Cost Accounting Strategies for Managers

Overview:

Cost accounting is a critical tool for understanding costs and profit, but the topic is often misunderstood. Gain an advantage over your competitors by learning and applying cost accounting concepts.

This course defines direct costs, indirect costs, period costs, and product costs- terms that every business owner must know. The course provides simple formulas for business management, including cost-volume-profit and target profit formulas.

You’ll learn the differences between job costing and process costing, and how to apply each concept to your business. Participants will learn how to perform variance analysis on the differences between budget and actual results. You’ll review advanced tools to reduce costs and maximize profit.

Areas Covered in the Session:

Direct costs, indirect costs, period costs, and product costs

• Formulas for business management: cost–volume-profit,  breakeven, and target profit formulas
• Job costing and process costing: How to apply each concept to your business
• Variance analysis: Analyzing differences between budget and actual results 
• Special orders, make-vs.-buy decisions, opportunity costs
• Joint costs and separable costs
• Spoilage, scrap, and reworked products

Who Will Benefit:

• All