At Program completion, participants will be able to:
- Understand the concepts and the roles of the Cost Accounting
- Understand the difference between the Absorption Costing, Marginal Costing and identify the Break Even.
- Design and implement the process costing system and understand the limitation of traditional costing system
- Allocate of common costs, using different methods
- Distinguish between the joint products and byproducts and methods of apportioning of the joint costs
- Analyze the costs for the purposes of managerial planning, control and decision making
- Cost accounting is considered the process of the collection, preparation, measurement, analysis, and communication of financial information. Cost accounting helps provide financial information used to equip managers with information needed for decision-making which improves the accuracy of decisions and enable them to control and manage resources.
- As a result the cost accounting is used to effectively control operations.
- Top management is keeping a sharp eye on where every pound goes. This program provides you with all the tools and information to put the best practices of cost accounting to work for your company.
Cost Management Terminology and Concepts
- Cost accounting vs. Management Accounting
- Broad Categories of costs
- Cost Behavior, Cost Objects, and Cost Driver
- Cost of planning, control and decision making.
- Cost of Goods Sold and Cost of Goods Manufactured for merchandising & manufacturing
Cost Accumulation Systems
- Job-Order Costing
- Process Costing Systems for Manufacturer.
- Activity-Based Costing (ABC) & Activity- Based Management (ABM)
- Life Cycle costing & Value Chain (Life-Cycle) for Manufacturer.
Cost Allocation Techniques
- Using variable and absorption costing to determine value of inventory, cost of goods sold, and operating income.
- Joint product and by product costing and concepts of split-off-point and separable costs
- Allocate the cost of service departments, such as information technology to production division or departments
- Determine appropriate allocation base for Variable & Fixed overhead expenses
- Break even analysis
- Profit performance and alternative operating levels.
- Product mix in case of constraint
- Make versus buy.
- Sell or process further
- Add or drop a segment
About High Professional Advisors (HPA)
hpa was founded in 2004 as a joint stock company and is one of the leading companies specialized in the fields of training, consultancy, and recruitmentSee all High Professional Advisors (HPA) courses