Cost accounting is an essential management tool that can uncover profitability improvements and provide support for key business decisions. This workshop contains the essential tools needed to foster more profitable decision-making by management and is divided into the following five sections:
Cost Accounting Concepts
Cost accounting is a facet of management accounting that determines the actual cost associated with manufacturing a product or providing a service. Learn how managers use this information in determining which products, departments or services are most profitable and which ones need improvement.
Describe the fundamental concepts of cost accounting (Cash vs. Accrual Accounting);
Apply cost accounting methods to identify profitable products and services;
Use cost accounting methods to optimize the use of people, resources, and materials.
Budgets and Standard Costs
Managers use budgets to plan and control business activities and typically develop standards to develop those budgets. Standard costs are what management expects to incur to provide goods or services and refer to a specific cost per unit. They serve as a “standard” by which performance will be evaluated.
Distinguish between effectiveness and efficiency aspects of operational performance;
Develop standard costs for product costing, performance evaluation and control;
Identify and document operating assumptions that drive spending levels.
Cost accounting uses financial statements to show an overview of the financial performance and condition of a business. When used the right way, a company’s financial statements can be used as a powerful management tool to affect positive change within the organization.
Define elements of financial statements;
Profit and loss reports;
Balance sheets and cash flow statements.
Variance Analysis and Other Measures
Variance analysis is the quantitative investigation of the difference between actual and planned behavior. This analysis is used to maintain control over a business. Explore how a detailed variance analysis allows management to understand why fluctuations occur in its business, and how it can change the situation.
Define variance analysis and how it is used by management;
Calculate the various types of cost variance;
Explain and calculate price, efficiency and volume variances.
Capital Investment and Strategic Initiative Financial Analysis
Capital investment and strategic financial analysis are budgeting procedures that companies use to formulate strategies, evaluate options and access the potential profitability of a long term investment.
Understand concept of return on investment (ROI);
Calculate payback, net present value (NPV), and internal rate of return (IRR).
DESIGNED FOR: Non-financial supervisors and managers and is an introduction to the fundamentals of cost accounting.
This course is instructor led.
There is no prerequisite for this course.
CEU: 0.7 SHRM: 6.5 (Business Acumen) HRCI: 6.5 (Business)
Peak Performance, Inc. is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® or SHRM-SCP®.
The use of this official seal confirms that this Activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Click ‘Buy Now’ at top of the page. You will receive a confirmation email from Peak Performance with class details after payment. To schedule a group of individual participants, please email email@example.com and we will assist you in the registration process.
Flat Rate Price $2,075
Pricing is for up to 16 participants. Course delivery options are virtual instructor-led or on-site instructor-led at your site or at Peak Performance's training center. To schedule a dedicated class, please email firstname.lastname@example.org and we will coordinate scheduling based on your preference.
If you have any questions regarding this course, please email the instructor at email@example.com or book a no-cost consultation by clicking on this link: Consultation with Operational Excellence Director.