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AAT Level 2 Accounting Costing Accounting Finance Computerised
Intro To Basic Costing
  Bullet Point Costing is the ascertainment of cost
  Bullet Point It involves the determination of cost of goods and services and the relationship of these costs to sales and profits
  Bullet Point A costing system is used by a business to collect information about costs for planning and decision making
Training Video
Difference Between Management and Financial Accounting
  Management accounting   Financial Accounting  
Bullet Point Information is used within a business
Bullet Point No legal requirement
Bullet Point No requirement to comply with IAS
Bullet Point Focus on specific areas of an organisation's activities
Bullet Point Uses predetermined costs, estimates and budgets for decision making
Bullet Point Focuses on generating forecast & budget information
Bullet Point For both internal and external use
Bullet Point Often has a legal requirement
Bullet Point There is the need to comply with IAS
Bullet Point Concentrates on the organization as a whole
Bullet Point Uses historical data
Bullet Point Focuses on external reporting
Role of Management Accounting
  Bullet Point Planning
  Bullet Point Organising
  Bullet Point Controlling
  Bullet Point Decision Making
  Bullet Point Motivation
Features of Accounting
  Bullet Point Relevant for decision making
  Bullet Point Complete for its purpose
  Bullet Point Should be sufficiently accurate for its purpose
  Bullet Point It should be clear to the manager using it
  Bullet Point It should be timely
  Bullet Point It should be provided at a cost which is less than the value of the benefits it provides
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