Cost Accounting and Cost Management Certification Training Course

Why Select this Training Course?

Accounting relies heavily on knowing how much money a company spends on numerous activities. One can’t tell whether the company is generating a profit if they don’t keep track of this data. It is in this context that cost accounting becomes useful. It’s all about how much it costs to keep the firm afloat.

What are the types of cost accounting?

Cost Accounting is an accounting method that measures every cost incurred within an accounting period to help management reach correct decisions. It involves classifying, recording, and collecting every cost incurred and analyzing and summarising them. There are four types of cost accounting: lean accounting emphasizes lean-based performance calculations and value-based pricing. Standard Cost Accounting utilizes different ratio types to measure the efficiency of materials and labor used to produce goods and services under normal working conditions; marginal accounting, also known as cost-volume-profit analysis, is used to analyze the connection between a company’s sales volume, production profits, expenses, and costs. And lastly, activity-based Cost Accounting involves tracking resource consumption, costing outputs, and resources attached to activities.

Why is cost management critical?

Cost Management is essential because it helps businesses manage the pricing of goods and services. Pricing should neither be too high nor too low and low pricing results in loss of profits while high pricing results in loss of clients. Cost Management also helps manage a firm’s costs and align its business strategy. Cost Management helps to operate a business and control expenses for given projects.

The Rcademy Cost Accounting and Cost Management Certification Training Course is designed to equip participants with a comprehensive understanding of Cost Accounting and Cost Management components. Participants will learn about utilizing management concepts, analysis, collection methods, and data presentation to provide information necessary for planning, monitoring, and controlling costs. The course also navigates the different types of budgeting in cost accounting, the importance of budgetary control systems, and the various formulas used to measure material cost labor variance. Finally, attendees will learn about the functions of the breakeven point in Cost Accounting, together with how it can be applied to real-life accounting situations.

Who Should Attend?

The Rcademy Cost Accounting and Cost Management Certification Training Course is designed for many professionals within the financial sector and businesses involved in Cost Accounting and Cost Management. The following personnel should undertake the course:

• Financial managers: responsible for evaluating financial reports, preparing financial forecasts, and monitoring accounts
• Senior accountants: tasked with analyzing different financial transactions and preparing monthly, quarterly, or annual financial reports
• Strategic planners: charged with shaping a firm’s general business strategy, designing financial plans, and analyzing business decisions
• Cost accountants: responsible for monitoring and evaluating a company’s expenditures
• General ledger accountants: responsible for preparing journal entries and reconciling financial accounts and statements to ensure accuracy
• Budget analysts: charged with monitoring a company’s spending to ensure that funds are adequately assigned and utilized according to the plan
• Auditors: tasked with reviewing and analyzing a company’s financial records and its compliance with regulations and policies
• Payroll accountants: tasked with processing salary payments for employees and updating the payroll system
• Asset Managers: responsible for managing the assets of a company and also executing programs that raise the value of a company’s assets
• Sales/marketing experts: charged with measuring the effectiveness of a firm’s marketing and promotional campaigns
• Cost managers: charged with planning a company’s budget and ensuring the cost-effective business transactions
• Is any other person interested in learning about the basics of Cost Accounting and Cost Management

What are the Course Objectives?

The Rcademy Cost Accounting and Cost Management Certification Training Course will provide attendees with the in-depth knowledge and skills required to succeed in Cost Accounting and Cost Management. Upon conclusion of this course, participants would have attained the following objectives:

• Understand the rudiments of Cost Accounting and Cost Management
• Learn about various types of costs and Cost Accounting systems
• Recognize the differences between modern and traditional Cost Management methods and their applications
• Learn the different project pricing techniques and overhead costing
• Learn how to apply performance evaluation methods by linking success factors with vital performance indicators
• Recognize the total costs of outputs for every good and service provided
• Understand the rudiments of budgeting and how it impacts the Cost Management process
• Discuss the concept of variance and the types of variances
• Evaluate the idea of sales mix and how to measure the breakeven point in a sales mix

How will this Course be Presented?

The Cost Accounting and Cost Management Certification Training Course is participant-based and produced to meet attendees’ expectations and enhance their skills and understanding of the topic. Various practical approaches to ensure participants’ constant and active learning will be employed in teaching this course. Foremost experts and professionals within the field with years of experience and practice will present the course. The course modules are drawn from meticulous and exhaustive research into the subject matter.

The Rcademy course on Cost Accounting and Cost Management Certification Training Course incorporates theoretical and practical learning delivered through case studies, lecture notes, slides on the concepts, and real-life scenarios. Participants will also engage in presentations, seminar workshops, quizzes, and regular feedback on lessons learned to confirm their optimum satisfaction.

What are the Topics Covered in this Course?

Module 1: Introduction to Cost Accounting

• Definition of terms
• Benefits of cost accounting
• Types of costs
  – Fixed costs
  – Variable costs
  – Direct costs
  – Operating costs
• Classifications of Cost Accounting
  – Activity-based Cost Accounting
  – Lean Cost Accounting
  – Standard Cost Accounting
  – Marginal accounting
• Margin of safety
• Cost volume profit analysis
• Cost terms and purpose
• Financial ratios

Module 2: Fundamentals of Cost Management

• Concept of Cost Management
• Types of Cost Management
• Overview of Traditional Cost Management
• Types of Conventional Cost Management
• Modern Cost Management and Benefits of Contemporary Cost Management
• Comparative analysis of modern and traditional cost management
• Challenges and limitations

Module 3: Fundamentals of Budgeting

• History and definition of terms
• Types of budgets
• Budgeting and costing accounting
• Cash budgets
• Functional budgets
• Cost Accounting and budgeting planning
• Rudiments of budget planning

Module 4: Cost Management for Budgeting Purposes

• Definition of concepts and terminologies
• Determining different costs for different budgeting purposes
• Contributions to margin analysis
• Inventory evaluation and control
• Product costs vs period costs
• The cost-volume-profit evaluation model
• Manufacturing and non-manufacturing costs

Module 5: Types of Costing and Variance Analysis

• Variance analysis and standard costing
• Overhead variance
• Sales variance
• Material cost variance
• Direct labor variance
• Uses of variance analysis
• Variance analysis and budgeting

Module 6: Overview of Traditional Cost Management

• Introduction
• Job costing
• Batch costing
• Process costing
• Employee cost
• Unit costing
• Limitations of traditional Cost Management techniques

Module 7: Sensitivity Analysis and Breakeven Points within Cost Accounting

• Introduction to breakeven points
• Purpose of breakeven points
• Recognizing breakeven points
• Application of breakeven point analysis
• Relevant costs in decision making
• Profit planning and various decision scenarios
• Sensitivity analysis and applications
• Construction of breakeven points

Module 8: The Budgeting Framework and its Significance in the Cost Management Process

• Key concepts and terminologies
• Overview of financial statement
  – Cash flow
  – Income statement
  – Balance sheet
• The value of budgeting in business
• Behavioral Implications of Budgeting
• Merits and demerits

Module 9: Modern Techniques for Cost Management

• Pareto analysis
• Value engineering
• Cost control
• Life cycle costing
• Target costing
• Cost reduction

Module 10: Performance Evaluation

• Building block model
• Key performance indicators
• Performance pyramid
• Critical success factors
• Balanced scorecard
• Responsibility accounting