Cost Accounting Fundamentals: Essential Concepts and Examples (Currently Unavailable)
Author: Steven Bragg
| CPE Credit: |
16 hours for CPAs |
Cost Accounting Fundamentals addresses all aspects of cost accounting, including how to compile inventory costs, when to use job costing, process costing, and standard costing, and how to allocate joint costs. We also explain how to use cost accounting in the development of new products and their prices, as well as how to conduct analyses with direct costing, activity-based costing, and constraint analysis.
Designed For
The practicing accountant who needs to learn about how to properly calculate and assign costs
Topics Covered
- Financial reporting
- Management reporting
- Problem resolution
- Price setting
- Cost investigation
- Budget formulation
- Constraint analysis
- Cost accumulation systems
- To whom does the cost accountant report?
- What are the principal accountabilities of the cost accountant?
- What are the qualifications of a cost accountant?
- Who does the cost accountant supervise?
- Valuation Step 1: The quantity of inventory on hand
- The periodic inventory system
- The perpetual inventory system
- The gross profit method
- Valuation Step 2a: Inventory Costing
- The first in, first out method
- The last in, first out method
- The weighted average method
- Standard costing
Learning Objectives
- Describe the situations in which we use cost accounting.
- Describe the role of the cost accountant.
- Explain how and when to compile inventory costs using different costing methodologies.
- Describe when to use job costing, and how to compile the cost of a job.
- Describe when to use process costing, and how to use the various methods for compiling process costs.
- Describe when to use standard costing, create standard costs, and calculate variances from standards.
- Describe the various methods for allocating joint costs, as well as the proceeds from by-products.
- Explain the proper accounting for various types of spoilage, rework, and scrap.
- Explain 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.
- Demonstrate how to use cost accounting in the development of new products.
- Describe how transfer pricing works, and the impact of using different transfer pricing methods.
- Explain how direct costing can be used as an analysis tool.
- Demonstrate how activity-based costing can be used as an analysis tool.
- Describe the concept of the constraint, and how to use constraint analysis to properly analyze various management decisions.
- Explain the various methods for reviewing a capital budgeting proposal.
- Demonstrate how to create a cost accumulation system.
- Describe the variability of costs under different circumstances.
- Explain the types of quality costs and how to accumulate them.
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (16 hours)
Program Prerequisites
none
Advance Preparation
none
