Small reunion with my primary school mates, not long after, our main reunion in Penang.
Hearty welcome
Growing Your Wealth Exponentially
BY JAMES OH
LETTING GO AND MOVING ON BY JAMES OH
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MINDSET SHIFT: EMPLOYEE TO ENTREPRENEUR
BY JAMES OH
Saturday, November 5, 2016
SMALL REUNION WITH MY PRIMARY SCHOOL MATES AT PUSAT BANDAR PUCHONG
Small reunion with my primary school mates, not long after, our main reunion in Penang.
Thursday, November 3, 2016
REUNION WITH MY PRIMARY SCHOOLMATES IN PENANG, OCT 29, 2016
Monday, October 31, 2016
Program Title : Standard Costing & Variance Analysis
Program Title : Standard Costing & Variance Analysis
No of days : 2 days
Introduction
Cost
control is one of the major business strategy for survival and thrive when
competing with other competitors in today globalization world. It is imperative for cost accountants,
production, supply chain, human resource and business planning executives to
learn the effective cost accounting system for achieving cost efficient
operation.
The
design of this training program is to equip the participants to understand the
various types of variance analysis based on standard costing methodology. It includes the practice of the actual
calculation through exercise session during the workshop. This workshop also encourage participants to
relates the standard costing with their current working environment in order to
maximize the benefits of learning through experience sharing approach.
Objectives
·
Understanding what is
Standard Costing and the purposes
· The setting of standard
costing and the challenges of standard revision
· Variance analysis for
material, labour and overhead cost
· Root causes
identification and variances improvement action
· Understand the Full
absorption and Marginal Costing system
· Understand the
break-even analysis
· The standard costing
accounting treatment
Target participants
· Accountant,
Finance/Costing Executives, Marketing Executives, Business Planners, Budget
Analyst, Cost Analyst, Operational Managers, Non-Financial Managers and
Executives.
Workshop Outline
Day 1
· Module 1: Introduction to Cost or Managerial Accounting
o
Understand
the place of cost or managerial accounting in relationship to financial
accounting
o
The
meaning of “Standard” and “Standard Costing”
o
The
standing costing process and cycle\
· Module 2: Standard Costing and Variance Analysis
o
Understand
the objectives of standard costing
o
Understand
the procedures and functions of standard costing
o
Different
types of standard
o
Standard
setting using historical data and task analysis
o
Problems
or challenges in setting the standard
o
The
reasons and problem of revising the standard
o
The
types of variances
· Module 3: Material Variance Analysis
o
Understand
and compute the material price variance and how to compute
o
Understand
and compute the material usage variance
o
Analyzing
Materials Variances and make improvement
o
Exercise
· Module 4: Labour Variance Analysis
o
Understand
and compute the labour rate variance
o
Understand
and compute the labour efficiency variance
o
Analyzing
the labour Variances and make improvement
o
Exercise
Day 2
· Module 5: Overhead Variance Analysis
o
Understand
the cost elements of fixed and variable overhead
o
Understand
and compute the fixed overhead variance
o
Understand
and compute the variable overhead variance
o
Analyzing
the overhead Variances and make improvement
o
Exercise
· Module 6: Full Absorption versus Marginal Costing
o
Understand
the difference between absorption and marginal costing methods
o
Implication
of unit product or service costs of fixed and variable cost behaviours
o
The
impact of absorption and marginal costing on income statement
o
The
main difference and argument between absorption and marginal costing
o
Exercise
· Module 7 : Break-even Analysis
o
Understand
the definition and application of beak-even point
o
The
assumption of beak-even analysis
o
The
calculation of break-even point
o
The
calculation of target profit
o
The
calculation of margin of safety
o
The
calculation of changes of component of break-even analysis
· Module 8: Standard Cost Financial Statement and Cost
Control
o
Understand
how standard costing income statement differs from actual cost income statement
o
The
inventory valuation of standard costing
o
The
variances accounting treatment
o
The
principle guideline for variance accounting
o
Incorporate
Standard Cost into budgets
o
The
advantages and disadvantages of standard costing
o
Factors
to be considered for implementing standard costing
Workshop Schedule
8:30am Registration and breadfast
9:00am Workshop begin
10:30am Coffee Break and networking
10:45am Workshop resumes
12:30pm Lucheon and networking
1:30pm Workshop resumes
3:15pm Coffee Break and networking
3:30pm Workshop resumes
5:00pm End
Trainer profile
Lai Su Yin
ACCA – Association of Chartered Certified Accountants
Degree in Accountancy BA (Hons) – Bolton Institute, UK
Mr Lai is a Finance and
Account professional trainer with deep experience in finance and accounts job
functions in various fields such as income and financial statement preparation,
project economic evaluation, annual budget preparation, financial performance
analyst, account payable and receivable management, cost allocation and cash
flow management. In addition, having 5
years’ experience in organizational performance improvement focusing on
performance situational assessment, identify root causes and developed action
plans to achieve desired targets on business performance. Positive attitude, results driven and strong
work ethic with key skills in the following:
· Financial reporting and
analysis
· Economic Evaluation
(NPV, IRR, Payback)
· Financial terms on
commercial negotiations
· Develop Financial
training for non-finance
· Business performance
assessment and improvement plan
· SAP ECC6 Financial
System – WBS, cost allocation, BW report design
· Word, Powerpoint, Excel
(Pivot, V-look up) application software
· PMSB Certified Trainer
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