CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Cost Accounting Fundamentals: Essential Concepts and Examples

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
14 Credits: Accounting

Course Description

Cost Accounting Fundamentals describes the key cost accounting concepts that concern the practicing cost accountant, illustrating these concepts with numerous examples. The course is designed for both professional accountants and students, since both can benefit from its detailed descriptions of inventory valuation methods, product pricing techniques, cost analysis methods, and more. Several major cost accounting topics are discussed in depth:

  • The nature of cost accounting
  • Details of the cost accountant job description
  • Methods used to value inventory, including job costing, process costing, standard costing, joint and by-product costing, and accounting for waste products
  • The contribution of cost accounting to product pricing, including a lengthy discussion of how much a product costs for pricing purposes, how target costing works, and the mechanics of transfer pricing
  • Cost analysis methods, including direct costing, activity-based costing, constraint analysis, and capital budgeting analysis
  • How to collect cost-related information
  • The variability of costs under various circumstances
  • The cost of quality

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the situations in which we use cost accounting.

Chapter 2

  • List and recognize the responsibilities and necessary qualifications of the cost accountant.

Chapter 3

  • Cite the types of costs involved in the study of cost accounting.

Chapter 4

  • Recognize the methods available for deriving inventory costs and the cost of goods sold.

Chapter 5

  • Identify when you should use job costing, and compile the cost of a job.

Chapter 6

  • Recognize when you should use process costing, and use the various methods for compiling process costs.

Chapter 7

  • Recognize when to use standard costing, create standard costs, and calculate variances from the standards.

Chapter 8

  • Identify the various methods for allocating joint costs, as well as the effects of allocations on profitability.

Chapter 9

  • Identify the proper accounting for various types of spoilage, rework, and scrap.

Chapter 10

  • Recognize the types of costs to include in the formulation of a product price, and the circumstances under which these costs may be included or excluded.

Chapter 11

  • Identify the process by which target costs are derived and how that target can be met.

Chapter 12

  • Recognize the process by which target costs are derived and how that target can be met.

Chapter 13

  • Identify the circumstances under which direct costing can be used as an analysis tool.

Chapter 14

  • Recognize the process for compiling activity-based costs, as well as how allocation bases, cost pools, and activity drivers are used.

Chapter 15

  • Recognize the components of constraint analysis and how to use this analysis to improve profits.

Chapter 16

  • Recall the various methods for reviewing a capital budgeting proposal.

Chapter 17

  • Cite the methods used to accumulate costs and the circumstances in which they are most useful.

Chapter 18

  • Identify the extent to which costs can change in reaction to different circumstances.

Chapter 19

  • Identify the types of costs associated with the quality concept.

Course Specifics

Course ID
1143227
Revision Date
July 22, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Cost Accounting Fundamentals: Essential Concepts and Examples

Expert Instructors
Format
CPE CREDITS
14 Credits: Accounting

$364.00$404.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
14 Credits: Accounting

Course Description

Cost Accounting Fundamentals describes the key cost accounting concepts that concern the practicing cost accountant, illustrating these concepts with numerous examples. The course is designed for both professional accountants and students, since both can benefit from its detailed descriptions of inventory valuation methods, product pricing techniques, cost analysis methods, and more. Several major cost accounting topics are discussed in depth:

  • The nature of cost accounting
  • Details of the cost accountant job description
  • Methods used to value inventory, including job costing, process costing, standard costing, joint and by-product costing, and accounting for waste products
  • The contribution of cost accounting to product pricing, including a lengthy discussion of how much a product costs for pricing purposes, how target costing works, and the mechanics of transfer pricing
  • Cost analysis methods, including direct costing, activity-based costing, constraint analysis, and capital budgeting analysis
  • How to collect cost-related information
  • The variability of costs under various circumstances
  • The cost of quality

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the situations in which we use cost accounting.

Chapter 2

  • List and recognize the responsibilities and necessary qualifications of the cost accountant.

Chapter 3

  • Cite the types of costs involved in the study of cost accounting.

Chapter 4

  • Recognize the methods available for deriving inventory costs and the cost of goods sold.

Chapter 5

  • Identify when you should use job costing, and compile the cost of a job.

Chapter 6

  • Recognize when you should use process costing, and use the various methods for compiling process costs.

Chapter 7

  • Recognize when to use standard costing, create standard costs, and calculate variances from the standards.

Chapter 8

  • Identify the various methods for allocating joint costs, as well as the effects of allocations on profitability.

Chapter 9

  • Identify the proper accounting for various types of spoilage, rework, and scrap.

Chapter 10

  • Recognize the types of costs to include in the formulation of a product price, and the circumstances under which these costs may be included or excluded.

Chapter 11

  • Identify the process by which target costs are derived and how that target can be met.

Chapter 12

  • Recognize the process by which target costs are derived and how that target can be met.

Chapter 13

  • Identify the circumstances under which direct costing can be used as an analysis tool.

Chapter 14

  • Recognize the process for compiling activity-based costs, as well as how allocation bases, cost pools, and activity drivers are used.

Chapter 15

  • Recognize the components of constraint analysis and how to use this analysis to improve profits.

Chapter 16

  • Recall the various methods for reviewing a capital budgeting proposal.

Chapter 17

  • Cite the methods used to accumulate costs and the circumstances in which they are most useful.

Chapter 18

  • Identify the extent to which costs can change in reaction to different circumstances.

Chapter 19

  • Identify the types of costs associated with the quality concept.

Course Specifics

Course ID
1143227
Revision Date
July 22, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Cost Accounting Fundamentals: Essential Concepts and Examples

Expert Instructors
Format
CPE CREDITS
14 Credits: Accounting

$364.00$404.00

Clear