COURSE DESCRIPTION:
This course will equip students with an understanding of key costs and managerial accounting techniques used in costs control, costs management and planning. Topics covered in the course include: Material & Labour Costing; Job, Process and Batch Costing; Activity Based Costing – Lean Operation; Standard Costing & Variances – Standard Contribution, Variances & Recovery.


BACKGROUND:
An examination of the various users of accounting information indicates that they can be divided into two categories:
1. internal parties within the organization;
2. external parties such as shareholders, creditors and regulatory agencies, outside the organization.
It is possible to distinguish between two branches of accounting that reflect the internal and external users of accounting information. Management accounting is concerned with the provision of information to people within the organization to help them make better decisions and improve the efficiency and effectiveness of existing operations, whereas financial accounting is concerned with the provision of information to external parties outside the organization. Thus, management accounting could be called internal accounting and financial accounting could be called external accounting.


LEARNING OUTCOMES:
Upon the completion of this module, users will be able to:
• Apply techniques from cost and management accounting, and determine alternative courses of action using CVP analysis, capital budgeting techniques, inventory management models.


TIME: Up to 2 Hours


OTHER INFORMATION:
• No prerequisites.
• No materials distributed.
• No formal assessments required.