Cost Accounting System


How You Will Benefit

  • Apply cost accounting methods to identify profitable products and services
  • Analyze reports to make sound pricing decisions
  • Compare cost systems and choose the one that’s right for your company
  • Evaluate results against budgets with greater accuracy
  • Use cost accounting methods to optimize the use of people, resources and materials

What You Will Cover

  • Relating cost accounting to financial accounting and the planning and control process
  • Budgets as a tool within both traditional and ABC cost systems
  • Enhancing budgeting accuracy
  • Product costing systems and accounting for overhead
  • Activity-based costing for management control
  • Standard costing and variance analysis
  • Variance analysis for material, labor and overhead variances
  • Requirements for establishing a direct costing system


Accountants, accounting managers, cost accountants, cost analysts, budget analysts, systems analysts, auditors and financial planners.


Introduction to Cost or Managerial Accounting

  • Understand the Place of Cost or Managerial Accounting in Relationship to Financial Accounting
  • Understand the Planning and Control Process and Its Relationship to Cost Accounting
  • Recognize and Understand Specific Cost-related Terminology


  • Relate Budgets to the Planning and Control Process
  • Recognize the Use of Budgets as a Tool within Both Traditional and ABC Cost Systems
  • Recognize Techniques to Enhance Budgeting Accuracy and Make Budgets More Relevant

Product Costing Systems and Accounting for Overhead

  • Understand the Application and Uses of Job Order Costing
  • Understand the Application and Use of Process and Operational Costing
  • Understand Reasons Behind Overhead or Burden Rates
  • Identify Several Different Methods of Associating or Applying Overhead to Various Products and Services, and the Implications of Using Each Method

Activity-Based Costing for Management Control

  • Understand Reasons for Using Activity-Based Costing as Opposed to Traditional Methods
  • Understand the Basic Process of Identifying Activities
  • Understand the Basis for Costing Activities
  • Understand How Products or Services are Costed Using ABC

Standard Costing and Variance Analysis

  • Understand Why Standards Are Used
  • Understand Different Approaches to Setting Standards, and the Implication of Each Approach
  • Understand What Is Included in Each Standard
  • Understand When Standards Should Be Changed
  • Understand What Happens When Standards Are Changed
  • Understand the Process of Variance Analysis for Material, Labor, and Overhead Variances

Absorption Versus Direct Costing

  • Understand Implications for Unit Product or Service Costs of Fixed and Variable Cost Behaviors
  • Understand Difference between Absorption and Direct Costing Methods
  • Understand the Organizational Levels at Which Direct Costing May be Appropriate, and the Uses of Direct Costing Information
  • Recognize the Process and Requirements for Establishing a Direct Costing System

Cost-Volume-Profit Analysis

  • Understand the Concept of Break-even Analysis in Units and in Dollars, and the Appropriate Use of Each
  • Understand the Implications of Operating Leverage
  • Understand Margin of Safety and Its Impact on Decisions to Add Fixed Costs or to Change Cost Structures
  • Understand the Use of Contribution Margin in “What-if” Analysis

Relevant Costing and the Contribution Approach to Decision Making

  • Determine What Costs Are Considered Relevant in a Decision-making Process
  • Apply Relevant Costing to Evaluate Different Scenarios in Making Decisions
  • Understand Relevant Costs When Considering Accepting Business at a Special Price
  • Understand Relevant Costs When Considering Dropping a Product Line or Closing a Facility
  • Understand Relevant Costs When There Are Limiting Factors of Production

Return on Investment Analysis

  • Understand, Calculate and Understand the Appropriate Use of ROI Analysis for Specific Projects

– Payback
– WACC and Hurdle Rates

  • Understand, Calculate, and Appropriately Use ROI Analysis Related to Ongoing Businesses

– DuPont Formula
– Residual Income (EVA)

  • Understand Internal Cash Management Ratios

– Cash Conversion Cycle
– Burn Rate
– Turn and Earn


Lecturing, participative discussion, and case study.

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