Cost Accounting Technique for Cost Monitoring and Control

23-24 Aug, 2023, Remote Online Training - Public

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MR. TAN KOK TEE has 40 years of working experience in Accounts & Financial, Strategic and General Management field. He has held a variety of leadership and senior management roles in various organizations, starting in the Accounts & Finance Department until CFO level and the last being Group Chief Executive Officer. More than half of these times were spent in the Manufacturing, Marketing & Distribution and Services organizations.

 

He is a Fellow member of the Association of International Accountants, UK; Member of the Institute of Public Accountants, Aust.; Certified Commercial Accountant, (M); Member of the Chartered Tax Institute of Malaysia; Member of the Malaysia Associations of Company Secretaries (M) and a Gold Mastery Holder in Reinventing Strategic Planning and Management from the Haines Centre for Strategic Management, sponsored by University of San Diego, USA.

 

He is also a Certified Trainer with PMSB’s (HRDF) Train The Trainer Certificate since 2009, a GST Agent registered with MOF & Holder of the GST MyGCAP certificate from RMCD and a Life Member of the Malaysian Institute of Directors.

 

Mr. Tan has been involved in Advisory, Training and Facilitation since beginning 2009. To-date he has conducted about 400 training workshops throughout Malaysia on topics on Budgeting & Cashflow Planning; GST; SST; Practical Accounting for Accounting Staffs; Reading, Analyzing and Interpreting Financial Statement; Accounting and Finance for Non-Finance Managers;

Customers Credit Evaluations and Collection Strategies; Incoterms, LC Operations and Trade Financing; Reinventing the Strategic Planning and Management and Financial Statement Hands On Application to MBRS, for both in-house as well as public.

 

Among the organizations that Tan Kok Tee has been providing training for, include Government Authorities, Chamber of Commerce, Government Link Companies, Banks, Malaysian Institute of Accountants, Chartered Institute of Management Accountants, CPA Australia, Malaysian Institute of Chartered Secretaries and Administrators, Selangor State Human Resource Development Centre (SHRDC), Negeri Sembilan State Skills Development Centre (NSSDC), Penang Skill

Development Centre (PSDC), NGOs and many others public training providers.

 

His other clients include Shin Yang Group, MIRI, Bintulu Port, Deleum Bhd., Boustead Plantation Bhd., Takahata, FBK Manufacturing, Brothers Industries, Integrated Logistics, Mega Logistics, Chung Hwa Picture Tubes, Ohara Melaka, Safran Aerospace, NEC Corp. of Malaysia, Kobe Precisions, Tecktronic & Sons Holdings, Julie’s Biscuits, Ornapaper Melaka, Sunway University, Sime Darby Properties, Lion Group and many more.

 

To-date Mr. Tan has trained more than 15,000 Executives. He combines a wide range of practical and hands-on training experience in lively and challenging interactive training sessions.

Venue Details

Remote Online Training - Public

Contact us

Juliany,
03 2283 6109
juliany@ipa.com.my

Phoebe,
03 2283 6100
phoebe@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Jane,
03 2283 6101
Jane@ipa.com.my

ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my

FOCUSING ON
  • Introduction
  • Cost Fundamentals
  • Cost Accounting for Materials
  • Cost Accounting for Labor
  • Cost Accounting for Overheads
  • Job, Batch and Service Costing
  • Process Costing Method
  • Standard Costing (TARGET) AND Variance Analysis for Continuous Improvement
  • Marginal Cost – For Decision Making
OBJECTIVE

Cost Accounting is an organizational function that identifies, collects, classified and reports the costing information to management to assist in the decision making such as product/service pricing, profitability analysis and projection.

Cost Sustainability post Covid 19 and MCO also requires an effective Cost Down program for business continuity and sustainability.

Goods/service production cost, inventory cost, operating expense cost, etc., all need to be re-examined critically to enable the organization to remain resilience to meet any future crisis as and when it arises.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Increasing your Costing skills in work and in knowledge for value innovation
  2. Taking initial corrective actions in their cost analysis for improvements.
  3. Managing all cost activities more effectively for cost down program.
  4. Strengthening your organization’s costing system.
  5. Taking continuous strategic role in retaining cost leadership within the industry.
WHO SHOULD ATTEND
  • Costing Clerks & Assistants
  • Costing Supervisors and Executives
  • Production Executives
  • Product, Marketing and Purchasing Executives
  • Management Accounting Executives
  • All new Accounting Staffs
  • Any other personnel who are involved in the company’s costing matters or are interested to learn about costings.
METHODOLOGY
  • Interactive Lectures
  • Participative and Active Discussions
  • Hands On Exercise And Assignments
  • Questions And Answers
DAY 1
9:00

INTRODUCTION

  • Divisions of Accounting – Financial, Cost and Management Accounting
  • Contribution of Cost Accounting to an organization.
  • Cost Dynamic and Cost Drivers
  • Cost Down strategies and plan for post COVID 19 and MCO.
  • Costing basis and costing methods.
10.45

COST FUNDAMENTALS

  • Cost Classifications and the understanding of them.
    - Direct and Indirect Cost
    - Variable and Fixed Cost
    - Prime Cost, Conversion Cost and Landed Cost
    - Difference between direct, indirect and operating overheads
    - Product / Service Cost
  • Product / Service production valuation
    - Indirect Overhead apportionment concept.
    - Indirect Overhead absorption concept
    - Production, Operating and Abnormal Cost.
12.00

COST ACCOUNTING FOR MATERIALS

  • Bill of Materials establishment, control and continuous improvement
  • Cost Calculation for each material
  • Material Cost Control
  • Inventory holding management
  • Concept of Just in Time (JIT)
  • Valuation method
  • Total cost criteria for procurement decisions:
    - Interco terms advantage
    - Value chain cost
    - Financing cost
1:00 Lunch
2:00

COST ACCOUNTING FOR LABOR

  • Recording and control
  • Remuneration incentives
  • Productivity measurement
 

COST ACCOUNTING FOR OVERHEADS

  • Identification and Classification
  • Apportionment and Absorption method to products / Services
  • Basis of absorption
  • Treatment of over and under absorption cost in the accounts
3:45

JOB, BATCH AND SERVICE COSTING

  • Costing by process
  • Costing by batch
  • Costing by job
  • Costing for services render in the service industry.
5:00 End of Day 1
DAY 2
9:00

PROCESS COSTING METHOD

  • Structure Process Costing
  • Production flow and its cost accumulation
  • Losses (losses, scraps & wastage) and gains in the process
  • Work in progress at different stage of completion
  • Joint and By-products

10.45

STANDARD COSTING (TARGET) AND VARIANCE ANALYSIS FOR CONTINUOUS IMPROVEMENT

  • What is Standard Costing, its needs and suitability
  • Setting of standards – basic, current, attainable, ideal.
  • Standard Cost and Hours
  • Abnormal loss of material and idle time.
  • Standard Costing in Service Industries
  • Variance Analysis – Material, Labor, Overhead, Sales & Profit,
    - Quantity (Usage/Volume) and Price
    - Material and Labor Yield and Mix
  • Disposing of variances
  • Causes of Variances
  • Interdependency of variances
  • Responsibility accounting as reasons for variance analysis.
1:00 Lunch
2:00

MARGINAL COST – FOR DECISION MAKING

  • Cost Profit Analysis
  • Cost Classification under marginal costing
  • Meaning of contribution and its calculations
  • Breakeven point calculation for:
    - Single product
    - Multiple products
5:00 End of Course