Cost Accounting Course

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:

  • Chapter 1

    Introduction to Cost Accounting 
    Topics covered

    Michael Porter Competitive Strategies, Cost Accountant, Management Functions, IMA.

  • Chapter 2

    Balanced Scoreboard.
    Balanced Scoreboard

  • Chapter 3

    Basic terms and Cost Behavior.
    Topics covered

    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

  • Chapter 4

    Cost Volume Profit Analysis.
    Topics covered

    What if analysis, CVP Analysis, Contribution Margin, Contribution Margin Ratio, Contribution Margin Percentage, Breakeven point, Break-even point, Break-even Revenue.

  • Chapter 5

    Schedule of Cost of Goods manufactured.
    Topics covered

    Raw Material Used, Direct Material Used, Manufacturing Overhead Cost, Cost of Goods Sold, Finished Goods Iventory.

  • Chapter 6

    Job Order Costing.
    Topics covered

    Job Cost Sheet, Material Requisition, Control Account, Subsidiary Accounts, Cost flow, Under-applied and Over-applied.

  • Chapter 7

    Overhead Allocation: Under-applied and Over-applied.
    Topics covered

    Under-applied Overhead, Over-applied Overhead, Predetermined Overhead Rate, Estimated Overhead, POHR, Allocation Base, Cost Driver, Normal Costing System.

  • Chapter 8

    Process Costing.
    Topics covered

    Weighted Average Method, Equivalent Unit of Production, FIFO Method of Process Costing, Applied Overhead.

  • Chapter 9

    Activity Based Costing.
    Topics covered

    Example of Activity Based Costing, Cost Pool, Activities cost Pool, Product margin, Traditional Allocation Method, Overhead Allocation.

  • Chapter 10

    Variable Costing and Absorption Costing
    Topics covered

    Absorption costing, common fixed cost, segment margin, variable costing, traceable fixed cost.

  • Chapter 11

    Budgeting Process
    Topics covered

    Cash budget, Master budget, Production budget, sales budget, Manufacturing overhead budget, Direct materials budget, Direct labor budget

  • Chapter 12

    Variance Analysis
    Topics covered

    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

  • Chapter 13

    Cost Allocation
    Topics covered

    Reciprocal Method, Direct Method, Step Method, Service Department

  • Chapter 14

    Decision Cost: Special Orders
    Topics covered

    Relevant Cost, Irrelevant Cost, Special Order, Idle Capacity

  • Chapter 15

    Joint Product and ByProduct Costings
    Topics covered

    Joint Product, By Product, Byproduct, Relative Sales Value, Net Realizable Value, Split-off Point, Joint Production Cost, Separable Cost.