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Advanced Cost Accounting |
QuickCode:
QQBQER |
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Topic: Finance & Accounting
General Overview:
Use cost accounting as a strategic weapon -- and look beyond cost savings to profit enhancement! Cost accounting is no longer just a tactical overhead allocation function. It's a tool that can help you determine true product cost information. In AMA's Advanced Cost Accounting seminar, you'll learn to incorporate Activity-Based Costing with advanced traditional costing methodologies and transform yourself into a real strategic partner within your organization. 1.8 CEUs. 3 days. Keywords: finance, financial. Fee per person: $2095, $1895 for AMA members.
Who Should Attend?
CFOs, controllers, directors or managers of finance and other cost professionals with at least 2 years of experience, including accounting managers, budget analysts, systems analysts, plant managers, auditors and financial planners
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Detailed Overview/Outline
Use cost accounting as a strategic weapon—and look beyond cost savings to profit enhancement!
Cost accounting is no longer just a tactical overhead allocation function. It’s a tool that can help you determine true product cost information. In AMA’s Advanced Cost Accounting seminar, you’ll learn to incorporate Activity-Based Costing with advanced traditional costing methodologies and transform yourself into a real strategic partner within your organization. Who Should Attend
CFOs, controllers, directors or managers of finance and other cost professionals with at least two years of experience, including accounting managers, budget analysts, systems analysts, plant managers, auditors and financial planners—as well as past attendees of AMA’s Fundamentals of Cost Accounting.
Recommended CPE credit: 22 hours. Recommended for optimum learning benefit: familiarity with fundamentals of accounting (see AMA Seminar # 1210). Instructional—MethodGroup Live How You Will Benefit
- Learn how to perform advanced cost accounting functions, such as an ABC-based product and customer profitability analysis
- Effectively allocate factory and corporate overhead—and prevent over- or undercosting of products
- Perform capacity analysis to ensure effective development of plantwide standards
- Evaluate variances to identify the true cause of less than optimal performance
What You Will Cover
- Improving processes by analyzing the true causes of product cost variances
- Effectively determining joint- and by-product costs
- Assigning service department costs to calculate total product costs
- Developing the target cost model
- Transfer pricing and product cost determination
- Capacity analysis: understanding the true cost of incremental manufacturing
TOPICS
Learning Objectives
- Learn How to Perform an ABC-Based Product and Customer Profitability Analysis
- Effectively Allocate Factory and Corporate Overhead—and Prevent Over- or Under-Costing of Products
- Perform Capacity Analysis to Ensure Effective Development of Plant-Wide Standards
- Evaluate Variances to Identify the True Cause of Less Than Optimal Performance
The International Business Environment
- Discuss the Strategic, Tactical, and Operational Aspects of Today’s Global Business Entity
- Use the Organizational Planning Framework© to Develop Unique Business Models
- See How the Changing Role of Cost Accounting in the Global Business Entity Applies to Your Organization
- Understand How Cost Information Is Critical as a Decision Support Tool
- Use the Product/Decision Cycle© to Evaluate the Effectiveness of Your Current Cost Reporting System
Evaluating Your Company’s Costing Techniques
- Discuss the Responsibility Accounting Process
- Understand the "Profit-Enhancement" Perspective: Looking Beyond Cost Savings
- Identify the Challenges Facing a Multi-Product Company
- Determine the Challenges Facing the Multinational Company
- View Cost Accounting as a Value-Added Resource
- Understand the Needs of the Internal Customer
- Determine the Informational Needs of the Internal Customer
Activity-Based Costing as an Effective Cost Accounting Tool
- Discuss the Theory of Activity-Based Costing (ABC)
- Use ABC as a Forecasting Tool
- Define the "Process" as Used in ABC
- Identify the Products of a Specific Process
- Project Cost as a Product Rather Than an Entity
- Define the Elements of Cost Including Activity, Resource, and Consumption Rates
- Identify the Key Processes in the Conversion Cycle
- Identify the Key Activities in Each Process
- Identify the Resources Consumed as Each Activity Is Performed
- Determine the Cost of Each Activity
- Project the Cost of the Activity, Process, and Product
- Define the Differences between ABC and GAAP
- Integrate ABC Concepts into Traditional Cost Accounting Systems
- Use ABC to Develop Cost Standards
Developing Standards as a Tool for Valuation and Strategic Decision Support
- Discuss the Nature and Purpose of Standards
- Use Standards as a Process Management as Well as Financial Management Tool
- Define Standards in a Manufacturing Environment
- Define Standards in a Service Environment
- Develop Standards for Tactical Planning: The Budget
- Develop Standards for Strategic Planning: The Business Plan
- Design Standards Development to Support Product Continuation Decisions
- Establish Standards Development to Support New Product Introduction Decisions
- Develop Standards Using ABC Concepts
Variance Analysis as a Process Improvement Tool: Analyzing the True Causes of Product Cost Variances
