Cost accounting is frequently relegated to the analysis of inventory costs for financial reporting purposes. However, cost accounting can also be used to drive a great deal of profit generation through many types of analysis. Doing so yields better information about product pricing, constraints, and which activities actually trigger expenses.
This course addresses many of the key aspects of cost accounting, including how to compile inventory costs, when to use job costing, process costing, and standard costing, and how to allocate joint costs. It also covers how to use cost accounting in the development of new products and their prices, as well as how to conduct analyses with direct costing, activity-based costing, and constraint analysis.
Upon successful completion of this course, participants will be able to:
- Choose a descriptor that is not representative of the perpetual inventory system.
- List a characteristic of the LIFO method and cycle counting.
- Define a cost pool.
- Calculate the cost of goods sold.
- Name a cost included in manufacturing overhead.
- Specify how the production process is treated under process costing.
- Cite an area where standard costing is of good use.
- Identify the basis of a theoretical standard.
- State the fraudulent result of using cost shifting.
- Choose a costing system based on given information.
- Calculate material yield variance.
- Define the term for a volume variance that relates to the use of direct labor.
- Define a joint cost, a byproduct, spoilage, and rework.
- Choose an action that is not part of target costing and a role not played by the cost accountant on a target costing team.
- Specify an effect that is not attributed to a direct cost.
- Name a consideration when deciding when to report variances to management.
- List a common method for allocating joint costs.
- Identify a cost not considered a possible data source for target costing.
- Cite the use of targeted gross margin in target costing and why a product's planned durability would be reduced in a target costing program.
- State an example of a direct cost and when direct costing analysis is usually valid.
- Define an activity driver, throughput, and capital budgeting.
- Identify a characteristic of backflushing.
- Name a method not commonly used for tracking employee time.
- Choose a normal chain of events when deriving activity-based cost.
- List an item that is not normally an activity driver.
- Cite an issue with activity-based costing.
- Specify the buffer in constraint analysis.
- State the use of sprint capacity.
- Name the capital budgeting analysis tool that uses the discount rate.
- Identify a condition for doing a post-installation review after purchasing a large fixed asset.
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