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Cost Accounting Technique for Cost Monitoring and Control

23-24 Aug, 2023, Remote Online Training - Public

IPA Training is Registered with

Venue Details

Remote Online Training - Public


Contact us

FOR COURSE DETAILS

Juliany,

Office: 03 2283 6109

Mobile: +60 122281247

juliany@ipa.com.my

Phoebe,

Office: 03 2283 6100

Mobile: +60 193637822

phoebe@ipa.com.my

Bee Teng,

Office: 03 2282 6112

Mobile: +60 172566121

beeteng@ipa.com.my

FOR CUSTOMISED IN-HOUSE TRAINING

Jane,

Office: 03 2283 6101

Mobile: +60 129418251

jane@ipa.com.my

Keith,

Office: 03 2283 0000

Mobile: +60 162272735

keith@ipa.com.my

ADDRESS

A-28-5, 28th Floor, Menara UOA Bangsar,
No.5, Jalan Bangsar Utama 1,
59000 Kuala Lumpur

FOCUSING ON
  • Introduction
  • Cost Fundamentals
  • Cost Accounting for Materials
  • Cost Accounting for Labor
  • Cost Accounting for Overheads
  • Job, Batch and Service Costing
  • Process Costing Method
  • Standard Costing (TARGET) AND Variance Analysis for Continuous Improvement
  • Marginal Cost – For Decision Making
OBJECTIVE

Cost Accounting is an organizational function that identifies, collects, classified and reports the costing information to management to assist in the decision making such as product/service pricing, profitability analysis and projection.

Cost Sustainability post Covid 19 and MCO also requires an effective Cost Down program for business continuity and sustainability.

Goods/service production cost, inventory cost, operating expense cost, etc., all need to be re-examined critically to enable the organization to remain resilience to meet any future crisis as and when it arises.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Increasing your Costing skills in work and in knowledge for value innovation
  2. Taking initial corrective actions in their cost analysis for improvements.
  3. Managing all cost activities more effectively for cost down program.
  4. Strengthening your organization’s costing system.
  5. Taking continuous strategic role in retaining cost leadership within the industry.
WHO SHOULD ATTEND
  • Costing Clerks & Assistants
  • Costing Supervisors and Executives
  • Production Executives
  • Product, Marketing and Purchasing Executives
  • Management Accounting Executives
  • All new Accounting Staffs
  • Any other personnel who are involved in the company’s costing matters or are interested to learn about costings.
METHODOLOGY
  • Interactive Lectures
  • Participative and Active Discussions
  • Hands On Exercise And Assignments
  • Questions And Answers
DAY 1
9:00

INTRODUCTION

  • Divisions of Accounting – Financial, Cost and Management Accounting
  • Contribution of Cost Accounting to an organization.
  • Cost Dynamic and Cost Drivers
  • Cost Down strategies and plan for post COVID 19 and MCO.
  • Costing basis and costing methods.
10.45

COST FUNDAMENTALS

  • Cost Classifications and the understanding of them.
    - Direct and Indirect Cost
    - Variable and Fixed Cost
    - Prime Cost, Conversion Cost and Landed Cost
    - Difference between direct, indirect and operating overheads
    - Product / Service Cost
  • Product / Service production valuation
    - Indirect Overhead apportionment concept.
    - Indirect Overhead absorption concept
    - Production, Operating and Abnormal Cost.
12.00

COST ACCOUNTING FOR MATERIALS

  • Bill of Materials establishment, control and continuous improvement
  • Cost Calculation for each material
  • Material Cost Control
  • Inventory holding management
  • Concept of Just in Time (JIT)
  • Valuation method
  • Total cost criteria for procurement decisions:
    - Interco terms advantage
    - Value chain cost
    - Financing cost
1:00 Lunch
2:00

COST ACCOUNTING FOR LABOR

  • Recording and control
  • Remuneration incentives
  • Productivity measurement
 

COST ACCOUNTING FOR OVERHEADS

  • Identification and Classification
  • Apportionment and Absorption method to products / Services
  • Basis of absorption
  • Treatment of over and under absorption cost in the accounts
3:45

JOB, BATCH AND SERVICE COSTING

  • Costing by process
  • Costing by batch
  • Costing by job
  • Costing for services render in the service industry.
5:00 End of Day 1
DAY 2
9:00

PROCESS COSTING METHOD

  • Structure Process Costing
  • Production flow and its cost accumulation
  • Losses (losses, scraps & wastage) and gains in the process
  • Work in progress at different stage of completion
  • Joint and By-products

10.45

STANDARD COSTING (TARGET) AND VARIANCE ANALYSIS FOR CONTINUOUS IMPROVEMENT

  • What is Standard Costing, its needs and suitability
  • Setting of standards – basic, current, attainable, ideal.
  • Standard Cost and Hours
  • Abnormal loss of material and idle time.
  • Standard Costing in Service Industries
  • Variance Analysis – Material, Labor, Overhead, Sales & Profit,
    - Quantity (Usage/Volume) and Price
    - Material and Labor Yield and Mix
  • Disposing of variances
  • Causes of Variances
  • Interdependency of variances
  • Responsibility accounting as reasons for variance analysis.
1:00 Lunch
2:00

MARGINAL COST – FOR DECISION MAKING

  • Cost Profit Analysis
  • Cost Classification under marginal costing
  • Meaning of contribution and its calculations
  • Breakeven point calculation for:
    - Single product
    - Multiple products
5:00 End of Course