- Perform Variance Analysis
- Calculate Material Price and Usage Variances
- Calculate Material Mix and the Material Yield Variances
- Calculate Labor Rate and Efficiency Variances
- Calculate Labor Mix and Labor Yield Variances
- Calculate Overhead Rate and Efficiency Variances
- Calculate Sales Volume, Mix, and Price Variances
- Calculate the Price Recovery Variance
- Calculate the Productivity Variance
- Calculate Market Share and Size Variance
- Use Variance Analysis as an operational Analysis Tool
Effective Determination of Joint- and By-Product Costs
- Define Joint Products
- Define By-Products
- Determine the Split-Off Point
- Identify Separable Costs
- Determine the Cost Impact of Joint Products
- Calculate the Proper Allocation of Joint Product Costs
- Discuss the Cost Impact of By-Products
- Analyze the Cost Impact of Scrap and Waste
- Determine the Cost Impact of Rework
Assigning Service Department Costs to Determine Total Product Cost
- Define What Comprises Service Department Costs
- Identify the Purpose for Allocation of Service Department Costs
- Define the Strategic and Tactical Decisions Supported by Allocation of Service Department Costs
- Develop Allocation Alternatives for Distribution of Service Department Costs Using:
- —Direct Allocation Method
- —Step-Down Allocation Method
- —The ABC Consumption Method
Developing the Target Cost Model
- Define Target Costing
- Identify the Strategic and Tactical Applications of Target Costing
- —Profit Maximization
- —Capacity Utilization
- Define the Components of the Target Costing Model
- —Variable Costs (Product vs. Process)
- —Fixed Costs (Product vs. Process)
- Define Scarce Resources
- Perform a Scarce Resource Analysis
- Discuss the Application of Scarce Resource Analysis as an Integral Part of the Target Costing Model
- Develop Standards Using Target Costing and Scarce Resource Analysis
- Analyze Standards Using Target Costing and Scarce Resource Analysis
Transfer Pricing and Product Cost Determination
- Define Transfer Pricing
- Identify the Tax Implications for Off-Shore Manufacturing
- Discuss the Product Pricing Implications for Inter-Divisional Transfers of Sub-Components
- Apply the Impact Of:
- —The Uniform Tax Code Section 482
- —FASB 94
- —Accounting Research Bulletin Nos. 43 and 51
- Communicate the Informational Requirements of the Cost Information System
Cash Flow and Cost Accounting
- Define Cash as the Fuel That Drives the Organization
- Discuss the Difference between Cost and Cash
- Determine the Impact of Cash Decisions on the Total Cost of the Production and Overhead Operations
- —Payable and Receivable Cycles
- —Inventory Levels
- —Recovery of Investments in R&D
Capacity Analysis: Understanding the True Cost of Incremental Manufacturing
- Define Capacity Analysis
- Calculate the Impact of the Weighted Average Cost of Capital (WACC)
- Develop the Capacity Analysis Model
- Apply the Capacity Analysis Model To:
- —Production Units
- —Service Units
- —Investment Decisions
- —Product and Sales-Related Decisions
- —Scarce Resource Analysis
Customer Profitability: The Key to Profit Enhancement
- Discuss Customer Profitability Analysis
- Develop the Customer Profitability Analysis Model
- Define the Informational Requirements for the Customer Profitability Analysis Model
- Identify the Applications for the Customer Profitability Model
- —Use with Scarce Resource Analysis
- —Use with Capacity Analysis
- —Use with Fixed Asset Investment Decisions
- Use the Customer Profitability Model Concept to Support Other Decision Types:
- —Product Continuance
- —Selection of Preferred Suppliers
- —Determination of Asset Continuation
Sponsor Background:
The American Management Association was founded in 1923. They have built a content control check into every one of their professional seminars. Plus a series of checks and balances to ensure that the content of every AMA seminar is precisely targeted to:
- provide comprehensive, hands-on training that is of practical use when you return to the job
- focus on need-to-know specifics, relevant to the demands of global business today
- offer the expertise and personalized attention of top-ranking instructors
- facilitate your career development and business savvy
Whether you're looking for a solid foundation of business fundamentals or strategies to help you seize growth opportunities for your company, AMA offers expert instruction to help you:
- manage your priorities effectively
- cultivate more productive working relationships
- increase your on-the-job value
- align your skills with marketplace demands
- bring out the best in people, processes and yourself
Cancellation and Refund Policy
If you cannot attend a seminar you may contact AMA in advance to transfer to a future session, or can send someone to take your place. If you need to cancel your attendance, AMA will give you a complete refund if you cancel more than three weeks before your seminar begins. To cancel, simply call. If you cancel with less than three weeks' notice, you will be liable for the entire seminar fee, however you may request a courtesy transfer to use at any future AMA seminar of equal or lesser value. The courtesy transfer must be used within one year of the date of your originally scheduled seminar. In fairness to all attendees, if you do not attend a seminar session for which you are confirmed, and do not cancel with a minimum of three weeks’ notice as described above, you will be charged the entire seminar fee.
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