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Course Details

Cost Accounting Fundamentals - Essential Concepts and Examples - Fifth Edition (Course Id 637)

Updated / QAS / Registry   Add to Cart 
Author : Steven Bragg, CPA
Status : Production
CPE Credits : 14.0
IRS Credits : 0
Price : $117.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 637

Description :

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.

Usage Rank : 0
Release : 2014
Version : 1.0
Prerequisites : None
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : Should have familiarity with formulas and functions
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 05-Mar-2016
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.
Approved Audience :

NASBA QAS - NASBA Registry - 637

Keywords : Accounting, Cost, Accounting, Fundamentals, Essential, Concepts, Examples, Fifth, Edition, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    Cite the situations in which the cost accountant has a role.
    Note the working relationships of the cost accountant.
    Cite the types of costs involved in the study of cost accounting.
    Recognize the methods available for deriving inventory costs and the cost of goods sold.
    State the entries used to compile job costs.
    Differentiate between the calculations used for the different forms of process costing.
    Note how to calculate the different variances associated with standard costs.
    Identify the various methods for allocating joint costs, as well as the effects of allocations on profitability.
    Note the proper accounting for various types of spoilage, rework, and scrap.
    Recognize 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.
    Identify the process by which target costs are derived, and how that target can be met.
    Note how transfer pricing works, and the situations in which to use different transfer pricing methods.
    State the circumstances under which direct costing can be used as an analysis tool.
    Recognize the process for compiling activity-based costs, as well as how allocation bases, cost pools, and activity drivers are used.
    Recognize the components of constraint analysis, and how to use this analysis to improve profits.
    Recognize the various methods for reviewing a capital budgeting proposal.
    Cite the methods used to accumulate costs, and the circumstances in which they are most useful.
    Identify the extent to which costs can change in reaction to different circumstances.
    Identify the types of costs associated with the quality concept.

Chapter 1
Overview of Cost Accounting

Cite the situations in which the cost accountant has a role.

Chapter 2
The Cost Accountant Job Description

Note the working relationships of the cost accountant.

Chapter 3
Types of Costs

Cite the types of costs involved in the study of cost accounting.

Chapter 4
Inventory Valuation

Recognize the methods available for deriving inventory costs and the cost of goods sold.

Chapter 5
Job Costing

State the entries used to compile job costs.

Chapter 6
Process Costing

Differentiate between the calculations used for the different forms of process costing.

Chapter 7
Standard Costing

Note how to calculate the different variances associated with standard costs.

Chapter 8
Joint and By-Product Costing

Identify the various methods for allocating joint costs, as well as the effects of allocations on profitability.

Chapter 9
Waste Accounting

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

Chapter 10
Product Pricing: What Does This Cost?

Recognize 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 11
Target Costing

Identify the process by which target costs are derived, and how that target can be met.

Chapter 12
Transfer Pricing

Note how transfer pricing works, and the situations in which to use different transfer pricing methods.

Chapter 13
Direct Costing

State the circumstances under which direct costing can be used as an analysis tool.

Chapter 14
Activity-Based Costing

Recognize the process for compiling activity-based costs, as well as how allocation bases, cost pools, and activity drivers are used.

Chapter 15
Constraint Analysis

Recognize the components of constraint analysis, and how to use this analysis to improve profits.

Chapter 16
Capital Budgeting Analysis

Recognize the various methods for reviewing a capital budgeting proposal.

Chapter 17
Cost Collection Systems

Cite the methods used to accumulate costs, and the circumstances in which they are most useful.

Chapter 18
Cost Variability

Identify the extent to which costs can change in reaction to different circumstances.

Chapter 19
Cost of Quality

Identify the types of costs associated with the quality concept.
Course Contents :

Part I Job Overview:

Chapter 1 - Overview of Cost Accounting

Financial Reporting

Management Reporting

Problem Resolution

Price Setting

Cost Investigation

Budget Formulation

Constraint Analysis

Cost Accumulation Systems

Chapter 2 - The Cost Accountant Job Description

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?

Part II Inventory Valuation:

Chapter 3 Types of Costs

Actual Costs

Avoidable Costs

Committed Costs

Conversion Costs

Deferred Costs

Differential Costs

Direct Costs

Discretionary Costs

Expired Costs

Fixed Costs

Historical Costs

Indirect Costs

Irrelevant Costs

Marginal Costs

Normal Costs

Period Costs

Replacement Costs

Semi-Fixed Costs

Step Costs

Sunk Costs

Traceable Costs

Variable Costs

Chapter 4 - Inventory Valuation

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 Dollar-Value LIFO Method

The Link-Chain 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

Chapter 5 - Job Costing

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

Chapter 6 - Process Costing

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

Chapter 7 - Standard Costing

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

Chapter 8 - Joint and By-Product Costing

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

Chapter 9 - Waste Accounting

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

Part III Product Pricing:

Chapter 10 - Product Pricing: What Does This Cost?

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

Chapter 11 - Target Costing

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

Chapter 12 - Transfer Pricing

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

Part IV Cost Analysis Methods:

Chapter 13 - Direct Costing

Overview of Direct Costing

Contribution Margin versus Gross Margin

Direct Costing as an Analysis Tool

Direct Costing Pitfalls

Chapter 14 - Activity-Based Costing

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

Chapter 15 - Constraint Analysis

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

Chapter 16 - Capital Budgeting Analysis

Overview of Capital Budgeting

Bottleneck Analysis

Net Present Value Analysis

The Payback Method

Accounting Rate of Return

Capital Budget Proposal Analysis

The Outsourcing Decision

The Capital Budgeting Application Form

Capital Rationing

Capital Budgeting with Minimal Cash

The Post Installation Review

The Lease versus Buy Decision

Part V Other Topics:

Chapter 17 - Cost Collection Systems

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

Backflushing

Other Sources of Cost Information

Chapter 18 - Cost Variability

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

Chapter 19 - Cost of Quality

Types of Quality

Costs Impacted by Quality

Reporting on the Cost of Quality

Glossary

Accounting Course 637 Home: https://www.cpethink.com/qas-cpa-courses
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