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Cost Accounting

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  1. ✅⛔Please Start Here!
    5 Topics
  2. CHAPTER 1: COST MANAGEMENT & STRATEGY

    📖Introduction To Cost Accounting
    2 Topics
  3. 📖Cost Accounting In Contemporary Business Environment
    2 Topics
  4. 📖Michael Porter Competitive Strategies
    2 Topics
  5. 📖Balanced Scorecard
    5 Topics
    |
    1 Quiz
  6. 📖The 4 Costs Of Quality
    4 Topics
    |
    1 Quiz
  7. CHAPTER 2: COST VOLUME PROFIT ANALYSIS
    📖Cost Volume Profit Analysis
    4 Topics
    |
    1 Quiz
  8. 📖Contribution Margin Ratio
    2 Topics
  9. 📖Cost Volume Profit Application
    6 Topics
  10. 📖Break Even Point & Target Profit
    3 Topics
    |
    1 Quiz
  11. 📖Target & Cost Volume Profit Analysis
    3 Topics
    |
    1 Quiz
  12. 📖Cost Structure & Profit Stability
    2 Topics
  13. 📖Margin Of Safety
    3 Topics
    |
    1 Quiz
  14. 📖Degree Of Operating Leverage (DOL)
    4 Topics
    |
    1 Quiz
  15. 📖Break Even For Multi-Product
    4 Topics
    |
    1 Quiz
  16. CHAPTER 3: COST ESTIMATION
    📖Account Analysis & Engineering Methods
    3 Topics
    |
    1 Quiz
  17. 📖High-Low Method
    6 Topics
    |
    1 Quiz
  18. 📖Cost Estimated Regression Analysis
    3 Topics
    |
    1 Quiz
  19. CHAPTER 4: BASIC COST ACCOUNTING TERMS & CONCEPTS
    📖Basic Cost Accounting Terms
    2 Topics
  20. 📖Three Basic Manufacturing Cost
    4 Topics
    |
    2 Quizzes
  21. 📖Product Cost Vs Period Cost
    3 Topics
    |
    1 Quiz
  22. 📖Cost Behavior: Variable, Fixed & Mixed Cost
    5 Topics
    |
    1 Quiz
  23. 📖Traditional Vs Contribution Format Income Statement
    3 Topics
  24. CHAPTER 5: JOB ORDER COSTING
    📖Job Order Costing
    5 Topics
    |
    1 Quiz
  25. 📖Cost Flow In Job Order Costing
    5 Topics
  26. 📖Cost Of Goods Manufactured
    4 Topics
  27. 📖Under-Applied & Over-Applied Overhead
    5 Topics
    |
    1 Quiz
  28. CHAPTER 6: PROCESS COSTING
    📖Process Costing
    12 Topics
    |
    2 Quizzes
  29. CHAPTER 7: ACTIVITY-BASED-COSTING
    📖Activity Based Costing
    11 Topics
    |
    2 Quizzes
  30. CHAPTER 8: BUDGETING PROCESS
    📖What Is a Budget & Role Of Budgets
    2 Topics
    |
    1 Quiz
  31. 📖Budgetary Process
    2 Topics
    |
    1 Quiz
  32. 📖Types Of Budgets
    2 Topics
    |
    1 Quiz
  33. 📖Zero Based Budgeting & Rolling Budget
    2 Topics
    |
    1 Quiz
  34. 📖Activity Based Budgeting
    2 Topics
    |
    1 Quiz
  35. 📖Master Budget & Related Schedules
    11 Topics
    |
    2 Quizzes
  36. 📖Production Budget
    5 Topics
    |
    1 Quiz
  37. CHAPTER 9: VARIABLE COSTING VS ABSORPTION COSTING
    📖Absorption & Variable Costing
    9 Topics
    |
    3 Quizzes
  38. CHAPTER 10: COST ALLOCATION
    📖Intro To Cost Allocation
    2 Topics
  39. 📖Cost Allocation Direct Method
    4 Topics
  40. 📖Cost Allocation Step Method
    3 Topics
  41. 📖Cost Allocation Reciprocal Method
    5 Topics
  42. CHAPTER 11: VARIANCE ANALYSIS
    📖Flexible Budget & Performance Analysis
    10 Topics
    |
    2 Quizzes
  43. 📖Direct Material & Labor Variance Analysis
    7 Topics
    |
    2 Quizzes
  44. 📖Variances Using Journal Entries
    5 Topics
  45. 📖Variable & Fixed Overhead Variances
    4 Topics
    |
    2 Quizzes
  46. CHAPTER 12: TRANSFER PRICING
    📖Transfer Pricing
    8 Topics
  47. CHAPTER 13: ECONOMIC ORDER QUANTITY & REORDER POINTS
    📖Economic Order Quantity
    2 Topics
  48. 📖Reorder Points & Safety Stock
    2 Topics
  49. CHAPTER 14: MARGINAL ANALYSIS & DECISION MAKING
    📖Relevant & Irrelevant Cost
    3 Topics
    |
    2 Quizzes
  50. 📖Add Or Drop a Segment
    5 Topics
    |
    1 Quiz
  51. 📖Make Or Buy Component Analysis
    5 Topics
    |
    1 Quiz
  52. 📖Accepting Or Rejecting Special Order
    4 Topics
    |
    1 Quiz
  53. 📖Utilization Of a Constrained Resource
    3 Topics
    |
    1 Quiz
  54. 📖Sell Or Process Further Decisions
    5 Topics
    |
    1 Quiz
Lesson Progress
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Responses

  1. under Prevention costs at 3:36, Raw material is listed as a prevention cost. It is also listed as an appraisal cost at 4:45. However, in question #2, 5 and 6, the explanation of answers, Prevention costs, inspection of materials is not listed. It is listed in question #1, the explanation of answer, Appraisal costs, inspection of materials is listed. Is it a Prevention cost or an Appraisal cost?

    1. Hello James,

      Thank you for pointing this out! To clarify, inspecting raw materials as they come in is classified as a prevention cost because it is aimed at avoiding defects before production begins. The purpose of this inspection is to prevent defective materials from being used in the manufacturing process.

      On the other hand, inspecting and testing work-in-process or final products is classified as an appraisal cost because it occurs after production has started and is focused on detecting defects in products that are already in progress or completed. In the questions, examples are provided, and not a comprehensive list.

      Let me know if you have further questions or need additional clarification!

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