Fundamentals of Cost Accounting and Cost Reduction Strategies

OBJECTIVE
To teach the best practice in principles of cost accounting and cost reduction.

CONTENT
Overview of cost Accounting
– The uses of cost data
– Cost accumulation methods
– Elements of cost

Process Costing: Joint and by-Product Costing
– Single process costing
– Multiple process costing
– Joint products

Cost Reduction and Control
– Cost reduction defined
– Measuring performance
– The cost reduction budget

Job Order Cost System
– Direct labour costs
– Manufacturing overhead
– Finished goods
– Job order cost sheet

Cost Control
– Responsibility reporting
– Analyzing reporting
– Analyzing variances
– Controlling clerical expense

Decision Making
– Cost-volume-profit analysis
– Capital investment
– JIT and backflush costing
– EOQ (Economic order Quantities)
– Make-versus-buy decisions

FOR WHOM:
Accountants, Auditors, Senior and Middle Level Financial Managers, Treasurers, Controllers and Directors/Managers or Treasury Operators.

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.
DATE:
1ST BATCH: 25th – 28th Mar, 2025
2ND BATCH: 7th – 10th Oct, 2025