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.

*** 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.