1.1 Explain the purpose and scope of cost and management accounting

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Learning outcomes Assessment criteria

1 Understand the purpose and scope of cost and management accounting

1.1 Explain the purpose and scope of cost and management accounting

2 Understand the application of financial accounting

2.1 Analyse the nature and purpose of the main financial statements

2.2 Describe the features of a basic set of company accounts

3 Understand the impact of internal and external factors on budgetary planning in a business

3.1 Analyse the need for long and short term budgetary plans in a business

3.2 Analyse the relationship between functional departments and responsibility centres

4 Understand how to manage a budget

4.1 Evaluate strategies used to manage budget variance and improve profitability

4.2 Analyse how management controls could be used to minimise budget deficit

1.1 Explain the purpose and scope of cost and mana