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Published byFrancine Clarke Modified over 9 years ago
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Basic Costing Homework Recap
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Basic Costing Lesson 1 Chapter 1 - Introduction to basic costing systems
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Objectives Identify sources of income and expenditure. Identify the 3 types of industry and explain what they are. Analyse the advantages and disadvantages of computerised recording versus a manual system. Explain the purpose and define the key characteristics of financial accounting. Explain the purpose and define the key characteristics of management accounting including how comparison can be made.
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Types of Business Sole Trader Partnership Limited Company
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Types of business transactions
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Types of Transactions Cash / Credit Capital / Revenue
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Define the following types of Industry Manufacturing Retail Service
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Accounting Record Systems or What are the Advantages & Disadvantages?
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Accounting Systems Financial Accounting Management Accounting
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Financial Accounting Produce Financial Statements
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Characteristics of Financial Accounting Using historical data Produced for outsiders Outsiders make the rules Must be accurate
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Role of Management Accounts Decision making - Short, medium and long term. Planning – Short term plans – Budgets Control – Checking decisions are correct. Difference between actual and budget variances.
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Types of Comparisons
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Summary Lots of terminology to remember Types of transactions Types of industry Role of Financial Accounts Role of Management Accounts
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