Job Order Costing System – Managerial Accounting

Navigating Cost Accounting: An In-Depth Exploration of Job Cost Systems in Managerial Accounting

4.65 (131 reviews)
Udemy
platform
English
language
Other
category
41,492
students
10.5 hours
content
Jul 2023
last update
$44.99
regular price

What you will learn

Remember essential elements of job cost and process cost systems in managerial accounting.

Understand the importance and methods of cost classification in cost accounting systems.

Apply the learned concepts to record appropriate journal entries throughout the job costing cycle.

Analyze the situational appropriateness of job cost systems versus process cost systems in various manufacturing settings.

Evaluate the effectiveness of predetermined overhead rates in accurately capturing job costs.

Create comprehensive cost management strategies by leveraging the knowledge of job cost systems.

Synthesize the various course components to develop a holistic understanding of managerial accounting.

Interpret the role and significance of critical documents within the job cost system.

Demonstrate the ability to handle overhead costs, both actual and estimated, within job cost systems.

Examine the practical relevance and application of key terms related to job cost systems.

Description

Welcome to the comprehensive course on the Job Cost System and Managerial Accounting. Designed to enable learners to grapple with the complexities of cost accounting in a simplified and structured manner, this course is perfect for anyone seeking to augment their understanding of managerial accounting processes, particularly those revolving around job cost systems.

Starting with an introduction to managerial accounting topics, we delve into the nuanced realm of job cost systems and process cost systems. Recognizing that these two systems form the backbone of manufacturing cost accounting, we undertake a thorough comparative analysis to help you understand when and why a company would employ either of these systems.

We place significant emphasis on the classification of costs, dissecting its importance, and demonstrating various methodologies to classify costs effectively. This understanding is fundamental, as it forms the basis of cost flow in the accounting process within manufacturing companies.

Digging deeper into the job cost system, we traverse the intricate pathways of inventory cost flows. You'll gain insights into the movement of costs associated with raw materials, through work in process and factory overhead, before they culminate in finished goods and are eventually expensed as cost of goods sold.

In addition to theoretical aspects, we explore practical elements of a job cost system by discussing key documents integral to recording cost flows. We tackle overhead costs, a vital yet often misunderstood aspect of job cost systems. By clarifying the concept of actual overhead and estimated overhead applied to jobs, you'll learn to calculate the predetermined overhead rate, a crucial tool for estimating overhead allocations.

A significant portion of the course is dedicated to the practical application of knowledge acquired. We walk you through the recording of journal entries pertaining to costs at various stages of the job cost system. From transferring raw materials to work in process and factory overhead, to managing direct and indirect wages, to closing out finished jobs and recording the sale and costs of finished jobs - you'll be given hands-on exposure to real-world accounting scenarios.

With an emphasis on student interaction, this course also introduces discussion questions aimed at facilitating productive conversations between peers. These discussions offer the opportunity to approach the subject matter from multiple perspectives, enriching your overall learning experience.

Our course comes bundled with valuable resources to reinforce your understanding. We provide downloadable PDF Files for offline reference and preformatted Excel Practice Files to bolster your Excel proficiency. We also include multiple choice and short calculation practice questions to enhance your grasp of the material.

Under the guidance of an experienced instructor, a certified CPA and CGMA, Master of Science in Taxation, Certified Post-Secondary Instructor, and a seasoned Curriculum Development Expert, you are guaranteed a high-quality learning experience. With a wealth of experience in teaching, technical accounting, and software like QuickBooks Pro, your instructor provides an enriching learning environment that combines theory, practicality, and professional wisdom.

Content

Introduction

Introduction
PDF 10 Managerial Accounting Introduction
10 Managerial Accounting Introduction
Accounting Comic Break

Cost Classifications

2 Cost Classifications
PDF - 20 Cost Classifications
20 Cost Classifications
PDF - 30 Product Costs & Period Costs
30 Product Costs & Period Costs.ENCODING
PDF - 40 Direct Materials Labor & Overhead
40 Prime Costs & Conversion Costs
Accounting Comic Break

Manufacturer’s Financial Statements

3 Manufacturer’s Financial Statements
PDF - 50 Manufacturer's Balance Sheet
50 Manufacturer's Balance Sheet
PDF - 60 Manufacturer's Income Statement
60 Manufacturer's Income Statement
10 Multiple Choice Questions – Job Cost System
Accounting Comic Break

Cost Flows for a Manufacturing Company

4 Cost Flows For a Manufacturing Company
PDF - 70 Manufacturing Activities Flow
70 Manufacturing Activities Flow
PDF - 80 Just In Time (JIT) Manufacturing
80 Just In Time (JIT) Manufacturing
20 Multiple Choice Questions – Job Cost System
Accounting Comic Break

Job Cost vs Process Cost System

5 Job Cost vs Process Cost System
PDF - 90 Job Cost vs Process Cost
90 Job Cost Vs Process Cost
30 Multiple Choice Questions – Job Cost System
Accounting Comic Break

