Course curriculum
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Ethical or Not?
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What Are Ethics?
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Why Are Ethics Important in Accounting?
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Lesson Summary
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Quiz 1.1
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Managerial Accounting Defined
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Managerial Accounting Functions
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Lesson Summary
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Quiz 1.2
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Managerial or Financial?
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Audience
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Purpose
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Statement Preparation
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Lesson Summary
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Quiz 1.3
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Internal Controls
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Purchasing
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Inventory Control
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Cash Receipts & Disbursements
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Payroll
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Lesson Summary
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Quiz1.4
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The Future of Managerial Accounting
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Managerial Accounting
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History and Today
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Technology & Social Responsibility
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Example of Managerial Accounting
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Lesson Summary
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Quiz 1.5
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GAAP and the Financial Statements
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What Are the Financial Statements?
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Preparing the Income Statement
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Preparing the Statement of Retained Earnings
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Lesson Summary
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Quiz 2.1
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Who's the Boss?
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The Balance Sheet Recipe
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Balance Sheet Format
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Creating the Balance Sheet
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The Statement of Cash Flows
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Lesson Summary
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Quiz 2.2
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What Is a Classified Balance Sheet?
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What a Business Owns
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What a Business Owes
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What a Business Is Worth
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Classified Balance Sheet: Snapshot
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Lesson Summary
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Quiz 2.3
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What Is Cost Accounting?
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Cost Accounting Systems
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Components of Cost Accounting
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Cost Accounting vs. Financial Accounting
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Lesson Summary
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Quiz 3.1
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Cost Accounting Systems
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Two Types of Accounting Systems
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What Is the General Ledger?
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Product Costs & the General Ledger
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Lesson Summary
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Quiz 3.2
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What Are Direct Costs?
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Types of Direct Costs
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Examples of Direct Costs
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Calculating Direct Costs
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Lesson Summary
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Quiz 3.3
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Indirect Costs
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Vary by Company
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Lesson Summary
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Quiz 3.4
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Accounting Periods Matter
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What's the Problem?
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Period Costs vs. Product Costs
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Lesson Summary
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Quiz 3.5
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Prime Cost
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The Formula Breakdown
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Applying Numbers to the Formula
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Why Does Prime Cost Matter?
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Lesson Summary
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Quiz 3.6
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Conversion Costs in Accounting
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Direct Labor Costs
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Manufacturing Overhead Costs
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Finding Conversion Costs
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Lesson Summary
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Quiz 3.7
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A First Look at Costs
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Relevant Costs
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Irrelevant Costs
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Lesson Summary
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Quiz 3.8
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What Is Cost Allocation?
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Basic Definitions
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Benefits of Cost Allocation
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Identify and Allocate
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Accumulate, Attribute, & Assign
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Lesson Summary
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Quiz 4.1
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What Are Overhead Manufacturing Costs?
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How Are Cost Drivers Determined?
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Importance of the Correct Driver
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Different Businesses, Different Drivers
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Lesson Summary
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Quiz 4.2
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The Direct Method of Cost Allocation
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How Does the Direct Method Work?
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Advantages of the Direct Method
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Disadvantages of the Direct Method
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Lesson Summary
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Quiz 4.3
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The Reciprocal Distribution Method
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How Does it Work?
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Benefits of Reciprocal Distribution
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Problems of Reciprocal Distribution
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Lesson Summary
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Quiz 4.4
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What Is the Step-Down Method?
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How the Step-Down Method Works
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Advantages of this Method
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Disadvantages of this Method
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Lesson Summary
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Quiz 4.5
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End of the Year
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Manufacturing Overhead Application
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Too Much or Too Little Overhead
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Settling Applied Costs
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Method One
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Method Two
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Lesson Summary
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Quiz 4.6
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What Is a Job Order Costing System?
