|Author :||Jae K. Shim, Ph.D., CPA|
|CPE Credits :||13.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting for Course Id 1180
Cost Management: Accounting and Control covers the managerial use of accounting, financial, and operating data for planning, control, and decision making. Emphasis is placed on how to manage costs strategically in order to be globally competitive. The course is designed for managers and entrepreneurs who seek continuous improvement (CI) strategies. Topics include analysis of costs; job order and process costing; break-even and contribution analysis; activity-based costing (ABC); balanced scorecard, cost allocation; responsibility accounting; budget for profit planning; short-term decisions; capital budgeting; quality costs and total quality management (TQM); inventory management and just in time (JIT).
|Usage Rank :||0|
|Prerequisites :||Basic Accounting.|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Additional Links :|
|Advance Preparation :||None.|
|Delivery Method :||Self-Study.|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||27-Jan-2017|
|NASBA Course Declaration :||Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.|
|Approved Audience :||
NASBA QAS - NASBA Registry - 1180
|Keywords :||Accounting, Cost, Management, Accounting, Control, 2016, cpe, cpa, online course|
|Learning Objectives :||
Distinguish between cost accounting and its related fields such as managerial accounting and financial accounting.
Identify the three broad purposes for which the manager needs cost information, and roles of treasury function.
Identify some new developments that took place in the cost accounting and cost management with total quality management and business process engineering.
Distinguish between variable costs and fixed costs and explain the difference in their behavior.
Recognize the difference between direct and indirect costs.
Recognize the usefulness of the contribution approach to income determination and differences between it and the traditional income statement.
Identify types of companies that will benefit from process costing and what is involved in process costing.
Associate different cost drivers with different cost pools.
Recognize activities in the value chain of business function in activity-based management (ABM).
Determine how to calculate the sales necessary to break even or to achieve a target income.
Compute weighted-average contribution margins.
Recognize the concept of a margin of safety.
Identify methods for estimating the cost-volume formula.
Determine appropriate budget levels.
Recognize responsibility accounting and the managerial significance of these variances.
Identify the value of the analysis provided by performance reporting.
Recognize the two-way, three-way, and four-way variance analysis for factory overhead.
Identify how the residual income (RI) differs from ROI in measuring divisional performance.
Identify how companies use the Corporate Balanced Scorecard to evaluate performance.
Recognize the considerations required to determine appropriate transfer prices.
Recognize attributes in the theory of constraints.
Identify characteristics of the target costing process for a new product.
Recognize a number of capital budgeting techniques.
Identify the different types of depreciation methods.
Recognize the effect of Modified Accelerated Cost Recovery System (MACRS) on capital budgeting decisions.
Distinguish between the weighted-average and first-in, first-out (FIFO) process costing methods.
Recognize different methods of allocating service department costs to production department work.
Recognize how TQM can work well in a team environment and how quality can be used as a strategic weapon.
Identify the objectives of the basic economic order quantity (EOQ) model.
|Course Contents :||
Chapter 1: Introduction to Cost Management
Nature and Scope of Cost Accounting and Cost Management
Financial Accounting versus Management Accounting
Cost Accounting versus Management Accounting
The Work of Management
The Organizational Aspect of Management Function
Cost Accounting Standards Board
Cost Management in the New Production Environment
The Certified Management Accountant (CMA)
The Certified Internal Auditor (CIA)
Society of Cost Estimating and Analysis (SCEA) Certification
Chapter 1 Review Questions
Chapter 2: Cost Classifications, Terminology, and Profit Concepts
Merchandising versus Manufacturing Organizations
Income Statements and Balance Sheets - Manufacturer
Chapter 2 Review Questions
Chapter 3: Cost Accounting Systems Job Order Costing
Job Order Costing and Process Costing Compared
Job Order Costing
Factory Overhead Application
Chapter 3 Review Questions
Chapter 4: Activity-Based Costing
Composition of Product Cost
Overhead Costing: A Single-Product Situation
Overhead Costing: A Multiple-Product Situation
Activity-Based Product Costing
CASB No.418 - Allocation of Indirect Cost Pools
Using Activity-Based Costing To Make Marketing Decisions
Chapter 4 Review Questions
Chapter 5: Cost-Volume-Profit Analysis
Questions Answered by CVP Analysis
Graphical Approach in a Spreadsheet Format
Some Applications of CVP Analysis and What-If Analysis
Sales Mix Analysis
CVP Analysis with Step-Function Costs
Assumptions Underlying Break‑Even and CVP Analysis
Chapter 5 Review Questions
Chapter 6: Analysis of Cost Behavior
A Further Look at Costs by Behavior
Types of Fixed Costs Committed or Discretionary
Analysis of Mixed (Semi-Variable) Costs
The High - Low Method
Use of Computer Software for Regression
Chapter 6 Review Questions
Chapter 7: Budgeting For Profit and Planning
Types of Budgets
Financial Modeling: Computer - Based and Spread Sheet Models for Budgeting
Zero Base Budgeting
Chapter 7 Review Questions
Chapter 8: Responsibility Accounting, Standard Costs, and Variances
Responsibility Accounting and Responsibility Center
Standard Costs and Variance Analysis
General Model for Variance Analysis
Flexible Budgets and Performance Reports
Non-Financial Performance Measures
Chapter 8 Review Questions
Chapter 9: Control of Profit Centers
Segmental Reporting For Profit Centers
Profit Variance Analysis
Chapter 9 Review Questions
Chapter 10: Performance Measurement, Balanced Scorecard, and Transfer Pricing
Rate of Return on Investment (ROI)
Residual Income (RI)
Investment Decisions under ROI and RI
Performance and Management Compensation Decisions
Chapter 10 Review Questions
Chapter 11: Nonroutine Decisions and Life-Cycle and Target Costing
Relevant Costs Defined
Life-Cycle Costs and Target Costing
Chapter 11 Review Questions
Chapter 12: Capital Budgeting
What Are the Types of Investment Projects?
What Are the Features of Investment Projects?
Understanding the Concept of Time Value of Money
How Do You Measure Investment Worth?
Chapter 12 Review Questions
Chapter 13: Capital Budgeting and Income Taxes
How Do Income Taxes Affect Investment Decisions?
The Long and Short of After - Tax Cash Flows
Types of Depreciation Methods
How Does MACRS Affect Investment Decisions?
Chapter 13 Review Questions
Chapter 14: Process Costing, Cost Allocation, and Joint Product Costing
Identification of System Problems and Choice of a System
Steps in Process Costing Calculations
Estimating Degree of Completion
Managerial Use of Process Cost Data
Process Costing and Decision Making
Spoilage in General
Cost allocation: Allocation of Service Department Costs to Production Departments
Procedure for Service Department Cost Allocation
Joint Product and Byproduct Costs
Methods of Accounting for Byproduct Costs
Chapter 14 Review Questions
Chapter 15: Total Quality Management and Quality Costs
Total Quality Management
Elements of TQM
Cost of Quality
What Is Quality?
Two Different Views Concerning Optimal Quality Costs
Quality Cost and Performance Reports
Activity - Based Management and Optimal Quality
Chapter 15 Review Questions
Chapter 16: Inventory Management and Just-In-Time
Economic Order Point (EOQ) and Reorder Point
Determination of Safety Stock
Chapter 16 Review Questions