What is it all about?

This course is designed to introduce participants to the vocabulary of cost accounting, the techniques of cost accumulation and provide opportunities for applying cost accounting concepts to business decisions.

Topics include:

·         Cost accounting: nature, CA v/s financial accounting. Cost accounting concepts. Classification of costs. Cost systems. Unit costs. Fixed and variable costs.

·         Factory overheads. Applied factory overhead. Allocation of service department costs to production departments. Allocation methods: direct, step, algebraic.

·         Break-even point. The principal break-even analysis methods. Using cost-volume-profit data for planning. Change in sales price. Change in sales volume. Change in variable costs. Change in fixed costs.

·         Relevant versus irrelevant costs. Sunk costs. Segmental analysis. Discontinuing a segment. Make or buy decisions.

·         Basic types of cost accounting systems. Job order cost system. Process cost system.

·         Standard costs. Material variances: Price variance, Quantity variance. Labor variances: Rate variance, Efficiency variance. Factory overhead variances.

Is it for me?