uCertify

Cost Accounting

(COST-ACCOUNTS.AE1)/ISBN:978-1-64459-470-4

This course includes
Lessons
Hands-On Labs
Cost Accounting

Explore Cost Accounting essentials in a user-friendly format with interactive lessons and hands-on labs. Uncover crucial accounting concepts at your own pace, making financial data more accessible for sound decision-making. Master production cost management and gain valuable insights across various accounting disciplines. No more overwhelm, just practical knowledge.

Lessons

22+ Lessons | 36+ Exercises | 83+ Quizzes | 105+ Flashcards | 105+ Glossary of terms

Hands-On Labs

30+ LiveLab | 17+ Video tutorials | 29+ Minutes

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Here's what you will learn

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Lessons 1: Introduction

  • About This Course
  • False Assumptions
  • Icons Used in This Course
  • Where to Go from Here

Lessons 2: So You Want to Know about Cost Accounting

  • Comparing Accounting Methods
  • Using Cost Accounting to Your Advantage

Lessons 3: Brushing Up on Cost Accounting Basics

  • Understanding the Big Four Terms
  • Covering Costs in Different Industries
  • Why Are You Spending? Cost Drivers
  • Following the Rules of the Cost Accounting Road

Lessons 4: Using Cost-Volume-Profit Analysis to Plan Your Business Results

  • Understanding How Cost-Volume-Profit Analysis Works
  • Using Cost-Volume-Profit Analysis to Make Savvy Business Decisions
  • The Tax Man Cometh, the Profits Goeth

Lessons 5: Estimating Costs with Job Costing

  • Understanding How Job Costing Works
  • Taking a Closer Look at Indirect Costs using Normal Costing
  • Following the Flow of Costs through a Manufacturing System

Lessons 6: More Activity, More Cost: Activity-Based Costing

  • Avoiding the Slippery Peanut Butter Costing Slope
  • Designing an Activity-Based Costing System
  • Using Activity-Based Costing to Compute Total Cost, Profit, and Sale Price
  • Implementing ABC Costing for a Business Pivot
  • Using ABC Costing for a New Business Model

Lessons 7: What’s the Plan, Stan? Budgeting for a Better Bottom Line

  • Brushing Up on Budgeting Basics
  • Planning How to Plan: Factors That Impact Your Budgeting Process
  • The Nuts and Bolts (and Washers) of Budgeting
  • Budgeting with Cash Accounting or Accrual Accounting
  • Budgeting to Produce the Income Statement and Balance Sheet

Lessons 8: Constant Change: Variance Analysis

  • Variance Analysis and Budgeting
  • Analyzing in Material Price and Efficiency Variances
  • Using Your Findings to Make Decisions

Lessons 9: Focusing on Overhead Costs

  • Using Cost Allocation to Minimize Overhead
  • Paying for the Security Guard: Fixed Overhead Costs
  • Those Vexing Variable Manufacturing Costs

Lessons 10: What’s on the Shelf? Inventory Costing

  • Working with Inventoriable Costs
  • Costing Methods for Inventory
  • Using Variable and Absorption Costing to Allocate Fixed Manufacturing Costs
  • Relating Capacity Issues to Inventory

Lessons 11: Cost Drivers and Cost Estimation Methods

  • Working with Cost Behavior
  • Considering Cost Estimation Methods
  • Exploring Nonlinear Cost Functions
  • Assessing the Impact of Learning Curves
  • Considering how AI and Data Analytics Impact Learning Curves

Lessons 12: Making Smart Business Decisions with Relevant Information

  • Navigating the Geography of Relevance
  • Special Orders Don’t Upset Us, Do They?
  • Deciding between Outsourcing and In-house Production
  • Maximizing Profit When Capacity Is Limited

Lessons 13: Making Smart Pricing Decisions: Figuring Total Costs

  • Understanding Influences on Prices
  • Pricing for Profits Down the Road
  • Arriving at a Reasonable Profit

Lessons 14: Analysis Methods to Improve Profitability

  • Processing Cost Allocation
  • Implementing Cost Allocation
  • Going Over Sales Mix and Sales Quantity Variances

Lessons 15: Behind the Scenes: Accounting for Support Costs and Common Costs

  • Not Everyone Generates Revenue: Support Costs
  • Going Over Variance Analysis and Department Costs
  • Focusing on Common Costs
  • Making a Commitment: Contracts

Lessons 16: Joint Costs, Separable Costs, and Using Up the Leftovers

  • Working with Joint Costs
  • Continuing Production: Computing Separable Costs After Splitoff
  • Choosing a Joint Cost Allocation Method
  • Holding a Garage Sale: Making the Most of Byproducts

