Business entities operate in a dynamic environment driven by competitive, regulatory and fast-moving technological changes. Costs have been, still are, and will remain the dominating concern of all types of businesses, be they manufacturing, merchandising or service, as well as all forms of organisations regardless if they are proprietorships, partnerships or limited liability companies - for-profit or otherwise. This two-day course is prepared to provide non-finance management executives and business professionals with the fundamentals of cost accounting which is an integral part of Management Accounting.
The first day of the course will focus on differentiating fixed costs from variable costs, how they respond to changes in activity (output) levels, and how they are applied to determine the breakeven point (BEP) of a product. The components and determination of product costs, and the difference between product and period costs will be explained.
The second day will focus on the costing of products and services under the Job Order Costing, Process Costing and Activity-based Costing (ABC) systems. It is crucial to know the costs and costing of products and services for purposes of competitive pricing, and for effective planning, cost control and sound decision-making on project appraisals.
This course will benefit management and business professionals who need to understand and access wide-ranging and accurate cost and costing information to manage and evaluate their businesses and business units effectively.
1. Management Accounting vs. Financial Accounting
2. Cost Concepts
Chow Chan Kwan has more than 15 years of experience as General Manager of various manufacturing subsidiaries of a multinational company in Singapore and China. He has also delivered accounting and finance lectures to students pursuing the Certificate in Management (CIM) at the Singapore Institute of Management (SIM), and conducted in-house financial training during the initial stage of his career as a statistics and research officer at a Malaysian Bank.
Chow holds a Master of Business Administration (MBA) degree in Accounting and Finance from Ohio University in the USA. While pursuing his MBA degree, he delivered accounting lectures to freshmen students, a provision under the university's Graduate Assistant Scholarship Scheme.
Chow is currently a professional trainer and consultant, specialising in Accounting, Finance and Strategic Management.