Principles of Costing (PCTN)

Get ready for your Principles of Costing assessment with our high-quality study materials. Whether you want to purchase all the items in one pack, or as individual items, you can be confident with our expert materials.

Written by expert tutors

Exam focused

Student friendly

Supported with FREE online materials

Includes Mock Assessments in books and online

Study Text

The AAT Principles of Costing Study Text introduces you to cost recording systems within an organisation, how to use cost recording techniques, how to provide information on actual and budgeted costs and income, and how to use tools and techniques to support cost calculations. It contains all course content, written by subject matter experts.

Exam Kit

The AAT Principles of Costing Exam Kit complements the Study Text, providing exam-style questions about cost recording systems within an organisation, cost recording techniques, actual and budgeted costs and income, and the tools and techniques to support cost calculations. Ideal for getting exam ready.

Pocket Notes

The AAT Principles of Costing Pocket Notes supplements the Study Text and Exam Kit, by providing a pocket-sized overview of the key course content.

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AAT Principles of Costing | Kaplan Publishing

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Books and materials for AAT Level 2 Certificate Principles of Costing. Including essential study materials, Study text book, exam kit and pocket notes.

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BPP Test your learning - Variances ANSWERS

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BPP Test your learning - Variances ANSWERS

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BPP Test your learning - Cost classification

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BPP Test your learning - Cost classification

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Kaplan questions - Principles of Costing - ANSWERS

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Kaplan questions - Principles of Costing - ANSWERS

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PCTN22 - BPP Practice Assessment 2 ANSWERS

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PCTN22 - BPP Practice Assessment 2 ANSWERS

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Osborne Principles of Costing test 1 - Online questions

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Osborne Principles of Costing test 1 - Online questions

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Osborne Books | Elements of Costing Test One | Online questions | Q1

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Ridgeway Ltd is a manufacturer of garden toys. Classify the following costs by nature (direct or indirect) and indicate your choice in the correct column of the table below.

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BPP Labour costs - Test your learning ANSWERS

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BPP Labour costs - Test your learning ANSWERS

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Kaplan practice questions - Cost classification

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Kaplan practice questions - Cost classification

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Mock exam with answers and revision notes

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Mock exam with answers and revision notes

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Osborne Principles of Costing test 2 - Online questions

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Osborne Principles of Costing test 2 - Online questions

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Osborne Books | Elements of Costing Test Two | Online questions | Q1

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Decide whether each of the following statements is true or false.

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PCTN22 - BPP Practice Assessment 3 ANSWERS

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PCTN22 - BPP Practice Assessment 3 ANSWERS

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Kaplan practice questions - Budgeting and variances

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Kaplan practice questions - Budgeting and variances

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Kaplan practice questions -  Labour costs 

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Kaplan practice questions -  Labour costs 

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Kaplan Test your understanding - Cost classification

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Kaplan Test your understanding - Cost classification