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Diploma in Cost Accounting
Learn about the components of cost accounting, cost classification, and budgetary control from this free online course.
Publisher: NPTEL
Description
This free online course in cost accounting will begin by introducing you to the essential steps to consider in financial management, the different components of cost accounting, the various ways cost can be classified, and the components of cost volume profit analysis. You will learn about the methods of calculating profit, the importance of marginal cost, as well as the objectives of cost volume profit analysis in cost accounting along with its assumptions.
This course will also introduce you to the function of the breakeven point in cost accounting along with how to apply it to real-life accounting problems. This course will teach you about the functions of sensitivity analysis, under which condition the cost volume profit (CVP) assumption can be changed, the importance of having a budgetary control system in an organisation, the objectives of budgeting, as well as the various types of budgeting available in cost accounting.
Finally, this course will acquaint you with how the budget contribution margin is computed using illustrations in cost accounting. You will learn about the formula for computing material cost variance as well as the formula for calculating labour variance. This course will give you insights into the reasons why an organization faces overhead variance along with the reasons for labour cost variance in cost accounting. Start this course now and improve your knowledge of cost accounting
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