What do you learn in P1?
• Why costing is done and what it is used for, including appropriate costing methods and techniques and where digital costing might be used.
• How budgets are prepared and implemented across the organisation, the impact these have, and how techniques are applied to ensure sound short term decision making, against a backdrop of risk and uncertainty, by using appropriate risk management tools.
Cost Accounting for Decision and Control
9 StepsManagement Information
12m 05sManagement Information
5 QuestionsThe Costing System
07m 02sThe Costing System
5 QuestionsCost Classification
10m 07sCost Classification
5 QuestionsCost Behaviour
09m 02sCost Behaviour
5 QuestionsModule Summary Notes
Application of Costing Methods
21 StepsOverheads and Absorption Costing
12m 02sOverheads and Absorption Costing
5 QuestionsAbsorption Costing and Under/Over Absorption
10m 32sAbsorption Costing and Under/Over Absorption
5 QuestionsMarginal Costing
06m 23sMarginal Costing
5 QuestionsAC and MC - Calculation of Profits/Losses
09m 01sAC and MC - Calculation of Profits/Losses
5 QuestionsAC and MC - Reconciliation of Profits/Losses
09m 13sAC and MC - Reconciliation of Profits/Losses
5 QuestionsMarginal Costing Vs Absorption Costing
10m 21sMarginal Costing Vs Absorption Costing
5 QuestionsMark-up & Margin
01m 37sMark-up & Margin
5 QuestionsActivity Based Costing
17m 29sActivity Based Costing
5 QuestionsJoint Products and By-Products
14m 55sJoint Products and By-Products
5 QuestionsThroughput Accounting
08m 17sThroughput accounting
5 QuestionsModule Summary Notes
Variance Analysis
27 StepsStandard Costing
08m 25sStandard Costing
5 QuestionsSales Variances
05m 18sSales Variances
5 QuestionsSales & Mix Price Variances
06m 54sSales & Mix Price Variances
5 QuestionsMaterials Variances
08m 09sMaterials Variances
5 QuestionsLabour Variances
08m 17sLabour Variances
5 QuestionsVariable Overhead Variances
06m 17sVariable Overhead Variances
5 QuestionsFixed Overhead Expenditure and Volume Variances
07m 26sFixed Overhead Expenditure and Volume Variances
5 QuestionsFixed Overhead Capacity and Efficiency Variances
07m 25sFixed Overhead Capacity and Efficiency Variances
5 QuestionsPlanning and Operational Variances
13m 28sPlanning and Operational Variances
5 QuestionsReconciling Budgeted and Actual Profit
11m 13sReconciling Budgeted and Actual Profit
5 QuestionsBudgetary Control Reports and Variances Analysis
11m 47sBudgetary Control Reports and Variances Analysis
5 QuestionsVariances & Reconciliation: Full Case Study
26m 32sVariances & Reconciliation: Full Case Study (Question & Solution)
Performance Analysis
07m 29sPerformance Analysis
5 QuestionsModule Summary Notes
Budgeting and Budgetary Control
65 StepsPurpose of Budgets
02m 03sPurpose of Budgets
3 QuestionsIntroduction to Budgeting
06m 29sIntroduction to Budgeting
5 QuestionsSales and Production Budgets
05m 33sSales and Production Budgets
5 QuestionsMaterials and Labour Budgets
09m 42sMaterials and Labour Budgets
5 QuestionsOverhead Budgets
04m 28sOverhead Budgets
5 QuestionsBudgeted Statement of Profit or Loss
07m 01sBudgeted Statement of Profit or Loss
5 QuestionsExample Budget Preparation
09m 04sExample Budget Preparation
5 QuestionsMaster, Functional, Fixed and Flexible Budgets
03m 31sMaster, Functional, Fixed and Flexible Budgets
5 QuestionsFixed Budgets
06m 29sFixed Budgets
5 QuestionsFlexible Budgets
09m 20sFlexible Budgets
5 QuestionsBudgetary Control: Flexible Budgets & Variances
17m 06sBudgetary Control: Flexible Budgets & Variances
5 QuestionsFlexible Budgets and Variances: Example
09m 34sFlexible Budgets and Variances: Example (Question and Solution)
Flexible Budgets and Variances: Practice OTs
5 QuestionsBudgetary Control and Reporting
13m 30sBudgetary Control and Reporting
5 QuestionsCash Budgets
14m 44sCash Budgets
5 QuestionsCash Budget: Example
13m 42sCash Budget: Example (Question and Solution)
Cash Budget: Practice OTs
5 QuestionsCash Budgets and What If Analysis
08m 05sCash Budgets and What If Analysis
5 QuestionsSources of Information and Big Data
07m 02sSources of Information and Big Data
5 QuestionsBig Data and Data Analytics
10m 15sBig Data and Data Analytics
5 QuestionsRolling Budgets
03m 28sRolling Budgets
5 QuestionsIncremental and Zero Based Budgeting
05m 23sIncremental and Zero Based Budgeting
5 QuestionsActivity Based Budgeting
06m 05sActivity Based Budgeting
5 QuestionsBeyond Budgeting
10m 24sBeyond Budgeting
5 QuestionsFeedforward Control
04m 01sFeedforward Control
5 QuestionsBehavioural Aspects of Budgeting
11m 48sBehavioural Aspects of Budgeting
5 QuestionsHigh/low Method
11m 25sHigh/Low Method
5 QuestionsScatter Diagrams and Lines of Best Fit
07m 18sScatter Diagrams and Lines of Best Fit
5 QuestionsLinear Regression Analysis
15m 05sLinear Regression Analysis
5 QuestionsCorrelation and the Correlation Coefficient
15m 35sCorrelation and the Correlation Coefficient
5 QuestionsTime Series Analysis
07m 00sTime Series Analysis
5 QuestionsMoving Averages
12m 50sMoving Averages
5 QuestionsSeasonal Variations
07m 41sSeasonal Variations
5 QuestionsModule Summary Notes
Short-term Commercial Decision-making
13 StepsRelevant Costing
15m 26sRelevant Costing
5 QuestionsLimiting Factors
09m 34sLimiting Factors
5 QuestionsLinear Programming
10m 00sLinear Programming
5 QuestionsShadow Pricing
09m 02sShadow Pricing
5 QuestionsMake or Buy and Other Short Term Decisions
12m 02sMake or Buy and Other Short Term Decisions
5 QuestionsCost Volume Profit Analysis
14m 23sCost Volume Profit Analysis
5 QuestionsModule Summary Notes
Risk and Uncertainty in the Short Term
8 StepsDealing with Risk and Uncertainty in Decision-making - Part 1
08m 04sDealing with Risk and Uncertainty in Decision-making - Part 2
14m 29sDealing with Risk and Uncertainty in Decision-making - Part 3
04m 29sDealing with Risk and Uncertainty in Decision-making - Part 4
11m 00sDealing with Risk and Uncertainty in Decision-making
5 QuestionsSummarising Data and Use of Normal Distribution Tables
12m 09sSummarising Data and Use of Normal Distribution Tables
5 QuestionsModule Summary Notes