Master Cost Accounting: From Fundamentals to Advanced Techniques with Excel

What you will learn:

Master the fundamentals of cost accounting and its applications in business.
Apply job order, process, and activity-based costing methods accurately.
Analyze cost behavior, execute CVP & break-even analyses with confidence.
Utilize standard costing and variance analysis for effective cost control.
Effectively allocate overhead costs using multiple methods
Make informed business decisions using budgeting and cost analysis
Understand the differences between variable and absorption costing methods
Interpret financial data to improve operational efficiency and profitability
Prepare for professional accounting certifications (CMA, CPA, CIMA)
Gain practical Excel skills to enhance your cost accounting analysis

Description

Elevate your financial expertise with our comprehensive cost accounting course.

Designed for students, finance professionals, and certification aspirants (CMA, CPA, CIMA), this course bridges the gap between theory and practical application, using real-world Excel case studies. You'll build a strong foundation in core cost accounting principles, encompassing cost concepts, classifications, and behavior analysis.

We delve into advanced techniques such as activity-based costing (ABC), job order and process costing, standard costing with variance analysis, and powerful cost-volume-profit (CVP) analysis. You'll learn to leverage budgeting and decision-making tools to optimize financial performance. Each concept is reinforced through hands-on Excel exercises that mirror real-world scenarios.

Taught by a seasoned financial expert with over 20 years of industry experience, this course ensures you acquire the practical skills and strategic insights demanded in today's dynamic business environment. Whether you're analyzing product profitability, evaluating organizational performance, or preparing for professional exams, you'll gain the confidence and competence needed to thrive in cost accounting roles.

Gain the edge you need in your career.

This course is perfect for:

Accounting, finance, and business students aiming to master cost accounting
CMA, CPA, and CIMA candidates seeking structured exam preparation
Finance professionals (cost analysts, financial analysts, controllers) seeking to enhance skills
Non-financial professionals (engineers, project managers, operations leaders) involved in budgeting or cost control
Individuals transitioning into cost accounting or managerial finance roles
Anyone seeking a blend of theory and practical application using Excel.

Curriculum

Introduction to Cost Accounting

This introductory section lays the groundwork for the entire course. Lectures cover the fundamental concepts of cost accounting, its objectives, and the responsibilities of a cost accountant. You'll also get an overview of how cost accounting differs from financial accounting and the role of cost accounting in business decision-making and strategic planning. The total lecture duration for this section is approximately 17 minutes.

Essential Cost Concepts & Classifications

This section delves into core cost concepts. Learn to differentiate between fixed, variable, and mixed costs, mastering the key differences in terminology. Understand product and period costs, and the calculation of cost of goods sold versus cost of goods manufactured with supporting Excel examples. The total duration of lectures for this section is approximately 36 minutes.

Job Order Costing

Explore the intricacies of job order costing, a method used for unique products or services. You’ll learn how to identify the components of job order costing and master its application through detailed explanations and a practical Excel exercise. Lectures provide a comprehensive, step-by-step approach to applying job order costing techniques. This section has a total lecture time of approximately 12 minutes.

Process Costing Explained

This section provides a comprehensive guide to process costing, ideal for mass production scenarios. You’ll learn a step-by-step approach, learn to calculate equivalent units, and consolidate your knowledge with a thorough Excel case study that walks you through the entire process. The section concludes with a comprehensive and practical approach to applying process costing in the real-world. Total lecture duration is approximately 26 minutes.

Overhead Cost Allocation Methods

Learn how to allocate overhead costs effectively using different methods, such as direct labor hours, machine hours, and square footage. You will be provided with a solid understanding of the different methods as well as when and how to apply them. The total lecture duration for this section is approximately 10 minutes.

Mastering Activity-Based Costing (ABC)

Understand the principles of Activity-Based Costing (ABC) and contrast it with traditional costing methods. Learn to identify different cost drivers, understand their types, and apply ABC methodology with a detailed Excel case study. You will learn how to identify the drivers that influence activity and use that to understand what costs are incurred by a company. This section has a total lecture time of approximately 27 minutes.

Variable and Absorption Costing: A Detailed Comparison

This section compares variable and absorption costing. You will discover the intricacies of variable costs, contribution margin, and the impact of costing methods on the income statement. You'll tackle multiple case studies to master the differences in application of each method. This section has a total lecture duration of approximately 23 minutes.

Budgeting, Variance Analysis & Decision-Making

This section covers budgeting and variance analysis. Learn to create operational and capital budgets. Master material, labor, and overhead variance analysis using practical examples. This section also includes a practical example in sales analysis. This section has a total lecture duration of approximately 38 minutes.