Managerial Accounting / Cost Accounting

Managerial Accounting / Cost Accounting

Managerial Accounting / Cost Accounting

Managerial and cost accounting comprehensive course taught bay a practicing Certified Public Accountant (CPA)

Language: english

Note: 4.6/5 (1,199 notes) 102,258 students

Instructor(s): Robert (Bob) Steele

Last update: 2020-02-02

What you’ll learn

  • How a job order costing system works and what type of business would use it
  • How a process costing system works and what type of business would use it
  • Cost volume profit analysis (CVP) and how CVP tools can be used to make business decisions rationally
  • How to construct a master budget
  • How to construct a flexible budget and use it to make rational decissions
  • How to use responsibility accounting to hold different areas of a business accountable in a rational way
  • Relevant cost analysis as a took to make rational business decissions
  • Time value of money techniques to help make decision about long term projects

 

Requirements

  • None

 

Description

Comprehensive managerial and cost accounting course. Topics include:

· Job order costing

· Process costing

· Cost volume profit analysis

· Master Budgets

· Flexible Budgets

· Responsibility accounting

· Relevant costs

· Time value of money

This course will go into detail about each topic. We will include”

· Practice Excel files with both an answer tab and a practice tab

· Lecture PDF files that can be downloaded and reviewed without internet access

Managerial accounting skills are critical skills necessary for successfully running a business because they provide tools to make rational business decisions.

 

Who this course is for

  • Business students learning managerial accounting concepts
  • Business owners who want to apply managerial accounting concepts to make better decisions
  • Business professionals who want to use managerial accounting concepts to improve their career

 

