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The relevant factor which affects the cost and revenue is volume only The volume of sales is equal to the volume of production Marginal Cost Equation Equations for elements of cost are as follows: Sales = Variable costs + Fixed Expenses ± Profit /Loss Or Sales – Variable Cost = Fixed Expenses ± Profit /Loss Or Sales – Variable Cost
Financial Accounting i About the Tutorial This tutorial will help you understand the basics of financial accounting and its Cost Accounting versus Financial
The cost concept stops any kind of manipulation while taking into account the net realizable value or the market value On the downside, this concept ignores the effect of inflation in the market, which can sometimes be very steep Still, the cost concept is widely and universally accepted on the basis of which we do the accounting of a
In this explanation of accounting basics, and throughout all of the free materials and the PRO materials, we will often omit some accounting details and complexities in order to present clear and concise explanations This means that you should always seek professional advice for your specific circumstances A Story for Relating to Accounting
1 Accounting Basics 2 Accounting for Special Transactions 3 Preparation of Final Accounts SECTION B: Fundamentals of Cost & Management Accounting [20 MARKS] 4 Fundamentals of Cost Accounting Section A : Fundamentals of Financial Accounting [80 marks] 1 Accounting Process (a) Accounting Principles, Concepts and Conventions
COST ACCOUNTING – INTRODUCTION TO COST ACCOUNTING [40 MARKS] 1 INTRODUCTION TO COST ACCOUNTING: (a) Definition, Scope, objectives and significance of cost accounting, its relationship with financial accounting and management accounting (b) Cost Objects, Cost centers and Cost Units (c) Elements of cost (d) Classification of costs 2