COST CONTROL AND MANGEMENT

OBJECTIVES

The cost concept is fundamental in taking strategic decisions in an entity.

At the end of the program, participants will be able to:

• derive the basic knowledge about costs identification and effective control measures
• Apply the essential concepts of accounting, budget, and finance
• Apply the use of unit cost measurements in performance-based budgeting
• Maintain strategic cost control
• Appreciate the importance of reducing unnecessary costs.
• Determine and apply the cost estimated to produce those outputs and calculate a cost per unit of output.

COURSE CONTENT

Fundamentals of Costing

• Definitions and Terms
• Types of Costs/Cost Classification
• Costs elements
• Costs compilation

Cost Control Application

• Setting Standard Costing
• Costs Variance analysis
• Price /Costs relationship

Manufacturing Cost Concept

• Direct and Indirect Cost
• Materials cost
• Labour costs
• Overhead cost
• Job Costing process

Cost Absorption concept

• Variable Absorption
• C-V-P analysis

Inventory Cost

• Definition inventory cost
• Ascertaining inventory cost
• Inventory control and management.
• Stock valuation methods
• Relevant terms