Level 3 Diploma in Cost and Management Accounting

The overall aim of this qualification is to accredit candidates’ knowledge and understanding of the fundamental principles concerned in the determining the cost of labour, materials and overheads so as to accurately ascertain the cost price and selling price of goods and/or services

Within the qualification, candidates have the opportunity to gain knowledge of the need for company’s to prepare reports for management and to be able to understand the outcome of those reports. Candidates will also be able to calculate Gross Pay and Employer Wages Costs, and complete the necessary calculations associated with Stock Valuation and other material costs. Candidates will also be able to develop the skills necessary to prepare for the calculation of any variance from cost price to selling price and in usage and labour, and more complex calculations relating to Stock. Finally the candidate will be able to prepare analysis of the way the company is performing.

The qualification requires candidates to understand the terminology relating to the costs of materials, overheads and labour, and be able to record these in the Books and accounts of the business.