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The Phases of the Production Process
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Phase 1: Raw Materials
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Phase 2: Transferring Raw Materials to Work-in-Process (WIP) Inventory
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Phase 3: Accumulating Costs in Work-in-Process Inventory
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Phase 4: Allocating Manufacturing Overhead
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Phase 5: Transferring to Finished Goods Inventory and Recording Sale
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Pros and Cons of Job Order Costing
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Lesson Summary
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Quiz 5.1
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Job Order Costing System Review
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What Is a Journal?
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Journal Entry Example
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Recognizing Manufacturing Costs
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Period Costs and Manufacturing
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Lesson Summary
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Quiz 5.2
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Job Cost Sheet
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Purpose
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Characteristics
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Example
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Lesson Summary
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Quiz 5.3
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Work-in-Process Inventory Account
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Example of a WIP Inventory Account
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WIP and Job Cost Sheet
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Lesson Summary
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Quiz 5.4
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What Is Finished Goods Inventory?
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Calculation
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Lesson Summary
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Quiz 5.5
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Cost of Goods: Defined
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Calculations
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Lesson Summary
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Quiz 5.6
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What Is Cost of Goods Sold?
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Job Order Cost Flow
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Differences
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Moving Costs
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Lesson Summary
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Quiz 5.7
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Job Order Costing
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What Is A Balance Sheet?
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Recording Transactions
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Lesson Summary
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Quiz 5.8
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From Manufacturing to Service
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Job Order Costing System Review
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Manufacturing vs. Service Accounts
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Tracking Costs: An Example
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Lesson Summary
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Quiz 5.9
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Process Cost System Review
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The Flow of Expenses
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Example
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Recording Expenses on the Journey
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Transferred-In Costs
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Lesson Summary
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Quiz 6.1
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What Is an Equivalent Unit?
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Calculating Equivalent Units of Production
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Calculating Cost Per Unit of Production
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The Production Cost Report
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Lesson Summary
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Quiz 6.2
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FIFO Inventory Method
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Finding Equivalent Units
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Production Cost Report
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Lesson Summary
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Quiz 6.3
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What Is a Production Cost Report?
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How Many Units?
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Counting Units
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How Much Did We Spend?
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Did We Spend It?
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Lesson Summary
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Quiz 6.4
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The Production Cost Report
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Inventory
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Costs
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Other Barometers
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Lesson Summary
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Quiz 6.5
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What Is Activity-Based Management?
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What Is Activity-Based Costing?
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Traditional Costing Method Example
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Activity-Based Costing Example
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Lesson Summary
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Quiz 7.1
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Activity-Based Costing (ABC)
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Cost Pools and Cost Drivers
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Calculating Overhead Formula
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Examples
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Lesson Summary
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Quiz 7.2
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Cost of Production
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Traditional Costing Systems
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Activity-Based Costing Systems
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Lesson Summary
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Quiz 7.3
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The Move to Activity-Based Costing
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The Seven Steps of ABC
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Lesson Summary
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Quiz 7.4
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Activity-Based Costing
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Cost Drivers
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Cost Pools
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Why It's Useful
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Lesson Summary
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Quiz 7.5
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Four Levels of Activity
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Unit-Based Costs
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Unit-Based Costs
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Batch-Based Costs
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Product-Based Costs
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Facility-Based Costs
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Lesson Summary
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Quiz 7.6
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What Is Activity-Based Costing (ABC)?
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Benefits of Using ABC
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Limitations of ABC
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Every Company Is Different
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Lesson Summary
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Quiz 7.7
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Service Industries
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Activity-Based Costing
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Benefits & Drawbacks
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Lesson Summary
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Quiz 7.8
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Different Cost Structures
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Influencing Cost Structures
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Using a CVP Statement to Show Changes
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Lesson Summary
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Quiz 8.1
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Cost-Volume-Profit (CVP) Analysis
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Variable Costs & Fixed Costs
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Mixed Costs & Assumptions
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Relevant Range and Its Implications
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Lesson Summary
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Quiz 8.2
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Cost-Volume-Profit (CVP) Analysis
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Components
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Assumptions
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CVP Income Statement
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Lesson Summary
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Quiz 8.3
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How Much Is Enough?
