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* Course language determined by audience's




Course Outline

In a post-pandemic era understanding and controlling costs will be a KEY priority for businesses. Cost management provides key data to managers to support planning and controlling activities, as well as for costing of products and services. The central focus of the course is how cost management helps managers make better decisions. Participants are taught to understand the different cost accounting terms and practices, and are trained to apply these concepts in organizational contexts where financial and economic decision-making is required.

Course Objectives

By the end of the course, participants will be able to:

  • Explain the purpose of cost management and its structure
  • Explain the role management accounting plays or can play in supporting organizations and managers in making planning and control decisions
  • Distinguish between the general cost terms and the different classifications of costs
  • Identify the different types of allocation methods to assign costs to cost objects
  • Explain the meaning of budgeting and how it relates to strategic and operating objectives
  • Prepare the different components of a master budget
  • Perform variance analysis (actual vs. budget) of costs and revenues and implement measures to control costs
  • Prepare cost-volume-profit (break-even) analysis

Target Audience

Financial managers or directors, accountants, financial assistants, budget accountants and analysts.

Key Topics

The key topics covered in the course are:

  • Introduction to cost management and the study of management accounting
  • Difference between management accounting and financial accounting
  • Role and importance of management accounting
  • Introduction to the most relevant cost terms and categories used in the literature
  • The application of management accounting in different sectors: manufacturing, merchandise and services
  • Cost-volume-profit (break-even) analysis and cost planning
  • Job Costing; a simple method of cost allocation of indirect manufacturing costs to cost objects
  • Activity-Based Costing; an advanced and refined method of allocation of indirect costs 
  • Preparing a master budget, which budget expresses management’s operating and financial plans for a specified period (usually a fiscal year)
  • Variance analysis and cost control measures


Participants should attend at least 7 out of the 8 classes.

At the end of the course, participants need to complete a final written exam.

A Certificate of Completion is awarded if the course is successfully fulfilled. Participants also receive an official transcript for their grades and course credits.

Course Fee in Aruban Florins

Per participant: AFl. 495.=, including turnover taxes.

Includes: course material, handouts and final online exam.

Location and Dates

Location: Online (Live Zoom sessions)

Next course starts on: Tuesday June 02, 2020

Number of classes: 8
Time: 6:30 PM - 9:00 PM

Exam date: Friday July 17, 2020

We reserve the right to alter dates, content, venue and trainer.

Discount Plans and Cancellation Policies

We offer discount plans for group bookings and in-house course and workshop facilitation. Click here for details about our discount plans and cancellation policies.

​​​Length:           8 online classes

Effort:             3-4 hours per week

Level:              Intermediate

Language:     English, Dutch or

                          Papiamento *

Exam:             Online Written Exam

​Credits:          3.0 EC's

Fee:                 AFl.   495.=