Effective Costing Management, Budgeting and Analysis
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.
This seminar is designed to discuss the main features of cost and management accounting and its applications in a business enterprise. It is essential for managers and executives of a firm to know how cost accounting information can be organized, so that quality decisions could be made.
At the end of the training programme, the learner will be able to:
- To create an efficient cost analysis system
- To better control and measure an enterprise’s business functions and bottom line
1. Overview of Cost and 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: Labor 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
- Acceptance of special contracts
- Most efficient use of scarce resources
- Make-or-buy decisions
- Closing or continuance of a section or product
5. Activity Based Costing
- Characteristics and applications of ABC with Case Examples
SMF Member: $400
Course fees before GST
Note that purchases of goods and services from GST-registered businesses before 1 Jan 2023 will be subject to GST at 7%, and purchases on or after 1 Jan 2023 will be subject to GST at 8%.
1. All notice of transfer/withdrawal / deferment must be given in writing and submitted at least 2 weeks prior to course commencement.
2. An administrative fee of $60 (GST inclusive) will be imposed if notice is received less than 2 weeks.
3. If notice of withdrawal is received:
- At least 1 week before commencement of the course, a 20% of the full course fee will be charged. For government-funded course, a 20% of full course fee before funding will be charged.
- Less than 1 week before commencement of the course, a 30% of the full course fee will be charged. For government-funded course, a 30% of full course fee before funding will be charged.
- No show on the scheduled date, a full course fee will be levied. For government-funded course, a full course fee before funding will be charged.
4. For all government-funded programmes (WSQ & Non-WSQ), funding is only applicable to:
- Singapore Citizens or Singapore Permanent Residents.
- Participants who have achieved at least 75% attendance and passed all required assessments.
- Full course fee will be charged to participants who fail to meet the above-mentioned criteria.
5. Certificates or Statement of Attainment or Certificate of Attendance will only be issued to participants who have achieved 75% attendance and undergo assessment (if applicable).
6.When a course is cancelled, fails to commence or fails to complete under unforeseen circumstances, participant is allowed to defer the intake at no cost or withdraw from the course; under such situation, a full refund of the advance payment will be given.
7. Notice of change in participant’s name must be given in writing, 1no less than 5 days prior to course commencement.
8. SMF reserves the right to change the venue, cancel or postpone the event without prior notice and full refund will be given under such circumstances. Such modifications shall become effective immediately upon the posting thereof. Please approach your account manager for more queries.