World-Class Cost Accounting: A Practical Application Part 1

Overview

Gain an invaluable skill set to advance your career by learning how to design and apply a comprehensive cost accounting system modeled on a real company. This course shows you how to precisely identify all direct and indirect manufacturing costs for each product, link direct costs to their base drivers, and recognize fluctuating variable and semi-fixed costs that are actually direct in nature. You’ll also learn how to trace certain fixed costs to products, distinguish which fixed costs are directly assignable, and apply budgeting techniques to establish accurate standard costs.

 It's highly recommended to take Part 1 before Part 2 as several foundational principles in Part 1 carry forward throughout Part 2.

Objectives

• Substantially reduce manufacturing overhead allocations
• Identify bases for tracing manufacturing costs to products
• Automatically embed ABC into the cost system
• Methodologies for precise costing

Highlights

• Classifying the five cost types
• Direct materials - comprehensive coverage
• Direct labor - including all labor burden costs
• Tracing all the prime costs to products
• Budgeting and setting standard costs

Designed For

CPAs, Controllers, Accounting Managers, and Cost Accountants

Prerequisites

Background in accounting or bookkeeping

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.