Essentials of Cost Accounting Training
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Introduction
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The main purpose of cost accounting is to determine the manufacturing cost of each product of the company. The cost of the proudct is then used in determination of optimum selling price Cost accounting is helpful because it can identify where a company is spending its money, how much it earns, and where money is being lost. Cost accounting aims to report, analyse, and lead to the improvement of internal cost controls and efficiency.
Cost accountants are a critical part of a business's trajectory. Accounting careers and business management are solid choices that put you at the forefront of an organization's potential success. Understanding the types of cost accounting helps you make better decisions and lead your business in the right direction.
The Program covers cost accounting methods for manufacturing, services, private, governmental, not-for-profit and trading organisations, with many examples which clearly illustrate and explain the relevant techniques and concepts in a clear easy-to-follow way; it explains how to understand, deal with, and allocate different costs in order to make sensible and helpful business and operational decisions; it also shows how costing complements management and financial accounting.
Course Outline
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
