Cost and Management Accounting

INTRODUCTION

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 economic decision-making.

The training on cost management accounting exposes participants to the fundamental ideas behind this function and goes over several 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.

Training Schedule

COURSE OBJECTIVES

• 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
• 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 will be delivered by our skilled trainers with vast knowledge and experience as expert professionals. The course is taught in English and through a mix of theory, practical activities, group discussion, and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organizational requirements. For further inquiries, don’t hesitate to get in touch with us on: Email: info@advantaedgedev.com Tel: +254 713 072 883

Training Venue

The training will be held at our Advantaedge Training Centre. We also offer training for a group at requested locations worldwide. The course fee covers tuition, training materials, two break refreshments, and a buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with an Advantaedge certificate upon completion of this course.

Airport Pickup & Accommodation

Airport pickup and accommodation are arranged upon request. For booking contact our Training Coordinator through Email: info@advantaedgedev.com Tel: +254 713 072 883