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Accounting For Material
1 students

Accounting For Material

UK ACCA FMA/MA Chapter 3
Created byNavkar Digital Institute
Last updated 3/2021
English
English [Auto],

What you'll learn

  • Students who wish to study ACCA FMA/MA subject
  • Students who wish to study Accounting for Material

Course content

1 section • 5 lectures • 6h 17m total length

  • Part 11:35:59

    Explore the end-to-end inventory flow: auditing, receiving, issuing, and valuation methods (fifo, lifo, weighted average); analyze inventory costs, economic order quantity, safety stock, and internal controls for stock management.

  • Part 21:12:08

    Learn to calculate economic order quantity (EOQ) and total inventory cost by balancing ordering and carrying costs, applying quantity discounts, and analyzing inventory cycles.

  • Part 31:13:35

    Calculate economic order quantity, compare total inventory cost under different quantity discounts, and determine reorder level, maximum and minimum inventory levels to optimize ordering and carrying costs.

  • Part 41:37:29

    Explore economic batch quantity and lot sizing, compare production vs ordering costs and carrying costs, and learn stocktaking, perpetual inventory, and valuation methods like fifo, lifo, and weighted average cost.

  • Part 538:09

    Apply weighted average cost to inventory, calculating a new rate after each receipt or issue, and manage material inventory with work in progress and production postings.

Requirements

  • None

Description

ACCA is one of the fastest growing association, of Chartered Accountants of UK. In this course, we are providing one of the subject, (Management Accounting) of its first level called as Knowledge Level. Management accounting helps managers within a company make decisions. Also known as cost accounting, management accounting is the process of identifying, analyzing, interpreting and communicating information to managers to help achieve business goals. You'll develop knowledge and understanding of management accounting techniques to support management in planning, controlling and monitoring performance in a variety of business contexts. Overall aim is to develop knowledge and understanding of management accounting techniques to support management in planning, controlling and monitoring performance in a variety of business contexts. The syllabus for Management Accounting (MA)/(FMA), introduces candidates to elements of management accounting which are used to make and support decisions. The syllabus starts by introducing the nature, the source and purpose of management information followed by the statistical techniques used to analyse data. Then the syllabus addresses cost accounting and the costing techniques used in business which are essential for any management accountant. The syllabus then looks at the preparation and use of budgeting and standard costing and variance analysis as essential tools for planning and controlling business activities. The syllabus concludes with an introduction to measuring and monitoring the performance of an organisation.

On successful completion of this exam, candidates should be able to:

A Explain the nature, source and purpose of management information

B Explain and analyse data analysis and statistical techniques

C Explain and apply cost accounting techniques

D Prepare budgets for planning and control

E Compare actual costs with standard costs and analyse any variances

F Explain and apply performance measurements and monitor business performance.


You will study in this course Chapter 5 - Accounting for Material

Who this course is for:

  • Students who wish to study ACCA FMA/MA subject
  • Students who wish to study Accounting for Material

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