Essentials of Cost Accounting Training

Course Info

Date: July-11-2022

Length: 1 Week

City: Zurich

Fees: 4,600

Type: In Classroom

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Course Details

Course Outline

5 days course

 

 Introduction to Cost Accounting
 
  • The meaning, purpose and scope of Cost Accounting
  • Cost Accounting and Business Decisions
  • Cost Accounting Differentiated from Management Accounting and Financial Accounting
  • Cost ascertainment, control, reduction

 

 Cost Accounting Terminology

 

  • Direct and Indirect Costs: Labour, Materials, Expenses
  • Classification of Costs
  • Costs Centres and Cost Units
  • Introduction to Overheads

 

Cost Behaviour
 
  • Importance of Cost Behaviour
  • Defining Fixed and Variable Costs
  • Prediction of Cost Behaviour
  • Analysis of Cost Behaviour

 

Accounting for Labour Costs

 

  • Remuneration Methods:
  • Labour and Total Costs
  • Capture of Labour Data Costs
  • Direct/Indirect Labour Costs

 

Material Costs

 

  • Importance of Material Costs
  • Pricing methods: FIFO, LIFO , AVCO, Replacement, Standard Cost
  • Stock Valuation
  • Just-in-time

 

 Absorption Costing
 
  • Definition, Rationale and Importance of Absorption Costing
  • Overheads and Allocation
  • Absorption Rates
  • Cost Units and Cost Centres, Service and Production Departments

 

 Activity Based Costing

 

  • Importance, definition and framework of ABC
  • Short-term and Long-term Variable Overhead Costs
  • Advanced Manufacturing Technology (AMT)
  • Cost Drivers and Rates

 

 Marginal Costing
 
  • Contribution, Overheads and Sales Ratios
  • Revenue Statements in Marginal Cost Format
  • Break-even (CVP) Analysis and Charts
  • Safety Margin and Profit Volume Charts

 

Marginal Costing Short-term Decision Making
 
  • Short-run Decisions: Make or Buy, Single Orders, Shortages, Choices
  • Determining Principle Factors
  • Opportunity Costs
  • Limitations of Marginal Costing in Short-term Decision Making

 

Planning and Budgeting

 

  • Budgetary Process, Organisational Framework, Budget Committees
  • Interrelationships of Budgets, Integrated budgets
  • Budgeting, Uncertainty, Sources of Budgetary Data
  • Rolling Budgets, Zero-based Budgeting, Activity-based Budgeting

 

 Standard Costing and Variance Analysis

 

  • Definition of Standard Costs
  • Meaning of Variance Analysis
  • Variance Elements and Calculation:
  • Variance Investigation: Favourable, Adverse, Causes

 

Capital Investment Appraisal
 
  • Importance and Purpose of Capital Investment Appraisal
  • Techniques of Appraisal: ARR, IRR, NPV, payback
  • Discounted Cash Flow
  • Risk and Uncertainty

Course Video