Cost Accounting Training Course
Improve Your Cost Accounting Skills Online or In-Person
- In the Cost Accounting Training Course, you will learn the accounting process used for the recording, classifying, analyzing, summarizing, allocating, and evaluating all key costs, including inventory valuation, job costing, production process costing, standard costing, and fixed costs such overhead and depreciation of capital equipment, to enable management to consider various alternative courses of action and control of costs based on cost efficiency and company capability.
- Receive training from a business professional with 30+ years of experience.
- Four ways to learn: Public Class, Webinar, Self-Study, or On-Site.
- Classes limited to four students for maximum learning.
- Certificate issued on completion.
- Cost: Five-day class $2,999.00. Available Discounts.
- The class schedule is located in the right column.
COST ACCOUNTING TRAINING COURSE DESCRIPTION
This five-day class packs the essentials you need to know for your future in a unique ten module format that is well organized, practical, and concise. You gain a thorough understanding of cost concepts, cost behavior, and cost accounting techniques as they apply to manufacturing and service businesses.
To ensure your understanding, the class introduces concepts in small, manageable sections that are immediately reinforced with proven questions, demonstration problems, practice exercises, and quizzes. You master the fundamentals of job order costing and process costing before progressing to more advanced topics, such as budgeting, standard costing, and variance analysis, costing for service businesses, and cost analysis for management decisions.
Focus on the skills that will take you far in today’s competitive job market as you learn how to determine the costs of products and services accurately and how to set effective selling prices. Learn the techniques to measure accurately the performance of managers within an organization and to use accounting to motivate managers toward an organization’s goals. Find the relevant approach you need with the real cost accounting skills that will take you far in business today.
Cost Accounting: The Missing Component of Supply Chain Management
One of the first questions I ask our Warehouse Management students is, “Do you know your operating costs?”, and our Production Planning Management students, “Do you know the cost to produce one of your items?” After five years of training, I can count on one hand how many students were able to answer these questions, which immediately tells me their company does not utilize cost accounting.
The reason students are unable to answer the question is their company only has what is called management and financial accounting in place. Management accounting focuses on historical and estimated data management needs to conduct ongoing operations and do long-range planning. The purpose of management accounting is to accumulate financial information for use in making economic decisions.
Financial accounting focuses on gathering historical financial information to be used in preparing financial statements that meet the needs of investors, creditors, and other external users of financial information. The statements include a balance sheet, income statement, retained earnings statement, and statement of cash flows. Although these financial statements are useful to management as well as to external users, additional reports, schedules, and analyses are required for management’s use in planning and controlling operations.
Management and financial accounting focus on the company’s operations as a whole and cannot provide the detail necessary to accurately determine product costs and pricing. At best all they can do is provide averages. In addition, cost accounting provides the detailed cost information management needs to control current operations and plan for the future. Management uses this information to decide how to allocate resources to the most efficient and profitable areas of the business.
Cost accounting enables management to accurately allocate costs such as raw materials, labor, and other factory resources to the products using them instead of averaging them over all products. Without cost accounting, expenses such as major investments in physical assets, developing the workforce, depreciation, taxes, insurance, utilities, machine maintenance and repair, materials handling, production setup, production scheduling selling and administrative expenses are usually lumped together to create an overhead rate which is added to a product as an overhead markup. The true cost of a product is never determined which means the company is charging too much for some products and not enough for others.
Principles of cost accounting have been developed to enable manufacturers to process the many different costs associated with manufacturing and to provide built-in control features. The information produced by a cost accounting system provides a basis for determining accurate product costs and selling prices, and it helps management to plan and control operations.
Determining Product Costs and Pricing
Cost accounting procedures provide the means to determine product costs that enable the preparation of meaningful financial statements and other reports needed to manage a business. The cost accounting information system must be designed to permit the determination of unit costs as well as total product costs.
COST ACCOUNTING TRAINING COURSE CPE CREDITS DISCLOSURE
Recommended CPE credit: 40
Recommended field of study: Accounting
Program level: Advanced.