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How Much Is Just Enough?
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Break-Even Calculation
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Making It Work
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Lesson Summary
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Quiz 8.4
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What Is Target Net Income?
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Formula
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Using the Formula
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Contribution Margin
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Cost-Volume-Profit Graph
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Lesson Summary
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Quiz 8.5
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An Introduction to Margin of Safety
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Further Exploring Margin of Safety
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Example of Margin of Safety
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Calculation
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Lesson Summary
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Quiz 8.6
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The Sales Mix and Limited Resources
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Calculating Sales Mix
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Theory of Constraints
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Lesson Summary
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Quiz 8.7
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Operating Leverage Defined
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High and Low Operating Leverage
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Operating Leverage Calculation
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Operating Leverage Calculation Example
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Lesson Summary
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Quiz 8.8
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Eliminating Waste
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Defining our Terms
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Building a Connection
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Lesson Summary
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Quiz 8.9
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Contribution Margin Income Statement
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How Do You Make One?
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Why Bother?
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Difference
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Lesson Summary
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Quiz 8.10
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Types of Costing
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Variable Costing
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Absorption Costing
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Lesson Summary
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Quiz 8.11
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Definition of Sunk Costs
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Examples of Sunk Costs
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Lesson Summary
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Quiz 9.1
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Cost of Everything
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Different Opportunity Costs
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Lesson Summary
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Quiz 9.2
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What Is a Differential Cost?
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How to Find the Differential Cost
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How Managers Use Differential Cost
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Differential Cost Example
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Lesson Summary
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Quiz 9.3
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Types of Costs
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Lost Profits
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Benefits Without Expenditures
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Lesson Summary
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Quiz 9.4
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Costs to Producers
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Fixed Costs
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Variable Costs
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Lesson Summary
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Quiz 9.5
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Real-World Mixed Costs
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Examples
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Lesson Summary
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Quiz 9.6
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What Is Incremental Analysis?
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Incremental Analysis in Action
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Other Common Usages
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Lesson Summary
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Quiz 9.7
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Types of Special Orders
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Relevant Costs
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Variable Costs
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Fixed Costs
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Lesson Summary
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Quiz 9.8
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Make or Buy?
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Calculating Relevant Costs
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Considering Qualitative Factors
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Example
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Lesson Summary
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Quiz 9.9
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To Sell or Process Further?
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Considering Relevant Costs
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Making the Decision
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Example
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Lesson Summary
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Quiz 9.10
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Making Changes to Equipment
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Looking at Relevant Costs
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Understanding Fixed & Variable Costs
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Grasping the Effects of Sunk Costs
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Lesson Summary
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Quiz 9.11
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Relevant Costs of Elimination
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Role of Incremental Analysis
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Fixed Cost Behavior
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Examples
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Lesson Summary
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Quiz 9.12
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Definition of Target Costing
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Target Costing Steps
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Example of Target Costing
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Target Costing & Rejecting Projects
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Lesson Summary
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Quiz 10.1
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What Is Cost-Plus Pricing?
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Examples
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Evaluation of Cost-Plus Pricing
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Lesson Summary
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Quiz 10.2
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What Is Time-and-Material Pricing?
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Determining the Cost
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Advantages and Disadvantages
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Lesson Summary
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Quiz 10.3
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Absorption Costing
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Definition of Absorption Costing
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Formula
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Lesson Summary
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Quiz 10.4
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What Is Variable Cost Pricing?
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How Is it Used?
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Variable Cost Pricing Example
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Lesson Summary
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Quiz 10.5
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What Is Negotiated Transfer Pricing?
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Why Have Negotiated Transfer Pricing?
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Advantages and Disadvantages
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Example
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Lesson Summary
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Quiz 10.6
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What Is Cost-Based Transfer Pricing?
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Why This Is Often a Bad Idea
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Example
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Lesson Summary
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Quiz 10.7
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Market-Based Transfer Pricing
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Adjusted Pricing
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Which Method Is Best?
