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Costing is a highly important function in a business organization. This function involves computation of the cost of production, the cost required to run a business profitably, allocation of expenditure to various stages of productions and different operations of the business. Costing is taught in a business management course and you can also gain knowledge in the same in a part-time professional program. You can get additional skills and knowledge in this important module in financial management from a reputed business college. A professional program in Costing will enable you to know about the fundamentals, costing methods, analysis, preparation of budgets, financial statements etc. In this professional program, you’ll be introduced to Costing concepts and its various types. You’ll get to learn about classification of the costs and their calculation for different items. A professional course will provide you knowledge regarding cost of Direct Labour & Direct Expenses, Cost of Overheads etc. You’ll get to know about the evaluation of cost in services, the cost in manufacturing industry-single, output costing, job costing etc. Others aspects in a Costing program include Marginal costing, its applications, technique of marginal costing and eventually you’ll get acquainted with the financial decision making process. A costing program will also provide you knowledge of accounting methods, maintaining ledgers of cost department, making entities under non-integral system. You’ll learn about the reconciliation of Cost & Financial Statements and their integration. Other aspects of a costing program include standard costing & Variance analysis, Cost analysis, Cost budget preparation, Cash expenditure, Master budget preparation, Cost sheet & information systems, Cost accounting Systems Analysis and Cost MIS Report Analysis. Along with gaining knowledge about the various costs and their computation, you’ll also learn about Cost budgeting-the budgeting process, forecasting, budgeting system, budgeting process. You’ll learn about creating a budget and controlling the budget using techniques also forms an integral part of Costing which is of paramount importance for any organization. A professional program will equip you with knowledge, skills and abilities and enable you to apply these concepts in real-time corporate situations. As every organization has scarce resources, it is imperative to make optimum utilisation of these resources. The monetary and finance aspect needs to be handled cautiously, as it will ensure a smooth functioning of other business function. The function of costing and budgetary control when done in an appropriate manner helps in maximising the profits. You can get training and education in Costing & Budgetary control, in a business management program. A good business school will provide a thorough training in this important aspect of financial management. WLC College (WLCI) a premium business school in the country offers a ‘Professional Programme in Business Management’. It also offers a specialised program in Costing, MIS & budgetary Control. The Costing program covers all the aforementioned aspects of a financial course and train you thoroughly in executing the costing function in a business organization.
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