Principles of Cost Accounting and Cost Reduction Strategies

To teach the best practice in principles of cost accounting and cost reduction.

CONTENT

Overview of cost Accounting

- The uses of cost data

- Cost accumulation methods

- Elements of cost

Process Costing: Joint and by-Product Costing

- Single process costing

- Multiple process costing

- Joint products

Cost Reduction and Control

- Cost reduction defined

- Measuring performance

- The cost reduction budget

Job Order Cost System

- Direct labour costs

- Manufacturing overhead

- Finished goods

- Job order cost sheet

Cost Control

- Responsibility reporting

- Analyzing reporting

- Analyzing variances

- Controlling clerical expense

Decision Making

- Cost-volume-profit analysis

- Capital investment

- JIT and backflush costing

- EOQ (Economic order Quantities)

- Make-versus-buy decisions

FOR WHOM:

Accountants, Auditors, Senior and Middle Level Financial Managers, Treasurers, Controllers and Directors/Managers or Treasury Operators.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.