Udemy

Platform

English

Language

Accounting & Bookkeeping

Category

Process Costing System-Cost Accounting-Managerial Accounting

Process costing system-managerial accounting or cost accounting including equivalent unit calculation & journal entries

4.60 (61 reviews)

20714

Students

8 hours

Content

Mar 2019

Last Update
$129.99
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 process cost system

Explain the concept of overhead and how it is used in a process cost system

Calculate the predetermined overhead rate.

Allocate overhead to job using estimates.

Calculate equivalent units of production

Allocate costs using a First in First Out (FIFO) method

Allocate costs using a weighted average method


Description

Process costing system – Cost Accounting – 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 process 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.

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 departments. The course will show how to calculate the predetermined overhead rate and how to use this rate to estimate overhead allocated to departments.

The course will record the journal entries related to costs as they flow through the process 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 transfer costs from department to department and finished goods. We will also enter journal entries to record sales transactions and related costs of goods sold.

We will calculate the cost per equivalent unit and assign costs to ending work in process and to amounts transferred out of departments using both a First In First Out (FIFO) method and a Weighted Average Method.

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 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 accounting 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.


Screenshots

Process Costing System-Cost Accounting-Managerial Accounting
Process Costing System-Cost Accounting-Managerial Accounting
Process Costing System-Cost Accounting-Managerial Accounting
Process Costing System-Cost Accounting-Managerial 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_



Reviews

B
Bhavya17 April 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.

J
John13 June 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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