The module will cover the following: The use of management accounting techniques in product costing (in job order and process production), by-product and joint product costing, budgetary control, and standard costing and variance analysis.
By the end of the module the student will be able to:
Apply costing techniques to organisations engaged in process production and be able to prepare process, normal loss, abnormal loss and abnormal gain accounts; and value closing stock of work-in-progress using different stock valuations methods.
Present relevant financial information for decisions relating to joint and by-products.
Understand the roles of budgetary control systems in different types of organisations and be able to prepare various budgets.
Recognise the limitations of budgetary control and standard costing systems in today's dynamic business environment.
2 hour unseen written examination (75%) continuous assessment (25%)