Advance preparation: None
Additional disclosure information
COST ACCOUNTING TRAINING COURSE OUTLINE
Module One: Introduction to Cost Accounting
Uses of cost accounting information
Professional ethics, CMA certification, and corporate governance
Relationship of cost accounting and financial and management accounting
Elements of manufacturing costs
Illustration of accounting for manufacturing
Cost accounting systems
Illustration of a job order cost system
Module Two: Accounting for Materials
Materials control procedures
Accounting for materials
Just-in-time materials control
Scrap, spoiled goods, and defective work
Module Three: Accounting for Labor
Controlling labor cost
Accounting for labor costs andemployers’ payroll taxes
Special labor cost problems
Module Four: Accounting for Factory Overhead
Identifying cost behavior patterns
Analyzing semi-variable factory overhead costs
Budgeting factory overhead costs
Accounting for actual factory overhead
Accounting for actual and applied factory
Distributing service department expenses
Applying factory overhead to production
Module Five: Process Cost Accounting-General Procedures
Comparison of basic cost systems
Product cost in a process cost system
Work in progress inventories
Cost of production summary – one department, no beginning inventory
Cost of production summary – one department, beginning inventory
Cost of production summary – multiple departments, no beginning inventory
Cost of production summary – multiple departments, beginning inventory
Changes in prior department’s unit transfer cost
Module Six: Process Cost Accounting-Additional Procedures
Accounting for Joint Products and By-Products Equivalent production – materials not uniformly available
Units lost in production
Units gained in production
Equivalent production: first in, first out method
Joint products and by-products
Module Seven: The Master Budget and Flexible Budgeting
Principles of budgeting
Preparing the master budget
Preparing the flexible budget for factory overhead
Module Eight: Standard Cost Accounting-Materials, Labor, and Factory Overhead
Types of standards
Determination of variances
Accounting for variances
Features of a standard cost accounting system
Illustration of standard cost in a departmentalized factory
Analysis of factory overhead standard cost variances
Two-variance method of analysis
Four-variance method of analysis
Three-variance method of analysis
Module Nine: Cost Accounting for Service Businesses and the Balanced Scorecard
Job order costing for service businesses
Budgeting for service businesses
Activity-based costing in a service firm
Allocations using simplified costing versus activity-based costing
The balanced scorecard and quality costs<
Meaning of the cost of quality
Module Ten: Cost Analysis for Management Decision Making
Variable costing absorption costing
Merits and limitations of variable costing
Segment reporting for profitability analysis
Cost-volume profit analysis
Contribution margin ratio and margin of safety
Effect of income tax on break-even point
WHAT COST ACCOUNTING TRAINING COURSE STUDENTS ARE SAYING...
Awesome class learned a lot. Very knowledgable teacher. K. K.
I will recommend this class to my co-workers who do not have an accounting background.A. O.
COST ACCOUNTING TRAINING COURSE PUBLIC CLASS AND WEBINAR SCHEDULE
Monday-Friday, October 21 – 25, 2019
Wed., Thurs., and Fri., Nov. 19 – 22, 2019 Full
Monday-Friday, December 16 – 20, 2019
Monday-Friday, January 20 – 24, 2020
Monday-Friday, February 17 – 21, 2020
Monday-Friday, March 16 – 20, 2020
Monday-Friday, April 20 – 24, 2020
Monday-Friday, May 18 – 22, 2020
Monday-Friday, June 15 – 19, 2020
Scheduled dates don’t work for you? Schedule your own start date (subject to availability). Contact customer service to check date availability at firstname.lastname@example.org.
Registering another Person
If you want to register for another person, click on the registration link and enter your information in the Billing Information section, uncheck the Student Information same as Billing Information box at the bottom of the form, then enter your student information. If you experience any difficulty with online checkout, please call customer service 24/7 at 888-632-2093.
Registering by Purchase Order
If you need to register using a purchase order, email a copy to email@example.com. (be sure to list class name, class date, student name, student address, student phone number, and student email address).
To Register by Phone
To pay by credit or debit card using customer service 24/7 call 888-632-2093.
Overwhelmed and don’t know where to start?
If you are experiencing problems with any of the following, we can help:
- unprecedented growth
- supply chain issues
- cash management issues
- introduction of new technologies
- development of a company mission statement or S&OP
- poor customer service
- poor internal training development
- declining or stagnant sales
- high employee turn-over
- no accountability for managers
Our account managers can work with you to improve the performance of your workforce in two ways:
- Our account managers can help you put together a comprehensive employee training program proven to be one of the best returns on investment there is.
- A business consultant to provide expert advice in a particular area such as management and leadership, accountancy, human resources, customer service, finance, or supply chain management.