Accounting - Basic Costing
3.0 (2 ratings)
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Accounting - Basic Costing

Learn basic costing principles to improve your accounting knowledge, earn promotion or enhance a college course
3.0 (2 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
108 students enrolled
Created by Steve Currie
Last updated 8/2015
English
Current price: $10 Original price: $40 Discount: 75% off
1 day left at this price!
30-Day Money-Back Guarantee
Includes:
  • 3.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Section exercises with solutions
  • Full coverage of the AAT BCST specification
  • How to classify costs
  • How to group costs
  • An understanding of coding costs for analysis
  • An introduction to inventory
  • How to value issues and closing inventory
  • How to construct a Manufacturing Account
  • How to use the various methods of calculating pay
  • How to classify and code labour costs
  • How labour costs behave and sources of information
  • An understanding of budgeting
  • How to calculate and analyse variances using spreadsheets
View Curriculum
Requirements
  • Computer
  • Internet connection
  • Basic math
  • Calculator, pen and notepad
Description

This self-contained course covers the basics of costing for anybody looking to improve their knowledge or career prospects.

It is also suitable for AAT Level 2 students sitting the latest (AQ 2013 specification) Association of Accounting Technicians (AAT) Basic Accounting (BCST) module and is presented by tutors who have taught hundreds of AAT students with a 100% success rate – no student of ours has ever failed this module!

The lectures are presented in a relaxed, friendly, simple Keynote presentation - each section covers a part of the course specification and is backed up with a question bank for learning reinforcement.

In about 4 hours and with question practice you will be in a position to sit the AAT assessment with confidence.

The tutor will also be available during office hours to answer your queries/give advice.

In addition you receive:

  • Full, free lifetime access
  • All future lecture updates for free
  • Unconditional Udemy 30 day money-back guarantee – our commitment to your success!
Who is the target audience?
  • This course is for anybody wishing to gain knowledge of basic costing principles for general learning or as part of a career path
  • Also suitable for AAT Level 2 students wishing to sit the AAT Basic Costing module as a stand-alone course or as an enhancement to a college/distance learning course
  • This course is introductory by nature
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Curriculum For This Course
Expand All 37 Lectures Collapse All 37 Lectures 03:16:59
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Course Introduction
5 Lectures 06:54

An introduction to the course and the instructor

About this Course
01:29

A look at the format of the AAT Accounting Qualification

The AAT Accounting Qualification
01:18

How the AAT assesses students at the different levels of the qualification

Format of the AAT Assessment
01:26

The options available to suit you to get the most out of this course

AAT Level 2 Modules
01:21

How to Study this Course
01:20
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Accounting & Cost Accounting
7 Lectures 36:02

A definition of accountancy and consideration of the types of users

What is Accountancy?
06:57

In this lecture we will take a look at the three types of accounting, how they interact and the main types of statements, the differences and what they show to the different types of users

Preview 09:03

Here we consider the main aims of management accounting and its usefulness to management

Aims of Management Accounting
03:31

Why we need to analyse costs and what we do with that information

Uses of Cost Accounting
02:02

The Definition of a cost unit and examples

Cost Unit
03:09

In this lecture we consider the four classifications of costs and the way in which this shapes our thinking about the behaviour of costs in general

Cost Classification
08:54

A look at a typical construction of a cost statement for a product

Cost Statement
02:26
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Responsibility Centres
5 Lectures 23:21

Here we look at a definition of a cost centre, examples of their use in both manufacturing and service industries and how systems need to be geared up to provide the base information

Cost Centres
04:20

Moving on from cost centres we consider how profit centres are defined

Profit Centres
01:32

At the top of the hierarchy are investment centres. We consider how they differ from cost and profit centres

Investment Centres
02:27

In this critical lecture we look at how costs behave and the effect this has on how total and unit costs respond to changes in output.

Preview 06:39

Here we will consider how to calculate the cost per unit of output and look at an example which demonstrates how cost per unit decreases as activity increases.

Cost per unit of Output
08:23
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Coding
1 Lecture 09:11

A look at the why, how and structure of coding systems

Coding Structures
09:11
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Inventory Valuation
3 Lectures 23:54

Here we look at the three types of inventory with examples of each

Types of Inventory
05:23

Moving on from lecture 20 we look at the three methods of valuation of issues and closing inventory and how these differently affect the results.

Methods of Pricing Issues and Valuing Closing Inventory
04:43

In this lecture we consider the formula for calculating closing inventory and direct materials used and the valuation of issues problem.

Closing Inventory Calculation
13:48
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Manufacturing Account
1 Lecture 11:16

Here we look at the definition, use and construction of a manufacturing account.

Manufacturing Account
11:16
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Labour Costs
7 Lectures 51:21

In this lecture we consider the nature of labour costs

Nature of Labour Costs
02:15

Here we consider the time - related method of calculation of pay, the actual methods of payment and the advantages and disadvantages of this method

Methods of Calculating Pay – Time Related
10:27

Here we consider the output related method of calculation of pay and the advantages and disadvantages of this method

Methods of Calculating Pay – Output Related
07:04

In this lecture we look at other items that may be included in the pay calculation, how these may come about and we work through an assessment question that highlights efficiencies of the workforce.

Methods of Calculating Pay – Overtime & Bonuses
17:40

In this lecture we consider the nature of labour costs and their classification into direct or indirect costs.

Classifying & Coding Labour Costs
02:58

A Summary of labour cost behaviour

Behaviour of Labour Costs
06:11

A look at employee record keeping and its use in payroll

Sources of Information
04:46
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Budgeting & Variances using Spreadsheets
8 Lectures 35:00

In this lecture we begin our study of budgeting and variances by looking at a definition of budgeting.

What is Budgeting?
04:50

This lecture reviews the main reasons why we need to budget.

Preview 06:12

In this lecture we take a look at what management gain from the budgeting process

Benefits of Budgeting
03:02

A wrap of the course including further resources

Course Wrap Up
01:31

Here we show a blank and completed budget template

Sample Budgets
02:21

In a critical lecture for the assessment we begin our study of variances by looking at cost and revenue variances and how we classify actual results from budget using example calculations.

Variances
06:12

How management can use value and percentage parameters to highlight budget variances that are significant to their operation.

Variance Investigation
06:58

Here we consider the use of spreadsheets to display variances from budgets

Spreadsheets
03:54
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Course Conclusion
0 Lectures 00:00
About the Instructor
Steve Currie
3.0 Average rating
2 Reviews
136 Students
2 Courses
Lecturer, chartered accountant, entrepreneur and speaker

Steve Currie has a varied background both in the corporate world and as an entrepreneur.

He graduated in business studies and then qualified as a chartered management accountant, later becoming a Fellow. He gained over 20 years' experience culminating at board level specialising in rationalisation, cost reduction and the sale and purchase of companies.

During the past 14 years as an entrepreneur, Steve has started, managed and sold businesses in diverse areas such as property, hospitality, social media and online shopping.

He has also developed a passion for teaching accountancy and business courses for both the public and private sector and is an active business mentor.

Steve is a qualified lecturer, holds a certificate in general management from Ashridge Business School, is a member of both the Institute of Enterprise and Entrepreneurs and the Association of Business Mentors and is also a mentor for The Prince's Trust.

Steve is also a speaker and under pseudonyms he currently has 10 books in publication.