Cost Accounting Fundamentals: Essential Concepts and Examples (Currently Unavailable)

Author: Steven Bragg

This course covers all of the cost accounting topics that a practicing accountant is likely to deal with, including how to create an inventory valuation, how to use the various costing methodologies, and which cost analysis tools to use. It also provides valuable examples about the extent to which you should incorporate costs into the determination of product prices, and which methods to use for transfer pricing between subsidiaries. The course describes how to incorporate target costing into a product development system, so that you always create products that have a predetermined level of profitability. Further, it examines the interaction of costs and constraints in arriving at various decisions about profit maximization, and extends this concept into the analysis of capital budgeting proposals.

Designed For
The practicing accountant who needs to learn about how to properly calculate and assign costs

Topics Covered

• Inventory valuation
• Job costing
• Process costing
• Standard costing
• Activity-based costing
• Product pricing
• Transfer pricing
• Constraint analysis
• Cost variability

Learning Objectives

• Understand the situations in which we use cost accounting
• Determine how to calculate the proper cost of inventory
• Understand how and when to compile costs using different costing methodologies
• Understand the various methods for allocating costs
• Understand the uses of various cost analysis tools
• Understand the variability of costs under different circumstances
• Understand how to use cost accounting in the development of new products
• Understand how transfer pricing works, and the impact of using different transfer pricing methods
• Understand how to create a cost accumulation system

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (5 hours), Auditing (5 hours)

Program Prerequisites
none

Advance Preparation
none