Job Order Costing System – Managerial Accounting

Accounting for a job cost system presented by a practicing certified public accountant (CPA)

4.67 (85 reviews)
Udemy
platform
English
language
Other
category
28,385
students
11.5 hours
content
Jun 2019
last update
$89.99
regular price

What you will learn

Describe cost classifications and their importance.

Explain the differences in financial statements for a manufacturing company versus a merchandising company.

List the cost flow process for a manufacturing company.

Compare a job cost system and process cost system and explain when each would be used.

Describe the cost flows in a job cost system.

List and describe documents used in a job cost system.

Explain the concept of overhead and how it is used.

Calculate the predetermined overhead rate.

Allocate overhead to job using estimates.

Enter journal entries to record finished jobs and for the sale of jobs.

List and define key terms related to a job cost system.

Description

Job cost system – Managerial Accounting

We will start by introducing managerial accounting or cost accounting topics that apply to companies that manufacture using either a job cost system or a process cost system.

The course will describe classifications for costs and the importance of being able to classify costs in different ways.

We will list and describe an outline of the process costs go through as they flow through the accounting process in a manufacturing company.

The course will compare the two major systems used to track inventory costs in a manufacturing company, the job cost system, and the process costs system. We will discuss when a company would use either a job cost system or a process cost system.

We will discuss the flow of inventory costs in a job cost system and track the process of costs related to raw materials, that then flow to work in process and factory overhead, to finished goods, and finally, are expensed in the form of cost of goods sold.

The course will list and describe key documents in the job cost system, documents that facilitate and help record the flow of costs in the system.

We will explain the concept of overhead and why it is needed, including the concept of actual overhead incurred and estimated overhead we apply to jobs. The course will show how to calculate the predetermined overhead rate and how to use this rate to estimate overhead allocated to jobs.

The course will record the journal entries related to costs as they flow through the job cost system including journal entries for the transfer of raw materials to work in process and factory overhead, the incurrence of direct and indirect wages, and other overhead costs. We will enter journal entries to allocate overhead to work in process and to close out finished jobs from work in process to finished goods. We will also enter journal entries to record the sale and related costs of finished jobs.

We will also discuss key terms and definitions related to a job cost system and how they are used in practice.

In addition to the instructional videos, this course will include downloadable  

•    Downloadable PDF Files  

•    Excel Practice Files  

•    Multiple Choice Practice Questions  

•    Short Calculation Practice Questions  

•    Discussion Questions  

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.  

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.  

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.  

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.  

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.  

Who will we be learning from?  

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.  

You will be learning from somebody who is a:  

•    CPA – Certified Public Accountant  

•    CGMA – Chartered Global Management Accountant  

•    Master of Science in Taxation  

•    CPS – Certifies Post-Secondary Instructor  

•    Curriculum Development Export  

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.  

As a CPA and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.  

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.  

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

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

Reviews

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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