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Cost and Management Accounting

Learn about cost and management accounting, material costing, employee cost, budget costing, standard & service costing etc.
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Course Duration: 50 Hours
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Cost and Management Accounting helps businesses with decision making and controlling cash-flow for future success.

You're likely familiar with basic accounting, but cost accounting is a exclusive area of accounting that makes records, classifies, summarizes, and provides insights into the costs associated with a process. The types of costs businesses have can vary, so cost accounting considers these variable costs to help a business know what provides a maximum rate of return and what causes waste. This financial analysis is essentials for creating financial stability and long-term growth.

 

Cost, costing, cost accounting, and cost accountancy are normally used conversely but they are not synonyms of each other. The meaning of these terms is related and similar but there are differences. Cost is a sacrificed resource to obtain something, costing is a process of determining costs, cost accounting is a technique to assist management in establishing various budgets, standards, etc and cost accountancy is the practice of costing and cost accounting.

To work best with this type of accounting, you'll need to understand accounting basics plus the fundamentals of standard costing. You'll record both direct and indirect costs to provide critical insights and help a business be more aware of the actual costs of providing a service or product. You'll need a knowledge of accounting systems and how to report these costs to your organization. Studying the principles of cost accounting prepares you for a career in finance. A company can depend on you to predict outcomes and provide insight into how to sleek processes and cut down on waste. To be prepared, you'll need a array of skills plus the education to support them.

 

Uplatz provides this comprehensive course on Cost and Management Accounting. The course covers topics such as cost and management accounting, material costing, employee cost, budget costing, standard & service costing, cost management technieques, activity-based costing, decision-making, and so on. This Cost and Management Accounting course will help you become a successful Accountant and Financial Analyst.

Course/Topic - Cost and Management Accounting - all lectures

  • In this lecture session we learn about cost and management accounting and also talk about features of cost and management accounting.

    • 1:01:59
  • In this lecture session we learn about why we need cost and management accounting and also talk about the importance of cost and management accounting.

    • 52:39
  • In this lecture session we learn about classification of courses in cost and management accounting.

    • 1:29:50
  • In this lecture session we learn about material costing in cost and management accounting and also talk about factors of material costing.

    • 1:12:37
  • In this lecture session we learn about features of material costing and also talk about some important terms of material costing in cost and management accounting.

    • 55:19
  • In this lecture session we learn about inventory control in cost and management accounting and also talk about analysis in accounting.

    • 59:23
  • In this lecture session we learn about the frequency of purchase, price, fluctuation and its range and also talk about terms of fluctuation in cost and management accounting.

    • 1:34:19
  • In this lecture session we learn about employee cost in cost and management accounting and also talk about factors of employee cost.

    • 1:13:02
  • In this lecture session we learn about the time rate system and also talk about factors of time rate system.

    • 35:22
  • In this lecture session we learn about holidays and leave wages in cost and management accounting and also talk about factors of leave wages.

    • 34:14
  • In this lecture session we learn about overhead absorption costing method and also talk about features of absorption in brief.

    • 37:22
  • In this lecture session we learn about factors of overhead absorption costing in cost and management accounting.

    • 1:11:05
  • In this lecture session we learn about the method of selection for charging overhead in cost and management accounting.

    • 1:01:49
  • In this lecture session we learn about the sum of those costs of general management and of secretrail accounting and management.

    • 1:34:29
  • In this lecture session we learn about activity based costing and also talk about features of activity based costing.

    • 39:23
  • In this lecture session we learn about factors of activity based costing and features of costing in cost and management accounting.

    • 27:49
  • In this lecture session we learn about the cost accounting system and also talk about the importance of cost accounting system.

    • 1:02:07
  • In this lecture session we learn about features of the cost accounting system and also talk about the importance of cost accounting system.

    • 1:05:11
  • In this lecture session we learn about cost sheets in cost and management accounting and also talk about the importance of cost sheets.

    • 40:54
  • In this lecture session we learn about presentation of cost information and also talk about format of cost sheet in cost and management accounting.

    • 27:01
  • In this lecture session we learn about job and contract costing in cost and management accounting and also talk about features of job and contract costing.

