Last updated 3/2021
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: English | Size: 1.42 GB | Duration: 2h 12m
A Course on Knowing your Costs/Job Costing/Activity Based Costing/Standard Costing/Variance Analysis
What you'll learn
Understand the three cost categorieds of a manufacturer.
Know the difference between product cost and period costs.
Understand Traditional Costing Systems - Job Costing system & Process Costing
Understand what Activity Based Costing - Know cost pools and cost drivers
Understand a standard costing system
Requirements
Students should have had a course in financial accounting.
Description
What Is Cost Accounting?Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.KEY TAKEAWAYSCost accounting is used internally by management in order to make fully informed business decisions.Unlike financial accounting, which provides information to external financial statement users, cost accounting is not required to adhere to set standards and can be flexible to meet the needs of management.Cost accounting considers all input costs associated with production, including both variable and fixed costs.Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.Understanding Cost AccountingCost accounting is used by a company's internal management team to identify all variable and fixed costs associated with the production process. It will first measure and record these costs individually, then compare input costs to output results to aid in measuring financial performance and making future business decisions. There are many types of costs involved in cost accounting, which are defined below.Types of...
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