Learning Objectives

The “Basic Principles of Costing” unit requires you to have an underlying knowledge and understanding of the nature of a cost accounting system within an organisation and its component parts as well as an understanding of how it operates.

The “Provide Basic Cost and Revenue Information” unit allows candidates to demonstrate the skills they have acquired in using the cost system to record or extract data and providing information on actual and expected costs.

It should be stressed that these two units provide an introduction to costing and are looking to develop basic skills that you will build upon in later studies.

Learning Outcomes

Basic principles of costing (knowledge)

• Demonstrate an understanding of the cost recording system within an organisation.
• Recognise the component parts of a cost recording system and how this operates.

Provide basic cost and revenue information (skills)

• Use the cost recording system to record or extract data.
• Provide information on actual and expected costs.