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Training on Cost and Management Accounting

By: Devimpact Institute

Kenya

29 Apr - 03 May, 2024  5 days

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USD 950

Venue: Nairobi, Kenya

Other Dates

Venue Date Fee  
Nairobi, Kenya, Kenya 13 - 17 May, 2024 USD950
Nairobi, Kenya, Kenya 10 - 14 Jun, 2024 USD950
Nairobi, Kenya, Kenya 08 - 12 Jul, 2024 USD950
Nairobi, Kenya, Kenya 05 - 09 Aug, 2024 USD950
Nairobi, Kenya, Kenya 02 - 06 Sep, 2024 USD950
Nairobi, Kenya, Kenya 30 Sep - 04 Oct, 2024 USD950
Nairobi, Kenya, Kenya 14 - 18 Oct, 2024 USD950
Nairobi, Kenya, Kenya 11 - 15 Nov, 2024 USD950

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 several 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 how to use costings to make informed management decisions.

Target Participants 

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.

Course Duration

Online      7 Days

Classroom-based     5 Days

What you will learn 

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 and 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 and 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 and 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 cost management accounting course is delivered by our seasoned trainers who have vast experience as expert professionals. The course is taught through a mix of practical activities, presentations, group works and case studies.

Training manuals and additional reference materials are provided to the participants.

Certification 

Upon successful completion of this cost management accounting course, participants will be issued a certificate.

Tailor-Made Course 

We can also do this as a tailor-made course to meet organization-wide training needs. A training needs assessment will be done on the training participants to collect data on the existing skills, knowledge gaps, training expectations and tailor-made needs.

Nairobi, Kenya Apr 29 - 03 May, 2024
Nairobi, Kenya, Kenya 13 - 17 May, 2024
Nairobi, Kenya, Kenya 10 - 14 Jun, 2024
Nairobi, Kenya, Kenya 08 - 12 Jul, 2024
Nairobi, Kenya, Kenya 05 - 09 Aug, 2024
Nairobi, Kenya, Kenya 02 - 06 Sep, 2024
Nairobi, Kenya, Kenya 30 Sep - 04 Oct, 2024
Nairobi, Kenya, Kenya 14 - 18 Oct, 2024
Nairobi, Kenya, Kenya 11 - 15 Nov, 2024

Registration: 08:00:am - 04:00:am

USD 950.00 + 47.50 (VAT)(Classroom-based)
USD 600.00 + 30.00 (VAT)(Online)
(Convert Currency)

Devimpact Institute +254714349537

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