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  Home > Course Details
 

Course Details - Go to Course Contents

   QAS   Registry
    
Title :

Cost Accounting Fundamentals - Essential Concepts and Examples

Author :

Steven Bragg, CPA

Status :

Production

CPE Credits :

10.0

IRS Credits :

0

Price :

$99.95

Passing Score :

70%

Primary Subject-Field Of Study :

Accounting - Accounting and Auditing

Description :

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.

Usage Rank :

0

Release :

2011

Version :

999

Prerequisites :

None

Experience Level :

Overview

Additional Contents :

Complete, no additional material needed

Advance Preparation :

Should have familiarity with formulas and functions

Delivery Method :

Self-Study

Intended Participants :

Anyone needing Continuing Professional Education (CPE)

Approved Audience :

NASBA QAS - NASBA Registry -  - 

Revision Date :

07/23/2011

NASBA Course Declaration :

Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.

Comments :

accounting, cpe, budgeting, cost accounting, inventory

Learning Objectives :

Course 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.

Chapter 1
Overview of Cost Accounting

Describe the situations in which we use cost accounting.

Chapter 2
The Cost Accountant Job Description

Describe the role of the cost accountant.

Chapter 3
Inventory Valuation

Explain how and when to compile inventory costs using different costing methodologies.

Chapter 4
Job Costing

Describe when to use job costing, and how to compile the cost of a job.

Chapter 5
Process Costing

Describe when to use process costing, and how to use the various methods for compiling process costs.

Chapter 6
Standard Costing

Describe when to use standard costing, create standard costs, and calculate variances from standards.

Chapter 7
Joint and By-Product Costing

Describe the various methods for allocating joint costs, as well as the proceeds from by-products.

Chapter 8
Waste Accounting

Explain the proper accounting for various types of spoilage, rework, and scrap.

Chapter 9
Product Pricing: What does this Cost?

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.

Chapter 10
Target Costing

Demonstrate how to use cost accounting in the development of new products.

Chapter 11
Transfer Pricing

Describe how transfer pricing works, and the impact of using different transfer pricing methods.

Chapter 12
Direct Costing

Explain how direct costing can be used as an analysis tool.

Chapter 13
Activity-Based Costing

Demonstrate how activity-based costing can be used as an analysis tool.

Chapter 14
Constraint Analysis

Describe the concept of the constraint, and how to use constraint analysis to properly analyze various management decisions.

Chapter 15
Capital Budgeting Analysis

Explain the various methods for reviewing a capital budgeting proposal.

Chapter 16
Cost Collection Systems

Demonstrate how to create a cost accumulation system.

Chapter 17
Cost Variability

Describe the variability of costs under different circumstances.

Chapter 18
Cost of Quality

Explain the types of quality costs and how to accumulate them.
   

Course Contents - Go to Details

Part I – Job Overview

 

Chapter 1 - Overview of Cost Accounting

Introduction

Financial Reporting

Management Reporting

Problem Resolution

Price Setting

Cost Investigation

Budget Formulation

Constraint Analysis

Cost Accumulation Systems

Summary

Review Questions

Review Answers

 

Chapter 2 - The Cost Accountant Job Description

Introduction

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?

Summary

Review Questions

Review Answers

 

Part II – Inventory Valuation

 

Chapter 3 - Inventory Valuation

Introduction

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

The Retail Inventory Method

Valuation Step 2b: Inventory Costing

Job Costing

Process Costing

By-Product And Joint Product Costing

Valuation Step 3: Overhead Allocation

Valuation Step 4: Inventory Valuation

The Lower Of Cost Or Market Rule

Obsolete Inventory Accounting

Summary

Review Questions

Review Answers

 

Chapter 4 - Job Costing

Introduction

Overview Of Job Costing

When Not To Use Job Costing

Accounting For Direct Materials In Job Costing

Accounting For Labor In Job Costing

Accounting For Actual Overhead Costs In Job Costing

Accounting For Standard Overhead Costs In Job Costing

The Importance Of Closing A Job

The Role Of The Subsidiary Ledger In Job Costing

Job Costing Controls

Summary

Review Questions

Review Answers

 

Chapter 5 - Process Costing

Introduction

Overview Of Process Costing

The Weighted Average Method

The Standard Costing Method

The First In, First Out Method

The Hybrid Accounting System

Process Costing Journal Entries

Problems With Process Costing

Summary

Review Questions

Review Answers

 

Chapter 6 - Standard Costing

Introduction

Overview Of Standard Costing

Advantages Of Standard Costing

Disadvantages Of Standard Costing

How To Create A Standard Cost

Historical, Attainable, And Theoretical Standards

How To Account For Standard Costs

Overview Of Variances

The Purchase Price Variance

Material Yield Variance

Labor Rate Variance

Labor Efficiency Variance

Variable Overhead Spending Variance

Variable Overhead Efficiency Variance

Fixed Overhead Spending Variance

Selling Price Variance

Sales Volume Variance

Problems With Variance Analysis

The Controllable Variance

The Favorable Or Unfavorable Variance

Where To Record A Variance

Which Variances To Report

How To Report Variances

Summary

Review Questions

Review Answers

 

