In any corporate business environment, understanding finance and accounting is no longer an option for management and executives. In fact, organisations will be able to perform better and achieve optimal result if all employees in the organisation are able to apply finance and accounting tools in their job functions.
Companies cannot plan strategically unless they understand their base cost and the various facets of cost accounting process that could affect their 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 cost
- Benefits of standard costing and budgetary costing
2. Budgeting and Variance Analysis
- Interpretation, investigation and limitations; labour and materials
3. Cost Volume Profit (breakeven) Analysis
- Cost behaviour, fixed costs, variable costs, semi-variable costs, breakeven analysis, contribution, margin of safety
4. Short-term Decision Making
- Decision criteria, applications
- Acceptance of special contracts
- Make or buy decisions
Note: Participants are to perform calculation using their own calculator during this workshop
- Understand the various costs affecting cost accounting
- Know how cost accounting information are organised
- Create an efficient cost analysis system to make meaningful recommendations resulting in quality business decisions
Who Should Attend
Managers and executives who are not working in accounting roles but need to understand how basic accounting works to apply cost accounting related techniques when making business decisions.