Cost Accounting

Cost accounting is a subset of managerial accounting that focuses on costs. Unlike financial accounting, which provides information to external financial statement users, cost accounting is used internally by management and is not required to adhere to set standards; it can therefore be flexible to meet the needs of management.  

Examine the best practices and proven theories that underlie tracking and allocating costs so management can make fully informed business decisions. 

You will learn how to… 

• Analyze the relationship between cost accounting and financial reporting, as well as understanding the impact of cost accounting on decision-making and business strategy. 
• Analyze different cost behavior concepts and techniques, such as fixed and variable costs, cost-volume-profit analysis, and contribution margin analysis, to develop effective cost management strategies that maximize profitability and sustainability. 
• Apply different inventory valuation and management methods, such as FIFO, LIFO, and weighted-average cost, to optimize inventory control and cost efficiency.  
• Apply different cost analysis techniques, such as job order costing, process costing, and activity-based costing, to determine product costs and set optimal prices that balance customer demand and profitability.  
• Interpret financial data and performance metrics to identify cost-saving opportunities, optimize resource allocation, and drive organizational growth and sustainability.

And learn the skills connected to careers including… 

Cost Accountant, Budget Analyst, Cost Estimator, Finance Analyst, Finance Manager, Management Accountant, Chief Financial Officer, Cost Controller