Course content

  • Part One – Managerial Accounting Core Concepts
    • 10 Managerial Accounting Introduction
  • Part 1 Cost Classifications
    • Cost Classifications
    • 20 Cost Classifications
    • 30 Product Costs & Period Costs
    • 40 Prime Costs & Conversion Costs
  • Part 1 – Manufacturer’s Financial Statements
    • Manufacturer’s Financial Statements
    • 50 Manufacturer’s Balance Sheet
    • 60 Manufacturer’s Income Statement
  • Part 1 – Cost Flows for a Manufacturing Company
    • Cost Flows For a Manufacturing Company
    • 70 Manufacturing Activities Flow
    • 80 Just In Time (JIT) Manufacturing
  • Part 1 – Job Cost vs Process Cost System
    • 5 Job Cost vs Process Cost System
    • 90 Job Cost Vs Process Cost
  • Part 1 – Cost Flows for a Job Cost System
    • Cost Flows for a Job Cost System
    • 100 Job Cost System Cost Flow
  • Part 2 – Job Cost Documents and Forms
    • Job Cost Documents and Forms
    • 110 Job Cost Sheet
    • 120 Materials Ledger Card & Materials Requisition
    • Worksheet – 120 Materials Ledger Card Requisition
    • 130 Time Ticket & Labor Journal Entry
    • Worksheet – 130 Time Ticket and Labor Entry
    • 10 Multiple Choice Questions – Job Cost System
  • Part 2 – Overhead Costs & Allocation
    • Overhead Costs & Allocation
    • 140 Overhead Costs
    • Worksheet – 140 Overhead Costs
    • 150 Overhead Allocation Predetermined Overhead Rate
    • Worksheet – 150 Overhead Allocation
    • 160 Overhead Under Applied Over Applied
    • Worksheet – 160 Under & Over applied Overhead
    • 20 Multiple Choice Questions – Job Cost System
  • Part 2 – Finished Jobs and Sales Journal Entries
    • Finished Jobs and Sales Journal Entries
    • 170 Finished Jobs Journal Entry
    • Worksheet – 170 Finished Goods Journal Entry
    • 180 Sale of Jobs
    • Worksheet – 180 Sale of Jobs
    • 30 Multiple Choice Questions – Job Cost System
    • Short Calculation Questions
  • Part 2 – Job Cost System Summary
    • Job Cost System Summary
    • 190 Cost Flow General Ledger
    • 300 Job cost system Part 1
    • 305 Job cost system Part 2
    • Worksheet – 300 Accounting instructions-Job cost problem part 1
    • Worksheet – 300 Accounting instructions-Job cost problem part 2
    • 300 Accounting instructions-Job cost problem part 3
    • 300.4 Accounting instructions-Job cost problem part 4
    • 40 Multiple Choice Questions – Job Cost System
    • Short Calculation Questions
  • Part 2 Key Terms & Definitions
    • Key Term & Definitions
    • Conversion Costs Definition – What are Conversion Costs%3F
    • Cost of Goods Manufactured Definition – What is Cost of Good
    • Direct Costs Definition – What are Direct Costs%3F
    • Direct Labor Costs Definition – What are Direct Labor Costs%3F
    • Direct Materials Cost Definition – What are Direct Materials
    • Factory Overhead Definition – What is factory overhead
    • Finished Goods Inventory – What is Finished Goods Inventory%3F
    • Job Definition – What is Job in A Job Cost System%3F
    • Job Order Costing System Definition – What is Job Order Cost
    • Jobs Cost Sheet definition – What are Job Cost Sheets
    • Manufacturing Overhead Definition What is Manufacturing Ov
    • Materials Ledger Card Definition – What is Materials Ledger
    • Materials Requisition Definition – What is Materials Requisi
    • Net Cost of Goods Manufactured definition – What is Cost of Goods Manuf
    • Purchase Order Definition – What is Purchase Order%3F (1)
    • Time Ticket Definition – What is Time Ticket%3F
    • Work in Process Inventory Definition What is work if proce
    • 50 Multiple Choice Questions – Job Cost System
  • Part 3 Process Cost System Overview Using FIFO Method
    • Process Cost System Overview Using FIFO Method
    • Cost Flows for a Profit Cost System Part 1
    • Cost Flows for a Process Cost System Part 2
    • Process Cost System Equivalent Units FIFO Adj
    • Multiple Choice Question 1
  • Part 3 – Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
    • Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
    • 105 Flow of Materials, Labor & Overhead
    • Multiple Choice Questions 2
