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  • By Oxford Certificate
  • November 3, 2021
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Cost Accounting E-Learning

Virtual cost accounting training: Cost accounting includes recording, analyzing and reporting costs to management. The purpose of this type of accounting is to gain insight into the cost structure of a business that can be used to better manage it and thus improve profitability. Cost accounting is especially useful for understanding which part of a business is profitable and which one needs improvement. This type of accounting, unlike financial accounting, is primarily intended for internal operational activities.

Cost accounting is the process of tracking, recording, and analyzing costs allocated to a company’s products or services. In modern accounting, costs are measured according to accepted accounting principles (GAAP). (GAAP) records historical events and assigns a monetary value to them. Costs are measured in the common currency. Cost accounting can be defined as a type of management accounting that converts a chain of resources (a set of events related to the production of a product) into financial amounts. Managers use cost accounting to support decisions about reducing company costs and increasing profitability.

What you will learn in the virtual accounting training course:

  • The best management accounting course
  • Prepare for the Part of the Business Environment and Concepts (BEC) on the CPA exam
  • Identify and explain the types and flows of production and non-production costs
  • Apply overhead cost using labor order costing system
  • Apply overhead cost using activity-based costing system
  • Apply overhead cost using process costing system
  • Prepare the main budget
  • Provide a flexible budget

Other topics:

  • Understand and apply standard costs
  • Perform analysis of variance and take appropriate action
  • Calculate and analyze return on investment (ROI)
  • Calculate and analyze the remaining income
  • Create, use and evaluate a balanced scorecard
  • Time value of money
  • Calculate and apply the Net Present Value (NPV) and repayment method
  • Evaluate different investments
  • Evaluate future projects

Who is the right cost accounting course?

  • Small business owners
  • CPA Candidates (BEC Section)
  • CMA candidates
  • Managers
  • Accountants
  • Students
  • Clerk
  • Anyone interested

Prerequisites for this course:

  • Prepare your speakers, grab a pen and paper and take notes.

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