Quickly learn the principles and applications of cost accounting and how to apply these valuable and important concepts to increase productivity, profit and efficiency.
This Program clearly and concisely introduces the principles and purposes of cost accounting so they can be applied in practical business situations by a wide range of people including finance/accounting personnel, managers, men and women involved in production and manufacturing, and many others. Within a short period of time you can become a valued and professional person proficient in cost accounting practices and techniques. The Program covers cost accounting methods for manufacturing, services, private, governmental, not-for-profit and trading organisations, with many examples which clearly illustrate and explain the relevant techniques and concepts in a clear easy-to-follow way; it explains how to understand, deal with, and allocate different costs in order to make sensible and helpful business and operational decisions; it also shows how costing complements management and financial accounting.
(1) For the period 1st April to 30th September 2020, anyone enrolling for this Program will also be enrolled free for a Course on Leadership & Organisation if you provide a personal email address;
(2) During the "Covid-19" (Corona) virus pandemic, Members may opt to take an Assignment (home-based course work) instead of an Examination to complete the Program.
- Summary of major topics
- What is included
- Related courses
- Study & Career development
Module 1 - Introduction to Cost Accounting
- The meaning, purpose and scope of Cost Accounting
- Cost Accounting and Business Decisions
- Cost Accounting Differentiated from Management Accounting and Financial Accounting
- Cost ascertainment, control, reduction
Module 2 - Cost Accounting Terminology
- Direct and Indirect Costs: Labour, Materials, Expenses
- Classification of Costs
- Costs Centres and Cost Units
- Introduction to Overheads
Module 3 - Cost Behaviour
- Importance of Cost Behaviour
- Defining Fixed and Variable Costs
- Prediction of Cost Behaviour
- Analysis of Cost Behaviour
Module 4 - Accounting for Labour Costs
- Remuneration Methods:
- Labour and Total Costs
- Capture of Labour Data Costs
- Direct/Indirect Labour Costs
Module 5 - Material Costs
- Importance of Material Costs
- Pricing methods: FIFO, LIFO , AVCO, Replacement, Standard Cost
- Stock Valuation
Module 6 - Absorption Costing
- Definition, Rationale and Importance of Absorption Costing
- Overheads and Allocation
- Absorption Rates
- Cost Units and Cost Centres, Service and Production Departments
Module 7 - Activity Based Costing
- Importance, definition and framework of ABC
- Short-term and Long-term Variable Overhead Costs
- Advanced Manufacturing Technology (AMT)
- Cost Drivers and Rates
Module 8 - Marginal Costing
- Contribution, Overheads and Sales Ratios
- Revenue Statements in Marginal Cost Format
- Break-even (CVP) Analysis and Charts
- Safety Margin and Profit Volume Charts
Module 9 - Marginal Costing Short-term Decision Making
- Short-run Decisions: Make or Buy, Single Orders, Shortages, Choices
- Determining Principle Factors
- Opportunity Costs
- Limitations of Marginal Costing in Short-term Decision Making
Module 10 - Planning and Budgeting
- Budgetary Process, Organisational Framework, Budget Committees
- Interrelationships of Budgets, Integrated budgets
- Budgeting, Uncertainty, Sources of Budgetary Data
- Rolling Budgets, Zero-based Budgeting, Activity-based Budgeting
Module 11 - Standard Costing and Variance Analysis
- Definition of Standard Costs
- Meaning of Variance Analysis
- Variance Elements and Calculation:
- Variance Investigation: Favourable, Adverse, Causes
Module 12 - Capital Investment Appraisal
- Importance and Purpose of Capital Investment Appraisal
- Techniques of Appraisal: ARR, IRR, NPV, payback
- Discounted Cash Flow
- Risk and Uncertainty
Your CIC Fee includes:-
- Your enrolment/registration with Cambridge International College, and your own high-quality, professionally produced and illustrated comprehensive International CIC Core Study Publication.
- A detailed, professional ‘Study & Training Guide’ with full instructions on how to study to achieve success and gain top results. The Guide includes detailed advice on how to answer Tests and Examinations.
- Training Tests (which can be used as ‘Past Papers/Questions’) and Recommended Answers for them.
- The Final Examination** sat under Invigilation/Supervision in your own area - full details, guidance and explanation of how your Examination will be arranged and how Invigilation is conducted will be provided when you register. Note, CIC arranges Examinations in over a hundred countries worldwide for thousands of Members every year; it is a flexible, straightforward process and will be arranged when YOU are ready to write your Examination. **An Assignment Option is available instead of an Exam for the ‘Covid-19’ (Corona) virus period.
- Your personal page on CIC’s Member Services website with access to results, despatch details, advice and guidance, and more: www.cambridgeinternationalcollege.co.uk
- Regular information and news including: Newsletters with details of special offers and new Programs and much more; and Competition Forms; by email and post.
Everything needed for your Study & Training success is included in the CIC Fee.
- Further Study and Training Advice, and Assistance is available before, during and after CIC Study & Training; Members may ask CIC’s team of experienced Consultants for advice on further study and Programmes to improve career prospects and advancement.
- CIC’s experienced and helpful staff can assist with numerous special requests, such as reference/recommendation letters and transcripts, and more, by post and email.
- Accounting & Finance in Business & Management Diploma 12 months (flexible)
- Financial Management Diploma 12 months (flexible)
- Business Accounting & Finance Honours (Higher) Diploma 21 months (flexible)
- Financial Administration (BFA) Baccalaureate 2 years (flexible)
- Finance & Investment Administration EBA: Executive Business Administration 3 years (flexible)
- Project Leadership & Management Diploma 12 months (flexible)
This course opens up many career possibilities, not limited only to the accounting field. Qualified, trained cost accountants - like those who study and successfully complete this course - are needed in all sorts of enterprises, including industrial, manufacturing, project management and service-providing companies.
Accounting and financial personnel who already have accounting studies will also greatly benefit from increasing their cost accounting knowledge, as will managers and business people in all types of business environments.
There is a wide range of options for further study - see the "Related Courses" section for suggestions - which include Honours Diplomas, ABA & Baccalaureate Programmes, and the 'Double Award' EBA & BBA Bachelor degree Programme. You are welcome to ask the College for advice, and of course you can see details of these Programmes on this website.
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Duration & Assessments
The Study Period is one year (12 months) but this is flexible; the Diploma can be completed in a shorter period, or you can take longer if necessary.READ MORE »
To gain your Diploma you need to sit and pass an Examination** (based entirely upon the contents of the Study Materials provided to you in your Program Fee). Full and clear details about preparing for and sitting the Exam are provided to you, including in your Study & Training Guide, when you enrol. The clear information explains when, where and how your Examination will be arranged - it is a simple and straightforward process, which hundreds of thousands of other Members have successfully gone through. If you study well and follow the advice in the CIC Study & Training Guide you should be able to achieve high marks and good grades - and obtain your prestigious International Diploma!
**An Assignment Option is available instead of an Exam for the ‘Covid-19’ (Corona) virus period.
(See the College Prospectus, or the “Frequently Asked Questions” section on the “Contact Us” page of this website, if you would like more information.)
An international accredited qualification for professional development and career success showing you have substantial skills, competence and knowledge.