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Finance & Accounting Accounting & Bookkeeping Cost Accounting

Process Costing System-Cost Accounting-Managerial Accounting

Process costing system-managerial accounting or cost accounting including equivalent unit calculation & journal entries
Rating: 4.4 out of 54.4 (61 ratings)
20,715 students
Created by Robert (Bob) Steele
Last updated 3/2019
English
English [Auto]
30-Day Money-Back Guarantee

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 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

Requirements

  • Understanding of financial accounting

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.

Who this course is for:

  • Accounting students
  • Business owners
  • Anyone who whats to learn accounting

Course content

12 sections • 98 lectures • 7h 59m total length

  • Preview07:39
  • Preview00:08
  • Preview13:03
  • Accounting Comic Break
    00:15

  • 2 Cost Classifications
    00:16
  • PDF - 20 Cost Classifications
    00:08
  • Preview09:31
  • PDF - 30 Product Costs & Period Costs.ENCODING
    00:08
  • Preview16:25
  • PDF - 40 Prime Costs & Conversion Costs
    00:08
  • 40 Prime Costs & Conversion Costs
    05:35
  • Accounting Comic Break
    00:15

  • 3 Manufacturer’s Financial Statements
    00:39
  • 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
  • Accounting Comic Break
    00:16

  • 4 Cost Flows for a Manufacturing Company
    00:14
  • 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
  • Accounting Comic Break
    00:15

  • 5 Job Cost vs Process Cost System
    01:10
  • PDF 90 Job Cost Vs Process Cost
    00:08
  • 90 Job Cost Vs Process Cost
    09:13
  • Accounting Comic Break
    00:16

  • 6 Process Cost System Overview Using FIFO Method
    00:56
  • PDF - Cost Flows for a Process Cost System
    00:08
  • Cost Flows for a Process Cost System Part 1
    08:53
  • Cost Flows for a Process Cost System Part 2
    08:56
  • PDF - Equivalent Units Of Production
    00:08
  • Equivalent Units Of Production
    14:37
  • Multiple Choice 1
    07:12
  • Discussion Question 1
    1 question
  • Accounting Comic Break
    00:15

  • 7 Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
    00:44
  • PDF - 105 Flow of Materials, Labor & Overhead
    00:08
  • 105 Flow of Materials, Labor & Overhead
    18:22
  • Short Calculation Problems 1
    09:57
  • Multiple Choice 2
    07:19
  • Discussion Question 2
    1 question
  • Accounting Comic Break
    00:15

  • 8 Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
    00:32
  • PDF - 110 Methods to Calculate Ending WIP and Units Completed
    00:08
  • 110 Methods to Calculate Ending WIP and Units Completed
    04:32
  • PDF - 115 Equivalent Units of Production Weighted Average Method
    00:08
  • 115 Equivalent Units of Production Weighted Average Method
    05:20
  • Excel Worksheet Download
    00:05
  • Worksheet - 115 Equivalent Units of Production Weighted Average Method
    07:07
  • PDF - 120 Cost Per Equivalent Unit Calculation Weighted Average Method
    00:08
  • 120 Cost Per Equivalent Unit Calculation Weighted Average Method
    03:50
  • Excel Worksheet Download
    00:05
  • Worksheet -120 Cost Per Equivalent Unit Calculation Weighted Average Method
    05:40
  • PDF - 125 Assign Costs to Units Weighted Average Method
    00:08
  • 125 Assign Costs to Units Weighted Average Method
    04:16
  • Excel Worksheet Download
    00:05
  • Worksheet - 125 Assign Costs to Units Weighted Average Method
    05:39
  • Short Calculation Problems 2
    10:39
  • Multiple Choice 3
    07:21
  • Discussion Question 3
    1 question
  • Accounting Comic Break
    00:17

  • 9 Overhead Costs & Allocation
    00:27
  • PDF - 140 Overhead Costs
    00:08
  • 140 Overhead Costs
    11:10
  • PDF - 150 Overhead Allocation Predetermined Overhead Rate
    00:08
  • 150 Overhead Allocation Predetermined Overhead Rate
    08:34
  • PDF - 160 Under & Over applied Overhead
    00:08
  • 160 Under & Over applied Overhead
    07:40
  • Short Calculation Problems 3
    22:21
  • Multiple Choice 4
    08:17
  • Discussion Question 4
    1 question
  • Accounting Comic Break
    00:17

  • 10 Comprehensive Problem – Recording Process Cost Journal Entries
    00:49
  • Excel Worksheet Download
    00:05
  • Part 1
    12:01
  • Part 2
    12:09
  • Part 3
    13:12
  • Multiple Choice 5
    16:06
  • Discussion Question 5
    1 question
  • Accounting Comic Break
    00:15

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 16,771 Reviews
  • 349,204 Students
  • 97 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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