Cost Accounting

INTERNATIONAL ‘CAREER PROGRESS’ DIPLOMA PROGRAM ON COST ACCOUNTING

A Program produced to introduce the principles of Cost Accounting so that they can be applied both to academic problems and in practical business situations

Cost Accounting is a discipline that originally arose out of costing and estimating practices in engineering. Its historical context has been manufacturing, but increasingly Cost Accounting is being successfully implemented in service industries and not-for-profit organizations with significant results. This reflects the fact that today Cost Accounting is vital to all modern businesses which face growing competition.

The study of this Program should be of particular benefit to students of professional accounting bodies, those studying undergraduate and also postgraduate courses in business and management and accounting fields where knowledge of Cost Accounting principles is required; and to professionals and managers who require a working knowledge of the principles of Cost Accounting.

Major Topics Covered in this Diploma Program:

  • The scope and definition of cost accounting. Terminology; classification, overheads, total cost.
  • Cost behavior; distinguishing differences, classes, prediction, analysis.
  • Accounting for labor costs and for material costs; pricing methods, stock valuation, just-in-time.
  • Absorption costing; cost units and centers; activity based costing; overheads, appraisal.
  • Marginal costing systems; revenue statements, contribution, breakeven analysis.
  • Costing short-term decision making. Planning, budgeting; control, zero-based, activity-based.
  • Standard costing and variance analysis, calculation, investigation, appraisal.
  • Capital investment appraisal; techniques, discounted cash flows, risk and uncertainty
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