Basics of Cost Accounting: Product Costing
- Offered byCoursera
Basics of Cost Accounting: Product Costing at Coursera Overview
Duration | 11 hours |
Start from | Start Now |
Total fee | Free |
Mode of learning | Online |
Difficulty level | Beginner |
Official Website | Explore Free Course  |
Credential | Certificate |
Basics of Cost Accounting: Product Costing at Coursera Highlights
- Earn a Certificate upon completion from Coursera
- Get flexible deadlines in accordance to student's schedule
- Course 1 of 3 in the Cost Accounting Specialization
Basics of Cost Accounting: Product Costing at Coursera Course details
- The core of the first course is to learn how companies record total costs and calculate unit costs for their individual products or services
- During the first weeks, participants learn what costs are and how to distinguish them from expenses or cash flows
- Participants will understand how companies record total costs and distinguish important cost types such as material costs, personnel costs, or depreciation
- At the core of their cost-accounting system, companies allocate overhead costs to individual products
- We show participants how to allocate the costs incurred to the company's products and introduce them to the most important methods and challenges of product costing
Basics of Cost Accounting: Product Costing at Coursera Curriculum
Introduction to cost accounting
Introduction
Cost accounting and corporate management
Cost accounting, management accounting, and financial accounting
Definition of costs
Cost terms and their meaning: Total and unit costs, direct and indirect costs, fixed and variable costs
Cost terms and their meaning: Inventoriable and period costs, opportunity and sunk costs
Three sub-systems of cost accounting
Absorption costing vs variable costing
Course Overview
Introduce yourself!
Lecture slides for this course
Harmonization of management and financial accounting
Average unit costs: an example from the automotive industry in the COVID crisis
Practical example: Sunk costs when Robert Bosch GmbH exited the solar sector
Cost accounting as a part of corporate accounting
Definition of costs
Basic concepts of cost accounting
Cost-type accounting
Tasks of cost-type accounting, linkage to financial accounting, and important cost types
Introduction to material costs
Recording material consumption
Valuing material consumption
Personnel costs
Types of machine costs
Depreciation
Interest costs
Cost types in business practice
Comparing the methods for recording material consumption
Excursus: What crypto taxpayers need to know about FIFO, LIFO, HIFO & specific ID
Deep dive: Personnel costs
Deep dive: Imputed interest costs at BASF
Introduction to cost-type accounting
Material costs
Depreciation
Machine costs
Material costs: Valuing material consumption
Machine costs: Depreciation
Interest costs
Cost-center accounting
Tasks of cost-center accounting and structure of cost centers
The three steps of cost-center accounting
Primary cost allocation
Overview of the methods for the allocation of service-department costs
Reciprocal method based on equations
Reciprocal method based on iterations
Method of credits and debits
Step-ladder method
Direct method
Determining overhead rates
Practical example: Cost-center plan of the Federation of German Industry
Methods for the allocation of service-department costs: Practices in Germany and Austria
Introduction to cost-center accounting
Assignment of overhead costs to cost centers
Reciprocal method based on equations
Reciprocal method based on iterations
Method of credits and debits
Step-ladder method
Direct method
Methods for the allocation of service-department costs
Determining overhead rates for costing
Allocation of service department costs: Reciprocal method based on equations, direct method, method of credits and debits
Allocation of service department costs: Step ladder method, reciprocal method based on iterations
Product and service costing
Tasks of product and service costing
Classification of cost objects
The relationship between program type, product characteristics, and costing method
The general approach to job costing
Job costing with multiple overhead rates
Machine-hour costing
Actual costing, interim costing, and normal costing
Book keeping for job shop production
Single-stage process costing
Multi-stage process costing
Equivalence number method
Cost allocation for joint products and byproducts
Practical example: Cost cutting in the energy industry
What do I learn in the remaining two courses of the Specialization?
Tasks and design of product and service costing
Allocating overhead costs with single rates
Schematic structure of an overhead calculation
Allocating overhead costs with multiple rates
Machine-hour costing
Actual costing, interim costing, and normal costing
Product costing for job shop production
Single-stage process costing
Multi-stage process costing
Product and service costing for mass and variant production
Job costing with multiple overhead rates
Equivalence number method
Cost allocation for joint products and by-products
Basics of Cost Accounting: Product Costing at Coursera Admission Process
Important Dates
Other courses offered by Coursera
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