Cost Accounting Fundamentals
Cost accounting is an essential management tool that can uncover profitability improvements and provide support for key business decisions. The Cost Accounting Fundamentals
course shows how to improve a business with constraint analysis, target costing, capital budgeting, price setting, and cost of quality analysis. The course also addresses the essential tasks of inventory valuation and job costing, and shows how to create a cost collection system for these activities. In short, this course contains the essential tools needed to foster more profitable decision-making by management.
Format
PDF Course
Level
Overview
Duration
14 Hours
Course Information
Author: Steven Bragg
Course Number: AC1071
Table of Contents
Chapter 1. Overview of Cost Accounting
Chapter 2. The Cost Accountant Job Description
Chapter 3. Types of Costs
Chapter 4. Inventory Valuation
Chapter 5. Job Costing
Chapter 6. Process Costing
Chapter 7. Standard Costing
Chapter 8. Joint and By-Product Costing
Chapter 9. Waste Accounting
Chapter 10. Product Pricing
Chapter 11. Target Costing
Chapter 12. Transfer Pricing
Chapter 13. Direct Costing
Chapter 14. Activity-Based Costing
Chapter 15. Constraint Analysis
Chapter 16. Capital Budgeting Analysis
Chapter 17. Cost Collection Systems
Chapter 18. Cost Variability
Chapter 19. Cost of Quality
Learning Objectives
- Cite the situations in which the cost accountant has a role.
- Specify 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.
- Specify 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.
- Specify 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.
- Specify 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.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: February 2025
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.
