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Cost Accounting for Decision Making
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PROGRAM OUTLINE for this 2 day course in English

Understanding cost accounting is one of the best investments you can make to promote your professional career!

Costs and the way you manage them are key for a successful business – from small local firms to large multinational corporations. Cost management provides information for planning and managerial decision making, as well as costing products and services, and even customers! With this course you have the tools and concepts available to make the right business decisions.

This 2-day course is designed to provide a compact introduction to absorption and marginal  costing, always paired with practical applications of the concepts. You will get hands-on experience on costing which will benefit you in your day-to-day business, as the role of cost managers becomes more and more prominent in corporate life.

Recommended Background

Basic financial understanding is helpful, but not a precondition. You gain the most from this course if you require a compact introduction to costing to either fulfill a new post in product or service costing or increasingly must support the financial decision-making process in your firm from a production or service perspective. Participants come from a diverse range of backgrounds, including technical, operations, marketing and general management.

What you will learn

  • The course starts with an introduction to costing, the role of the cost manager and the behavior of costs.
  • It then moves on to the two traditional schools of thought in cost management.
  • On absorption costing you will first study job costing before the course moves on to the challenges of process costing, with a focus on work-in-process and inventory management.
  • A discussion of the various methods of overhead allocation will round up the picture. On marginal costing the contribution margin based approach is first introduced before a series of managerial decision-making situations are discussed.
  • The decisions range from make-or-buy, sales pricing (target costing), shutdown and product mix decisions.

Course Format

  • This course will be taught using an interactive combination of formal instructions, combined with practical and interactive exercises and case studies used to reinforce the concepts taught in each section of the course.
  • Practice-based learning and critical engagement is a key theme through all our courses allowing delegates to acquire the needed skills and techniques to be applied as soon as they are learned and developed.

Syllabus

Day 1:    

 

Introduction, the role of the cost manager and the behavior of costs

  • Introduction to the conceptual framework of financial and managerial accounting
  • The role of the cost manager in the production and finance department
  • The behavior of costs
  • Overview of the two basic cost accounting approaches: absorption costing and marginal costing
  • A critical perspective on cost accounting

 

The absorption costing approach

  • Costing systems in practice – job costing, process costing and ABC costing
  • Actual and normal job costing
  • Refining job costing to activity based costing (ABC) 
  • Process costing for mass products, equivalent units and inventory management
  • Allocation of support departments costs

 

Day 2:    

 

The marginal costing approach

  • The marginal costing concept – contribution margin and fixed costs
  • Cost – volume – profit (CVP) analysis
  • Break even analysis – optimization and maximization strategies
  • Relevant and opportunity costs
  • Managerial decision making 
    • The shut-down or continuation decision
    • The make or buy decision
    • The product mix und limiting factors decision
    • The sales pricing decision (target costing)

 

 

 

Participant feedback

*** A course with 10 participants is very good to favour the interactivity. Thanks for the perfect course content and lecture.

*** Very good course, teacher, and approach. Material available on-line prior the course + request to the participants about their expectations from the course.

*** Congratulations! Very well done. Nothing more to add.

*** I really appreciated the empathy and skills of the lecturer.  Also, the size of the group (7 persons) was perfect to have the necessary interactivity throughout the course.

*** I strongly recommended this training to my colleagues as I found it very useful.

Learn the way that suits you most!

Course Lecturers



Dr. Johannes Hofinger, MBA, FRM

Dr. Johannes Hofinger is specialized in Risk Management, Basel III, IFRS and regulatory reporting. His professional skills are reinforced by strong academic roots. He lectures for global business schools in corporate finance, managerial accounting and financial reporting. The main roles undertaken are lecturing, consulting and project management.  


Kris Blommaert, MBA

Kris Blommaert has over 20 years of international experience in both finance and general management for local and European based organisations and businesses. He has been an associate lecturer at a triple accredited global business school for 10 years at MBA level. He has lectured "Managing Performance and Change" and "Management Perspectives and Practice" in Belgium, Switzerland and France.  


Kris De Clercq, MBA

Kris has lectured finance to managers for more than 25 years in Europe and Eastern Europe. His teaching as an associate for a UK based global business school included “Issues in International Finance and Investments”,” Corporate Finance” and “Issues in IFRS”. His industry experience is over 20 years working for asset managers, investment banks, global custodians in the UK, Luxembourg and Belgium. He received a universities award for innovation in finance teaching and learning.  


OUR INTERNATIONAL EXPERIENCE

Books we studied for you



Cost Accounting Fundamentals: Essential Concepts and Examples - Steven M. Bragg
Cost Accounting Fundamentals: Essential Concepts and Examples - Steven M. Bragg

Cost Accounting Fundamentals addresses all key cost accounting topics, including inventory valuation, job costing, process costing, and standard costing. It also covers the role of the cost accountant in setting prices, not only to outside customers, but also to other subsidiaries. The book delves into many other areas of concern to the cost accountant, including target costing, constraint analysis, capital budgeting, the cost of quality, and even cost collection systems.  


Cost Accounting - A Managerial Emphasis, 14th Edition - Charles T. Horngren, Srikant M. Datar, Madhav Rajan
Cost Accounting - A Managerial Emphasis, 14th Edition - Charles T. Horngren, Srikant M. Datar, Madhav Rajan

The text that defined the cost accounting market. Horngren’s Cost Accounting defined the cost accounting market and continues to innovate today by consistently integrating the most current practice and theory into the text. This acclaimed, market-leading text emphasizes the basic theme of “different costs for different purposes,” and reaches beyond cost accounting procedures to consider concepts, analyses, and management.  


