Introduction to Cost Accounting
Understanding the Basics of Cost Accounting Methods and applying those methods in fixed and flexible budget planning
Ratings 5.00 / 5.00
What You Will Learn!
- Determination of the Cost Related Terms such as Direct, Indirect, Fixed Variable and Overhead Costs & Cost Driver Rate
- Understanding the basics of Standard Cost and ABC Cost Accounting Methods with case studies
- Understanding the basics of Fixed and Flexible Budgeting with examples
- Identifying Cost Center and Cost Level Activities with Examples and Cost of Quality
- Understanding Cost Allocation and Cost Apportoinment with examples
Description
Cost accounting is involved with the following:
Determining the costs of products, processes, projects, etc. in order to report the correct amounts on a company's financial statements, and
Assisting management in the planning and control of the organization
Preparing special analyses that assists in making the best decisions
A significant part of cost accounting involves the unit cost of a manufacturer's products in order to report the cost of inventory on its balance sheet and the cost of goods sold on its income statement. This is achieved with techniques such as the allocation of manufacturing overhead costs and through the use of process costing, operations costing, and job-order costing systems
Cost accounting assists management to plan and control the business through budgeting for operations, capital budgeting for expanding operations, standard costing and the reporting of variances, transfer pricing, etc.
Special analyses includes cost behavior, cost-volume-profit relationships, make or buy decisions, selling prices for products, activity-based costing, and more.
This course will include the following sections with examples:
Identifying Cost Related Terms such as Fixed Cost, Variable Cost, Semi-Variable Cost, Direct Cost, Indirect Cost, Overhead Costs, Material Costs, Cost Driver Rate
Determining and understanding most fundamental Cost Accounting Methods
Standard Costing with examples
ABC Costing with examples
Lean Accounting with examples
Marginal Costing with examples
Examples and case studies
Identifying Cost Centers, Cost Units, Activity Level Costs
Understanding the basics of Cost Allocation and Cost Apportoinment
The main uses of Cost Allocation and Cost Apportoinment
The differences between Cost Allocation and Cost Apportoinment
Identifying the basics of Cost of Quality
The basics of Cost of Quality
The effects of undetermined costs
Who Should Attend!
- Accounting and Finance professionals, small business owners, managers and entrepreneurs who want to learn costing techniques and profit planning, Accounting and Finance students from ACCA MA, ACCA F2, CIMA, CAT, BBA, MBA who need more practical case studies to appreciate concepts better