  • Part 3 – Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
    • Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
    • 110 Methods to Calculate Ending WIP and Units Completed
    • 115 Equivalent Units of Production Weighted Average Method
    • Worksheet – 115 Equivalent Units of Production Weighted Average Method
    • 120 Cost Per Equivalent Unit Calculation Weighted Average Method
    • Worksheet – 120 Cost Per Equivalent Unit Calculation Weighted Average Method
    • 125 Assign Costs to Units Weighted Average Method
    • Worksheet – 125 Assign Costs to Units Weighted Average Method
    • Multiple Choice Questions 3
    • Short Calculation Questions
  • Part 3 – Overhead Costs & Allocation
    • Overhead Costs & Allocation
    • 140 Overhead Costs
    • 150 Overhead Allocation Predetermined Overhead Rate
    • 160 Overhead Under Applied Over Applied
    • Multiple Choice Questions 4
    • Short Calculation Questions
  • Part 3 – Comprehensive Problem – Recording Process Cost Journal Entries
    • Comprehensive Problem – Recording Process Cost Journal Entries
    • Part 1
    • Part 2
    • Part 3
    • Multiple Choice Questions 5
    • Short Calculation Questions
  • Part 3 – Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation
    • Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation (FIFO)
    • Comprehensive Problem – Cost Per Equivalent Units
    • Multiple Choice Questions 6
  • Part 3 – Key Term & Definitions
    • Conversion Costs Definition – What are Conversion Costs_ (1)
    • Cost of Goods Completed – What is Cost of Goods Completed_
    • Direct Labor Costs Definition – What are Direct Labor Costs_
    • Direct Materials Definition – What is Direct Material_
    • Equivalent Units of Production (EPU) – What are Equivalent U
    • Factory Overhead Definition – What is factory overhead (1)
    • Finished Goods Inventory – What is Finished Goods Inventory_
    • Indirect Costs Definition – What are Indirect Costs_
    • Job Order Costing System Definition – What is Job Order Cost (1)
    • Manufacturing Overhead Definition What is Manufacturing Ov (1)
    • Materials Requisition Definition – What is Materials Requisi (1)
    • Net Cost of Goods Manufactured definition – What is Cost of Goods Manuf (1)
    • Overhead Definition – What is overhead_
    • Period Costs Definition – What are Period Costs_
    • Prime Costs Definition – What are prime costs
    • Product Costs Definition – What are Product Costs_
  • Part 4 – Cost Volume Profit Analysis (CVP)
    • 105 Cost Volume Profit Analysis (CVP)
    • 107 Cost Volume Profit Analysis (CVP) Overview Example
    • 110 Cost Volume Profit Analysis Assumptions – Copy
  • Part 4 – Contribution Margin Income Statement
    • Contribution Margin Income Statement
    • 150 Income Statement Manufacturing Company
    • 154 Contribution Margin Income Statement
    • Worksheet – 154 Contribution margin, contribution margin
  • Part 4 – Mixed Costs
    • Mixed Costs
    • 400 Mixed Costs
    • 415 Scatter Diagram
    • Worksheet – 417 Graphs In Excel
    • Worksheet – 418 Scatter Graph
    • 420 High – Low Method
    • Worksheet – 420 Worksheet High Low Method
    • Multiple choice 2
  • Part 4 – Contribution Margin, Unit Contribution Margin, & Contribution Margin Ra
    • Contribution Margin, Unit Contribution Margin, & Contribution Margin Ratio
    • 425 Contribution Margin & Contribution Margin Ratio
    • 425 Worksheet Contribution Margin
    • 427 Contribution Margin Income Statement & Contribution Margin Per t
    • Multiple choice 3
  • Part 4 – Break Even Point & Margin of Safety
    • Break-Even Point & Margin of Safety
    • 428 Break-Even Point
    • 428 Worksheet Break Even Point
    • 429 Worksheet Targeted Net Income
    • 432 Margin of Safety
    • Multiple choice 4
  • Forecasting
    • Forecasting
    • 438 Forecasting
    • 438 Worksheet Forecasting
    • Multiple choice 5
  • Part 4 – Multiple Inventory Items
    • Multiple Inventory Items
    • 444 Composite Unit Break Even
    • 442 Composit Units
    • Multiple choice 6
  • Operating Leverage
    • Operating Leverage
    • 448 Operating Leverage
