Acca Study Text: Level 1 Paper 1.2 - Cost and Management Accounting 1 (4/90)

Syllabus and study guide. Part 1 Introduction to cost and management accounting: the functions of cost and management accounting; elements of cost and cost classification; cost behaviour. Part 2 Cost determination: material control; labour cost control and remuneration schemes; overheads and absorption costing; accounting for costs - control accounts. Part 3 Costing methods: job and batch costing; contract costing; process costing; process costing - joint products and by-products; service costing. Part 4 Profit reporting: stock valuation; marginal costing. Part 5 Budgetary planning and control: preparation of budgets; flexible budgets and budgetary control. Part 6 Standard costing and variance analysis: standard costing; variance analysis. Part 7 Costs for decision making: breakeven analysis; costs for decision making.