Cost Accounting Fundamentals

Learn how proper cost accounting can be utilized as a planning tool and help steer the company in the right direction.

Many organizations do not have cost accounting systems that are capable of meeting all the internal (management) and external (financial reporting and contract compliance) needs of the organization.

The lack of robust systems often is evidenced through inability to accurately model the impact of changes in business volume or to understand and identify nonprofitable product lines. Contract noncompliance can also result when cost accounting systems are not sufficient to meet contractual obligations.

This topic helps identify the importance of a robust cost accounting system to a variety of different organization types. We will discuss key concepts related to cost accounting and then delve into areas we have often seen as being lacking for organizations that require cost accounting information for financial reporting, managerial and contract compliance purposes.

Learning Objectives:

This Live Webinar Covers These Hot Issues:

Purposes of Cost Accounting

• Financial Statement Cost Presentation
  
• Management Reporting
  
• Contract Compliance

Key Cost Accounting Concepts

• Costs vs. Expenses
  
• Direct and Indirect Costs
  
• Fixed and Variable Costs
  
• Allocation of Costs to Cost Objectives
  
• Standard Costing and Job Costing

Industry Specific Areas of Focus

• Manufacturing: Cost of Goods Manufactured and Sold
  
• Government Contracting: Cost Type Contract Compliance
  
• Professional Services: Time and Material Contract Compliance
  
• Construction Contracting: Guaranteed Maximum Price and Lump Sum Contract Types

Credit Information (Sponsored by Lorman Education Services):

• CPE
• AIPB
• NASBA

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Instructor Profile:

David Eck, CPA, Dixon Hughes Goodman LLP

• Director in the office of Dixon Hughes Goodman LLP
• Practice emphasizes all aspects of cost accounting, cost reporting and contract compliance
• Leads webinars, seminars and workshops on topics associated with cost accumulation and allocation, segregation of unallowable cost and business systems including those for timekeeping and labor cost distribution
• Wrote Parametric Cost Estimating Handbook
• Wrote several publications related to the areas of government contract compliance
• U.S. Air Force Veteran
• Member of the American Institute of Certified Public Accountants and the International Society of Cost Estimating and Analysis
• Can be contacted at 214-334-3233 or david.eck@dhgllp.com