The workshop aims to give an understanding to the fundamentals of cost accounting, which involves evaluating the costs of materials, labour and expenses, and then estimating predicted profits. This workshop will also focus on costing techniques, their usage and the linkages between costing activities and more effective and efficient delivery of services.
Description
Cost accounting is viewed a useful management tool. Whether an organisation is using accrual or cash accounting, using budgeted or actual figures – cost accounting is of value in all situations. The generation of costing information helps organisations to improve their financial management and enhance the quality of their budgeting.
Unlike the accounting system that helps in the preparation of financial reports periodically, the cost accounting and reports are not subject to rules and standards like the Generally Accepted Accounting Principles (GAAP). As a result, there is wide variety in the cost accounting systems of the different companies and sometimes even in different parts of the same organisation.
The workshop aims to give an introduction to the fundaments of cost accounting, which involves evaluating the costs of materials, labour and expenses, and then estimating predicted profits. This workshop will also focus on costing techniques, their usage and the linkages between costing activities and more effective and efficient delivery of services.
Key topics covered:
- Costing systems
- Short-term decision making
- Budgetary, planning and control
- Standard costing
Trainer profile:
Dr. David S.Y. Cheng, DBA, MBA & BS
A graduate of the University of Oregon with a Bachelor of Science (BS) degree in General Social Science, Dr. David Cheng completed his Master of Business Administration (MBA) degree with the University of Western Sydney in 2001. Dr. Cheng received his Doctor of Business Administration (DBA) degree from the University of South Australia in 2008. His main area of research is in consumer behaviour of Internet bank users in Hong Kong. He worked for a number of major financial institutions and he held senior positions including credit and marketing functions. He has been conducting related in-house training for AIA and a number of local and PRC banks in Hong Kong, Macau and China.
Learning objectives
- Evaluate a range of key cost accounting models and concepts
- Understand specific analytical skills in key areas within cost accounting at local and international level
- Recognise the role and scope of cost accounting theory
- Apply the key management accounting concepts and techniques in order to contribute to successful decision making in an organisation
Audience
This workshop is suitable for accountants, financial managers who are involved in applying cost accounting principles in their job. Those who are interested in this topic are welcome to attend.
In-person 3 Hours
60317252