ID NO 719management acconting costing and budgeting final assignment Essay - 9590 Words

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ID NO 719management acconting costing and budgeting final assignment

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Table of Contents
ACKNOWLEDGMENT2
Lo1: Be able to analyse cost information within a business.3 1.1 classify different types of cost3
1.2 Costing Methods5
1.3 Cost using appropriate techniques6
1.4 Analyse cost data using appropriate techniques15
LO2: Be able to propose methods to reduce costs and enhance value within a business19 2.1 Prepare and analyse routine cost reports:19
2.2 USE PERFORMANCE INDICATORS TO IDENTIFY POTENTIAL IMPROVEMENTS21 2.3 Suggest improvements to reduce costs, enhance value and quality26 2.3 Suggest improvements to reduce costs, enhance value and quality28 LO3 BE ABLE TO PREPARE FORCASTED BUDGETS FOR BUSINESS.29

3.1 Explain the purpose and nature of the budgeting process29 3.2: There are different budgeting methods which are as follows30 3.3 prepare budget according to chosen budgeting method31
3.4 prepare a cash flow budget34
LO4: BE ABLE TO MONITOR PERFORMANCE AGAINST BUDGETS WITHIN A BUSINESS36 4.1 CALCULATE VARIANCE, IDENTIFY POSSIBLE CAUSES AND RECOMMEND CORRECTIVE ACTION.36 4.3 RESPONSIBILTY CENTERS44

ACKNOWLEDGMENT
The success of any task relies on the efforts made by person but it cannot be achieved without cooperation of other persons which are being helpful. So we would like to thank LONDON ST. ANDREW’S COLLEGE for giving me the opportunity of doing this project as special subjects and provides such as wonderful platform to represent ourselves as HND students. Our acknowledgement remains incomplete without great thanking to those people who provided us with invaluable help directly or indirectly in all form during our endeavours. As an institute side, it is our great pleasure to have this opportunity to express my regrets and sense of gratitude to my Faculties. It is due to their encouragement, valuable guidance and direction for this project work which would not be finished without their help. Ours deep sense of gratitude to all teaching and non-teaching staff of LONDON ST. ANDREW COLLEGE for their co-ordination. We delivered our special thanks to family members and friends for their constant support during the project.

Lo1: Be able to analyse cost information within a business.
1.1 classify different types of cost
The term cost means the amount of expense (actual or notional) incurred or an attributable to specified thing or activity. In other words we can say cost is measurement in monetary terms of the amount of resources used for the purpose of production of goods. Cost classified in two parts

i. Functional
material
labour
Factory overhead

ii. Behaviour
Fixed
Variable
Semi variable
Step cost
Functional cost
Cost associated with a specific business activity, such as selling, advertising, marketing research, etc. Material: - The main substance from which product is made known as material. It can be direct as well as indirect.

Direct material: - it refers to those materials which become major part of the finished product and can be easily traceable to the units. Direct material include: all material specifically purchased for a particular job/process. Indirect material: - all material which is used for purposes to production and which can be conveniently assigned to specific physical units as known as indirect material. Example, oil, greases consumable stores, printing and stationery material etc. Labour: - labour cost can be classified into direct labour and indirect labour.

Direct labour: - it defined as the wages paid to workers who are engaged in the production process whose time can be conveniently and economically traceable to units of products. For example wages paid to compositors in a printing press, to workers in the foundry in cast ironworks etc. Indirect labour: - labour employed for the purpose of carrying tasks incidental to goods or services provided, is indirect labour. It can be practically traced to specific units of output. Example wages of... Show More

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