CMA Management Tools-Understanding Job costs & ABC systems
- 1.5 hours on-demand video
- 46 downloadable resources
- 1 Practice Test
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- Students will learn manufacturing costs, job costing system, activity based cost system and standard costs
- Be able to distinguish the three cost categories of a manufacturer.
- Understan how a job cost system is designed.
- Understand Activity based Costing and activity based Management
- Understand how standard costs are used to control operations
- Be able to perform variance analysis.
- A knowledge of financial accounting
This course introduces the accounting required for a manufacturer. A manufacturer has a number of costs different than that of a merchandise company.
You will learn the difference between a direct cost and an indirect cost; a product cost and a period cost; a prime cost and a conversion cost.
You will learn the different inventories of a manufacturer - the raw material inventory, work in process inventory and the finished goods inventory. You will see how manufacturing costs flows between these three inventories.
You will learn the different cost accounting systems - job costing and activity based costing.
Also also you will learn how managers apply a standard cost system and use cost variance analysis to control operations.
- Business students and anyone interested in cost accounting management systems.
- Engineering students interested in the operations of a manufacturer.
An overview of the three main roles a manager must perform and how the tools that help him/her manage are what management accounting is all about.
It is very important for a manager to understand the different manufacturing cost categories.- Direct material, Direct Labor and Manufacturing Overhead.
The Cost of Goods Manufacturing Statement is part of the Income statement for a manufacturer. Also the balance sheet of a manufacturer had three inventories - Raw Material, Work in Process and Finished Goods.
The problem with job costing is the assigning of overhead costs. Activity Based costing techniques are the modern way to trace overhead costs to the product. Develop a number of cost pools of overhead costs, determine the cost driver for each pool and assign the costs to activities and then determine how many activities were consumed in the manufacture of the product.