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+966 920007771
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Objectives
Objective: • This workshop is designed as an active learning approach to develop the skills of cost and management accounting. • By the end of this workshop, participants will be able to: acquire the knowledge, skills and attitudes required for: o Providing the accounting data and information essential for managerial decision making o Budgeting and cost control with the objective of achieving maximum managerial planning and control o Directing and controlling the organizational resources with the objective of realizing the greatest profit o Designing and developing cost information systems which are the bases for finance and managerial accounting
Outlines
Contents: • Define cost and cost Classification • Variable Costing & Absorption Costing • Actual, Normal and Standard Costing • Spoilage, Rework and Scrap and their accounting treatment • Job Order And process Costing • Equivalent Units in Process Costing • Spoilage, reworks, and scraps in job order costing • Spoilage, reworks, and scraps in Process order costing • Fixed and Variable Overhead Cost • Overhead Allocation • Fixed & Variable Overhead Cost Allocation Rates • Plant-Wide and Department Overhead and ABC Overhead Costing • Factory overhead accounts • Activity Based Costing (ABC) • Decision Making o Cost Definitions for purposes of Decision Making o Income statement format for internal reporting and external reporting o Make or Buy Decision o Special order decision o Disinvestment decision o Obsolete inventory o Capacity constraints and product mix o Qualitative factors have to be considered before deciding • Responsibility centers • Contribution Approach • Transfer Pricing • Common Cost • Variance Analysis o Direct Material Variance o Direct Labor Variance o Factory Overhead Variance • Budgeting o Define budgets and their advantages o Prepare budgets in a business o Define master budget and their main components o Define and prepare all sub-budgets, revenue, variable cost, fixed cost, proforma income statement, proforma cash flows and cash budget o Use budgets to manage and control the company
Who Should Attend
Who Should Attend? • Cost Accountants • Management Accountants • Financial reporting accountants • Financial Accountants • Budgeting managers • Chief Accountants • Financial Managers
Duration
5 Days