Chapter 7 - Joint and By-Product Costing

Introduction

Split-Off Points And By-Products

Why We Allocate Joint Costs

How To Allocate Joint Costs

How To Determine Prices

Special Concerns With By-Product Costing

Summary

Review Questions

Review Answers

 

Chapter 8 - Waste Accounting

Introduction

Definition Of Spoilage

Accounting For Normal Spoilage

Accounting For Abnormal Spoilage

Accounting For The Sale Of Spoilage

Cost Allocation To Spoilage

Definition Of Rework

Reporting Rework

Accounting For Rework

Definition Of Scrap

Accounting For Scrap

Impact Of Waste On Manufacturing Systems

Summary

Review Questions

Review Answers

 

Part III – Product Pricing

 

Chapter 9 - Product Pricing: What does this Cost?

Introduction

What Does This Cost?

The Issue Of Pricing Duration

The Issue Of Overhead Costs

The Issue Of Overhead Application

Corporate Overhead Costs

What Does This Cost, Part Two

The Issue Of The Bottleneck

What Does This Cost, Part Three

Summary

Review Questions

Review Answers

 

Chapter 10 - Target Costing

Introduction

The Basic Steps Of Target Costing

Value Engineering Considerations

The Cost Reduction Program

The Milestone Review Process

Problems With Target Costing

The Members Of A Design Team

The Role Of The Cost Accountant In Target Costing

Data Sources For Target Costing

The Product Life Cycle And Target Costing

Summary

Review Questions

Review Answers

 

Chapter 11 - Transfer Pricing

Introduction

Overview Of Transfer Pricing

Market Price Basis For Transfer Pricing

Adjusted Market Price Basis For Transfer Pricing

Negotiated Basis For Transfer Pricing

Contribution Margin Basis For Transfer Pricing

Cost Plus Basis For Transfer Pricing

Cost Anomalies In A Cost-Based Transfer Price

Pricing Problems Caused By Transfer Pricing

The Tax Impact Of Transfer Prices

Summary

Review Questions

Review Answers

 

Part IV – Cost Analysis Methods

 

Chapter 12 - Direct Costing

Introduction

Overview Of Direct Costing

Contribution Margin Versus Gross Margin

Direct Costing As An Analysis Tool

Direct Costing Pitfalls

Summary

Review Questions

Review Answers

 

Chapter 13 - Activity-Based Costing

Introduction

The Problem With Overhead Allocation

Overview Of Activity-Based Costing

Activity-Based Management

Advantages Of Activity-Based Costing

Problems With Activity-Based Costing

The Incremental Cost Reduction Fallacy

The Bill Of Activities

System Scope Issues

System Integration Issues

Summary

Review Questions

Review Answers

 

Chapter 14 - Constraint Analysis

Introduction

Constraint Analysis Operational Terminology

Overview Of Constraint Analysis

The Cost Of The Bottleneck

Local Optimization

Constraint Analysis Financial Terminology

Constraint Analysis From A Financial Perspective

The Constraint Analysis Model

The Decision To Sell At A Lower Price

The Decision To Outsource Production

The Capital Investment Decision

The Decision To Cancel A Product

Comparison Of Abc To Constraint Analysis

Summary

Review Questions

Review Answers

Chapter 15 - Capital Budgeting Analysis

Introduction

Overview Of Capital Budgeting

Bottleneck Analysis

Net Present Value Analysis

The Payback Method

Capital Budget Proposal Analysis

The Outsourcing Decision

The Capital Budgeting Application Form

The Post Installation Review

The Lease Versus Buy Decision

Summary

Review Questions

Review Answers

 

Part V – Other Topics

 

Chapter 16 - Cost Collection Systems

Introduction

Data Entry Accuracy

Data Entry With Bar Codes

Data Entry With Radio Frequency Identification (Rfid)

Document Imaging

Special Considerations For Labor Tracking

The Duration Of Cost Collection

The Chart Of Accounts

Other Sources Of Cost Information

Summary

Review Questions

Review Answers

 

Chapter 17 - Cost Variability

Introduction

Mixed Costs

Labor-Based Fixed Costs

Costs Based On Purchase Quantities

Costs Based On Production Batch Sizing

Cost Based On Step Costs

Time-Based Costs

Experience-Based Costs

Incorporating Cost Variability Into Reports

Summary

Review Questions

Review Answers

 

Chapter 18 - Cost of Quality

Introduction

Types Of Quality

Costs Impacted By Quality

Reporting On The Cost Of Quality

Summary

Review Questions

Review Answers

 

Appendix - Selected Topics

What Is Actual Costing?

What Is An Avoidable Cost?

What Is A Burden Rate?

What Is A Committed Cost?

What Are Conversion Costs?

What Is A Deferred Cost?

What Is A Differential Cost?

What Is A Direct Cost?

What Is A Discretionary Cost?

What Is An Expired Cost?

What Is Historical Cost?

What Is An Indirect Cost?

What Is An Irrelevant Cost?

What Is Marginal Cost?

What Is Normal Costing?

What Is A Period Cost?

What Is Replacement Cost?

What Is A Step Cost?

What Is A Sunk Cost?

What Is A Traceable Cost?

 

Glossary

 

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