Cost Management - Accounting and Control - 2018 (Text Based)

Cost Management: Accounting and Control covers the managerial use of accounting, financial, and operating data for planning, control, and decision making. Emphasis is placed on how to manage costs strategically in order to be globally competitive. The course is designed for managers and entrepreneurs who seek continuous improvement (CI) strategies. Topics include analysis of costs;  job order and process costing; break-even and contribution analysis; activity-based costing (ABC); balanced scorecard, cost allocation; responsibility accounting; budget for profit planning; short-term decisions; capital budgeting; quality costs and total quality management (TQM); inventory management and just in time (JIT). 

I. Recognize the nature and scope of cost accounting and cost management.

II. Distinguish between cost accounting and its related fields such as managerial accounting and financial accounting.

III. Identify the three broad purposes for which the manager needs cost information, and roles of treasury function.

IV. Identify de velopments in the cost accounting and cost management discipline with total quality management and business process engineering.

V. Identify examples of each of the basic cost elements involved in the manufacture of the product.

VI. Distinguish between variable costs and fixed costs and explain the difference in their behavior.

VII. Recognize the difference between direct and indirect costs.

VIII. Recognize the usefulness of the contribution approach to income determination and differences between it and the traditional income statement.

IX. Recognize classifications for manufacturing costs.

X. Identify types of companies that will benefit from process costing and what is involved in process costing.

Instructional Method: Self-Study

Review Date: 02/06/2018

Required Components: Written Materials

CPE Final Exam Required Passage Grade: 70%

Please Note: This course must be completed within 1 year of date of receipt of this course for CPE Credit. 

Field of Study: Accounting

Level of Knowledge: Overview

Prerequisite: Basic Accounting

Advanced Preparation: None 

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FurtherEd is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.