1. Basic Costing Homework Recap

2. Basic Costing Lesson 1 Chapter 1 - Introduction to basic costing systems

3. Objectives Identify sources of income and expenditure. Identify the 3 types of industry and explain what they are. Analyse the advantages and disadvantages of computerised recording versus a manual system. Explain the purpose and define the key characteristics of financial accounting. Explain the purpose and define the key characteristics of management accounting including how comparison can be made.

4. Types of Business Sole Trader Partnership Limited Company

5. Types of business transactions

6. Types of Transactions Cash / Credit Capital / Revenue

7. Define the following types of Industry Manufacturing Retail Service

8. Accounting Record Systems or What are the Advantages & Disadvantages?

9. Accounting Systems Financial Accounting Management Accounting

10. Financial Accounting Produce Financial Statements

11. Characteristics of Financial Accounting Using historical data Produced for outsiders Outsiders make the rules Must be accurate

12. Role of Management Accounts Decision making - Short, medium and long term. Planning – Short term plans – Budgets Control – Checking decisions are correct. Difference between actual and budget variances.

13. Types of Comparisons

14. Summary Lots of terminology to remember Types of transactions Types of industry Role of Financial Accounts Role of Management Accounts