Cost Accounting Training Course

Improve Your Cost Accounting Skills Online or In-Person

Cost Accounting Training Course
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  • 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 ClassWebinarSelf-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

What is Cost Accounting and Its Purpose?

Cost Accounting provides the detailed information that management needs to control current operations and plan for the future.

Why Is Cost Accounting Important?

Management uses this information to decide how to allocate resources to the most efficient and profitable areas of the business.

What Will You Learn in this Cost Accounting Class?

In Module One, you will learn the uses of cost accounting information, the ethical responsibilities and certification requirements for management accountants, as well as corporate governance, the relationship of cost accounting to financial and management accounting, and the three basic elements of manufacturing costs.

In Module Two, you will learn to recognize the two basic aspects of materials control, to specify internal control for materials, to account for materials and relate materials accounting to the general ledger, to account for inventories in a just-in-time (lean production) system, and to account for scrap materials, spoiled goods, and defective work.

In Module Three, you will learn to distinguish between the features of hourly rate and piece-rate plans, to specify procedures for controlling labor costs, account for labor costs and payroll taxes, to prepare accruals for payroll earnings and taxes, and to account for special problems in labor costing.

In Module Four, you will learn to identify cost behavior patterns, separate semi-variable costs into variable and fixed components, to prepare a budget for factory overhead costs, to account for actual factory overhead, to distribute service department factory overhead costs to production departments, to apply factory overhead using predetermined rates, and to account for actual and applied factory overhead.

In Module Five, you will learn to recognize the differences between job order and process cost accounting systems, to compute unit costs in a process cost system, to assign costs to inventories using equivalent units of production with the average cost method, and to prepare a cost of production summary and journal entries.

In Module Six, you will learn to compute unit costs when materials are not added uniformly throughout the process, to account for units lost in the production process, account for units gained in the production process, to assign costs to inventories, using the first-in, first-out method, and to identify the methods used to apportion joint costs products and account for by-products.

In Module Seven, you will learn to explain the general principles involved in the budgeting process, to identify and prepare the components of the master budget, to identify and prepare components of the flexible budget, and to explain the procedures to determine standard amounts of factory overhead at different levels of production.

In Module Eight, you will learn to describe the different standards used in determining standard costs, to determine procedures for recording standard costs, to compute and analyze variances, to prepare journal entries to record variances, to examine and interpret variances, to recognize the features of a standard cost system, to account for standard costs in a departmentalized factory, to distinguish between actual and applied factory overhead, to compute variances using the two-variance method, to  compute variances using the four-variance method, and to compute variances using the three-variance method.

In Module Nine, you will learn to perform job-order costing for service businesses, to prepare budgets for service businesses, to apply activity-based costing for a service firm, to compare the results of cost allocations using simplified costing versus activity based costing, to prepare a balanced score-card for various business entities, and to determine the cost of quality.

In Module Ten, you will learn to compute net income under variable and absorption costing, to discuss the merits and limitations of variable costing, to define segment profitability and distinguish between direct and indirect costs, to compute the break-even point and the target volume needed to earn a certain profit, to calculate the contribution margin ratio and the margin of safety ratio, to discuss the impact of income tax on break-even computations, to use differential analysis to make special decisions. and to identify techniques for analyzing and controlling distribution costs.

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.

Learn more…

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
Materials control procedures
Accounting for materials
Just-in-time materials control
Scrap, spoiled goods, and defective work

Module Three: Accounting for Labor

Wage plans
Controlling labor cost
Accounting for labor costs andemployers’ payroll taxes
Payroll accrual
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
overhead
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
Flexible budgeting
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
Interpreting 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...

Below are the most recent reviews:

Intense course, a lot to learn.
R. M.
Company: IMI Precision Engineering



Awesome class learned a lot. Very knowledgable teacher.
K. K.
Company: Intrepid



I will recommend this class to my co-workers who do not have an accounting background.

A. O.
Company: U. S. Playing Card



COST ACCOUNTING TRAINING COURSE PUBLIC CLASS AND WEBINAR SCHEDULE

Monday-Friday, December 16 – 20, 2019
Monday-Friday, January 20 – 24, 2020 Full
Monday-Friday, February 17 – 21, 2020
Monday-Friday, March 16 – 20, 2020 Full
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 info@academyofbusinesstraining.com.

Registration

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 info@academyofbusinesstraining.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.

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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:

  1. 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.
  2. 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. 

Start to improve your bottom line today by contacting your account manager by email at info@academyofbusinesstraining.com or call us 24/7 888-632-2093.

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