Course Description

Business entities operate in a dynamic environment driven by competitive, regulatory and fast-moving technological changes. Costs have been, still are, and will remain the dominating concern of all types of businesses, be they manufacturing, merchandising or service, as well as all forms of organizations regardless if they are proprietorships, partnerships or limited liability companies – for-profit or otherwise. This course is prepared to cover the fundamentals of cost accounting and Management Accounting. 

Course Goal

To enhance the participants’ knowledge, skills, and abilities necessary to understand the costing process and how to determine costs. It also covers the management of funds by means of budgets and the use of management accounting information to make informed and accountable decisions.

Course Objectives

By the end of this course, participant will be able to:

• Understand the management Process
• Differentiate between Different fields in accounting
• Understand the importance of Cost and managerial accounting in the management of an organization
• Differentiate between cost, loss, and waste
• Differentiate between expense and expenditure
• Understand the meaning of cost terminology and when to be applied. 
• Differentiate between Job Order Costing and Process Costing when to be used
• Apply Cost-Volume-Profit / Break-Even analysis 
• Understand why do people and businesses prepare budgets?
• Prepare Cash budget for a business.
• Monitor performance against budget and standard costing for a manufacturer
• Use accounting information and for short and long-term decision making.

Who Can Benefit

Management and business professionals who need to understand and access wide-ranging and accurate cost and costing information to manage and evaluate their businesses and business units effectively.