CMA Management Tools-Understanding Job costs & ABC systems
3.7 (4 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
29 students enrolled

CMA Management Tools-Understanding Job costs & ABC systems

Know the different types of manufacturing costs; job costing systems; process costing systems & activity based costing.
3.7 (4 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
29 students enrolled
Created by John Mclellan
Last updated 5/2019
English
English [Auto]
Current price: $13.99 Original price: $19.99 Discount: 30% off
5 hours left at this price!
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This course includes
  • 1.5 hours on-demand video
  • 46 downloadable resources
  • 1 Practice Test
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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What you'll learn
  • 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.
Requirements
  • A knowledge of financial accounting
Description

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.

Who this course is for:
  • Business students and anyone interested in cost accounting management systems.
  • Engineering students interested in the operations of a manufacturer.
Course content
Expand all 15 lectures 01:28:50
+ Introduction to management & Management Accounting
2 lectures 12:47

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.

Preview 11:58

Each module will have a section on Activities to Deepen Your Understanding in which I will place problems in which you select from a drop-down menu, excel problems, quizzes and/or assignment problems.

Activities to Deepen your Understanding of Management & Management Accounting
00:49
Quiz on Managerial Accounting
5 questions
+ A Manufacturing Company has different cost categories and financial statements
3 lectures 21:05

It is very important for a manager to understand the different manufacturing cost categories.- Direct material, Direct Labor and Manufacturing Overhead.

Preview 14:53

Know the different categories of manufacturing Costs

Quiz on Manufacturing Costs
7 questions

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.

Preview 05:23
Quiz on Manufacturing Statements
5 questions

Each module will have a section on Activities to Deepen Your Understanding in which I will place problems in which you select from a drop-down menu, excel problems, quizzes and/or assignment problems.

Activities to Deepen your Understanding
00:49
+ Traditional Cost Accounting Systems
4 lectures 25:14

The traditional cost accounting Systems were job costing and process costing

Introduction to Costing Systems
03:39
Quiz on Costing System
5 questions

A job cost system traces manufacturing costs of direct material and direct labor to the job and assigns overhead costs using a pre-determined overhead rate.

Job costing system
11:55
Quiz on Job Costing System
6 questions

The costs flow sin a job costing system is controlled using a job card

Job costing flow
08:51
Activities to deepen your Understanding
00:49
Problems on job cost allocations
Job Costing Assignment
4 questions
+ Activity Based Costing System
2 lectures 14:24

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.

Activity Based Costing System
13:35
Activities to Deepen your Understanding
00:49
Try these problems
Test Your Understanding - on ABC
3 questions
+ Activity Based Management
2 lectures 05:40
Activity Based Management
04:51
Activities to Deepen your Understanding
00:49
+ Control using Standard Costs
2 lectures 09:40

Setting a Standard cost for Direct material inputs and Direct Labor is an effective method in controlling operations.

Standard Costs
08:51
Activities to Deepen your Understanding
00:49
+ CMA Candidates Practice these CMA exam questions on Job cost& ABC systems
0 lectures 00:00

Practice; practice & practice

CMA past Exam questions on Job costing & ABC
38 questions