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).
Cost Management: Accounting and Control is designed for accounting and business managers. It covers the managerial use of accounting, financial, and operating data for planning, control, and decision making. A heavy emphasis is placed on how to manage costs to be globally competitive.
Due to the nature of the subject, the course uses the multidisciplinary approach to the subject, looking at the topic from many different angles such as finance, economics, marketing, information systems, quantitative methods, and the like. Heavily emphasized is the incorporation of information technology (i.e., how to use computer software) into virtually every subject covered in this course.
Furthermore, the course uses the solved problems approach, with emphasis on the practical application of managerial and cost accounting concepts, tools, and methodology. The reader is provided with the following:
- Definitions and explanations that are understandable.
- A variety of examples illustrating the concepts and techniques that are concise.
- Ample problems and detailed suggested solutions.
- Computer software demonstration and printouts.
Course Publication Date: February 27, 2017
This course is available with NO ADDITIONAL FEE
if you have an active self study membership
or can be purchased for $130.00
|Delivery Method:||Self Study
|Level of Knowledge:||Intermediate
|Recommended Field of Study:||Accounting
- 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, and roles of treasury function.
- 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-based management (ABM).
- Recognize how the cost-volume-profit analysis is used by management.
- Determine how to calculate the sales necessary to break even or to achieve a target income.
- Compute weighted-average contribution margins.
- Recognize the concept of a margin of safety.
- Recognize examples of variable costs, fixed costs, and mixed costs.
- Identify methods for estimating the cost-volume formula.
- 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-way, three-way, and four-way variance analysis for factory overhead.
- Recognize how to calculate different variances associated with single and multi-product firms.
- Understand how to compute return on investment (ROI) and how changes in sales, expenses, and assets affect the investment center's performance.
- Identify how the residual income (RI) differs from ROI in measuring divisional performance.
- 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 (MACRS) on capital budgeting decisions.
- Recognize how to choose the right system for cost accumulations.
- Distinguish between the weighted-average and first-in, first-out (FIFO) process costing methods.
- Recognize different methods of allocating service department costs to production department work.
- Identify how total quality management (TQM) in a manufacturing environment is best exemplified.
- 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 (EOQ) model.