Process Costing System-Cost Accounting-Managerial Accounting
Advanced Cost Accounting for Effective Managerial Decision-Making and Efficient Cost Management
4.56 (386 reviews)
55 188
students
8 hours
content
Jan 2023
last update
$13.99
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What you will learn
Comprehend the key concepts and principles of process costing systems in cost accounting, distinguishing them from other costing methods.
Classify costs effectively, understanding different cost classifications and their importance in process costing.
Outline the step-by-step flow of costs in a process costing system, from raw materials to finished goods and cost of goods sold.
Differentiate between job cost systems and process cost systems, and determine the appropriate system for specific manufacturing scenarios.
Apply overhead accounting principles, including calculating predetermined overhead rates and allocating overhead costs to departments.
Record accurate journal entries related to costs in a process costing system, including transfers, direct and indirect wages, overhead costs, and sales transact
Calculate the cost per equivalent unit and allocate costs to ending work-in-process and transferred-out amounts using both FIFO and Weighted Average methods.
Explain key terms and definitions related to job cost systems, enhancing practical understanding and application.
Analyze process cost statements, interpreting the data to gain insights into cost control, performance evaluation, and managerial decision-making.
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2292573
udemy ID
26/03/2019
course created date
06/09/2019
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