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Lesson Summary
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Quiz 10.8
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International Transfer Pricing: Defined
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Problems Moving Goods
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Final Effects of Transfer Pricing
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Example
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Lesson Summary
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Quiz 10.9
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What Is a Budget?
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Why Create a Budget?
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What Makes a Good Budget?
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Lesson Summary
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Quiz 11.1
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What is a Master Budget in Accounting?
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Operating Budgets
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Capital Expenditures Budgets
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Financial Budgets
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Lesson Summary
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Quiz 11.2
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What is an Operating Budget?
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Examples
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Budget Reports
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Lesson Summary
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Quiz 11.3
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What Is a Sales Budget?
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How to Create a Sales Budget
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Sales Budget Example
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Lesson Summary
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Quiz 11.4
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What Is a Production Budget?
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How to Prepare a Production Budget
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Where Do the Numbers Come From?
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Production Budgets Gone Wrong
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Production Budget Example
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Lesson Summary
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Quiz 11.5
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What Is a Direct Materials Budget?
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Formula
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How It's Used
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Example
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Lesson Summary
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Quiz 11.6
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Direct Labor Budget
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Preparing a Direct Labor Budget
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Other Factors and Uses
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Example of a Direct Labor Budget
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Lesson Summary
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Quiz 11.7
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A Manufacturing Overhead Budget
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Preparing One
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Tying It in with Other Budgets
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Example
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Lesson Summary
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Quiz 11.8
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A Wide-Ranging Budget
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What's Included in This Budget?
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How This Budget Is Put Together
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Role in Other Budgets
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Lesson Summary
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Quiz 11.9
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Budgeted Income Statements
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How To Make One
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Example Statement
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Why Is It Useful?
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Lesson Summary
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Quiz 11.10
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What Is a Capital Expenditure Budget?
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How Is this Budget Made?
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Role with Other Budgets
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Other Uses for this Budget
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Lesson Summary
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Quiz 11.11
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Definition of Cash Budgets
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Cash Inflows and Outflows
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Preparing a Cash Budget
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An Example of a Cash Budget
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Using a Cash Budget
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Lesson Summary
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Quiz 11.12
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Budgeted Balance Sheet
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Assets
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Liabilities
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Shareholder Equity
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Lesson Summary
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Quiz 11.13
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What Influences the Budget Process?
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Organizational Structure
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Responsibility Centers
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Cost Centers & Profit Centers
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Lesson Summary
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Quiz 11.14
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What Is a Static Budget?
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Limitations of a Static Budget
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Advantages of Static Budgets
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Lesson Summary
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Quiz 12.1
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Calculating Variances in Budgets
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Analyzing Variances
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Lesson Summary
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Quiz 12.2
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What Is a Budget?
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Types of Budget Controls
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Top-Down Budgeting
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Bottom-Up Budgeting
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Zero-Based Budgeting
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Flexible Budgeting
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Lesson Summary
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Quiz 12.3
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Flexible Budget Performance Report
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Creation
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Getting Numbers
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Purpose
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Lesson Summary
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Quiz 12.4
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What Is Responsibility Accounting?
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Benefits
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Limitations
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Lesson Summary
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Quiz 12.5
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What's a Responsibility Report?
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Content & Importance
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Example
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Lesson Summary
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Quiz 12.6
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What Is an Investment Center?
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How to Evaluate
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Return on Investment
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Residual Income
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Example
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Lesson Summary
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Quiz 12.7
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Why Is Cost Information Necessary?
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Standard Costs Defined
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Counting the Cost
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Why Use Standard Costing?
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Lesson Summary
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Quiz 13.1
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What Are Standard Costs?
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Why Use Standard Costs?
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How to Set Standard Costs
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Variances
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Example
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Lesson Summary
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Quiz 13.2
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Accounting Variance
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Calculating Labor Variances
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Calculating Materials Variances
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Calculating Overhead Variances
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Lesson Summary
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Quiz 13.3
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What Is a Variance Report?
