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Course Details

Cost Accounting Fundamentals

Webinar: ID# 1023911
Recorded CD
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About This Course:
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 webinar 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.

AGENDA

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
About The Presenter

David Eck, CPA
  • 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
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Cost Accounting Fundamentals
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