A company cannot plan unless it understands its costs. By understanding the various facets of the cost accounting process, managers and executives will be able to create an efficient cost analysis system to better control and measure an enterprise's business functions and bottom line.
1. To create an efficient cost analysis system
2. To better control and measure an enterprise’s business functions and bottom line
1. OVERVIEW OF COST & MANAGEMENT ACCOUNTING
- Differences between financial accounting and management accounting
- Differences between marginal costing and absorption costing
- Concepts of relevant costs; benefits of standard costing and budgetary control
2. BUDGETING AND VARIANCE ANALYSIS
- Interpretation, investigation, and limitations: Labour and materials
3. COST VOLUME PROFIT (BREAK EVEN) ANALYSIS
- Cost behaviour
- Fixed costs
- Variable costs
- Semi-variable costs
- Break even analysis
- Margin of safety
4. SHORT TERM DECISION MAKING
- Decision criteria, applications
(a) acceptance of special contracts
(b) most efficient use of scarce resources
(c) make-or-buy decisions
(d) closing or continuance of a section or product
5. ACTIVITY BASED COSTING
- Characteristics and applications of ABC with Case Examples
Note: Participants are required to bring calculators
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