Cost and Management Accounting

Duration: 12 weeks (Saturday morning or Mon & Wed evening classes)

This Institute of Certified Bookkeepers (ICB) “Cost and Management Accounting” module, presented at Unigrad College, is part of the FET Certificate in Bookkeeping (NQF Level 4) as well as the National Diploma in Technical Financial Accounting (NQF Level 3).  This module will introduce you to accounting for a manufacturing concern, break even analysis, cost-volume-profit analysis, budgeting, standard costing, financial management and business ethics.

Module outline

  • An introduction to managerial accounting
    • Different fields in accounting
    • The importance of managerial accounting in the management of an organisation
    • Costing a product and break-even analysis
  • Controlling inventory and overhead costs
    • Inventory concepts and stock piling
    • Material cost control and valuing inventory
    • Real cost of inventory, reorder point and safety stock
    • Economic ordering quantity (EOQ), apportionment of overheads and activity-based costing (ABC)
  • Accounting for a manufacturing enterprise
    • Terminology chart for the manufacturer
    • New general ledger accounts
    • Combining manufacturing records with administrative records
    • The production cost statement
  • Budgeting and standard costing
    • Why do people and businesses prepare budgets?
    • Cash budget for a business, the master budget and the budgeting process
    • Monitoring performance against budget and standard costing for a manufacturer
  • Job costing
  • Financial Management
  • Organisational ethics