A company cannot plan unless it understands its costs. By understanding the various facets of the cost accounting process, Managers and Executives will be able to create an efficient cost analysis system to better control and measure an enterprise business functions and bottom line.
This Training is designed to discuss the main features of cost and management accounting and its applications in a business enterprise. It is essential for Managers and Executives of a firm to know how cost accounting information can be organised, so that quality decisions could be made. As the focus is on decision making process, participants would not be required to understand the bookkeeping process and the preparation of financial statements.
BENEFIT
Upon completion of this training, participants will be able to;
1. Have an overview of cost and management accounting
2. Learn the differences between marginal costing and absorption costing
3. Understand budgeting and variance analysis
4. Learn the application of costing in business decision making
5. Know how to apply various analytical techniques to make quality decisions
TRAINING OUTLINE
1. Overview of Cost and Management Accounting
2. Differences Between Financial Accounting and Management Accounting
3. Costing Concepts and Purposes
4. Differences Between Marginal Costing and Absorption Costing
5. Gross Profit Concept
6. Contribution Margin Concept
7. Budgeting and Variance Analysis
8. Interpretation of Material Variance
9. Interpretation of Labour Variance
10. Investigation of Variance
11. Application of Costing in Business Decision Making
12. Cost Volume Profit Analysis
13. Acceptance of Special Order
14. Make-or-Buy Decisions
15. Closing or Continuance of a Section or Product
16. Activity Based Costing
17. Cash Flow Versus Profit
18. Definition of Profits
19. Subjective Judgments Influencing The Profit Figures Accounting Rules Explained Accrual, Matching and Prudence Concepts
20. Linking The Financial Statements
21. The Link between the Three Financial Statements Balance Sheet, Profit and Loss Account and Cash Flow Statement.
22. Structure of Cash Flow Statement Operating Activities, Investing Activities and Financing Activities
23. Preparing The Cash Flow Statement
24. Analysing Business Performance
25. Using The Published Financial Statements of Listed Companies, This Session Demonstrates and Interprets The Financial and Operating Performance of These Enterprises in terms of :
* Profitability
* Liquidity
* Sustainability
* Investment Value
26. Cash Flow Budgeting
27. Planning and Developing an Annual Budget
28. Forecasting and Projection of Future Activities Operating, Investing and Financing Preparing Operating Activity Budgets
29. Preparing Cash Flow Budget
30. Cash Flow Strategy for Business
31. Key Consideration in Cash Flow Management
32. Factors to be Considered When Designing an Effective Cash Flow System
PARTICIPANT
Managers and Executives who do not work in accounting but who need to know how basic accounting work and apply accounting related techniques when making business decisions.
METHOD
Presentation
Discussion
Case Study
Evaluation
