Accounting Lecture Notes 14

Accounting Lecture Notes 14 - Lecture 14 Full Costing...

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    Lecture 14 Full Costing Learning objectives: By the end of the lecture  you should be able to: Explain the key terms cost centres and cost  objectives Distinguish between direct and indirect costs Undertake  allocation and apportionment  of  overheads Calculate the full cost of a product using  Absorption costing Explain and describe Activity Based Costing
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    Resources on Moodle Understand management accounting Introduction and accounting for overheads Practice questions…please try them! Read Chapter 8 Atrill and McLaney Also read additional lecture notes on Moodle Assessment Quiz 3… Chapters 7 and 8  All this terms work will examined More calculations… 20 multiple choice questions  in one hour
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Key Terms Key Terms Cost objective (cost unit) Cost objective (cost unit) What are we costing? What are we costing? Manufacturing sector costs  Manufacturing sector costs  products products Public sector mainly  Public sector mainly  service service University may cost a course University may cost a course Restaurant  Restaurant  ….meal ….meal Costing an activity Costing an activity
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Key Terms Key Terms Cost centre Cost centre A department for which costs are collected A department for which costs are collected A factory  A factory  School of Management School of Management But may include smaller segments But may include smaller segments E.g. Factory ( canteen, machining department, finishing  E.g. Factory ( canteen, machining department, finishing  department) department) School of management ( Undergraduates, Post graduates,  School of management ( Undergraduates, Post graduates,  Accounting ,marketing, international business) Accounting ,marketing, international business) Some cost centres are service departments others are  Some cost centres are service departments others are  core production departments core production departments
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Accounting Lecture Notes 14 - Lecture 14 Full Costing...

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