Managerial accounting

Strategic planning

Long term often carried out by directors

Managerial planning

Short to medium term planning carried out5 by middle level managers

Operational managing

Short term for day to day

Costing

The process of determining the costs of products, processes and services

Weigh the costs against the benefits

Classifying costs

An amount of expenditure on a defined activity

Element, nature, function, behaviour

Functions

1. Production/ manufacturing

2. Non production

3. Selling

4. Distribution

5. Research and development

6. Finance

Stepped fixed costs

Costs which do not change within relevant range but change beyond this

Semi variable

Costs which have a fixed and variable component

Full costing

Finds the cost per unit produced, the cost of providing a service or the cost of undertaking a job