Training on Cost and Management Accounting

About the Course 

More managers and business owners are looking to streamline procedures and optimize resource usage in today's fiercely competitive corporate climate. By minimizing financial waste, those in cost and management accounting roles contribute significantly to maximizing profit. They are responsible for supplying information that can aid in economical decision-making. 

The course on cost and management accounting exposes participants to the fundamental ideas behind this function and goes over a number of key ideas, including job costing, process costing, absorption costing, and variable costing. Participants will learn how to do a cost-volume-profit (CVP) analysis and utilize budgets to manage finances and also how to use costings to make  informed management decisions. 

Target Participants 

This course is designed for; accounting and finance professionals, managers, consultants, and any 

one who wants to improve their knowledge on coast and management accounting. 

Course Duration 

Online 

7 Days 

Classroom-based   

5 Days 

What You Will Learn 

By the end of this course the participants will be able to: 

• Understand the relationship between cost accounting, financial accounting and managerial accounting 

• Understand key concepts of cost and management accounting 

• Understand the relationship between the cost-volume and profit 

• Analyze variances between Actual, Budgeted and Previous years’ figures for corrective actions 

• Evaluate return on capital expenditure and investment projects 

• Use management accounting to make informed management decisions  

Course Outline 

Introduction 

• Definition of management accounting 

• Concepts of management accounting 

• Financial accounting 

• Difference between management and financial accounting 

• Introduction to cost accounting 

• Planning, budgeting and forecasting 

• Performance measurement 

Components Of Financial Statements 

• Income & expenditure account 

• Balance sheet/ Statement of financial position 

• Cash flow statement 

• Statement of changes in equity 

• Notes to the financial statements 

Cost Accounting 

• Cost classification 

• Cost behavior 

• Fixed & variable cost 

• Understanding break-even point 

• Cost volume profit relations 

• Marginal & absorption costing 

• Activity based costing 

• Standard costing 

Variance Analysis 

• Price variance 

• Volume variance 

• Mix variance 

• Efficiency variance 

• Sensitivity analysis 

• Practical Example 

Working Capital Control 

• Inventory control 

• Accounts receivable 

• Accounts payable 

• Reconciliation of sub-ledgers 

• Other current assets & current liabilities 

• Tax and deferred taxation 

Budget Process and Management 

• Preparation of master budget 

• Fixed v/s flexible budgets 

• Cash budgets 

• Quarterly reviews 

• Forward planning 

• Budget/ actual comparison 

• Zero   based   budgets 

• Analyzing budget variances and remedies 

• Management cost control reports and corrective actions 

Capital Expenditure 

• Capital investment appraisal 

• Return on investment 

• Payback period 

• Net present value 

• Discounted NPV 

• Internal rate of return 

• Lease or buy decisions 

• Tax implications 

• Providing and interpreting financial information for decision making 

Training Approach 

This course is delivered by our seasoned trainers who have vast experience as expert professionals in their respective fields of practice. The course is taught through a mix of 

practical activities, presentations, group works and case studies. 

Training manuals and additional reference materials are provided to the participants. 

Certification 

Upon successful completion of this course, participants will be issued a certificate. 

Tailor-Made Course 

We can also do this as a tailor-made course to meet organization-wide training needs. A training needs assessment will be done on the training participants to collect data on the 

existing skills, knowledge gaps, training expectations and tailor-made needs.