Cost accounting is a critical field for accountants and finance professionals, characterized by its intricate concepts and diverse methodologies. Cost Accounting Fundamentalsaddresses the complex nature of this area, offering a comprehensive guide for both practicing accountants and students. Are you challenged by the multifaceted aspects of inventory valuation, product pricing, and cost analysis methods? This course meticulously explains key cost accounting concepts, illustrated through numerous examples. It delves into various significant topics including job costing, process costing, standard costing, activity-based costing, and capital budgeting analysis. Moreover, it provides a detailed insight into the role of cost accounting in product pricing, handling waste products, and understanding the cost of quality. By participating in this course, you will gain the skills to effectively apply these concepts in real-world scenarios, enhancing your professional competency in the diverse and demanding field of cost accounting.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Identify the situations in which we use cost accounting.
Chapter 2
List and recognize the responsibilities and necessary qualifications of the cost accountant.
Chapter 3
Cite the types of costs involved in the study of cost accounting.
Chapter 4
Recognize the methods available for deriving inventory costs and the cost of goods sold.
Chapter 5
Identify when you should use job costing, and compile the cost of a job.
Chapter 6
Recognize when you should use process costing, and use the various methods for compiling process costs.
Chapter 7
Recognize when to use standard costing, create standard costs, and calculate variances from the standards.
Chapter 8
Identify the various methods for allocating joint costs, as well as the effects of allocations on profitability.
Chapter 9
Identify the proper accounting for various types of spoilage, rework, and scrap.
Chapter 10
Recognize the types of costs to include in the formulation of a product price, and the circumstances under which these costs may be included or excluded.
Chapter 11
Identify the process by which target costs are derived and how that target can be met.
Chapter 12
Recognize the process by which target costs are derived and how that target can be met.
Chapter 13
Identify the circumstances under which direct costing can be used as an analysis tool.
Chapter 14
Recognize the process for compiling activity-based costs, as well as how allocation bases, cost pools, and activity drivers are used.
Chapter 15
Recognize the components of constraint analysis and how to use this analysis to improve profits.
Chapter 16
Recall the various methods for reviewing a capital budgeting proposal.
Chapter 17
Cite the methods used to accumulate costs and the circumstances in which they are most useful.
Chapter 18
Identify the extent to which costs can change in reaction to different circumstances.
Chapter 19
Identify the types of costs associated with the quality concept.
Major Topics
Cost Accounting
Cost Accountant Job Description
Types of Costs
Inventory Valuation
Job Casting
Process Costing
Standard Costing
Joint and By-Product Costing
Waste Accounting
Product Pricing
Target Costing
Transfer Pricing
Direct Costing
Activity-Based Costing
Constraint Analysis
Capital Budgeting Analysis
Cost Collection Systems
Cost Variability
Cost of Quality
