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Cost and Management Accounting
Categories:
Management
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Description
This course introduces basic cost accounting that provides information regarding ascertainment of cost per unit of different products and techniques that includes principles and rules. It focuses on quality for saving in cost and guides the management to control the major functions of a business. It helps management to carry out efficiently its functions such as planning, budgeting and decision-making by developing cost procedures that provide information to the business. It provides the company to take vital decisions such as introduction of a new product and selection of a most profitable product mix.

Curriculum

Module 1: Introduction to Cost and Management Accounting

Meaning, Nature, and Scope of Cost Accounting; Financial Accounting versus Cost Accounting; Limitations of Cost Accounting; General Principles of Cost Accounting; Cost Centre and Cost Unit; Methods of Costing; Techniques of Costing.

Module 2: Elements of Cost

Elements of Cost: Direct Material Cost, Direct Labour Cost and Overheads; Classification of Overheads, Allocation of Overheads versus Apportionment of Overheads; Methods of Re-apportionments of Overheads: Direct Redistribution, Step Distribution, Reciprocal Services Methods.

Module 3: Budgetary Control

Meaning - Budget and Budgetary Control, Objectives, Advantages and Limitations of Budgetary Control, Classification of Budgets, Preparation of Flexible Budget, Sales Budget and Cash Budget.

Module 4: Marginal Costing

Introduction to Marginal Costing, Contribution, P/V ratio, Break Even Point, Angle of Incidence, Margin of Safety, Break Even Chart, Applications of Marginal Costing: Make or Buy, Profit Planning, Dropping a Product, Acceptance of an Oder, Capacity Utilization, Key Factor, Cost Indifferent Point, Alternative Proposals, Price Fixation, Sales Mix, Suspending Activities.

Module 5: Responsibility Accounting and Performance Evaluation

Meaning and Importance of Responsibility Accounting; Responsibility Centres: Cost Centres, Profit Centres and Investment Centres; Evaluation of Cost Centres with Variance Analysis; Evaluation of Profit Centres.

Learning Outcomes

  • Categorise costs based on various criteria
  • Differentiate allocation and apportionment of overheads
  • Summarise the concept of Budgeting and Budgetary
  • Examine the concept of Marginal Costing
  • Categorise the responsibility centres

Who Should Attend?

  • Management Students
  • Graduates with Management background

Job Prospects

  • Accounts and Finance Professional
  • Sales and Marketing
  • Business banking Operations
  • Finance Executive

Certification

After completing this course and successfully passing the certification examination, the student will be awarded the “Cost and Management Accounting” certification.

If a learner chooses not to take up the examination, they will still get a 'Participation Certificate'

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