Cost Accounting Workshop

understanding finance is one important step to play an active role in helping their organization achieve its objectives

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When keeping inventory records and calculating cost of sales, manufacturers must consider a number of different costs materials, labor, direct variable costs, indirect variable costs and fixed costs Learn how to get these costs right In this workshop, through a series of case studies, you will learn a detailed overview of the different methods companies have developed to apply all these costs to their inventory This will ensure the correct estimation of inventory and cost of sales for both internal and external users In this guide you will find the information you need to decide how to estimate your company’s inventory and cost of sales.

Certification

Certificate of completion

Format

on Campus

Duration

6 Lectures - Total 30 active learning hours

Key Benefits

  • Develop budgeting and financial skills required for better decision-making
  • Identify sources of financial and business data to support the budgeting process
  • learn costing and budgeting terminology used in business
  • Master techniques for cost-benefit analysis

Who should attend?​

• Finance Manager
• Finance Business Partner
• Budget Analysts
• Accountants

Course Outline

• Cost Accounting: Definition & Types with Examples
• Variable and Absorption Costing
• Actual, Normal, and Standard Costing
• Costing for Spoilage, Rework and Scrap

• Job Order Costing and Process Costing
• Equivalent Units in Process Costing
• Spoilage, reworks, and scraps in Job Order Costing
• Spoilage, reworks, and scraps in Process Order Costing
• Fixed and Variable Overhead Cost

• Overhead Allocation
• Fixed & Variable Overhead Cost Allocation Rates
• Plant Wide and Department Overhead and ABC Overhead Costing
• Factory Overhead definition and examples
• Activity Based Costing (ABC)

• Decision Making
• Cost Definitions for Purposes of Decision Making
• Income statement format for internal reporting and external reporting.
• Make or Buy decision
• Special Order decision
• Disinvestment decision
• Obsolete inventory
• Capacity constraints and product mix
• Qualitative factors have to be considered before deciding.

• Variance Analysis
• Direct Material Variance.
• Direct Labor Variance.
• Factory Overhead Variance.

• Budgeting.
• Define budgets and their advantages.
• Prepare budgets in a business.
• Define master budget and their main components.
• Define and prepare all sub budgets, revenue, variable cost, fixed cost, proforma income statement, proforma cash flows and cash budget.
• Use budgets to manage and control the company.

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