FormatechEdu

Course Outline


Cost Control – Advanced

Duration

9 Hours

Language

English

Summary

This workshop will help participants to have an advanced idea about the cost management, costing systems and the methods to allocate overhead costs.

Especially to the seniors and managers in finance, cost, budgeting, production, business development, business planning departments who are in need to have a deep idea regarding the costing system.

Target Audience

This course will appeal to a wide range of audiences and is intended for Business Professionals who intend to earn financial skills.

Skills Gained

  • Identify cost measurement systems
  • Understand the cost accumulations systems
  • Understand the method of allocation overhead
  • Differentiate between traditional cost allocation and Activity Based Costing
  • Differentiate between variable costing versus absorption costing
  • Know more about budget role, construction and control

Topics Covered

1.       Cost Structure and Cost Management Overview

  • Cost Structure and Behaviour
  • Classifications of Costs
  • Flow of Manufacturing Costs
  • Direct Materiel, Direct Labour and Overhead Costs
  • Inventory:  Raw Material, Working in Progress and Finished Goods
  • Difference Between Cost of Goods Sold & Cost of Goods Manufactured

2.       Costing System

  • Cost Measurement Systems
  • Cost Accumulations Systems
  • Method of Allocation Overhead

3.       Traditional Cost Allocation Versus Activity Based Costing

  • Full and Marginal Costing
  • Linking Resources,
  • Activities and Management
  • Traditional Cost Allocations Systems Vs. Activity-Based Costing
  • Activity Based Management
  • Activity Based Costing

4.       Variable and Absorption Costing

  • Variable Costing
  • Contribution Margin
  • Absorption Costing
  • Gross Profit

5.       Variable and Absorption Costing

  • Budgeting Within Management Accounting
  • Value of Budgeting
  • Role of Costs in Pricing Strategies
  • Behavioural Implications of Budgeting
  • Creating Key Performance Indicators (KPI) For Financial and Non-Financial Performance
  • Balanced Scorecard

 

Methodology

  • Learning Concepts/Presentations
  • Group Activities and Discussions
  • Tips and Tools
  • Individual and Team Exercises
  • Role Plays/Case Studies
  • Educational Videos
  • Action Plan to ensure Application of the Learning