MODULE 1: COSTING AND PRICING

Understanding pricing policies and influencing factors

Differentiating between fixed, variable, and total costs

DEMONSTRATE AN UNDERSTANDING OF THE RELATIONSHIP BETWEEN COSTS, REVENUE AND PROFITS.

Analysing the impact of pricing decisions on profitability

Financial management for new ventures

Cash flow management and working capital

Establishing and maintaining an effective accounting system

Analysing income statements and balance sheets

Developing and managing budgets in a business environment

Identifying and controlling business expenditure

Monitoring actual expenses against budget

Apply mathematical analysis to economic and financial information

Appropriate methods are selected for collecting, recording and organising financial and/economic data.

Financial and demographic relevant to the unit are collected.

Making informed business decisions based on financial data

Manage the finances of a unit

The accounting cycle is explained by means of a diagram.

Supervising financial management within a business unit

Interpreting financial reports to monitor progress and implement changes