CAM Cost Accounting and Management

Objectives

Upon completion of this course, the participants will be able to:

• Understand what is management accounting
• Understand the differences in gross profit and inventory between different types of companies
• Allocate production costs using job order and process costing approaches
• Calculate inventory cost and the impact on profits of absorption and variable costing methods
• Create a budget to calculate standard costs rates and value inventory using these rates
• Analyse the variances between standard costs and actual costs, and allocate them appropriately
• Understand how to analyse and allocate costs in an activity based costing system
• Explain the advantages and disadvantages of a Just-In-Time production system
• Explain what is Total Quality Management and the four types of quality costs
• Use Cost-Volume-Profit analysis for profit planning, to calculate breakeven points and perform sensitivity analyses
• Use cost benefit analysis to make short term business decisions
• Explain the impact of environmental costs on environmental and financial performance

Target Audience

This program is designed for delegates who wish to understand the methods for cost allocation and management, and the analysis of the impact of costing options on profitability and decision making. It would benefit both individuals with no previous knowledge of cost accounting and management, and those with some experience in management accounting or finance. However, no previous knowledge of cost accounting or finance is required, as we will cover the basics before going into more details.

Individuals in the following job descriptions, as well as those with an interest in cost accounting, would benefit from this course:

• Cost accountants
• Management accountants
• Finance managers
• Financial controllers
• Budget and forecasting controllers
• Financial planning and analysis managers