January 2023

Differences between Financial Accounting and Cost and Management Accounting

By |2022-09-15T12:32:29+02:00January 24th, 2023|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Differences between Financial Accounting and Cost and Management Accounting

  • We have already looked at the basics and definition of both:
  • Financial Accounting as well as
  • Cost and Management Accounting in the post here
  • Here we will looked at a summarised version between the two:
  • Remember […]
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Inventory valuation methods: AVCO: Example Question

By |2022-09-15T12:32:20+02:00January 24th, 2023|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: Weighted Average Cost(AVCO): Example Question

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Absorption Costing: Over and Under-absorption

By |2022-09-15T12:30:39+02:00January 24th, 2023|Cambridge AS A Level Accounting, Notes, ZIMSEC A Level Accounting|

Cambrige AS and A Level Accounting Notes (9706)/ ZIMSEC  Advanced Accounting Level Notes: Over and Under-absorption

  • As has been said before overhead absorption rates are calculated in advance
  • The formula for getting an overhead absorption rate is:
  • \text{OAR=}\dfrac{\text{Budgeted Production Overhead}}{\text{Budgeted Level of Activity}}
  • The budgeted level of activity can be units,labour hours, machine hours etc
  • It is […]
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Introduction to costing terms

By |2022-09-15T12:32:29+02:00January 24th, 2023|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: AVCO: Solution to Example Question

By |2022-09-15T12:32:21+02:00January 24th, 2023|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: Weighted Average Cost(AVCO): Example Question

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Absorption Costing: Statement of Profit or Loss Example

By |2022-09-15T12:30:37+02:00January 24th, 2023|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: Statement of Profit or Loss Example

  • We have already looked at the format of a Statement of Profit or Loss under Absorption Costing here
  • It is now time to look at an example

Example Question

Oakwood Manufacturing Ltd started in business on 1 January 20×8 […]

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Cost Behaviour: Fixed, Variable and Semi-variable costs

By |2022-09-15T12:32:28+02:00January 24th, 2023|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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Inventory valuation methods: Effects of different methods on profit

By |2022-09-15T12:32:19+02:00January 24th, 2023|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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Absorption Costing: Statement of Profit Worked Example

By |2022-09-15T12:30:36+02:00January 24th, 2023|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: Statement of Profit Worked Example

The Question

Zambe Ltd produces […]

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Types of Costs: Period, Opportunity, Sunk and Relevant costs

By |2022-09-15T12:32:28+02:00January 24th, 2023|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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