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Cost Accounting Basics

Bookkeeping Tutorials & Courses

What’s Included ?
This basic cost accounting course is composed of 17 classroom video accounting lectures. A written transcript or summary of each of the video lectures is also included as a review.

What’s Covered ?
The course is organized into 5 major groups or categories as follow:
Introduction to Cost Accounting
Managerial vs Financial Accounting
Cost Accounting Introduction
Inventory Accounts
Product vs Period Costs
Cost Of Goods Manufactured
Cost Terms

Costing Methods
Job vs Process Costing

Job Costing
Record Material Costs
Record Labor Costs
Record Overhead Costs
Over-Under Applied Overhead
Process Costing
Process Cost Flows
Equivalant Units
Process Costing Steps

Cost Behaviors
Variable-Fixed-Mixed Costs
Costing Equation
Contribtion Margin Income Statement

Learning Objectives
Cost Accounting is a specialized branch(area) of accounting which requires some indepth studying. No, you won't be able to get a job as a cost accountant after completing this course; but, you should know or be able to perform the following:

Understand what cost accounting is, why it’s important, and the key terms needed to discuss and properly use costing information.
Understand what makes cost accounting “work”:
  • What Job Order and Process Costing are and when they are used.
  • What costs materials, labor, and overhead are charged to Jobs and Processes.
  • Cost Accounting Special Inventory Accounts - Raw Materials, Work-In-Process, and Finished Goods.
  • The journal entries used to record the costs charged tp jobs and processes.
  • Cost accounting terms such as direct costs, overhead, variable costs, fixed costs, equivalent units, product costs, period costs, etc.
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