Cost Flows for a Job Cost System

6 Cost Flows for a Job Cost System
PDF - 100 Job Order Cost Flows
100 Job Cost System Cost Flow
40 Multiple Choice Questions – Job Cost System
Accounting Comic Break

Job Cost Documents and Forms

7 Job Cost Documents and Forms
PDF - 110 Job Cost Sheet
110 Job Cost Sheet
PDF - 120 Materials Ledger Card Requisition
120 Materials Ledger Card & Materials Requisition
Excel Download
Worksheet - 120 Materials Ledger Card Requisition
PDF - 130 Time Ticket and Labor Entry
130 Time Ticket & Labor Journal Entry
Excel Download
Worksheet - 130 Time Ticket and Labor Entry
50 Multiple Choice Questions – Job Cost System
Accounting Comic Break

Overhead Costs & Allocation

8 Overhead Costs & Allocation
PDF - 140 Overhead Costs
140 Overhead Costs
Excel Download
Worksheet - 140 Overhead Costs
PDF - 150 Overhead Allocation
150 Overhead Allocation Predetermined Overhead Rate
Excel Download
Worksheet - 150 Overhead Allocation
PDF - 160 Under & Over applied Overhead
160 Overhead Under Applied Over Applied
Excel Download
Worksheet - 160 Under & Over applied Overhead
60 Multiple Choice Questions – Job Cost System
Accounting Comic Break

Finished Jobs and Sales Journal Entries

9 Finished Jobs and Sales Journal Entries
PDF - 170 Finished Goods Journal Entry
170 Finished Jobs Journal Entry
Excel Download
Worksheet - 170 Finished Goods Journal Entry
PDF - 180 Sale of Jobs
180 Sale of Jobs
Excel Download
Worksheet - 180 Sale of Jobs
70 Multiple Choice Questions – Job Cost System
Short Calculation
Accounting Comic Break

Job Cost System Summary

10 Job Cost System Summary
PDF - 190 Cost Flow - General Ledger
190 Cost Flow General Ledger
PDF - 300 Job Cost System
300 Job cost system Part 1
305 Job cost system Part 2
Excel Download
Worksheet - 300 Accounting instructions-Job cost problem part 1
Worksheet - 300 Accounting instructions-Job cost problem part 2
Worksheet - 300 Accounting instructions-Job cost problem part 3
300.4 Accounting instructions-Job cost problem part 4%2C how to calculate (1)
80 Multiple Choice Questions – Job Cost System
Short Calculation
Accounting Comic Break

Key Term & Definitions

11 Key Term & Definitions
Conversion Costs Definition - What are Conversion Costs%3F
Cost of Goods Manufactured Definition - What is Cost of Good
Direct Costs Definition - What are Direct Costs%3F
Direct Labor Costs Definition - What are Direct Labor Costs%3F
Direct Materials Cost Definition - What are Direct Materials
Factory Overhead Definition - What is factory overhead
Finished Goods Inventory - What is Finished Goods Inventory%3F
Job Definition - What is Job in A Job Cost System%3F
Job Order Costing System Definition - What is Job Order Cost
Jobs Cost Sheet definition - What are Job Cost Sheets
Manufacturing Overhead Definition What is Manufacturing Ov
Materials Ledger Card Definition - What is Materials Ledger
Materials Requisition Definition - What is Materials Requisi
Net Cost of Goods Manufactured definition - What is Cost of Goods Manuf
Purchase Order Definition - What is Purchase Order%3F (1)
Time Ticket Definition - What is Time Ticket%3F
Work in Process Inventory Definition What is work if proce

Screenshots

Job Order Costing System – Managerial Accounting - Screenshot_01Job Order Costing System – Managerial Accounting - Screenshot_02Job Order Costing System – Managerial Accounting - Screenshot_03Job Order Costing System – Managerial Accounting - Screenshot_04

Reviews

Belinda
February 8, 2023
It is explained more in detail the difference between the financial and managerial accounting systems.
Jeff
July 6, 2022
The information was useful and explained well. My issue was that the information was way too repetitive! This 11.5 hour course, in my opinion, could have been presented in 3-4 hours.
Al
August 24, 2019
Really good. I have been a purchasing mgr. for 30 years never really understood overheads and burden allocations. Section 8 solved that. The review section reinforces material covered earlier and runs it a thru an accounting period to period close in and understand able manner. The definition discussions help lock in those concepts as applied in the course
Ivana
April 18, 2019
Another great course by Bob. Very practical,easy to follow and understand, with real-life applications. I had previous knowledge in the topic, but Bob's explanations are much simpler and more logical than in the textbooks I had. Additionally, Bob is very responsive and willing to help with detailed answers and explanations.

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1904376
udemy ID
9/10/2018
course created date
10/7/2019
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