This 5-day intensive course covers the essential principles and practices of cost accounting, focusing on fundamental concepts, cost analysis, and cost control techniques. Participants will learn how to accurately track, allocate, and manage costs within an organisation, enabling them to make informed financial decisions and improve cost efficiency. The course combines theoretical knowledge with practical applications to equip professionals with the skills needed for effective cost management.
Target Audience
• Financial accountants and cost accountants
• Budget analysts and financial controllers
• Management accountants and finance managers
• Business owners and operations managers
Course Objectives
• To understand the core principles and methods of cost accounting
• To develop skills in cost allocation and analysis for better decision-making
• To implement cost control techniques and improve cost efficiency
• To apply cost accounting principles to various types of businesses and industries
• To integrate cost accounting data with financial reporting and strategic planning
Day-by-Day Course Outline
Day 1: Introduction to Cost Accounting
• Overview of cost accounting: Definition, importance, and objectives
• Types of costs: Fixed, variable, and mixed costs
• Cost behaviour and cost-volume-profit analysis
• The role of cost accounting in financial and management reporting
• Case study: Identifying and categorising costs in a manufacturing company
Learning Outcome:
Participants will gain a fundamental understanding of cost accounting concepts and the classification of different types of costs.
Day 2: Cost Allocation and Job Order Costing
• Principles of cost allocation: Direct vs. indirect costs
• Methods of allocating overheads: Traditional vs. activity-based costing (ABC)
• Job order costing: Process, documentation, and applications
• Calculating job costs and analysing cost variances
• Practical exercise: Applying job order costing to a project scenario
Learning Outcome:
Participants will learn how to allocate costs accurately and apply job order costing techniques to real-world scenarios.
Day 3: Process Costing and Cost Analysis
• Introduction to process costing: Definition and applications
• Cost accumulation and allocation in process costing
• Comparing job order costing and process costing
• Cost analysis techniques: Standard costing and variance analysis
• Workshop: Implementing process costing for a production line scenario
Learning Outcome:
Participants will understand process costing methods and how to conduct cost analysis for improved financial control.
Day 4: Cost Control and Budgeting
• Techniques for cost control: Monitoring, reporting, and managing costs
• Budgeting processes: Preparation, implementation, and variance analysis
• Cost control tools: Budgets, forecasts, and performance reports
• Integrating cost control with operational and strategic planning
• Case study: Developing and managing a budget for a departmental project
Learning Outcome:
Participants will gain skills in cost control and budgeting, and learn how to integrate these practices with overall business strategy.
Day 5: Advanced Cost Accounting and Reporting
• Advanced cost accounting topics: Marginal costing, target costing, and life-cycle costing
• Cost accounting in different industries: Manufacturing, service, and retail sectors
• Integrating cost accounting data with financial reporting and decision-making
• Group project: Analysing a company's cost structure and developing cost-saving recommendations
• Course wrap-up and feedback session
Learning Outcome:
Participants will be equipped with advanced cost accounting techniques and understand how to integrate cost data into financial reporting and strategic planning.
By the End of the Course, Participants Will Learn:
• The fundamental principles and methods of cost accounting
• Techniques for accurate cost allocation and analysis
• Methods for controlling costs and preparing budgets
• How to apply cost accounting practices to various business contexts
• Advanced cost accounting concepts and their application in strategic decision-making
Course Delivery Methods
• Expert-led lectures and interactive presentations
• Group discussions and analysis of industry-specific case studies
• Hands-on exercises in cost allocation, job order costing, and process costing
• Workshops on cost control, budgeting, and advanced cost accounting techniques
• Group projects and presentations to apply course concepts in practical scenarios
Course Dates and Venue locations:
The Certificate:
After attending and completing the entire ARUK training course, delegates will be issued a Certificate of Completion
