ACCOUNTING LYCEUM - Accounting Tutorials

ACCOUNTING LYCEUM

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introduction to Cost and management accounting

9/11/2018

Objectives: At the end of this tutorial students should be able to do the following:

Define the following terms: cost accounting, management accounting and financial accounting.
Understand the need for management accounting.
Identify the role cost and management accounting plays in the manufacturing industry.
State the role cost and management accounting plays in the service industry.
Explain the differences between cost and management accounting and financial accounting.

Bank Reconciliation

2/27/2018

Objectives: At the end of this tutorial students should be able to do the following:

Define the term bank reconciliation.
State reasons why carrying out a bank reconciliation is important for a business.
Explain why at any given point in time the bank account balance of the business' cashbook may differ with the business' bank balance on the bank statement.
Update the business' bank balance in the cashbook.
Prepare a Bank Reconciliation Statement.

Preparing the Manufacturing account

2/23/2018

Objectives: At the end of this tutorial students should be able to do the following:

Distinguish between Direct Costs and Indirect Costs.
Recognize cost behavioral patterns and depict these patterns on a simple graph.
Calculate the Cost of Raw Materials Used in production.
Compute Prime Costs.
Identify factory overheads.
Compute Cost of Production.
Calculate the Cost of Completed Goods.