This module starts by re-visiting product costing, before moving on to activity-based, process, joint and by-product costing.  The next part of the module focuses on budgeting and related issues.  Finally we address standard costing and variance analysis.

By the end of the module the student will be able to:

• prepare product costs using both the traditional and activity based approaches;
• apply costing techniques to organisations engaged in process production and be able to prepare process, normal loss, abnormal loss and abnormal gain accounts; and value closing stock of work-in-progress using different stock valuations methods;
• present relevant financial information for decisions relating to joint and by-products;
• demonstrate knowledge and understanding of the roles of budgetary control systems in different types of organisations and be able to prepare various budgets;
• demonstrate knowledge and understanding of the role of standard costing techniques and be able to prepare variance analysis statements;
• evaluate the limitations of budgetary control and standard costing systems in today's dynamic business environment.