Introduction to Cost & Management Accounting

All organizations need to know; how much it costs to make the products or provide its services, how to make sure product/services is sold at a profit, how to control the entity, how to measure to what extent it is achieving its objectives and how to plan expenditure for future.

Course Overview

Cost Accounting involves the calculation and measurement of the resources used by a business in undertaking its various activities and is concerned with identifying cost of various things (i.e., gathering data about cost of ‘products’ or ‘services’ and ‘cost of activities’) whereas, Management Accounting includes cost accounting as one of its disciplines but is wider in scope. Management accounting provides information to management that helps it to run the business; i) It provides detailed financial information so that they plan and control the activities or operation for which they are responsible ii) It helps managers to make other decisions i.e., planning, controlling and taking one-off decisions.

What you’ll learn
  • Describe the nature of cost and management accounting.
  • Describe the scope of cost and management accounting.
  • Outline the functions of cost and management accounting.
  • Explain the purpose of costing.
  • Mention and describe the essentials of cost accounting system.
  • State the advantages of cost accounting various interested parties.
  • Explain production, administration and selling and distribution costs.
  • Explain controllable and uncontrollable cost.
  • Explain shutdown and sunk cost.
  • Explain relevant and irrelevant cost.
  • Explain differential cost.
  • Explain opportunity cost Distinguish between direct and indirect expenses.
  • Explain overhead cost analysis.
  • Explain the treatment of under and over absorption of overhead.
  • Classify overhead.
  • Calculate overheads absorption rates using six methods.
  • Make accounting entries with respect to overhead.
Requirements

Candidates must;

  • Be proficient in English Language.
  • Have access to either a computer, smartphone and internet connectivity.
  • Be equipped with quality webcam and headphones.
Duration & Fees
  • Regular – 4 Weeks – ₦100,000
  • Fast-Track – 3 Weeks – ₦150,000
Program Dates
  • December, 2023 – February, 2024
  • March – May, 2024
  • June – August, 2024
  • September – November, 2024

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