Introduction to Cost Accounting

About this course

Cost accounting is involved with the following:Determining the costs of products, processes, projects, etc. in order to report the correct amounts on a company's financial statements, andAssisting management in the planning and control of the organizationPreparing special analyses that assists in making the best decisionsA significant part of cost accounting involves the unit cost of a manufacturer's products in order to report the cost of inventory on its balance sheet and the cost of goods sold on its income statement. This is achieved with techniques such as the allocation of manufacturing overhead costs and through the use of process costing, operations costing, and job-order costing systemsCost accounting assists management to plan and control the business through budgeting for operations, capital budgeting for expanding operations, standard costing and the reporting of variances, transfer pricing, etc.Special analyses includes cost behavior, cost-volume-profit relationships, make or buy decisions, selling prices for products, activity-based costing, and more.This course will include the following sections with examples:Identifying Cost Related Terms such as Fixed Cost, Variable Cost,  Semi-Variable Cost, Direct Cost, Indirect Cost, Overhead Costs, Material Costs, Cost Driver RateDetermining and understanding most fundamental Cost Accounting Methods Standard Costing with examplesABC Costing with examplesLean Accounting with examplesMarginal Costing with examplesExamples and case studies Identifying Cost Centers, Cost Units, Activity Level CostsUnderstanding the basics of Cost Allocation and Cost ApportoinmentThe main uses of Cost Allocation and Cost ApportoinmentThe differences between Cost Allocation and Cost Apportoinment<