Assessment Guide (Accreditation of Prior Learning)
The Accreditation of Prior Learning Scheme is designed to provide formal assessment of understanding of practical Accountancy and Financial Management skills. Standards of Competence. The
Accreditation of Prior Learning (APL)
Accreditation of Prior Learning (APL) is widely used in the UK University and College sectors. The Chartered Management Institute (CMI) use the technique when assessing
Working Capital Control
Working capital is a key element in business success. Successful business is about investing in the right ideas, the right equipment, and the right people.
Target Costing
Much literature cities Japanese companies developing and using target costing; Toyota, Honda and Nissan are such examples. In the US Caterpillar and Chrysler are examples
Zero Base Budgeting
Zero Base/ Priority Base Budgeting is defined in CIMA terminology as: “A method of budgeting whereby all activities are re-evaluated each time a budget is
IAS 7 Statement of Cashlows
The notion of cash flow and funds flow has been included in accounting standards for almost three decades. For example in the UK, SSPA 10
Fundamentals of the Law of Contract
Introduction: Contracts are usually legal binding agreements and form part of both business and personal commitments. Contracts all contain terms and conditions which gives the
Benchmarking and Balance Scorecard
Benchmarking The term benchmarking has become fashionable in management culture and is now widely used in board-rooms throughout the UK. Johnson and Scholes, in their
Controlled Behaviour
Professor Philip Dunn explains the behavioural aspects of budgetary control. Finance Staff together with Budget users need an awareness of how behaviour patterns are often shaped by the budgeting process, and why behavioural aspects are more to the fore in budgetary control than any other technique in management accounting.
CIMA’s definition of a budget is “a plan expressed in money. It is prepared and approved prior to the budget period and may show income expenditure and the capital to be employed. It may be drawn showing incremental effects on former budgeted or actual figures or complied by zero-base budgeting.”
Activity Based Costing
Allocation of overhead is one of the problems that bedevils any form of costing. And the more sophisticated the business, the more difficult or arbitrary those allocations seem.
Businesses need to know the cost of their product so as to control those costs and get their pricing right. And adding up the raw material and cost of direct labour needed to manufacture a product may be relatively straightforward.