ACPEN: World-Class Cost Accounting: A Practical Application - 8 Hour Version

Overview

The first half of this course will help you 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.

The second half will help you enhance your career with an invaluable skill set in cost accounting. This program presents a comprehensive cost system based on a real company, guiding you through the accurate classification of manufacturing overhead costs. Learn to distinguish between true variable and fluctuating variable costs, identify fixed overhead costs that are direct or directly assignable, and account for variances from standard costs. In this model, all manufacturing overhead costs are fully traced to products, providing practical insights you can apply directly in the workplace.

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
Classifying manufacturing overhead costs into 5 cost types
Selecting the bases for tracing overhead costs to products
Period Manufacturing Inefficiencies cost of sales - categories and costing
Segregating inventory for costing and analysis
Accounting for variances - budgeting, analyzing, timing for recording

Prerequisites

A background in accounting or bookkeeping is sufficient

Designed For

CPAs, Controllers, Accounting Managers, and Cost Accountants

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
Comprehensive detail of manufacturing overhead costs
3 Overhead variances, plus overall manufacturing overhead variance
Solutions for costing phantom sub-assemblies
Setting up inventory cost pools by bases for tracing to products
Should standard costs be changed during the year?