    • Worksheet – 448 Operating Leverage
    • Multiple choice 7
    • Short Calculation Question
  • Part 4 – Cost Volume Profit Analysis Assumptions
    • Cost Volume Profit Analysis Assumptions
    • 450 Cost Volume Profit Analysis Assumptions
    • Multiple choice 8
    • Short Calculation Questions
  • Part 4 – Comprehensive Problem
    • 11 Comprehensive Problem
    • CVP Comp Problem 1
    • CVP Comp Problem 2
    • CVP Comp Problem 3
    • CVP Comp Problem 4
  • Part 5 – Master Budgets
    • 105 Why Budget
    • 110 Budget Problems
  • Part 5 – Budget Timing and Budget Committee
    • Budget Timing and Budget Committee
    • 115 Budget Timing
    • 120 Budget Committee
    • Multiple choice 1
  • Part 5 – Sales Budget, Production Budget, & Materials Budget
    • Sales Budget, Production Budget, & Materials Budget
    • 210 Master Budged Sales Budget, Production Budget, & Materials Budget
    • Worksheet – 210 Accounting instructions-Master budget, sales budget, production
    • Worksheet – 215 Accounting instructions-Master budget, raw materials budged part
    • Multiple choice 2
  • Part 5 – Direct Labor, Factory Overhead, Selling, & General and Administrative
    • Direct Labor, Factory Overhead, Selling, & General and Administrative Budgets
    • 220 Master Budged 2 Direct Labor, Factory Overhead, Selling, General and Adminis
    • Worksheet – 220 Master budget, Direct labor budget, Factory overhead budget, how
    • Worksheet – 225 Master budget, selling expense,
    • Multiple choice 3
  • Part 5 – Cash Budget
    • Cash Budget
    • 230 Master Budged 3 Cash Budget
    • Worksheet – 230 Master budget, Cash Budget part 5
    • Multiple choice 4
  • Part 5 – Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • 240 Master Budged 4 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • Worksheet – 240 Master budget, Cost of Goods Manufactured and Cost of Goods Sold
    • Multiple choice 5
  • Part 5 – Budgeted Income Statement
    • Budgeted Income Statement
    • 250 Master Budged 5 Budgeted Income Statement
    • Worksheet – 250 Master budget, Income Statement
    • Multiple choice 6
  • Part 5 – Budgeted Balance Sheet
    • Budgeted Balance Sheet
    • 260 Master Budget 6 Budgeted Balance Sheet
    • Worksheet – 260 Master budget, Balance Sheet
    • Short Calculation Question
  • Part 5 – Verify The Budget
    • Verify The Budget
    • 270 Master budget, Check Numbers With Journal Entries
    • Multiple choice 7
  • Part 5 – Comprehensive Problem
    • Comprehensive Problem
    • 2200.10 Accounting instructions-Master budget, sales budget, production budget,
    • 2200.20 Accounting instructions-Master budget, raw materials budged part 2, how
    • 2200.30 Accounting instructions-Master budget, raw materials budged part 3, how
    • 2200.40 Master budget, Direct labor budget, Factory overhead budget, how to calc
    • 2200.50 Master budget, selling expense,
    • 2200.60 Master budget, Cash Budget part 5
    • 2200.70 Master budget, Cost of Goods Manufactured and Cost of Goods Sold
    • 2200.80 Master budget, Income Statement
    • 2200.100 Master budget, Balance Sheet
    • 2200.110 Master budget, Check Numbers With Journal Entries
  • Part 6 – Flexible Budgets, Standard Costs, & Variance Analysis
    • 150 Budgetary Controls and Reporting
    • 160 Budget Options
  • Part 6 – Flexible Budget
    • Flexible Budget
    • 170 Flexible Budget Benefits
    • 175 Flexible Budget
    • Worksheet – 175 Flexible Budget
    • 177 Flexible Budget Compared To Actual
    • Worksheet – 177 Flexible budget compared to actual part 1
    • Worksheet – 178 Flexible budget compared to actual part 2
    • Multiple Choice Questions 1
  • Part 6 – Standard Costs & Cost Variance Analysis Overview
    • Standard Costs & Cost Variance Analysis Overview
    • 180 Standard Costs
    • 190 Cost Variance Analysis
    • Multiple Choice Questions 2
  • Part 6 – Sales Variance Analysis
    • Sales Variance Analysis
    • 195 Sales Price & Volume Variance
    • Worksheet – 195 Sales Price & Volume Variance
    • Multiple Choice Questions 3
  • Part 6 – Direct Materials Variance Analysis
    • Direct Materials Variance Analysis
