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Cost Management

Module I: Introduction to Cost Management

  • Introduction to Cost Management
  • Cost Accounting to Cost Management
  • Cost Management Tools
  • A Strategic View to Cost Management

Module II: Overheads

  • Overheads, Classification and Collection
  • Difference between Cost Allocation
  • Cost Apportionment
  • Simultaneous equations
  • Absorption of Overhead
  • Theory on Under and Over absorption of Overhead

Module III: Marginal Costing

  • Marginal Costing: Nature and Scope, Applications, Break even charts and Point, Decision Making
  • Differential Cost Analysis
  • Advantages and Disadvantages of Marginal Costing

Module IV: Budgetary Control

Module V: Traditional Costing

  • Demerits of Traditional Costing
  • Activity Based Costing (ABC)
  • Cost Drivers
  • Cost Analysis Under ABC (Unit level, Batch Level and Product Sustaining Activities)
  • Benefits and weaknesses of ABC

Module VI: Cost Audit

  • Cost Audit objectives and advantages
  • Areas and Scope of Cost Audit
  • Cost Audit in India
  • Read the contents of the report of Cost Audit and the annexure to the Cost Audit report
  • Management Audit- Aims and the objectives, Scope of Management Audit

Module VII: Reporting to Management

  • Reporting to Management
  • Purpose of reporting-
  • Requisites of a good report
  • Classifications of Report, Segment reporting
  • Applicability of Accounting Standard 17
  • Users of Segment reporting

Module VIII: Cost Reduction

  • Cost Reduction, and Cost Control
  • Target Costing and its Principles
  • Balanced Scorecard as a performance measure
  • Features- Purpose
  • Reasons for use of Balanced scorecard