[01] INTRODUCTION
The accounting process is basically the same for all types of business and entities, however, accounting personnel in a manufacturing environment need to know more than just the nature of business but also the manner financial transactions are to be taken up; understand costing (and pricing) of production outputs (products) and valuation of finished goods and work-in-progress. And lastly, the preparation of the Manufacturing Account to be incorporated as part of the Profit & Loss Account.
To add value to the process, an appreciation of mechanism and working of budgetary control is required for any effective management of cost. Budgetary Control is a means of control in which the actual results are compared with the budgeted results so that appropriate action may be taken about any deviations between the two. Deviation or variance between budgeted and actual performance can be found out and analyzed to ascertain the reasons behind the variance. Corrective action can then be taken to rectify the same. This program is specially tailored for accounting personnel who are working in a manufacturing environment and non-accounting executives who may want to acquaint themselves with accounting, costing and budgetary control in the same environment.
[02] LEARNING OBJECTIVES
- Understand cost concepts, costing methodologies and their impacts and applications on costing and pricing of products for financial reporting and decision making
- Know the benefits of Budgetary Control and apply the concept of variance analysis in the oversight of the budget
- Use techniques learnt to examine and address the variances between the budget and actual performance for better control and co-ordination of business
- Apply costing analysis and budgetary control to the manufacturing activities
- Prepare Manufacturing Account, understand the various components in it and see how it is integrated with the Income Statement (Profit & Loss Account)
[03] WHO SHOULD ATTEND?
- Accounting personnel who need a good understanding of cost concepts, costing methodologies and budgetary control to better perform their roles in a manufacturing environment
- Self-employed accounting personnel working in a factory like environment
- Managers and executives of non-finance departments who need to:
- appreciate the impact of cost and costing methodologies on the performance of production outputs
- use budgetary control to better control cost and improve profitability
[04] METHODOLOGY
Interactive lectures plus hands-on exercises, case studies and group discussions.
[05] DATE/ TIME/ FEE
Date: 18 Oct 2023 (Wed)
Time: 9.00am – 5.00pm
Mode: Online/ Interactive
Level: Intermediate
Fee:
- Special Offer (before 3 Oct 2023) – RM600
- Normal Pricing – RM700
- Fee includes Course Notes & Certificate of Completion and 6% Service Tax
** OFFER **
- 10% Cashback for SST2u Learner Card+ (SLC+) members. T&Cs applied.
HRDCorp Claimable Course:
Trainer MyCoiD: 429594X
Course Scheme: HRDCorp Claimable Course
Course Type: Remote Online Training (Public)
Course Code: 10001239592
[06] COURSE CONTENT
[01] Introduction
[02] Cost Concept and Costing Methodologies
- Defining cost and costing
- Cost Definitions, Purpose, and Concepts
- Understanding Cost Behavior – Fixed and Variable Costs
- Cost Allocation, Apportionment and Absorption
- Marginal Costing vs Full Costing
- Standard Costing
[03] Doing up the Manufacturing Account
- Accounts and classification
- Raw material & direct labour
- Factory overheads
- Closing stocks and work in progress
Case Study – Preparing the Manufacturing Account
[04] Budgetary Controls
- Budgeting – Management Tool and Profit Plan
- Defining Budgetary Control
- Variance Concept & Analysis
- Variances – Material, Direct Labour and Overheads
Case Study – Variance Analysis
[07] TRAINER PROFILE
WINSON HAN
Chartered Accountant, Consultant, HRDF Certified Trainer
CA (M) CA (ANZ) B COM
Winson is a Chartered Accountant by profession and has over 30 years of experience having served in various roles as practicing accountant, company secretary, financial controller and management consultant. He presently consults and advises companies to better manage their businesses through an integrated process covering strategic planning; tactical design, planning (financial and otherwise) and implementation; and monitoring, review and analysis. A key focus of his consultancy is to help clients to better manage and utilize their cash resources and to restore a financially sickened company to good health.
Besides consulting, Mr. Han is also actively involved in conducting public and in-house seminars targeting the non-financial audience in financial management and analysis, financial planning & budgeting, cost management, SST/GST and credit and cash flow management.
He is a PSMB (HRDF) certified trainer and holds a degree in commerce from New Zealand and is a member of the newly merged institute known as “Chartered Accountants Australia and New Zealand” and Malaysian Institute of Accountants.
[08] ENQUIRY/ REGISTRATION
Email： yes@sst2u.com
Contact:
- General (03 - 8604 7270)
- Teo (011 - 3178 9203)
- Logesh (012 - 503 0346)
- Siti (012 - 383 8603)
- Han (019 - 323 0507)