Management accounting techniques
Microeconomic techniques:
What is meant by cost? Different costs and cost analysis.
Cost-volume profit, flexible budgeting and cost variances.
Applying absorption and marginal costing.
Product costings:
Fixed and variable costs, cost allocation.
Normal and standard costing, activity-based costing and the role of costing in setting price.
Cost of inventory:
Definition and meaning of inventory costs and different types of inventory costs.
The benefits of reducing inventory costs to an organisation.
Valuation methods.
Cost variances.
Overhead costs.