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Process Costing System-Cost Accounting-Managerial Accounting

Process costing system-managerial accounting or cost accounting including equivalent unit calculation & journal entries
4.5
4.5/5
(145 reviews)
36,908 students
Created by

8.0

Classbaze Grade®

6.1

Freshness

8.0

Popularity

9.4

Material

Process costing system-managerial accounting or cost accounting including equivalent unit calculation & journal entries
Platform: Udemy
Video: 7h 59m
Language: English
Next start: On Demand

Best Cost Accounting classes:

Classbaze Rating

Classbaze Grade®

8.0 / 10

CourseMarks Score® helps students to find the best classes. We aggregate 18 factors, including freshness, student feedback and content diversity.

Freshness

6.1 / 10
This course was last updated on 3/2019.

Course content can become outdated quite quickly. After analysing 71,530 courses, we found that the highest rated courses are updated every year. If a course has not been updated for more than 2 years, you should carefully evaluate the course before enrolling.

Popularity

8.0 / 10
We analyzed factors such as the rating (4.5/5) and the ratio between the number of reviews and the number of students, which is a great signal of student commitment.

New courses are hard to evaluate because there are no or just a few student ratings, but Student Feedback Score helps you find great courses even with fewer reviews.

Material

9.4 / 10
Video Score: 8.8 / 10
The course includes 7h 59m video content. Courses with more videos usually have a higher average rating. We have found that the sweet spot is 16 hours of video, which is long enough to teach a topic comprehensively, but not overwhelming. Courses over 16 hours of video gets the maximum score.
The average video length is 6 hours 44 minutes of 28 Cost Accounting courses on Udemy.
Detail Score: 10.0 / 10

The top online course contains a detailed description of the course, what you will learn and also a detailed description about the instructor.

Extra Content Score: 9.5 / 10

Tests, exercises, articles and other resources help students to better understand and deepen their understanding of the topic.

This course contains:

0 article.
24 resources.
0 exercise.
0 test.

In this page

About the course

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.

What can you learn from this course?

✓ 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

What you need to start the course?

• Understanding of financial accounting

Who is this course is made for?

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

Are there coupons or discounts for Process Costing System-Cost Accounting-Managerial Accounting ? What is the current price?

The course costs $19.99. And currently there is a 83% discount on the original price of the course, which was $119.99. So you save $100 if you enroll the course now.
The average price is $16.7 of 28 Cost Accounting courses. So this course is 20% more expensive than the average Cost Accounting course on Udemy.

Will I be refunded if I'm not satisfied with the Process Costing System-Cost Accounting-Managerial Accounting course?

YES, Process Costing System-Cost Accounting-Managerial Accounting has a 30-day money back guarantee. The 30-day refund policy is designed to allow students to study without risk.

Are there any financial aid for this course?

Currently we could not find a scholarship for the Process Costing System-Cost Accounting-Managerial Accounting course, but there is a $100 discount from the original price ($119.99). So the current price is just $19.99.

Who will teach this course? Can I trust Robert (Bob) Steele?

Robert (Bob) Steele has created 126 courses that got 28,621 reviews which are generally positive. Robert (Bob) Steele has taught 572,608 students and received a 4.4 average review out of 28,621 reviews. Depending on the information available, we think that Robert (Bob) Steele is an instructor that you can trust.
CPA, CGMA, M.S. Tax, CPI
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.
Browse all courses by on Classbaze.

8.0

Classbaze Grade®

6.1

Freshness

8.0

Popularity

9.4

Material

Platform: Udemy
Video: 7h 59m
Language: English
Next start: On Demand

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