Cost Management: Accounting and Control
Cost Management: Accounting and Control covers the managerial use of accounting, financial, and operating data for planning, control, and decision making. Emphasis is placed on how to manage costs strategically in order to be globally competitive. The course is designed for managers and entrepreneurs who seek continuous improvement (CI) strategies. Topics include analysis of costs; job order and process costing; break-even and contribution analysis; activity-based costing (ABC); balanced scorecard, cost allocation; responsibility accounting; budget for profit planning; short-term decisions; capital budgeting; quality costs and total quality management (TQM); inventory management and just in time (JIT).

Course Publication Date: October 02, 2015

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $125.00!

Author:Delta CPE
Course No:ACT-COSTMGT-471
Recommended CPE:12.50
Delivery Method:Self Study
Level of Knowledge:Intermediate
Prerequisites:Basic Accounting
Advanced Preparation:None
Recommended Field of Study:Accounting
  
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Learning Objectives
  • Recognize the nature and scope of cost accounting and cost management.
  • Distinguish between cost accounting and its related fields such as managerial accounting and financial accounting.
  • Identify the three broad purposes for which the manager needs cost information.
  • Identify some new developments that took place in the cost accounting and cost management with total quality management and business process engineering.
  • Identify examples of each of the basic cost elements involved in the manufacture of the product.
  • Distinguish between variable costs and fixed costs and explain the difference in their behavior.
  • Recognize the difference between direct and indirect costs.
  • Recognize the usefulness of the contribution approach to income determination and differences between it and the traditional income statement.
  • Recognize classifications for manufacturing costs.
  • Identify types of companies that will benefit from process costing and what is involved in process costing.
  • Recognize the problems associated with traditional overhead costing methods.
  • Associate different cost drivers with different cost pools.
  • Recognize activities in the value chain of business function in activity.
  • Recognize how the cost.
  • Determine how to calculate the sales necessary to break even or to achieve a target income.
  • Compute weighted.
  • Recognize the concept of a margin of safety.
  • Recognize examples of variable costs.
  • Identify methods for estimating the cost.
  • Identify the major steps in budget preparation.
  • Determine appropriate budget levels.
  • Calculate different variances related to manufacturing costs.
  • Recognize responsibility accounting and the managerial significance of these variances.
  • Identify the value of the analysis provided by performance reporting.
  • Recognize the two.
  • Recognize how to calculate different variances associated with single and multi.
  • Understand how to compute return on investment.
  • Identify how the residual income.
  • Identify how companies use the Corporate Balanced Scorecard to evaluate performance.
  • Recognize the considerations required to determine appropriate transfer prices.
  • Understand how to compute return on investment.
  • Identify how the residual income.
  • Identify how companies use the Corporate Balanced Scorecard to evaluate performance.
  • Recognize the considerations required to determine appropriate transfer prices.
  • Identify the costs that are relevant for a particular decision.
  • Recognize attributes in the theory of constraints.
  • Identify characteristics of the target costing process for a new product.
  • Identify the impact of the time value of money on capital budgeting decisions.
  • Recognize a number of capital budgeting techniques.
  • Recognize how income tax factors affect investment decisions.
  • Identify the different types of depreciation methods.
  • Recognize the effect of Modified Accelerated Cost Recovery System.
  • Recognize how to choose the right system for cost accumulations.
  • Distinguish between the weighted.
  • Recognize different methods of allocating service department costs to production department work.
  • Identify how total quality management.
  • Recognize how TQM can work well in a team environment and how quality can be used as a strategic weapon.
  • Recognize the carrying costs and ordering costs associated with inventory management.
  • Identify the objectives of the basic economic order quantity.

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