    • 196 Variance Analysis Direct Material Price Variance & Quantity Variance
    • Worksheet – 196 Variance analysis part 1 direct materials price and quantity var
    • Multiple Choice Questions 4
  • Part 6 – Direct Labor Variance Analysis
    • Direct Labor Variance Analysis
    • 200 Variance Analysis Direct Labor Rate Variance & Efficiency Variance 2300
    • Worksheet – 200 Variance analysis Part 2 direct labor rate and efficiency varian
    • Multiple Choice Questions 5
  • Part 6 – Overhead Variance Analysis
    • Overhead Variance Analysis
    • 310 Overhead Cost Variances
    • Worksheet – 310 Overhead Controllable Variance & Volume Variance
    • Worksheet – 312 Overhead Spending & Efficiency Variance
    • Multiple Choice Questions 6
  • Part 6 – Overhead Variance Comprehensive Problem
    • Overhead Variance Comprehensive Problem
    • Worksheet – 400 overhead Variance Comp
    • Multiple Choice Questions 7
    • Short Calculation Problems
  • Part 6 – Comprehensive Problem
    • Comprehensive Problem
    • Comp Prob 1 Data
    • Comp Prob 2 Flexible Overhead Budgets
    • Comp Prob 3 Direct materials cost variance
    • Comp Prob 4 Direct labor cost variance
    • Comp Prob 5 Overhead Variance Report
  • Part 7 – Responsibility Accounting & Performance Measurement
    • 150 Decentralization
    • 155 Performance Evaluation & Department Classifications
  • Part 7 – Responsibility Accounting System
    • Responsibility Accounting System
    • 160 Controllable vs. Uncontrollable Costs
    • 170 Responsibility Accounting System
    • 172 Responsibility Accounting Performance Reports
    • Worksheet – 172 Performance Report
    • Multiple Choice Question 1
  • Part 7 – Direct and Indirect Expenses
    • Direct and Indirect Expenses
    • 180 Direct & Indirect Expenses
    • Multiple Choice Question 2
  • Part 7 – Indirect Expenses Allocation
    • Indirect Expenses Allocation
    • 190 Indirect Expenses Allocation
    • 192 Indirect Expense Allocation
    • Worksheet – 192 Departmental Contribution Statements
    • 194 Allocation of Occupancy Costs
    • Worksheet – 194 Allocation of costs
    • Multiple Choice Question 3
  • Part 7 – Departmental Income Statements
    • Departmental Income Statements
    • 200 Departmental Income Statement Steps
    • 210 Example – Departmental Income Statement Steps
    • Worksheet – 211 Cost Allocations on a Sales Value Basis
    • Multiple Choice Question 4
  • Part 7 – Forecasted Departmental Income Statement
    • Forecasted Departmental Income Statement
    • 212 Forecasted Departmental Income Statement
    • Worksheet – 212 Forcasted Departmental Income Statement
    • Multiple Choice Question 5
    • Short Calculation Questions
  • Part 7 – Return on Investment (ROI)
    • Forecasted Departmental Income Statement
    • 220 Investment Center Return On Investment (ROI)
    • Worksheet – 220 Return on Investment (ROI)
    • Multiple Choice Question 6
    • Short Calculation Questions
  • Part 7 – Balance Scorecard
    • Return on Investment (ROI)
    • 250 Balance Scorecard
    • Multiple Choice Question 7
  • Part 7 – Comprehensive Problem
    • Comprehensive Problem
    • Worksheet – 210 Comp Expense Allocation to Department
  • Part 8 – Relevant Costs – Managerial Accounting Decisions & Scenarios
    • 110 Decision Making Process
  • Part 8 – Make or Buy Decision
    • Make or Buy Decision
    • 252 Make or Buy Decision
    • Worksheet – 252 Make or Buy
    • Multiple Choice Question 1
  • Part 8 – Scrap or Rework & Sell or Process Further Decisions
    • Scrap or Rework & Sell or Process Further Decisions
    • 262 Scrap or Rework
    • Worksheet – 262 Scrap or Rework
    • Worksheet – 264 Scrap or Rework
    • 272 Sell or Process Further
    • Worksheet – 272 Sell or Process Further
    • Multiple Choice Question 2
  • Part 8 – Sales Mix Decision
    • Sales Mix Decision
    • 280 Product Mix Decision
    • Worksheet – 282 Sales Mix
    • Worksheet – 284 Sales Mix
    • Multiple Choice Question 3
  • Part 8 – Segment Elimination or Not Decision
    • Segment Elimination or Not Decision
    • 300 Department Operating at a loss Close or Not
