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.
How Will You Benefit
Upon completion of this programme, the participants will be able to Understand
What is Standard Costing and why it is use.
Know how to formulate and set Standard Costs
Variance analysis for Material, Labor and Overhead Costs
Identify methods to improve positive variances/ reduce negative variances
Understand the use of Standards in Budgets
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?
This program is suitable for Accountants, finance/costing executives, accounting managers, cost accountants, cost analysts, budget analysts, non-financial managers especially operational managers, costing executives.
Special Feature: NOTE: Please bring laptop along
PROGRAMME OUTLINE
Key Contents
Day 1
Module 1: Introduction to Cost or Managerial Accounting
Understand the Place of Cost or Managerial Accounting in Relationship to Financial Accounting
Recognize and Understand Specific Cost-related Terminology
Understanding Flow of Costs from Raw Materials Stage to Finished Goods
Module 2: Standard Costing and Variance Analysis
Understand Why Standards Are Used
Understand What Is Included in Each Standard
Understand When Standards Should Be Changed
Understand What Happens When Standards Are Changed
Understand the Process of Variance Analysis for Material, Labor, and Overhead Variances
Module 3: Setting the standard
Understanding Ideal Standards and Practical Standards
Detailed look on how Standards are Formulated and set Using Various Methods.
Bill of Materials and Standard Costs Setting
Module 4: Practical Cost Control
Material
Labour
Overhead
Day 2
Module 5: Material Variance Analysis
Understand Material Price Variance and how to Computer.
Understand Material Usage Variance
Material Rejects and Costing into Product Standard Cost
Investigation and Improvement into Material Related Variances
Module 6: Labor Variance Analysis
Computation of Labor Wages Variance
Computation of Labor Rate Variance
Incorporation of Labor Variances into Product Standard Cost
Improving Labor Related Variances
Module 7: Overhead Variance Analysis
Computation & Understanding Variable Overhead Variance
Understanding Variable Overhead Efficiency Variance
Understanding Fixed Overhead and Volume Variance
Module 8: Successful Case Study: Cost Control
Target: RM 25 MIL COST REDUCTION per yr
How do you approach it?
Methodology
This stimulating program will maximizes the understanding and learning through lecture, discussion, case studies and practical activities