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Why Guess? Mastering the Fundamentals of an Accurate Cost System (ACWGMF01)

Date:Thursday, April 26, 2018
Time:8:00 AM - 4:00 PM
(Registration at 7:30 AM)
Facility:Webcast or Webinar, Online
CPE Credit:8.0 Accounting and Auditing
Instructor: William J. Horst
Course Level:Basic
Early Bird Price:$305.00 FICPA Members, $455.00 Non-Members

This seminar will explore the five essential components of a successful cost model which applies to any organization. Armed with the knowledge of these components, the Cost Accounting team from William Vaughn Company will utilize case studies to provide examples of how you can effectively implement each step and validate your results. In addition, we will identify the most common errors that often result in failure at each step, helping you avoid them. Once you can generate accurate costing data, this information has a wide range of uses in both short-term and long-term decision making processes. We will cover some of the decisions that can be made and what factors to consider in making them.


  • An understanding of what is meant by a "valid cost model"

  • An understanding of how to break down the product costing process into a step-by-step process that ensures accurate results

  • An awareness of the most common costing errors and how to avoid them

  • An understanding of the many methods of cost accounting and why there is never a "one size fits all" approach

  • An understanding of how to methodically approach questions such as:

    • Should I take this contract or turn it away?
    • Should I outsource the component or manufacture it in-house?
    • Should I expand this portion of my business?

    Major Topics:

  • The five essential steps to developing an accurate cost model

  • The detailed choices that can be made within each step

  • How to validate your cost model once you have completed it

  • Signs to look for in your own business that might indicate your costing methodology needs to be updated

  • The ten most common mistakes that cost accountants make in developing a costing model

  • Actual case studies with examples covering each step inclusive of the problems that each can present

  • Knowing what data is relevant and how to structure short-term and long-term decisions for the ultimate profitability of the company

    Who Should Attend:
    CPAs and accounting professionals who would like a better understanding of costing models, and how to obtain accurate data to increase profitability.


    Advanced Preparation:


    If listed below, select the appropriate sessions or options to continue with your purchase.

    Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.