Lessons 17: Tracing Similar Products with Process Costing

  • Process Costing: Presenting the Basic Approach
  • Sitting on the Factory Floor: Dealing with Work in Process
  • Using Equivalent Units to Compare Apples to Apples
  • Using the Weighted Average Method for Process Costing
  • Introducing the First In, First Out Method of Process Costing
  • Comparing Processing Costing Methods

Lessons 18: What a Waste! Getting the Most from Spoilage, Scrap, and Reworked Products

  • Accounting for Waste
  • Applying Process Costing Methods to Spoilage
  • Job Costing for Spoilage, Reworked Products, and Scrap

Lessons 19: Making Smart Ordering Decisions

  • Considering the Costs of Inventory
  • Calculating Inventory Quantity with the Economic Order Quantity Formula
  • Figuring a Favorable Reorder Point
  • Evaluating Prediction Error
  • Practicing Just-In-Time Purchasing
  • SCM and Customer Demand Issues

Lessons 20: Quality: Building a Better Mousetrap

  • Considering Quality Benefits and Costs
  • Compiling a Cost of Quality Report
  • Putting Quality Practices in Place
  • Customer Satisfaction: Measuring and Improving It
  • Doing More in Less Time
  • Eliminating the Constraint of the Bottleneck

Lessons 21: Ten Common Costing Mistakes and How to Avoid Them

  • Pricing a Product Incorrectly
  • Listing Fixed Costs As Variable Costs
  • Labeling Period Costs As Product Costs
  • Misusing Target Net Income
  • Forgetting About Taxes
  • Assigning Costs to the Wrong Product
  • Not Reviewing Variances Correctly
  • Redlining: Pushing Production Activity Above Relevant Range
  • Ignoring the Timing of Costs
  • Not Implementing Activity-Based Costing

Lessons 22: Ten Ways to Increase Profits Using Costing

  • Selling More Of The Right Products
  • Implementing Sales Mix Analysis to Increase Total Profits
  • Building a Higher Margin of Safety
  • Deciding How Much You Need: Production and Scheduling Issues
  • Who Does What: Handling Costs and Employee Issues
  • Reducing and Managing Scrap
  • Moving It off the Shelf: Inventory Issues
  • Effectively Taking Special Orders
  • Making Accurate Cost Allocations
  • Addressing the Issue of Spoilage

Hands-on LAB Activities

Using Cost-Volume-Profit Analysis to Plan Your Business Results

  • Understanding the Contribution Margin and the Breakeven Point
  • Calculating the Breakeven Point
  • Calculating the Contribution Margin
  • Calculating Pre-tax Dollars Needed for Purchase

Estimating Costs with Job Costing

  • Calculating the Direct Material Cost
  • Calculating Job Costs

More Activity, More Cost: Activity-Based Costing

  • Calculating the Annual Budgeted Indirect Cost

What’s the Plan, Stan? Budgeting for a Better Bottom Line

  • Understanding a Cash Flow Statement
  • Understanding the Income Statement
  • Understanding a Balance Sheet

Constant Change: Variance Analysis

  • Calculating the Price Variance
  • Calculating the Material Price Variance

Focusing on Overhead Costs

  • Understanding Overhead Costs
  • Calculating the Actual Variable Manufacturing Overhead Cost

What’s on the Shelf? Inventory Costing

  • Costing Inventory Using the LIFO Method
  • Costing Inventory Using the FIFO Method
  • Understanding Variable and Absorption Costing
  • Calculating Variable and Absorption Costing
  • Calculating the Practical Capacity

Cost Drivers and Cost Estimation Methods

  • Calculating the Estimated Total Cost

Making Smart Business Decisions with Relevant Information

  • Deciding the Carrying Cost

Making Smart Pricing Decisions: Figuring Total Costs

  • Calculating the Target Cost

Analysis Methods to Improve Profitability

  • Calculating the Residential Division Interest Cost

Behind the Scenes: Accounting for Support Costs and Common Costs

  • Calculating the Budgeted Cost Pool
  • Calculating the Single Rate Budgeted Cost Allocation Rate

Joint Costs, Separable Costs, and Using Up the Leftovers

  • Calculating the Net Realizable Value

Tracing Similar Products with Process Costing

  • Calculating the Cost Per Equivalent Unit

What a Waste! Getting the Most from Spoilage, Scrap, and Reworked Products

  • Calculating the Equivalent Units

Making Smart Ordering Decisions

  • Calculating the Relevant Total Cost

Quality: Building a Better Mousetrap

  • Calculate the Average Waiting Time