Date & Time:
10 & 11 August 2020, Mon-Tues | 9 am - 5 pm
Venue: Novotel Kuala Lumpur City Centre
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, foods/service production cost control, inventory valuation, etc. Knowledge of cost of each product production process and each service activity is or paramount important to make sound business decisions.
The End in Mind First objectives is to enable the Participants to:
Day 1 – (9am to 10.30am)
- Divisions of Accounting – Financial, Cost and Management Accounting
- Contribution of Cost Accounting to an organization.
- What is Costing and Cost Drivers
- Costing terms, concepts and cost Centre definitions
- Cost Classifications in Business and its calculations:
- Product / Service valuation
- Cost Calculation
- Cost Control
- Inventory holding management
- Concept of Just in Time (JIT)
- Valuation method
- Recording and control
- Remuneration methods – fixed vs. flexi
- Productivity measurement
- Identification and Classification
- Allocation, Apportionment and Absorption method to products / Services
- Basis of apportionment and absorption
- Accounting treatment of over and under absorption
- Apportionment under Activity Base Costing method
- Costing by batch
- Costing by job
- Costing for services render in the service industry.
2. Cost Fundamentals
o Direct and Indirect Cost
o Variable and Fixed Cost
o What is Prime Cost, Conversion Cost and Landed Cost
o Difference between direct, indirect and operating overheads
o Product / Service Cost
o Indirect Overhead apportionment or appropriate absorption method
o Production, Operating and Abnormal Cost.
(11 am to 1.00 pm)
3. Cost Accounting for Materials
4. Cost Accounting for Labor
(2 pm to 5pm)
5. Cost Accounting for Overheads
6. Job, Batch and Service Costing
DAY 2 – (9am to 4pm)
7. 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
- What is Standard Costing, its needs and suitability
- Setting of standards – basic, current, attainable, ideal.
- Standard Cost and Hours
- Standard Costing in Service Industries
- Variance Analysis – Material, Labor, Overhead, Sales & Profit,
- Production Control Ratios
- Accounting double entries for variances.
- Disposing of variances
- Causes of Variances
- Interdependency of variances
- Responsibility accounting as reasons for variance analysis.
8. Standard Costing (TARGET) AND Variance Analysis
o Quantity (Usage/Volume) and Price
o Material and Labor Yield and Mix
o Production Volume
o Production Efficiency
o Capacity Usage
Tan Kok Tee has over 40 years of experience in financial, strategic and general management. He has held a variety of leadership and senior management roles in various organizations, the last being Group Chief Executive Officer. More than half of this time are spend in the Manufacturing Marketing & Distribution and services organization, including those with the then Inchcape Timuran Berhad, Metroplex Berhad, Perdana Industries Berhad.
He is a Fellow member of the Association of International Accountants, UK; Member of the Institute of Public Accountants, Aust.; Member of the Chartered Tax Institute of Malaysia; Member of the Malaysia Associations of Company Secretaries, holds a MBA in Finance from Charles Sturt University, Australia 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 Train The Trainer Certificate since 2009 and a life member with the Malaysian Institute of Directors. Kok Tee has been involved in training and facilitation since beginning 2009. To-date he had conducted about 300 training workshops, of which more about 200 are on GST including GST Accounting for both in-house as well as public, including for Government Authorities, Chamber of Commerce, Government Link Companies, Banks, Malaysian Institute of Accountants, Chartered Institute of Management Accountants, Selangor state Human Resource Development Centre, Negeri Sembilan state Skills Development Centre, NGOs, political party as well as on behalf of various other training providers.
Early bird fee: RM1,378 per person - Register by 3 August 2020
Normal fee: RM1, 590 per person
– SBL claimable (Inclusive of lunch, tea breaks, notes, certificate of attendance and 6% SST)