    • Worksheet – 302 Segment Elimination
    • Multiple Choice Question 4
  • Part 8 – Equipment – Keep Old or Buy New Decision
    • Equipment Keep Old or Buy New Decision
    • 410 Equipment Keep Old or Purchase New
    • Worksheet – 410 Keep Old Equipment or Purchase New
    • Multiple Choice Question 5
  • Part 8 – Special Offer – Accept or Deny Decision
    • Special Offer – Accept or Deny Decision
    • 450 Special Project or Offer – Accept or Reject Decision
    • Worksheet – 452 Special Offer
    • Worksheet – 454 Special Offer
    • Worksheet – 455 Special Offer
    • Worksheet – 472 Service Selling Price
    • Multiple Choice Question 6
  • Part 8 – Set Sales Price Using Cost Data
    • Set Sales Price Using Cost Data
    • 432 Set Sales Price
    • Worksheet – 432 Sales Price Total Cost Method
    • Worksheet – 433 Sales Price Variable Cost Method
    • Worksheet – 436 Target Costing Using Excel Feature Goal Seek
    • Multiple Choice Question 7
  • Part 9 – Time Value of Money & Capital Budgeting – Present Value
    • 110 Capital Budgeting
    • Multiple Choice Question 8
  • Part 9 – Payback Period & Accounting Rate of Return
    • Payback Period & Accounting Rate of Return
    • 210 Payback Period, Accounting Rate of Return, & Net Present Value (1)
    • Worksheet – 210 Payback period, accounting rate of return net present value of p
    • Multiple choice questions 1
  • Part 9 – Present Value of A Single Amount
    • Present Value of A Single Amount
    • 350 Present Value
    • Worksheet – 350 Present Value
    • 352 Present Value Months as Period
    • Worksheet – 352 Present Value Months
    • Multiple choice questions 2
  • Part 9 – Future Value of A Single Amount
    • Future Value of A Single Amount
    • 360 Future Value
    • Worksheet – 360 Future Value
    • 362 Future Value Months As Period
    • Worksheet – 362 Future Value Months
    • 363 Future Value vs Present Value
    • Worksheet – 363 Present Value vs Future Value
    • Multiple choice questions 3
  • Part 9 Present Value of An Annuity
    • Present Value of An Annuity
    • 365 Present Value Annuity
    • Worksheet – 365 Present Value Annuity
    • 366 Present Value Annuity Months as Period
    • Worksheet – 366 Present Value Annuity Months
    • Multiple choice questions 4
  • Part 9 – Future Value of An Annuity
    • Future Value of An Annuity
    • 367 Future Value Annuity
    • Worksheet – 367 Future Value Annuity
    • 368 Future Value Annuity Months
    • Worksheet – 368 Present Value Annuity Months
    • Multiple choice questions 5
  • Part 9 – Present & Future Value Cash Flow Examples
    • Present & Future Value Cash Flow Examples
    • 375 Present Value Cash Flow Examples
    • Worksheet – 375 Present Value Practice Data
    • 385 Future Value Cash Flow Examples
    • Worksheet – 385 Future Value Data Sets
    • Multiple choice questions 6
  • Part 9 – Introduction to Present Value Terms Used In Capital Budgeting
    • Introduction to Present Value Terms Used In Capital Budgeting
    • 390 Present Value Terms Used In Capital Budgeting
    • Worksheet – 390 Present Value Terms For Capital Budgeting
    • Multiple choice questions 7
  • Part 9 – Net Present Value (NPV)
    • Net Present Value (NPV)
    • 409 Net Present Value Assumptions
    • 410 Net Present Value Calculation 2500 Part 1 (1)
    • 411 Net Present Value Calculation 2500 Part 2 (1)
    • Worksheet – 409 Net present value – Excel (1)
    • Worksheet – 411 Pay Back Accounting RR NPV
    • Worksheet – 412 Pay Back Accounting RR NPV 2
    • Worksheet – 413 Required return on investment
    • Multiple choice questions 8
  • Part 9 – Internal Rate of Return (IRR)
    • Internal Rate of Return (IRR)
    • 510 Internal Rate of Return IRR
    • Worksheet – 510 IRR Excel
    • Worksheet – 511 IRR NPV
    • Multiple choice questions 9
  • Part 9 – Break Even Time
    • Break Even Time (BET)
    • 600 Break Even Time
    • Worksheet – 600 Pay Back Period & Break Even Time
    • Multiple choice questions 10

 

Managerial Accounting / Cost AccountingManagerial Accounting / Cost Accounting

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