Business Studies·The accounting function · NSSCO 2.4
The accounting function & the classification of costs
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Every business, from a tiny spaza shop to a big company, has money coming in and money going out. The accounting function is the part that records, plans and controls all of it. In this lesson we meet the role of the accounting function, then sort costs into fixed and variable, and direct and indirect — and we work out total cost, unit cost and marginal cost on the board, step by step, using a small Namibian bakery.
What you'll learn in this lesson
By the end you should be able to (NSSCO Business Studies 2.4):
- Explain the role of the accounting function in the planning and control of business activity
- Distinguish between various kinds of costs, explaining their nature and significance (fixed vs variable, direct vs indirect, unit, average, marginal and total)
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Miss Maria and Mike talk through the whole topic — with the figure and working drawn live.