Process Costing System-Cost Accounting-Managerial Accounting

Advanced Cost Accounting for Effective Managerial Decision-Making and Efficient Cost Management

4.37 (269 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
50,504
students
8 hours
content
Jan 2023
last update
$59.99
regular price

What you will learn

Comprehend the key concepts and principles of process costing systems in cost accounting, distinguishing them from other costing methods.

Classify costs effectively, understanding different cost classifications and their importance in process costing.

Outline the step-by-step flow of costs in a process costing system, from raw materials to finished goods and cost of goods sold.

Differentiate between job cost systems and process cost systems, and determine the appropriate system for specific manufacturing scenarios.

Apply overhead accounting principles, including calculating predetermined overhead rates and allocating overhead costs to departments.

Record accurate journal entries related to costs in a process costing system, including transfers, direct and indirect wages, overhead costs, and sales transact

Calculate the cost per equivalent unit and allocate costs to ending work-in-process and transferred-out amounts using both FIFO and Weighted Average methods.

Explain key terms and definitions related to job cost systems, enhancing practical understanding and application.

Analyze process cost statements, interpreting the data to gain insights into cost control, performance evaluation, and managerial decision-making.

Description

Welcome to this course, where we delve into the intricacies of cost accounting in manufacturing companies utilizing process costing systems. This comprehensive course introduces you to managerial accounting topics specific to process cost systems and equips you with the essential knowledge and skills required for accurate cost classification, tracking, and allocation.

Starting with an overview of managerial accounting and cost accounting concepts, we explore the classification of costs and the significance of categorizing costs in various ways. Understanding the flow of costs through the accounting process in a manufacturing company is crucial, and we provide a comprehensive outline of this process.

We compare and contrast the two primary inventory costing systems used in manufacturing companies: job cost system and process cost system. You will gain insights into the circumstances in which each system is used, helping you identify the most suitable approach for different manufacturing scenarios.

In our exploration of the process cost system, we meticulously trace the flow of inventory costs. We track costs related to raw materials, their progression through work-in-process and factory overhead, their transformation into finished goods, and their ultimate expensing as cost of goods sold.

The course covers the concept of overhead and its importance, including the distinction between actual overhead incurred and estimated overhead applied to departments. You will learn how to calculate predetermined overhead rates and utilize them to estimate overhead allocated to different departments accurately.

Recording journal entries related to costs within the process cost system is a critical aspect, and we guide you through each step. You will gain hands-on experience in entering journal entries for the transfer of raw materials, direct and indirect wages, overhead costs, allocation of overhead to work-in-process, department transfers, finished goods, sales transactions, and cost of goods sold.

We delve into the calculation of the cost per equivalent unit and the assignment of costs to ending work-in-process and transferred-out amounts. We explore both the First In First Out (FIFO) and Weighted Average methods, ensuring you have a comprehensive understanding of cost allocation techniques.

Throughout the course, we provide clarity on key terms and definitions related to job cost systems, enhancing your practical knowledge and application of cost accounting concepts.

In addition to the instructional videos, the course includes a range of valuable resources, including downloadable PDF files for offline reference, preformatted Excel practice files to facilitate hands-on learning and reinforce Excel skills, multiple-choice practice questions to improve test-taking abilities, short calculation practice questions for concise problem-solving, and discussion questions for engaging in meaningful conversations with fellow students.

Your instructor, a seasoned professional with expertise in accounting concepts and software, is a Certified Public Accountant (CPA), Chartered Global Management Accountant (CGMA), and a curriculum development expert. With a wealth of practical experience and teaching proficiency, the instructor is committed to helping you achieve your learning objectives.

If you're an accounting student, aspiring accountant, business owner, or professional seeking to enhance your cost accounting skills, this course provides the comprehensive knowledge and practical tools needed to master process costing systems and make informed managerial decisions. Enroll now and embark on a transformative learning journey in cost accounting!

