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Advanced Cost Accounting

by Golden Masters for Training & Consultancy

Building on cost-analysis fundamentals, this programme tackles and addresses advanced key issues in cost accounting, such as continuous improvement of cost assignment, activity-based analysis, strategic cost control, and performance evaluati

AED 17000

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img Duration

5 days

Course Details

Course Description:

Building on cost-analysis fundamentals, this programme tackles and addresses advanced key issues in cost accounting, such as continuous improvement of cost assignment, activity-based analysis, strategic cost control, and performance evaluation. The programme incorporates some recent management accounting approaches & techniques which organizations must consider if they want to stay competitive.

 In this programme you will master how to:
 
 effectively allocate overhead, and prevent over- or under-costing of products

-       implement activity-based costing and management

-       evaluate variances to identify the true cause of less than optimal performance

-       link costing, budgeting and management

Course Objective:

Participants attending the programme will:

Create a greater cost awareness

-       Describe advanced cost analysis techniques

-       Select the costing measurement system that works

-       Discuss real case studies

-       Illustrate the features of the Activity-analysis philosophy

-       Discuss the linkages between activity-based costing and management

-       Provide insight into the fastest-growing and least visible elements of cost-overhead

-       Improve profitability by monitoring cost and performance

-       Describe the importance of transfer pricing

-       Improve the effectiveness of budgeting by identifying the cost/performance relationship of different service levels

-       Encourage continuous improvement and total quality management because planning and control are directed at process level

Course Certificate:

Masters Consultant certificate will be issued to all attendees completing minimum of 75% of the total tuition hours of the course.

Course Outline:

DAY 1  Management and Cost management Fundamentals

A review of key cost concepts:

·        The accountant’s role in the organization

·        An introduction to cost terms and purposes

·        The use of cost management information

·        Creating cost-aware organizations 

·        understanding accounting

·        Management account versus financial accounting

·        Cost behaviors in Cost-Volume-Profit scenarios

·        Review of some key cost concepts 

·        Product vs. Period costs 

·        Direct and Indirect Costs 

·        Cost behavior: Fixed and Variable Costs 

·        Problems and Examples 

DAY 2    Different Approached to Planning and Budgeting

·        Fixed and flexed budget (static and flexible budget)

·        Rolling budget

·        Zero based budgeting

·        Activity based budgeting

·        Master budget

·        From costing to budget: interpreting variances (variance analysis)

·        Integrate continuous improvement into variance analysis. 

·        Problems, Case Study and Exercises 

Day 3  Traditional and Activity-based Approaches to Costing

·        Absorption (Full) vs. Variable costing 

·        Under-costing and over-costing: the consequences for profitability

·        How to refine a costing system? 

·        Activity-based costing (ABC) and cost-management (ABM)

·        Cost hierarchy & Cost drivers 

·        Linking resources, activities and management 

·        Introducing Activity-based management (ABM) 

·        Linkages between ABM and ABC – monitoring value creation 

·        Problems, Case Study and Examples 

DAY 4 Cost Planning and Pricing Decisions: Life-Cycle-Costing, Target costing and Target Pricing

- Budgetary control and variance analysis 

- Price and volume effects within variance analysis: state of the art 

- Responsibility centers: cost, profit, and investment 

- Measuring responsibility center performance 

- Segment reporting internally and externally 

- Sales volume break-even 

- Breakeven and targeted net income

- Break-even analysis

Day 5  Analysis of Investment Decisions

- Methods of Analysis 

- Cash Flows and the Time Value of Money

- Defining the approval criteria and review process

- Capital budgeting as an investment tool

- Decisional Framework ARR, IRR, NPV, alternatives

- Cost of Capital

Masters Training Company was established in response to the growing need for quality training to support the business community within your Company, Department or Organization by providing a high standard of Training Programs, Courses, Seminars, Workshops and Consultancy Services to employees in a very competitive business environment. 

 
Following the latest trends and ideas in Technology and Management techniques, and with its in-depth knowledge of the business environment, Masters Training Company is able to meet the special requirements of both local and international business throughout the Middle East. Masters Training & Consulting is an independent multinational firm with more than 25 years of experience in helping regional organizations develop their human capital in all fields of management. 
 
Since 1990, we have been entrusted by our clients to provide the most reliable training and consulting products and services in the region. Our innovative and diversified range of training programs and consulting services are designed and delivered by an ever-growing team of full time multilingual consultants experienced in providing solutions relevant to this part of the world and applicable to today’s business challenges.
 
We pride ourselves on our track record in this regard and on our long-standing relationships with our clients, many of whom have been with us since we started business. 
 
 
Our public training programs have attracted more than 300,000 participants from almost 3,000 organizations many of whom also entrust us with their needs for bespoke in-company programs. Our client base is steadily growing and so is our commitment to remain the regional leaders in the fields of training and consulting.

Masters is also an approved vendor from KHDA & ILM

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  • Sheikh Zayed Road Branch

    Kherbash Tower, Office # 1803 & 1804, Sheikh Zayed Road, Dubai

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