Job Order Costing System – Managerial Accounting
4.0 (35 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.
10,152 students enrolled

Job Order Costing System – Managerial Accounting

Accounting for a job cost system presented by a practicing certified public accountant (CPA)
4.0 (35 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.
10,152 students enrolled
Last updated 6/2019
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
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This course includes
  • 11.5 hours on-demand video
  • 28 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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What you'll 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 job cost system.
  • List and describe documents used in a job cost system.
  • Explain the concept of overhead and how it is used.
  • Calculate the predetermined overhead rate.
  • Allocate overhead to job using estimates.
  • Enter journal entries to record finished jobs and for the sale of jobs.
  • List and define key terms related to a job cost system.
Requirements
  • We should have a basic understanding of financial accounting and debits and credits
Description

Job cost system – 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 job 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.

The course will list and describe key documents in the job cost system, documents that facilitate and help record the flow of costs in the system.

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

The course will record the journal entries related to costs as they flow through the job 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 close out finished jobs from work in process to finished goods. We will also enter journal entries to record the sale and related costs of finished jobs.

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  

•    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 adjusting 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.  

Who will we be learning from?  

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.  

You will be learning from somebody who is a:  

•    CPA – Certified Public Accountant  

•    CGMA – Chartered Global Management Accountant  

•    Master of Science in Taxation  

•    CPS – Certifies Post-Secondary Instructor  

•    Curriculum Development Export  

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.  

As a CPA and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.  

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.  

Who this course is for:
  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting
Course content
Expand all 108 lectures 11:39:10
+ Cost Classifications
8 lectures 33:04
2 Cost Classifications
00:56
PDF - 20 Cost Classifications
00:08
20 Cost Classifications
09:31
PDF - 30 Product Costs & Period Costs
00:08
30 Product Costs & Period Costs.ENCODING
16:25
PDF - 40 Direct Materials Labor & Overhead
00:08
40 Prime Costs & Conversion Costs
05:35
Describe what a job cost sheet is and how it is used.
10 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:13
+ Manufacturer’s Financial Statements
7 lectures 20:49
3 Manufacturer’s Financial Statements
00:59
PDF - 50 Manufacturer's Balance Sheet
00:08
50 Manufacturer's Balance Sheet
03:15
PDF - 60 Manufacturer's Income Statement
00:08
60 Manufacturer's Income Statement
08:49
10 Multiple Choice Questions – Job Cost System
07:16
Discuss how materials flow through a job cost system.
20 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:14
+ Cost Flows for a Manufacturing Company
7 lectures 20:25
4 Cost Flows For a Manufacturing Company
01:25
PDF - 70 Manufacturing Activities Flow
00:08
70 Manufacturing Activities Flow
07:51
PDF - 80 Just In Time (JIT) Manufacturing
00:08
80 Just In Time (JIT) Manufacturing
02:58
20 Multiple Choice Questions – Job Cost System
07:40
Describe key documents used in a job cost system.
30 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:15
+ Job Cost vs Process Cost System
5 lectures 19:18
5 Job Cost vs Process Cost System
00:34
PDF - 90 Job Cost vs Process Cost
00:08
90 Job Cost Vs Process Cost
09:13
30 Multiple Choice Questions – Job Cost System
09:10
Discuss the two primary cost systems for manufacturing companies.
40 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:13
+ Cost Flows for a Job Cost System
5 lectures 23:48
6 Cost Flows for a Job Cost System
01:19
PDF - 100 Job Order Cost Flows
00:08
100 Job Cost System Cost Flow
10:07
40 Multiple Choice Questions – Job Cost System
12:01
Discuss what a predetermined overhead rate is, and how it is calculated and used.
50 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:13
+ Job Cost Documents and Forms
13 lectures 01:20:45
7 Job Cost Documents and Forms
01:43
PDF - 110 Job Cost Sheet
00:08
110 Job Cost Sheet
12:04
PDF - 120 Materials Ledger Card Requisition
00:08
120 Materials Ledger Card & Materials Requisition
13:32
Excel Download
00:05
Worksheet - 120 Materials Ledger Card Requisition
15:00
PDF - 130 Time Ticket and Labor Entry
00:08
130 Time Ticket & Labor Journal Entry
09:41
Excel Download
00:05
Worksheet - 130 Time Ticket and Labor Entry
15:31
50 Multiple Choice Questions – Job Cost System
12:27
Describe what it means for overhead to be overapplied or underapplied and how to deal with it.
60 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:13
+ Overhead Costs & Allocation
15 lectures 01:31:09
8 Overhead Costs & Allocation
01:10
PDF - 140 Overhead Costs
00:08
140 Overhead Costs
14:44
Excel Download
00:05
Worksheet - 140 Overhead Costs
16:13
PDF - 150 Overhead Allocation
00:08
150 Overhead Allocation Predetermined Overhead Rate
14:08
Excel Download
00:05
Worksheet - 150 Overhead Allocation
14:20
PDF - 160 Under & Over applied Overhead
00:08
160 Overhead Under Applied Over Applied
12:50
Excel Download
00:05
Worksheet - 160 Under & Over applied Overhead
09:18
60 Multiple Choice Questions – Job Cost System
07:33
Discuss how a job cost system may be used in either a manufacturing firm or service company.
70 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:14
+ Finished Jobs and Sales Journal Entries
12 lectures 01:10:04
9 Finished Jobs and Sales Journal Entries
01:33
PDF - 170 Finished Goods Journal Entry
00:08
170 Finished Jobs Journal Entry
09:42
Excel Download
00:05
Worksheet - 170 Finished Goods Journal Entry
09:19
PDF - 180 Sale of Jobs
00:08
180 Sale of Jobs
15:09
Excel Download
00:05
Worksheet - 180 Sale of Jobs
18:14
70 Multiple Choice Questions – Job Cost System
07:27
Short Calculation
08:00
Describe the flow of both direct and indirect labor in a job cost system.
80 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:14
+ Job Cost System Summary
14 lectures 02:06:20
10 Job Cost System Summary
00:43
PDF - 190 Cost Flow - General Ledger
00:08
190 Cost Flow General Ledger
15:17
PDF - 300 Job Cost System
00:08
300 Job cost system Part 1
11:06
305 Job cost system Part 2
13:07
Excel Download
00:05
Worksheet - 300 Accounting instructions-Job cost problem part 1
15:38
Worksheet - 300 Accounting instructions-Job cost problem part 2
15:43
Worksheet - 300 Accounting instructions-Job cost problem part 3
15:41
300.4 Accounting instructions-Job cost problem part 4%2C how to calculate (1)
15:16
80 Multiple Choice Questions – Job Cost System
08:52
Short Calculation
14:22
Discuss why the overhead account may have either a debit or credit balance at the end of the period and how to handle it.
90 Discussion Question - Job Cost System
1 question
Accounting Comic Break
00:14