Fundamentals of Cost Accounting, 3rd Edition - William Lanen, William N. Lanen, Shannon Anderson, Michael W Maher
Fundamentals of Cost Accounting, 3rd Edition - William Lanen, William N. Lanen, Shannon Anderson, Michael W Maher

A direct, realistic, and efficient way to learn cost accounting. Fundamentals is short (approximately 700 pages) making it easy to cover in one semester. The authors have kept the text concise by focusing on the key concepts students need to master.  




Companies who attended our courses

 

 
AG Insurance
Allianz Benelux
Argenta NV
AXA Belgium
Baloise Insurance
Banca Monte Paschi Belgio S.A.
Bank De Groof
Banking Association (Kosovo)
Belfius Investment Partners
BNP Paribas Fortis
Bpost Bank
Buy Way
CBC Bank
Cegeka
Celio Finance SPRL
Credendo
Delen Private Bank
Delta Lloyd Life
Deutsche Bank AG
DKV Belgium
Ethias SA
Euler Hermes Services
Euroclear Bank SA/NV
Euroclear Investments
Europ Assistance
European Investment Bank - EIB (Luxembourg)
European Union - EDFIMC / ElectriFI
Flanders Investment & Trade
Gras Savoye Belgium
Incofin Investment Management
ING Bank België
KBC Bank
Mastercard
Ministry of European Integration (Kosovo)
National Bank of Belgium
NN Insurance Belgium
Petercam
Record Bank
Société Générale Private Banking
SWIFT
The Royal Bank of Scotland (RBS)
Triodos Bank
VGD International -Audit & Tax
Wolters Kluwer Financial Services
Zurich Insurance plc, Belgium branch
Vanbreda International
 
 
 
Afton Chemical SPRL
Air Liquide
Allnex Belgium SA/NV
ANL Plastics
Ansell
ARC EUROPE SA
Arcelor Mittal ( Belgium & Luxembourg)
Axalta Coating Systems 
BASF Antwerpen
BASF Belgium Coordination Center
Beaulieu International Group
Bekaert
Borealis Polymers NV
Bridgestone Europe SA
CNH Industrial Belgium NV
Cofely Fabricom
Cytec Belgium
DOMO Chemicals (Germany)
Donaldson
Dow Corning
Electrolux Appliances AB - EMA- EMEA (SEE)
Engineered Pressure Systems International
European Owens Corning Fiberglas
Fost Plus
GDF Suez
Griffith Foods
Hamon & Cie
Heraeus Electro-Nite International NV
Jacobs Belgium
KODAK SA/NV
Milliken Europe
Niko Group
NXP Semiconductors - Prodis  (Netherlands)
SOLVAY
SPX Cooling Technologies
Synventive Molding Solutions (Germany)
TERUMO EUROPE
Tessenderlo
Vinçotte International
VPK Packaging Group NV
WABCO
Yara Belgium NV
 
 
 
 
 
Antwerp World Diamond Centre
AVEVE Biochem NV
Carrefour Belgium
Delhaize Corporate Group
Godiva
IKEA 
 
Abbott Logistics B.V. (Netherlands)
AbbVie (Canada)
Agfa HealthCare NV
Alcon
Alcon-Couvreur
Amplifon
AZ Sint-Blasius
Baxter International (Austria)
Catalent Pharma Solutions
CinnaGen (Tehran)
Datwyler Pharma Packaging International
Groep OZ ESV
Hologic
Landelijke Christelijke mutualiteit (LCM)
Mutualités Libres: MLOZ
Novartis Pharma
SA Bristol- Myers Squibb Belgium NV
Stryker (Netherlands)
Terumo BCT Europe NV
UCB
Zorgbedrijf Antwerpen
 
 
 
AW Europe
Belgacom
Belgian Nuclear Research Centre (SCK-CEN)
CISCO
Corelio Printing
De Persgroep Publishing nv
EDF Luminus
Elia System Operator
Engie Electrabel NV/SA
Eni Gas & power
Fluxys Belgium
INFRABEL
Itineris NV
KEYRUS
M-Team
NRB
ORANGE
Proximus
Siemens
Telenet
 
 
Agentschap Innoveren en Ondernemen
Europees Parlement
Ministry of European Integration
National Agency for Protection of Personal Data
Nationale Loterij
SD Diensten NV (SD Worx)
SESAR Joint Undertaking
Stad Antwerpen
Stadsbestuur Harelbeke
Syntra Brussel
UGent - FBW
Vrije Universiteit Brussel (VUB)
 
 
 
Acturus sprl
ARC Europe
BDO 
BIA Africa
Bia Overseas
Brooser BE Operations 
Capgemini
Cipal Schaubroeck
Compass-Group
Computacenter
Computer Task Group
Deloitte Accountancy
Egemin International
Enhesa International
FIS (former Clear2Pay)
Interel Group
K&L Gates
Matexi NV
Minds&More
Pricewaterhouse Coopers
PwC Tax Consultants
Securex
Toreon
Vinçotte International sa
 
 
 
Alcopa
Alstom Belgium
ARC Europe 
Brussels Airport Company
De Lijn
D'Ieteren Auto
EUROCONTROL 
Gemeentelijk Havenbedrijf Antwerpen
Globachem nv
GSC Greensea Chartering 
HONDA Motor Logistics
JBT
Neovia Logistics
NMBS
PSA Antwerp nv
Retail & Wholesale
Seatrade Reefer Chartering
Thalys International
Trimble T&L
Volkswagen Group Services
Wallenius Wilhelmsen Logistics Zeebrugge NV
Westlandia
Witzenmann Benelux nv
 
 
 

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