World-Class Cost Accounting: A Practical Application - 8 Hour Version

Overview

Add an invaluable skill set to your career. Showcasing a comprehensive cost accounting system of an actual company. Precisely identify direct costs for individual products and services. How to link direct costs with other direct costs. Identify certain fluctuating variable and semi-fixed costs that are, in fact, direct costs. Budgeting techniques for setting accurate standard costs and guidelines for revising standards during the year.

Manufacturing overhead costs - how to identify, classify, and trace products. How to handle Phantom sub-assembly costing issues. How to account for costs when manufacturing deviates from normal operations - outside temporary contractors. Applying costing principles to a process cost system and a project cost system. Example of a best-in-class chart of accounts for management reporting.

Prerequisites

A background in accounting or bookkeeping is sufficient

Objectives

• How to pinpoint all direct costs
• Definitions for true variable, fluctuating variable, and semi-fixed costs
• Gain a price-seting advantage in an ever-increasing competitive marketplace
• Specifics for classifying MGH overhead costs to products
• Tracing MGH overhead costs to products for costing and pricing accuracy
• Examples of specific identification of MFG overhead costs to products and the dramatic effect of reducing arbitrary allocations
• ABC Analysis for non-manufacturing departments
• Life-Cycle costing of products

Highlights

• Beginning and intermediate cost principles automatically included 
• Covers manufacturing materials, labor, period mfg inefficiencies
• How to efficiently trace the above costs to products
• Substantially reduce manufacturing overhead allocation by 60% or more
• ABC analysis is embedded in the MFG cost system without the need for a separate ABC implementation project
• Covers fixed and variable MGH overhead of the production department
• Covers MFG overhead of the manufacturing support departments
• Identifying certain MFG overhead costs as variable that typically are classified as fixed