Practical Cost Accounting

Introduction

Cost and management accounting occupies a significant share of professional accounting practices in business organisations. However, as there are no mandatory standard/guidelines in cost accounting, professionals involved in tasks like costing and budgeting find it difficult and time consuming.

This course will enable the participants to develop/review the fundamental and advanced concepts of cost accounting with the spreadsheet (Excel) skills required for becoming efficient cost accountants.

Major learning outcomes of the course are –
 Review the key concepts of cost and management accounting;
 Develop practical skills on costing products and services;
 Conduct break-even analysis for better pricing of products and services;
 Gain practical skills on budgeting and budget analysis.

Methodology

The programme will be delivered using formal lectures combined with practical and interactive case studies and exercises. There will be a great emphasis on gaining practical experiences.

Contents of Training:

Day 01 – Fundamentals of Cost Accounting, Inventory Valuation and Costing
Session 1: Basic Aspects of Cost Accounting
Understanding the nature of Cost Accounting
Understanding cost units, cost centres and cost objects
Understand classification of costs and fundamental cost behaviour
Analysing and reporting costs using Microsoft Excel

Session 2: Accounting for Inventory Valuation
Introduction to Inventory Valuation
Inventory valuation at cost, LIFO, FIFO and AVCO
Understanding inventory valuation and its effect on Gross Profit
Practical techniques of Inventory valuation using Microsoft Excel

Session 3: Analysing Overheads and Costing Products/Services
Understand overhead costs
Understanding overhead allocation and apportionment
Absorption Costing and Activity Based Costing (ABC)
Practical techniques of Absorption Costing and ABC using Microsoft Excel

Session 4
Review, Exercises and Test

Day 02: Break Even Analysis, Budgeting and Linear Programming
Session 1: Break-even Analysis
Understanding Cost-volume-profit analysis or Break-even Analysis
Identifying margin of safety and contribution to sales
Break-even Charts and Profit-volume Charts
Using Microsoft Excel to Evaluate Proposals using CVP Analysis

Session 2: Budgeting and Standard Costing
Understanding Budgeting Techniques
Sales, Production and Relevant Budgets
Standard costing and Variance Analysis
Prepare budgets and conduct variance analysis using Microsoft Excel

Session 3: Relevant Costing, Decision Making and Linear Programming
Understanding relevant costs of a project/product
Developing profitable product mix
Introduction to Linear Programming
Using Microsoft Excel for Linear Programming and Developing Optimum Product Mix

Session 4
Review, Exercises and Test

Special Feature of the Course
At the end of each session the participants will develop an Excel file that can be used as template for practical cost accounting purposes.

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Contact

9140345, 9117179

workshop@bdjobs.com

Bdjobs.com Ltd.

19 th floor (East), BDBL Building (Old BSRS)
12 Karwan Bazaar
Dhaka - 1215

Professionals involved in costing and budgeting with the required spreadsheet (Excel) skills for becoming efficient cost accountants.


The workshop was really satisfactory and environment was fantastic.