Anyone who wants to make informed, fact-based decisions that are key to the success of an organization will benefit from this class. This course can benefit accountants, as well as, other business decision makers. Companies must have a good understanding of their costs to succeed. Managers within an organization can use managerial accounting as a basis for making informed, fact-based decisions. This course will cover managerial accounting concepts.
The course allows participants to become familiar with, or brush up on, basic concepts used to allocate product costs and analyze aspects of company performance. Use of job order costing, process costing, or activity-based costing as appropriate for the business can provide business managers with the tools and techniques they can use to analyze company performance as well as categorize and evaluate company product costs to make informed product decisions.
Upon successful completion of this course participant should be able to be complete the following objectives:
- Recognize the differences between managerial and financial accounting, the various ways to classify costs, and the presentation of inventory and cost of goods within the Balance Sheet and Income Statement.
- Properly identify the job order costing techniques used to allocate product costs to jobs/products along with the related journal entries and documents.
- Properly identify the process order costing techniques used to allocate product costs to products in addition to the related journal entries and documents.
- Properly identify the three activity-based costing methods for allocating product costs including: 1) Single factory wide overhead rate method, 2) Department overhead rate method, and 3) Activity-based overhead costing method.
CPE Credits: 4 CPE for CPAs
Instructional Method: Self-Study
NASBA Field of Study: Accounting
Program Prerequisites: None
Advanced Preparation: None
Revision Date: March 20, 2023