Introduction

More managers and business owners are looking to streamline procedures and optimize resource usage in today’s fiercely competitive corporate climate. By minimizing financial waste, those in cost and management accounting roles contribute significantly to maximizing profit. They are responsible for supplying information that can aid in economical decision-making.

The training on cost management accounting exposes participants to the fundamental ideas behind this function and goes over a number of key ideas, including job costing, process costing, absorption costing, and variable costing. Participants will learn how to do a cost-volume-profit (CVP) analysis and utilize budgets to manage finances and also how to use costings to make  informed management decisions.

Who Should Attend

Cost management accounting is designed for; accounting and finance professionals, managers, consultants, and anyone who wants to improve their knowledge on coast and management accounting.

Duration:

5 days

Course Objectives

By the end of this course the participants will be able to:

• Understand the relationship between cost accounting, financial accounting and managerial accounting
• Understand key concepts of cost and management accounting
• Understand the relationship between the cost-volume and profit
• Analyze variances between Actual, Budgeted and Previous years’ figures for corrective actions
• Evaluate return on capital expenditure and investment projects
• Use management accounting to make informed management decisions

Course Outline

Introduction

• Definition of management accounting
• Concepts of management accounting
• Financial accounting
• Difference between management and financial accounting
• Introduction to cost accounting
• Planning, budgeting and forecasting
• Performance measurement

Components Of Financial Statements

• Income & expenditure account
• Balance sheet/ Statement of financial position
• Cash flow statement
• Statement of changes in equity
• Notes to the financial statements

Cost Accounting

• Cost classification
• Cost behavior
• Fixed & variable cost
• Understanding break-even point
• Cost volume profit relations
• Marginal & absorption costing
• Activity based costing
• Standard costing

Variance Analysis

• Price variance
• Volume variance
• Mix variance
• Efficiency variance
• Sensitivity analysis
• Practical Example

Working Capital Control

• Inventory control
• Accounts receivable
• Accounts payable
• Reconciliation of sub-ledgers
• Other current assets & current liabilities
• Tax and deferred taxation

Budget Process and Management

• Preparation of master budget
• Fixed v/s flexible budgets
• Cash budgets
• Quarterly reviews
• Forward planning
• Budget/ actual comparison
• Zero   based   budgets
• Analyzing budget variances and remedies
• Management cost control reports and corrective actions

Capital Expenditure

• Capital investment appraisal
• Return on investment
• Payback period
• Net present value
• Discounted NPV
• Internal rate of return
• Lease or buy decisions
• Tax implications
• Providing and interpreting financial information for decision making

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on  Tel: +254 112 994 815

Training Venue

The training will be held at our Prinwise Development Training Centres usually in CBD Nairobi. We also offer training for a group at requested location all over the world. The onsite course fee covers the course tuition, training materials (Bag, Pen, Notepad and Either Laptop or Tablet or Android Mobile Phone), two break refreshments, buffet lunch, airport transfers and excursions while in Kenya

Visa application, travel expenses, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Prinwise Development Training  certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email:   +254 112 994 815

Terms of Payment: 

Unless otherwise agreed between the two parties payment of the course fee should be done 3 working days before commencement of the training so as to enable us to prepare better

Online/ On-site (Nairobi, Kenya) Training Schedule