Essential Costing Knowledge And Skills For Executives And Managers

Essential Costing Knowledge and Skills for Executives and Managers course is offered by DreamCatcher. DreamCatcher is proud to be recognised as a five-star training provider in Malaysia by the National Human Resource Centre (NHRC) under the Pembangunan Sumber Manusia Berhad (PSMB). This recognition is a testament to our commitment to deliver quality technical courses and learning solutions to our customers.

Synopsis:

• Costing provides data for 3 major purposes:
• Planning and control of routine operations
• Non-routine decision making
• Assets Valuation and Income Determination.
• The information issued by a costing system is hence used by management for a variety of purposes, including:
• Fine-tuning operations to generate higher profitability.
• Deciding where to cut costs in the event of a business downturn.

Matching actual costs incurred against standards / budgeted costlevels for control purposes

What You Will Learn:

• End In Mind First objectives is to enable the Participants to:
• (C3) Classify Various Cost, Costing basis and methods.
• (C4) Break down cost variances for Cost Down actions and decision making
• (P4) Measure product and organizational cost more holistically.
• (P5) Organise the organization’s costing system
• (A3) Initial continuous strategic role in cost control

Who Should Attend:

• General Managers
• CFO, Financial Managers, Cost Accountants
• Costing Executives, Officers, clerks and staffs
• All new Accounting Staffs
• Production Managers and Executives
• Sales and Purchasing Managers and Executives
• Any other managers, executives, supervisors and staffs who are involved in the company’s costing matters or are interested to learn about business costings.

Course Structure:

• Introduction
• What is Costing and Cost Drivers
• Cost Components in a product
• Different costing basis and costing methods
• Difference between Cash and Non-Cash Cost 
• Knowing the Cost Fundamentals
• Cost Classifications in Business and its calculations:
• Direct and Indirect Cost
• Variable and Fixed Cost
• Product Costing
• Conversion Cost
• Inventory valuation methods
• Direct Production Overhead costing into products.
• Indirect Production Overhead allotment into products such as apportionment and/or absorption
• Treatment of Abnormal Cost or Gain and Idle Labor treatment
• 10.30 - 10.45 
• Tea break
• 10.45 - 12.30
• Standard Costing & Variance Analysis
• An introduction
• Setting of standards
• Types of Standards
• O.M determination
• Variance Analysis for Sales, Direct Material, Direct Labor and Overhead
• Material Volume, Price and yield
• Labor Efficiency and Rate
• Direct Overhead Spending and Efficiency
• Indirect overhead efficiencies
• Operating Expenses efficiencies
• 12.30 - 1.30
• Lunch 
• 1.30 - 3.30
• Marginal Cost – For Decision Making
• Definition and Cost Classification
• Contribution / Sales Ratio (contribution margin)
• Breakeven point analysis for single and multiple product mix
• Other Decision on special order / extra capacity / constrain resources, buy or outsource, etc.
• 3.30 - 3.45
• Tea break
• 3.45 - 5.00
• Process / Batch / Hybrid / Job Costing
• Features,
• Treatment Process loss, scrap and wastage – normal and abnormal.
• Joint and Bye Product