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Formatting a Variance Report
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Why Bother?
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Lesson Summary
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Quiz 13.4
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Standard Cost Income Statement
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Preparation
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Counting Cost Variances
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Other Elements
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Lesson Summary
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Quiz 13.5
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-
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A Balanced Scorecard
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Foundation Definitions
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Balanced Scorecard Perspectives
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Example
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Lesson Summary
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Quiz 13.8
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-
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Standard Costing
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Uses of a Standard Costing System
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Variances
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Rate Variances
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Volume Variances
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Lesson Summary
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Quiz 13.7
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What Is Capital Budgeting?
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Capital Budgeting Decisions
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Payback Period
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Time Value of Money
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Net Present Value
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Lesson Summary
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Quiz 14.1
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What Is the Cash Payback Technique?
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Capital Projects
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Cash Payback Period
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Shorter Is Better
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Example
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Lesson Summary
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Quiz 14.2
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-
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Net Present Value and Capital Budgets
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Capital Projects
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Net Present Value Calculation
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Decision Rules
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Lesson Summary
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Quiz 14.3
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What's an Intangible Benefit?
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Ignoring Intangible Benefits
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Using Intangible Benefits
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Pricing Intangible Benefits
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Lesson Summary
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Quiz 14.4
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Is It Worth It?
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The Profitability Index
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Interpreting Results
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Examples of the Profitability Index
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Lesson Summary
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Quiz 14.5
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Capital Budgeting
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Post-Audit of a Capital Budget
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Evaluating the Capital Budget
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Why Is It Useful?
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Lesson Summary
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Quiz 14.6
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-
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Internal Rate of Return Method
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Understanding NPV
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Understanding IRR
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IRR with Multiple Cash Flows
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Making a Decision
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Lesson Summary
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Quiz14.7
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-
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Accounting Rate of Return
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Desired ARR
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Calculating ARR
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Making a Decision
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Lesson Summary
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Quiz 14.8
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-
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Introducing the Statement of Cash Flows
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What Makes Up the Statement of Cash Flows?
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Why Is the Statement of Cash Flows Important?
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Lesson Summary
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Quiz 15.1
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Direct Method
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Preparation
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Advantages and Disadvantages
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Example
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Lesson Summary
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Quiz 15.2
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-
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Cash Flow Statements
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Where to Get the Information
-
Order of Information
-
Example
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Lesson Summary
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Quiz 15.3
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-
-
Cash Flow Statements
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Statement Components
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Example
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Analyzing Operating Activities
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Analyzing Investing Activities
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Analyzing Financing Activities
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Overall Analysis
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Lesson Summary
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Quiz 15.4
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-
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Horizontal Method of Analysis
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What Is Horizontal Analysis?
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Balance Sheets
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Income Statements
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Retained Earnings Statements
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Lesson Summary
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Quiz 16.1
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What Is a Vertical Analysis?
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Balance Sheets & Vertical Analysis
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Income Statements & Vertical Analysis
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Lesson Summary
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Quiz 16.2
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-
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What Is Liquidity?
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Current Ratio
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Quick Ratio
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Operating Cash Ratio
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Lesson Summary
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Quiz 16.3
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What Is Solvency?
-
Debt Ratio
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Equity Ratio
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Debt-to-Equity Ratio
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Lesson Summary
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Quiz 16.4
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-
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Manual vs. Computerized Accounting
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Types of Computerized Software
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Advantages of Computerized Software
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Computerized Software Disadvantages
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Lesson Summary
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Quiz 17.1
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Transaction Processing
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Batch vs. Real-Time Processing
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Types of Processing Systems
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Lesson Summary
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Quiz 17.2
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What is an EIS?
-
Characteristics of an EIS
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Executive Dashboards
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Lesson Summary
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Quiz 17.3
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-
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Spreadsheet Software
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Database Software
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Lesson Summary
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Quiz 17.4
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FINAL EXAM
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About this course
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