Cost Classification – by Element (2)

Costs can be split into three elements: Materials – these will include raw materials for a manufacturer, costs of goods to beresold in a retail organisation or service items or consumables to be used within abusiness operation. Labour – these will include all salary and wages costs to employees, includingovertime, commissions and bonuses. Other expenses … Read More

Cost Classification – by Function (1)

This is a classification that represents costs in respect of why the cost was incurred. For financial accounting purposes, costs are split into production and non-productioncosts: Production costs – this is also known as “cost of sales”. This category would includeproduction labour costs, materials, factory supervisor salaries, factory rent. Theseare any costs which are directly … Read More

The Finance Function

The accounts department carries out several different tasks and activities with the aimof keeping accurate records of the company’s operations in monetary terms. It has tokeep records of all the business operations which is used to prepare the statutoryfinancial statements, which will be made up of the statement of profit or loss and thestatement of … Read More

Clothing Donation Week 2025!

Help the homeless an the vulnerable in the local community by donating to our clothing donation week! Donated clothing items will be dropped off on July 7th to our local charity shop, where funds raised from their sale will go to aiding charitable causes. Use the following link to donate via PayPal: https://www.paypal.com/ncp/payment/TA6RVUMJ5LW9L We appreciate … Read More