    • 1:04:49
  • In this lecture session we learn about features of job and contract costing in cost and management accounting and also talk about the importance of contracts costing.

    • 1:02:08
  • In this lecture session we learn about cost plus contract and also talk about features of job and contract costing.

    • 17:46
  • In this lecture session we learn about joint by product in cost and management accounting and also talk about factors of joint by products.

    • 55:22
  • In this lecture session we learn about net realizable value methods in cost and management accounting.

    • 22:26
  • In this lecture session we learn about unit and batch costing in cost and management accounting and also talk about features of unit batch costing.

    • 44:22
  • In this lecture session we learn about features of unit and batch costing in cost and management accounting and also talk about the importance of unit and batch costing.

    • 37:42
  • In this lecture session we learn about budget costing in cost and management accounting and also talk about features of budget costing.

    • 1:26:05
  • In this lecture session we learn about defining business or organization objects and also talk about the importance of budget costing.

    • 54:38
  • In this lecture session we learn about the various commonly used functions of budget and also features of budget costing.

    • 1:03:17
  • In this lecture session we learn about zero based budgeting and also talk about features of zero based budgeting.

    • 39:58
  • In this lecture session we learn about marginal costing and also importance of marginal costing in brief.

    • 49:14
  • In this lecture session we learn about features of marginal costing and and also talk about functions of cost and management accounting.

    • 47:09
  • In this lecture session we learn about break even and also talk about break even in unit formula in brief.

    • 35:37
  • In this lecture session we learn about identification of options and also talk about features of marginal costing.

    • 1:02:35
  • In this lecture session we learn about process and operating cost and also talk about features of process and operating cost in cost and management accounting.

    • 50:44
  • In this lecture session we learn about the valuation of work in process presents a good deal and also talk about alternative methods.

    • 32:20
  • In this lecture session we learn about service costing in cost and management accounting and also talk about features of service costing.

    • 48:34
  • In this lecture session we learn about service course examples and also talk about the importance of service costing.

    • 55:36
  • In this lecture session we learn about the government and other aided in cost management and accounting and also talk about features of service cost.

    • 1:07:51
  • In this lecture session we learn about standard cost control in cost management and accounting and also talk about important terms of standard cost.

    • 44:58
  • In this lecture session we learn that standard cost is set on the basis of management's estimation and also talk about management’s estimation in brief.

    • 1:00:20
  • In this lecture session we learn about standard costing in cost and management accounting and also talk about some functions of standard costing.

    • 58:06
  • In this lecture session we learn about cost management for specific sectors and also talk about all sectors of cost management in brief.

    • 38:34
  • In this lecture session we learn about farming and agriculture sectors in cost management and also talk about functions of farming and agriculture sectors in management.

    • 40:16
  • In this lecture session we learn about pricing decisions in cost management and accounting and also talk about features of pricing decisions.

    • 41:42
  • In this lecture session we learn about features of pricing decision in brief and also talk about importance of pricing decision.

    • 1:00:31
  • In this lecture session we learn about periods of recession in a firm in costing and cost accounting and also talk about the advantage of this practice.

    • 39:46
  • In this lecture session we learn about divisional transfer pricing in cost management and accounting.

    • 1:12:07
  • In this lecture session we learn about minimum pricing transfer in division transfer pricing and also talk about features of minimum pricing transfer.

    • 1:06:02
  • In this lecture session we learn about cost management techniques in cost and management accounting and also talk about factors of cost management techniques.

    • 1:12:47
  • In this lecture session we learn about functions of cost management techniques and also talk about best techniques of cost management in cost accounting.

    • 58:52
  • In this lecture session we learn about key features of cost management and also talk about pareto analysis as a management tool.

    • 1:06:07
  • In this lecture session we learn about decision making in cost and costing management and accounting and also talk about key features of decision making.

    • 54:11
  • In this lecture session we learn about outsourcing and insourcing decisions in the decision making process and also talk about the basic difference between outsourcing and insourcing decisions.

