Introduction
Cost accounting enables organizations to understand cost structures, improve profitability, and enhance operational control. This course equips participants with advanced cost accounting techniques and cost management strategies used across industries to improve decision-making and efficiency.
Course Objectives
- Apply cost accounting systems to various production settings.
- Analyze product, process, and service costs.
- Conduct variance and profitability analysis.
- Implement cost reduction and optimization strategies.
- Strengthen internal decision-making using cost insights.
Target Audience
- Cost accountants and controllers.
- Production, manufacturing, and operations managers.
- Supply chain and procurement professionals.
- Financial analysts.
- Anyone responsible for cost evaluation.
Course Outline
- 5 Sections
- 0 Lessons
- 5 Days
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- Day 1: Cost Accounting Foundations• Purpose and scope of cost accounting.
• Types of costs and allocation bases.
• Production vs. non-production cost structures.
• Activity: Analyze cost components.
• T&T: Cost classification tools, allocation worksheets.0 - Day 2: Costing Systems in Practice• Job order costing and process costing.
• Service costing and batch costing.
• Overhead absorption and control.
• Case study: Costing in a manufacturing firm.
• T&T: Process costing templates, overhead models.0 - Day 3: Variance & Profitability Analysis• Standard costing and variance interpretation.
• Pricing decisions and profitability assessment.
• Contribution margin analysis.
• Workshop: Perform a variance analysis.
• T&T: Variance calculators, profitability grids.0 - Day 4: Cost Optimization Strategies• Identifying waste and inefficiencies.
• Using lean tools for cost reduction.
• Supply chain and procurement cost strategies.
• Real examples of cost optimization.
• T&T: Lean tools, cost optimization frameworks.0 - Day 5: Cost Analysis for Decision-Making• Make-or-buy and outsourcing decisions.
• Cost-benefit and relevant cost analysis.
• Group project: Cost improvement plan for a unit.
• Presentation and certification.
• T&T: Decision analysis sheets, cost-benefit templates.0
Instructor
Lessons:
