Course Objectives.

• Identify the meaning of cost, loss, and waste.
• Distinguish between expense and expenditure, product and period costs, manufacturing and non-manufacturing, direct and indirect costs and fixed and variable costs.
• Understand cost behavior
• Apply absorption ( full) and variable ( direct) costing methods
• Apply joint product & by-product costing
• Understand when to apply job order costing and process costing
• Identify the meaning and components of life cycle costing
• Differentiate between  plant-wide and departmental overhead Rate
• Understand how to allocate service department costs
• Understand activity based costing approach.
• Understand standard cost approach

Course Outline.

• Cost Terminology

• Key Cost Concepts: Cost, Loss, and Waste.
• Expense and Expenditure
• Product and Period Costs
• Manufacturing and Non-manufacturing
• Direct and Indirect
• Fixed and Variable
• Cost Behavior and Cost-Volume-Profit / Break-Even analysis

• Overhead Allocation

• Considerations in Measuring & Assigning Overhead
• Plant-wide and Departmental Overhead Rate
• Allocation of Service Department Costs
• Activity Based Costing
• Undercosting and Over costing
• Activities, Drivers, and Activity Measures
• Advantages/disadvantages of ABC

• Cost Accumulation Systems

• Absorption ( Full) and Variable ( Direct) Costing
• Joint product & by-product costing
• Job Order Costing
• Process Costing
• Life Cycle Costing
• Quality Costing

• Standard Costs and Control

• What is cost control?
• Setting Standards
• Variance analysis
• Efficiency/price variances
• Variance Investigation.

Who Can Benefit?

• Controllers, senior managers
• Executives and those with expertise in their own fields who need to acquire expertise in cost planning and control