Course Overview

What is Cost and Management Accounting Course? To be successful, business owners and managers must have a good understanding of the revenues and costs of their organisation. Furthermore, for better understanding, detailed visibility into profits and losses for every profit centre, cost centre and location within the business is critical. Cost accounting enables management to accurately account for costs, both variable and fixed, so important for pricing purposes.

With proper cost accounting, the organisation can evaluate all strategies within your business, break-even analysis, investment appraisals, level of production and the profitability of products.  It also improves the budgeting process and decision-making abilities, as financial decisions are driven by accurate cost estimation.

With an efficient cost accounting system coupled with a robust integrated solution like an ERP, the organisation can better plan the company’s financials, manage operating costs, support lean accounting and accurately allocate resources.

This ZOE course in Cost and Management Accounting provides an excellent opportunity for participants to acquire the necessary skills required to plan, manage and monitor costs across the organisation. Participants will also learn about the budget process and preparation of variance analysis for comparison with the actuals.  Working Capital controls and Capital expenditure will also be discussed to cover the entire Balance Sheet.

Course Objectives

On successful completion of Cost and Management Accounting Course, participants shall be able to:

• Understand the fundamentals of Managerial Accounting and how it differs from Financial Accounting
• Use of management reports for planning and monitoring purposes
• Decide the level at which costs need to be captured
• Analyse variances between Actual v/s Budgeted / Previous years’ figures for corrective actions
• Optimise working capital and avoid unnecessary blockage of funds
• Evaluate capital expenditure

Training Methodology

This collaborative Cost and Management Accounting Course will comprise the following training methods:

• Lectures
• Seminars & Presentations
• Group Discussions
• Assignments
• Case Studies & Functional Exercises

Zoe Talent Solutions follows the ‘Do-Review-Learn-Apply’ model.

Organisational Benefits

By attending this Cost and Management Accounting training programme, the participants will:

• Understand cost behaviour and make better decisions
• Be able to plan and monitor performance at the desired level
• Have a better understanding of Working Capital management
• Understand the flow of information in an ERP system
• Be able to evaluate return on capital expenditure and investment projects

Personal Benefits

By the end of the Cost and Management Accounting Course, you will be able to:

• Comprehend the structure of the chart of accounts and the lowest level of reporting
• Differentiate between Financial Accounts and Management Accounts
• Use management accounts for segment reporting
• Prepare cash flow statement
• Understand the budget process and how to apply your costing knowledge
• Calculate a price, volume and mix variances
• Compute break-even point and conduct sensitivity analysis

Who Should Attend?

• Financial controllers, finance managers, financial systems analysts, senior accountants, and financial accountants
• Management accountants
• General ledger accountants, and assistant accountants
• Accounts receivable accountants, accounts payable accountants, and payroll accountants
• Management and Decision-makers who trust and rely on timely and accurate financial information
• Chief Financial Officers (CFOs)
• Finance directors and strategic planners

Course Outline

Module 1: INTRODUCTION

• Definition of Management Accounting
• Concepts of Management Accounting
• Planning and Budgeting
• Performance Measurement
• Financial Accounting
• Introduction to Cost Accounting
• Understanding Cost Behaviours

Module 2: MANAGEMENT ACCOUNTING

• How does Managerial Accounting Works?
• Objective of Management Accounting
• Difference between Management v/s. Financial Accounts
• Budgets and Forecasts
• Performance Measurements

Module 3: COMPONENTS OF FINANCIAL STATEMENT

• Balance Sheet
• Income & Expenditure Account
• Cash Flow Statement
• Statement of Changes in Equity
• Notes in Financial Statements

Module 4: COST ACCOUNTING

• Cost Classification
• Cost Behaviour
• Fixed & Variable Cost
• Marginal & Absorption Costing
• Understanding Break-even Point
• Activity Based Costing
• Standard Costing

Module 5: VARIANCE ANALYSIS

• Price Variance
• Volume Variance
• Mix Variance
• Efficiency Variance
• Practical Example

Module 6: WORKING CAPITAL CONTROL

• Inventory Control
• Accounts Receivable
• Accounts Payable
• Reconciliation of Sub-ledgers
• Other Current Assets & Current Liabilities
• Tax and Deferred Taxation

Module 7: BUDGET PROCESS AND MANAGEMENT

• Preparation of Master Budget
• Fixed v/s Flexible Budgets
• Quarterly Reviews
• Forward Planning
• Budget/ Actual Comparison
• Zero Based Budgets

Module 8: CAPITAL EXPENDITURE

• Capital Investment Appraisal
• Return on Investment
• Payback period
• Net Present Value
• Internal Rate of Return
• Lease or Buy Decisions
• Tax Implications thereof