    • 1:19:04
Course Objectives Back to Top

Identify and calculate different types of costs (direct, indirect, variable, and fixed costs).

Distinguish between job-costing, process-costing, and joint-costing systems.

Determine the product cost by means of full- costing and direct-costing methods.

Determine the product cost by means of historical (actual) and standard cost systems

 

Course Syllabus Back to Top

1)    Cost and Management Accounting

2)    Material Costing

3)    Employee Cost

4)    Overheads - Absorption Costing Method

5)    Activity Based Costing

6)    Cost Accounting System

7)    Cost Sheet

8)    Job & Contract Costing

9)    Joint and By-product

10)  Unit & Batch Costing

11)  Budget Costing

12)  Marginal Costing

13)  Process & Operating Costing

14)  Service Costing

15)  Standard Costing

16)  Cost Management for specific sectors

17)  Pricing Decision

18)  Divisional Transfer Pricing

19)  Cost Management Techniques

20)  Decision Making

Certification Back to Top

The Cost and Management Accounting Certification ensures you know planning, production and measurement techniques needed to stand out from the competition. 

Cost and management accounting is a form of accounting that aims to maximize profit by managing revenues and expenses. It provides data and reports used by managers to inform their strategies around long-term profit and growth.

The function of cost and management accounting is to gather data like time taken, wastages, process idleness etc., analyze the data, prepare reports and take necessary actions. Cost and management accounting information which are generated or collected are used by different stakeholders.

Cost accounting is a process of assigning costs to cost objects that typically include a company's products, services, and any other activities that involve the company. Cost accounting is helpful because it can identify where a company is spending its money, how much it earns, and where money is being lost.

Uplatz online training guarantees the participants to successfully go through the Cost and Management Accounting Certification provided by Uplatz. Uplatz provides appropriate teaching and expertise training to equip the participants for implementing the learnt concepts in an organization.

Course Completion Certificate will be awarded by Uplatz upon successful completion of the Cost and Management Accounting online course.

Career & Jobs Back to Top

The Cost and Management Accounting draws an average salary of $114,000 per year depending on their knowledge and hands-on experience.

Management accounting is definitely a good career if you enjoy math and generally have an aptitude for working with numbers. It's also a great option if you love supervising, doing analysis, working with financial statements, making decisions, solving problems, and if you work well with others.

In general, yes, the CMA is a good career. You can see the job scope opportunities listed above. You can also see the many other benefits such as pay increases, job dependability, and personal recognition. These are just some of the reasons candidates decide to go for their CMA.

Note that salaries are generally higher at large companies rather than small ones. Your salary will also differ based on the market you work in.

Finance CA.

Cost Analyst.

Portfolio and Asset Management.

Interview Questions Back to Top

1.    Why Are You Interested in This Role?

I am an experienced accountant, having spent twenty years in this field. I have gained lots of insight and knowledge, which I can apply here to better your organization. This job’s description also fits my expertise, which is an added advantage.

2.    What Do You Understand by Costing?

Costing can be defined as the process of ascertaining costs. It, therefore, refers to the technique of ascertaining costs. It encompasses all the principles applied in the determination of the cost of products and services. Different types of costing exist depending on the industry. These are historical, absorption, marginal, and standard costing.

3.    Define the Term Cost Accounting

Cost accounting is the applying of accounting and costing principles to determine costs. It also refers to the analysis of savings or expenses and comparing them with previous expenses or standards. It uses different costing methods and techniques to classify, record, and appropriately allocate expenses to determine the price of products and services and their relations to sales values. It aims at determining profitability.

4.    Mention Three Main Reasons for Cost Accounting

Cost accounting plays three major roles. First, it is used to determine the cost of a product through different costing methods. Its second use is to determine the selling price of a given product, which helps the business recover the production cost and earn some profit. Lastly, it is used to analyze and classify the cost of production. This helps the business know what went to waste and how it can improve as time goes by.

5.    In Your Experience, How Does Cost Accounting Help in Price Determination

Cost accounting plays a huge role in making revenue decisions, such as pricing new products and the increase or reduction of sale prices. It also comes in handy in making short-term and long-term mix decisions.

