AAT3 Costs and Revenues

Descrição

Flashcards describing the different elements costs can fall into...for costs and revenues unit
Liz Barraclough
FlashCards por Liz Barraclough, atualizado more than 1 year ago
Liz Barraclough
Criado por Liz Barraclough quase 10 anos atrás
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Resumo de Recurso

Questão Responda
Variable Costs change with level of production
Fixed costs are constant and do not change with production
Stepped fixed costs change with level of production but in a stepped manner
Semi-variable costs have an fixed element and variable element, for example, you may pay for telephone rental but then costs vary with use
Direct Costs Traceable directly to a cost unit made up of: Direct material Direct Labour Direct Overheads The total of these is called the prime cost per unit
Indirect costs Indirect Costs are those that cannot be identified with any one finished unit. Indirect material – cleaning products Indirect Labour – the production line supervisor Indirect Overheads – rent, rates, electricity
Production Costs Cost of Sales are also known as production costs. This category could include production labour, materials, supervisor salaries and factory rent
Non-production costs Non-production costs includes distribution such as sales team commission and delivery costs. Administrative costs are also classified as non-production costs such as head office costs, IT support, HR support and accountants.

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