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Course Description:
Costs do not
come in a "one size fits all" category. There are different costs for
different purposes depending on the questions that are being asked. Cost
information that is prepared for one purpose may be totally inappropriate
for another. This course introduces the user to basic cost terminology.
It explains the different types of cost classifications such as fixed,
variable, and semi-variable costs, direct and indirect costs, and relevant
costs, sunk, and opportunity costs. The user will also learn how to
apply these concepts in different types of decision-making situations.
Pre-requisites:
This course
is taught at a basic level. No pre-requisites or advance preparation are
required. However, users who take this course are expected to have some
basic knowledge of financial statements, their purpose, and contents.
Pre-work: Not required.
Who should attend:
Non-financial managers and supervisors in manufacturing or service
industries, professional employees (planners, engineers, buyers,
analysts), CPAs with limited experience in cost management, financial
accountants, financial analysts, accounting assistants, accounting clerks.
Course
Objectives: Upon completion of this seminar, the participant
will be able to:
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Define the nature of costs.
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Explain the difference between unit,
average, and total costs.
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Identify common cost classifications and
the cost terms associated with each classification.
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Apply the concepts of yield and labor
utilization to identify cost improvements opportunities.
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Apply and use the cost concepts in
management decision making.
Course
Content:
- Costs defined
- Total, units, and average costs
- Cost classifications and their uses
- Costs by functional area
- Manufacturing costs
- Service costs
- Variable, fixed, and semi-variable costs
- Direct and indirect costs
- Product and period costs
- Incremental, relevant, sunk, opportunity costs
Instructional method used:
Group-live
Recommended CPE:
4
credit hours
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