• Explain the purpose of gathering information and discuss the different methods of collecting data.

  
  

• Identify the various types of information collected and demonstrate the ability to develop a plan for collecting data. 

• Understand what cost centres are 

  
  

• Identify the various types of cost centres commonly used in organizations.

  
  

• Understand how costs are allocated to cost centres and why this is crucial for managing expenses.

  
  

• See how cost centres play a role in budgeting and evaluating performance within a company.

• Identify the different cost classifications by function.

  
  

• Explain how to differentiate between fixed and variable costs.

  
  

• Analyse how cost classifications by function relate to an organisation's budget

• define costing and understand its significance in business operations.
•  understand the role of costing information in pricing, budgeting, and product/service evaluation. 
• Discuss techniques for managing costs effectively and improving profit within a business

• Understand the concept of cost and the importance of tracking and managing expenses in business.

• Understand how the information helps to make informed decisions, particularly in pricing, budgeting, and resource allocation.

• Understand the concept of costs by nature.

• Understand the different types of costs classified by their nature.

• Identify and categorise costs according to their nature.

• Define and explain the concept of costing by behaviour.

• Identify and classify costs based on their behaviour as fixed, variable, or semi-variable.

• Understand how cost behaviour affects the total cost incurred by a business.

• Analyse the relationship between cost behaviour and volume of activity.

• Understand coding in bookkeeping.

• Calculate costs in bookkeeping.

• Identify ways coding impacts financial tracking.

  
  

and answer questions relating to these areas.

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

• Understand the layout of manufacturing accounts

• Recognise the different components that make up the manufacturing accounts.

• Demonstrate the ability to analyse and interpret manufacturing accounts, including calculating key performance indicators like cost per unit, cost of goods sold, and gross profit.

• Understand the different types of labour payments

• Calculate labour payments for: time-rate, overtime and piecework.

  
  

and answer questions relating to these areas.

• Recap over the different types of labour payments we covered in last weeks session.

• Calculate labour payments for: Piecework, piecework with guarantee and bonus schemes.

and answer questions relating to these areas.

• Understand how overheads are included within product cost

• Calculate overhead absorption rates to arrive at a unit cost

• Calculate total and unit costs at different levels

  
  

and answer questions relating to these areas.

• Understand the difference between fixed and flexible budgets

• Prepare budgets for single product organisations

• Understand what budget variances are and why they are important

• Calculate budget variances and state whether they are favourable or adverse

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

• Understand inventory must be valued in relation to the cost of purchase

• Be able to value inventory by the three methods used in this unit

  
  

• Recap over the different types of labour payments we covered in last weeks session.

• Calculate labour payments for: Piecework, piecework with guarantee and bonus schemes.

and answer questions relating to these areas.