February 2025

Introduction to costing terms

By |2025-02-12T09:09:49+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Costing Terms

  • Before we get started with the actual costing process you need to get acquainted with various cost accounting terms and costing
  • It is important to note that this is not meant to be a glossary of all the terms in cost accounting
  • This is […]
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Inventory valuation methods: Effects of different methods on profit

By |2025-02-12T09:08:08+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Inventory valuation: Inventory valuation methods: Effects of different valuation methods on profit

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Cost Behaviour: Fixed, Variable and Semi-variable costs

By |2025-02-12T09:11:24+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Cost Behaviour: Fixed Costs, Variable Costs and Semi-Variable Costs

  • Costs can be classified in a number of ways
  • One way to classify costs is by behaviour
  • This involves determining how certain costs will vary according to the organisation’s level of activity
  • For example how rentals change […]
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Costing for Labour: Introduction

By |2025-02-12T09:11:01+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706): Costing for labour

  • In most entities the two largest expenses are usually material/purchases and labour
  • We have already looked at costing for materials (inventory) here
  • We will now examine the costing for labour
  • First we will look at the basic terms involved and different labour setups and scenarios of typical […]
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Types of Costs: Period, Opportunity, Sunk and Relevant costs

By |2025-02-12T09:13:54+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Types of Costs: Period, Opportunity, Sunk and Relevant costs

  • In addition to looking at how costs behaviour in relation to the level of activity ( units produced)
  • It […]
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Costing for Labour: Remuneration Methods

By |2025-02-12T09:11:54+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706): Costing for labour: Remuneration methods

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  • Now that we have examined the basics of labour within organisations
  • It is time to look at remuneration methods
  • There are three basic remuneration […]
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Direct materials, indirect materials and labour

By |2025-02-12T09:15:01+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Types of Costs: Direct materials, indirect materials and labour

  • It is important to point out at this stage that there are generally three types of entities:
    1. Manufacturing entities that make goods and sell them
    2. Merchandising entities that purchase goods and sell them for a profit […]
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Costing for Overheads: Introduction

By |2025-02-12T09:13:49+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Costing for Overheads: Introduction

  • A business needs to know the cost per unit of its products for many reasons
  • For example in order to be able to:
  • Value its inventory properly
  • Come up with an appropriate selling price so that they can ensure they are making […]
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Inventory valuation: Introduction

By |2025-02-12T09:18:43+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Inventory valuation: Introduction

  • It has already been pointed out elsewhere that there are several types of entities:
    1. Manufacturing entities that make goods and sell them
    2. Merchandising entities that purchase goods and sell them for a profit for example supermarkets
    3. Entities that provide services for […]
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Absorption Costing: Introduction

By |2025-02-12T09:18:36+02:00February 12th, 2025|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Absorption Costing: Introduction

  • As already said in the introduction to costing for overheads
  • Businesses need to know the cost of production for each unit of production
  • There are many reasons why a business would need to know this:
    1. To calculate a selling price that […]
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