Principles of Cost Accounting and Cost Reduction Strategies

This course provides a comprehensive understanding of cost accounting principles and practices, focusing on the techniques and strategies used to manage and reduce costs effectively within an organization. The course is designed for students and professionals who aim to enhance their knowledge of cost accounting to improve financial performance and decision-making processes.

At the end of this training, participants will be able:

• To understand the fundamental concepts of cost accounting and their applications.
• To analyze various costing methods and techniques.
• To learn how to prepare and interpret cost accounting reports.
• To explore strategies for cost control and reduction.
• To apply cost accounting information in strategic planning and operational decision-making.

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.

Training Methodology

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.