2 days workshop
INTRODUCTION
The Standard cost accounting seminars can help the senior management as well as the executives in knowing more about the finer aspects of cost accounting and then implementing the same for better productivity as well as profit margins. Real-current problematic costing cases will be analyzed and scenario solutions will be provided under the guidance of Dr. Steven Liew.
Course Objectives
By the end of this course you will be able to:
Understand Product costing systems
Standard costing and variance analysis
Variance analysis for material, labor and overhead variances
A deeper learning of the use of the cost accounting methods to optimally utilize the people, materials and the resources.
Understanding of the cost accounting methods that can help in identifying the profitable products
Understanding Cost Management & Decision Making
Revisit your organization vision & mission to be relevant in today’s competitive environment.
Devise ways to achieve your budget targets
Plan how to achieve optimum profitability under budget constraints
Consider the basis for deciding whether to proceed or reject the project proposal
METHODOLOGY
Case Study, video & Group Discussion. Real-current problematic costing cases will be analyzed and scenario solutions will be discussed within the workshop.
Who Should Attend
Accountants, accounting managers, cost accountants, cost analysts, budget analysts, systems analysts, auditors and financial planners.
Special Feature: NOTE: Please bring laptop along
PROGRAMME OUTLINE
Day 1
Module 1: Basic Cost Management Concepts
Product Costs, Period Costs and Expenses
Manufacturing Costs (Direct Material; Direct Labor; Manufacturing Overhead)
Manufacturing Overhead
Manufacturing Cost Flows
Cost Classifications
Prepare income statements for manufacturing organizations
Exercise
Module 2: Standard Costing
How standard costing is used to help manage costs
Two ways to set standards costing
Participation in Setting Standards
Behavioral Impact of Standard Costing
Interaction among Variances
Exercise
Module 3: Cost Variance Analysis
Model for Variance Analysis
Material Variances
Labor Variances
Significance of Cost Variances
Case Study
Module 4: Target Costing and Cost Analysis for Pricing Decisions
How Are Prices Set
Set prices using cost-plus pricing formulas
Return-on-Investment Pricing
Target Costing
Exercise
Module 5: Cost Management & Decision Making
Outsourcing or Make-or-Buy Decision
Decision to Add or Drop a Product, Service, or Business Unit
Relevant Costs of Replacing Equipment
Pricing Decisions
Day 2
Module 6: Profit Planning and Activity-Based Budgeting (Exercise)
Operational Budget
Financial Budget
Module 7: Linking the Budget to Management Actions
What are Essential Considerations Before Preparing the Budgets
How to Present a More Accurate & Realistic Budget
How to Get Cooperation from Operating Units
How to Convince or Find Out Easier Solution for Other Staffs to Understand /Follow on Budget Being Prepared
How to Avoid Unexpected Results or Uncertainties
How to Measure Performance
Discuss the Planning Budgeting Strategies for Management
Module 8: Project Based Budgets (Case Study)
Calculation of operating cash flow
Calculation of Project payback period, profitability index, IRR & NPV of the project?
Basis for decision on proceeding or rejecting the project proposal
Module 9: Case Study: Success Story of Cost Reduction
How to target saving for your organizatio