The data obtained can also be used to combine different factors used in the business model for maximum profitability.

6.    How Does Your Work as A Cost Accountant Help Businesses?

Through cost accounting, the business obtains lots of data used to determine whether a venture is profitable or not. They can either choose to drop it or improve on key areas for maximum profitability. It also helps businesses minimize wastages and thus widen the profit margin.

Lastly, this job reveals the cost of all the possible alternatives, allowing the business to settle on one that seems advantageous.

7.    Does Your Job Have Disadvantages? Please Mention the Downsides of Cost Accounting

We cannot ignore the fact that cost accounting is not a full-proof system, given that it has developed over time thanks to different theories and practices. It has its faults, just like any other branch of accounting. The main one is lack of uniformity as it does not conform to any uniform procedure.

Its scope of application is also limited as it is mostly suitable for large businesses. Lastly, several conventions and practices of cost valuation exist, and therefore its determinations are mostly estimates.

8.    How Can You Advise Organizations That Want to Install a Costing System?

Such organizations should come up with systems that will satisfy the needs of their different concerns.  They should also consider several principles as follows. First, there should be little disturbance of the current organization of the unit. The system should also be introduced gradually and be easy to operate. Lastly, the staff should be involved, given that the success of any system is pegged to them.

9.    How Do You Ensure That a Costing System is Efficient and Useful?

This begins in the installation stage. I will first ensure that my organization installs a system that blends in with its processes. Afterward, I will ensure that all the reports and analyses from the system have relevant information and are produced at timely intervals. I will also ensure that the system produces information in the relevant form and of high levels of accuracy.

10. What Do You Understand by a Cost Centre?

What normally comes into many people’s minds whenever one mentions a cost center is a place or machine. However, this can either be a location, person, or equipment that ascertains costs and uses the data for cost control.

The business is usually divided into relevant parts where costs can be conveniently charged. These are cumulatively known as cost centers. When coming up with a cost center, the business may consider how work is divided in the organization, availability of information, communication aids, and the relevant management policies.

11. Now That You Have Defined a Cost Centre, What Are Some of Its Utilities?

In my experience, a cost center has two main utilities. First, it rolls out responsibilities. The manager of the cost center controls all the costs in the particular center. He is always expected to account for any cost escalation or wastages.

Course Quiz Back to Top
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A2. Yes, you will receive course completion certificate from Uplatz confirming that you have completed this course with Uplatz. Once you complete your learning please submit this for to request for your certificate https://training.uplatz.com/certificate-request.php

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A17. Our course is designed to provide you with a solid foundation in the subject and equip you with valuable skills. While the course is a significant step toward your career goals, its important to note that the job market can vary, and some positions might require additional certifications or experience. Remember that the job landscape is constantly evolving. We encourage you to continue learning and stay updated on industry trends even after completing the course. Many successful professionals combine formal education with ongoing self-improvement to excel in their careers. We are here to support you in your journey!

Q18. Do you provide placement services?
A18. While our course is designed to provide you with a comprehensive understanding of the subject, we currently do not offer placement services as part of the course package. Our main focus is on delivering high-quality education and equipping you with essential skills in this field. However, we understand that finding job opportunities is a crucial aspect of your career journey. We recommend exploring various avenues to enhance your job search: a) Career Counseling: Seek guidance from career counselors who can provide personalized advice and help you tailor your job search strategy. b) Networking: Attend industry events, workshops, and conferences to build connections with professionals in your field. Networking can often lead to job referrals and valuable insights. c) Online Professional Network: Leverage platforms like LinkedIn, a reputable online professional network, to explore job opportunities that resonate with your skills and interests. d) Online Job Platforms: Investigate prominent online job platforms in your region and submit applications for suitable positions considering both your prior experience and the newly acquired knowledge. e.g in UK the major job platforms are Reed, Indeed, CV library, Total Jobs, Linkedin. While we may not offer placement services, we are here to support you in other ways. If you have any questions about the industry, job search strategies, or interview preparation, please dont hesitate to reach out. Remember that taking an active role in your job search process can lead to valuable experiences and opportunities.

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