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.ENCODING
30 Product Costs & Period Costs.ENCODING
PDF - 40 Prime Costs & Conversion Costs
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
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
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
Accounting Comic Break

Process Cost System Overview Using FIFO Method

6 Process Cost System Overview Using FIFO Method
PDF - Cost Flows for a Process Cost System
Cost Flows for a Process Cost System Part 1
Cost Flows for a Process Cost System Part 2
PDF - Equivalent Units Of Production
Equivalent Units Of Production
Multiple Choice 1
Accounting Comic Break

Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts

7 Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
PDF - 105 Flow of Materials, Labor & Overhead
105 Flow of Materials, Labor & Overhead
Short Calculation Problems 1
Multiple Choice 2
Accounting Comic Break

Cost Per Equivalent Units – and Assigning Costs Weighted Average Method

8 Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
PDF - 110 Methods to Calculate Ending WIP and Units Completed
110 Methods to Calculate Ending WIP and Units Completed
PDF - 115 Equivalent Units of Production Weighted Average Method
115 Equivalent Units of Production Weighted Average Method
Excel Worksheet Download
Worksheet - 115 Equivalent Units of Production Weighted Average Method
PDF - 120 Cost Per Equivalent Unit Calculation Weighted Average Method
120 Cost Per Equivalent Unit Calculation Weighted Average Method
Excel Worksheet Download
Worksheet -120 Cost Per Equivalent Unit Calculation Weighted Average Method
PDF - 125 Assign Costs to Units Weighted Average Method
125 Assign Costs to Units Weighted Average Method
Excel Worksheet Download
Worksheet - 125 Assign Costs to Units Weighted Average Method
Short Calculation Problems 2
Multiple Choice 3
Accounting Comic Break

Overhead Costs & Allocation

9 Overhead Costs & Allocation
PDF - 140 Overhead Costs
140 Overhead Costs
PDF - 150 Overhead Allocation Predetermined Overhead Rate
150 Overhead Allocation Predetermined Overhead Rate
PDF - 160 Under & Over applied Overhead
160 Under & Over applied Overhead
Short Calculation Problems 3
Multiple Choice 4
Accounting Comic Break

Comprehensive Problem – Recording Process Cost Journal Entries

10 Comprehensive Problem – Recording Process Cost Journal Entries
Excel Worksheet Download
Part 1
Part 2
Part 3
Multiple Choice 5
Accounting Comic Break

Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation (FIFO)

11 Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation (FIFO)
Excel Worksheet Download
Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation (FIFO)
Multiple Choice 6
Accounting Comic Break

Key Term & Definitions

Conversion Costs Definition - What are Conversion Costs_ (1)
Cost of Goods Completed - What is Cost of Goods Completed_
Direct Labor Costs Definition - What are Direct Labor Costs_
Direct Materials Definition - What is Direct Material_
Equivalent Units of Production (EPU) - What are Equivalent U
Factory Overhead Definition - What is factory overhead (1)
Finished Goods Inventory - What is Finished Goods Inventory_
Indirect Costs Definition - What are Indirect Costs_
Job Order Costing System Definition - What is Job Order Cost (1)
Manufacturing Overhead Definition What is Manufacturing Ov (1)
Materials Requisition Definition - What is Materials Requisi (1)
Net Cost of Goods Manufactured definition - What is Cost of Goods Manuf (1)
Overhead Definition - What is overhead_
Period Costs Definition - What are Period Costs_
Prime Costs Definition - What are prime costs
Product Costs Definition - What are Product Costs_

Screenshots

Process Costing System-Cost Accounting-Managerial Accounting - Screenshot_01Process Costing System-Cost Accounting-Managerial Accounting - Screenshot_02Process Costing System-Cost Accounting-Managerial Accounting - Screenshot_03Process Costing System-Cost Accounting-Managerial Accounting - Screenshot_04

Reviews

Subhash
December 16, 2022
This is a perfect match to my current work experience as well as course is too detail which very good to understand each and every aspect.
Bhavya
April 17, 2020
I got it for free but if i have pay for this course i never choose this course. i feel pretty disappointed by this course.
John
June 13, 2019
I do not think I could continue with this course. The "Robotic" Monotonous voice and lack of interesting ways to demonstrate the subject has turned me off. This is my 3rd course on Udemy, the first two were absolutely brilliant. Super interesting lecturers where I could see them on screen with great presentation skills, this course has none of that. Sorry.

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2292573
udemy ID
3/26/2019
course created date
9/6/2019
course indexed date
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