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Agnes Sopel
Apr 16, 20237 min read
Standard cost system and understanding accounting variances for non-accountants
Variance analysis is concerned with comparing performance against the short-term business targets. Short term performance is very...
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Agnes Sopel
Apr 11, 20232 min read
Budgeting and forecasting
Businesses use budgeting processes in order to plan how to allocate resources in different business areas. In many cases business may...
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Agnes Sopel
Apr 11, 202311 min read
Budgeting - flex budgets
Budgets help managers run the business. They provide means for assessment whether actual performance was as planned and, if not, what are...
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Agnes Sopel
Apr 9, 20234 min read
Direct costs - the basics
Cost accounting involves collecting detailed financial data and recording on that data. The data may be extracted from the books,...
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Agnes Sopel
Apr 9, 20234 min read
Indirect costs - calculating non-production overheads
In my previous blog I was providing information on the apportionment and absorption of production overheads. Many companies, however,...
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Agnes Sopel
Apr 9, 20236 min read
Indirect costs - calculating production overheads
As managers we need to know about cost accounting for various reasons. Mainly to achieve a greater control over what we are employing, to...
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Agnes Sopel
Apr 8, 202311 min read
Job costing and activity costing - deriving full costs
Full (absorption) costing is a widely used approach that takes into consideration of all the costs of producing a particular product or...
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Agnes Sopel
Apr 2, 20239 min read
Break-even analysis and marginal analysis
What relevance has cost when making management decision? We know that not all costs may be relevant to it. We must, therefore, separate...
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Agnes Sopel
Mar 28, 202317 min read
Analysing and interpreting financial statements
Use of ratios can help to assess the financial performance and position of a business. There are also several problems encountered when...
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Agnes Sopel
Mar 6, 202312 min read
Company accounts interpretation and ratios
The numbers and other information in the accounts tell only part of the story, but there are also hidden meanings that we need to...
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Agnes Sopel
Mar 4, 20234 min read
Statement of cash flows
The statement of cashflow is prepared as an important management tool by all businesses. Businesses need to have clear and realistic cash...
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Agnes Sopel
Mar 4, 202310 min read
Income statement - profit and loss
Income statement should tell us about the results of company's activities over specific accounting period. It shows what revenues have...
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Agnes Sopel
Mar 1, 202311 min read
Expenditure and balance sheets
Types of expenditure Reporting of financial information falls on business owners to comply with regulations. Each of business statements...
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Agnes Sopel
Jan 29, 20235 min read
Types of business entity and financial statements
Business entities evolve either within manufacturing or in providing services. There are profit making organisations, non-profit...
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Agnes Sopel
Jan 29, 20237 min read
The importance of accounting and finance - financial concepts
Finance and accounting are essential elements of business life. It protects the owners of the business and the public. These are wide...
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Agnes Sopel
Jan 23, 20238 min read
Measuring and reporting financial position - The Balance Sheet
The major financial statements meant to present the financial position of a business. To achieve this the accountants will generally...
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Agnes Sopel
Jan 16, 20234 min read
What are accounting and finance?
Accounting is concerned with collecting, analysing and communicating financial information. It is to help those using the information to...
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Agnes Sopel
Jan 15, 20233 min read
Balance Sheets, Income Statements and Balance of Cash Flows
Shareholders, creditors or investors need reliable information in regards to the business financial performance. They can then make...
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Agnes Sopel
Jan 15, 202325 min read
Medical Device QMS - ISO13485:2016 requirements
Introduction As with every Quality Management System, we need to understand the standard and how it relates to our processes. We need to...
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Agnes Sopel
Dec 10, 20222 min read
Shifting from reactive to process-driven approach in conflict resolution
Since the introduction of employment tribunal fees the claims have declined significantly. Thus employers feel that the power balance...
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