COST ACCOUNTING
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Cost Accounting
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Introduction
Cost accounting plays a vital role in the success of organizations by providing the tools and financial information necessary for strategic decision-making. Companies rely on this type of accounting to understand production costs, analyze financial performance, and improve operational efficiency. Whether managing a small project or a large corporation, your understanding of cost accounting principles will enhance your ability to control financial resources and achieve profitability goals.
The Cost Accounting course aims to equip participants with the knowledge and skills needed to understand and apply cost accounting techniques in the workplace. The course will cover various topics, including cost analysis, cost allocation, budget management, and financial reporting to support decision-making processes. Through this course, you will improve your ability to manage costs efficiently, thereby enhancing your organization's financial performance.
Objectives
- To acquire essential knowledge and skills in the field of cost accounting.
- To understand the concept, objectives, and types of cost accounting.
- To develop the ability to classify cost elements and methods of categorization.
- To learn how to manage costs and analyze them for decision-making purposes.
- To evaluate the operational efficiency of the organization and determine the financial cost per unit in the manufacturing stages.
Topics
- Concept and objectives of cost accounting
- Difference between financial accounting and cost accounting
- Methods of cost categorization
- Cost planning and monitoring
- Standard costs and cost allocation
- Cost accounting systems and distribution across sectors
- Preparation of manufacturing cost statements
- Cost behavior (fixed, variable, mixed)
- Analyzing cost behavior
- Separating fixed costs from variable costs
- Methods for measuring product costs
- Theories of total and variable costs
- Job order costing system
- Activity-based costing system
- Process costing system
- Methods for allocating service center costs to production centers
- Analyzing the relationship between cost, volume, and profit - break-even point
- Overview of standard costs and variance analysis
- Management decision-making and control systems
- Practical applications using Excel
Target Audience
- Personnel in accounting and finance departments.
- Financial managers and account managers in industrial companies.
- Candidates for cost accountant positions or those interested in pursuing this career.
- Owners of manufacturing companies and production facilities.
- Staff in internal and external auditing departments.
- Company managers and researchers looking to implement cost systems.
- University graduates in accounting disciplines.
- Financial planning and budgeting staff.
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Watch Content for date Jan. 5, 2025
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