This free online course cost accounting course covers basic concepts covered on the Business Environment and Concepts (BEC) of the CPA exam. Topics are covered below:
Introduction to Cost Accounting
Michael Porter Competitive Strategies, Cost Accountant, Management Functions, IMA.
Basic terms and Cost Behavior.
Direct material, Direct Labor, Manufacturing Overhead, Period Cost, Product Cost, Indirect Cost, Cost driver, Conversion Cost, Prime cost, Sunk Cost, Mixed Cost, Variable Cost, Fixed Cost, Step Cost
What if analysis, CVP Analysis, Contribution Margin, Contribution Margin Ratio, Contribution Margin Percentage, Breakeven point, Break-even point, Break-even Revenue.
Schedule of Cost of Goods manufactured.
Raw Material Used, Direct Material Used, Manufacturing Overhead Cost, Cost of Goods Sold, Finished Goods Iventory.
Job Order Costing.
Job Cost Sheet, Material Requisition, Control Account, Subsidiary Accounts, Cost flow, Under-applied and Over-applied.
Overhead Allocation: Under-applied and Over-applied.
Under-applied Overhead, Over-applied Overhead, Predetermined Overhead Rate, Estimated Overhead, POHR, Allocation Base, Cost Driver, Normal Costing System.
Weighted Average Method, Equivalent Unit of Production, FIFO Method of Process Costing, Applied Overhead.
Activity Based Costing.
Example of Activity Based Costing, Cost Pool, Activities cost Pool, Product margin, Traditional Allocation Method, Overhead Allocation.
Variable Costing and Absorption Costing
Absorption costing, common fixed cost, segment margin, variable costing, traceable fixed cost.
Cash budget, Master budget, Production budget, sales budget, Manufacturing overhead budget, Direct materials budget, Direct labor budget
Labor efficiency variance, Labor rate variance, Materials price variance, Materials quantity variance, Price variance Quantity variance, Standard cost per unit, Standard hours per unit, Variable overhead efficiency variance, Variable overhead rate variance
Reciprocal Method, Direct Method, Step Method, Service Department
Decision Cost: Special Orders
Relevant Cost, Irrelevant Cost, Special Order, Idle Capacity
Joint Product and ByProduct Costings
Joint Product, By Product, Byproduct, Relative Sales Value, Net Realizable Value, Split-off Point, Joint Production Cost, Separable Cost.