Cost Accounting

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Cost Accounting 
(pdf, 354 Kb, 2 pages) 
 


ACCA Registed CPD-ProviderCPE Sponsors

Duration
3 days / 24 academic hours / 24 CPD units / 21 –°PE credits

 
Required level of preparation
Knowledge of IFRS / US GAAP. Prior to this training we recommend the participants first attend our training “IFRS / US GAAP: Practical Application I”
Who should attend
  • Financial directors
  • Managers and employees of management accounting departments
  • Financial managers
  • Economists in the economic planning and financial / analytical departments of enterprises operating in various sectors
  • Managers and specialists who develop and implement accounting automation systems at the technical development stage for ERP systems introduction.
Objectives
  • To evaluate the role of cost accounting in the system of management accounting
  • To learn the principles of building an effective cost management system
  • To acquire both theoretical knowledge and practical skills in classifying costs, cost allocation methods, control over cost variances
  • To acquire understanding of how the different cost accounting methods are applied
  • To acquire participants with international practice of usage of cost accounting methods and principles.
Training methodology
  • Training is conducted in an interactive form and includes a number of case studies.
  • Training participants are provided with specially designed training materials in Russian.

Training outline

Day 1

  • Conceptual framework of cost accounting system
    • Cost accounting: definition, interrelation with management and finance accounting
    • Overview of cost accounting principles, techniques, and methods
    • Notion of cost object, cost center, cost allocation, cost classification and coding
    • Cost accounting implementation for control, decision making, and planning
    • Traditional cost accounting system and ABC – costing
    • Illustration of step-by-step scheme of cost accounting and allocation; case study

    Methods of construction of cost accounting system:
  • Job and batch costing
  • Process of material cost control
    • Purchase, procurement, storage, and sale
    • Accounting and valuation of material costs, FIFO, LIFO, weighted average price
    • Comparison of methods of material cost valuation
    • Accounting transactions
  • Contract costing, principles of intercompany profit valuation and recognition
  • Operational and process systems of cost accounting (operation, service, process costing):
    • Valuation of inventories
    • Methods of joint products cost accounting
    • Case study
Day 2

  • Technique of accounting systems development:
  • Absorption costing
    • Determination and choice of absorption base, calculation of indirect cost absorption
    • Under-allocated and reallocated indirect costs
    • Construction of a system of total cost calculation using the technique of indirect cost absorption
  • Cost allocation by responsibility centers:
    • Why is it necessary to allocate costs of service departments; how to avoid arbitration allocation
    • Fundamental equation of cost accounting
    • Three methods of allocation of service departments’ costs
  • Influence of depreciation method on costs; special and notional costs
  • Case study

Day 3

  • Activity-based costing system
    • Identification of functions, selection of cost drivers according to functions
    • Operational and time drivers
    • Construction of optimal system
    • Case study
  • Marginal costing
  • Case study
  • Comparison of cost accounting systems, advantages and disadvantages
  • Standard costing, budgeting control, methods of deviation analysis.

Certificates
Certificates of the EY Academy of Business.
Recommended training scheme
Place and time
Open trainings are conducted at EY Academy of Business from 9:30 to 16:30.
In-company training
  • Preliminary analysis of clients’ training needs, identification of aims and goals
  • Training adaptation industry
  • Flexible approach to training location and schedules
  • Report on the training results.