Introduction to cost accounting-Welcome to Basics of Cost Accounting - Product Costing
Course Overview
Introduction
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Introduce yourself!
Lecture slides for this course
Introduction to cost accounting-Cost accounting as a part of corporate accounting
Cost accounting and corporate management
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Cost accounting, management accounting, and financial accounting
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Harmonization of management and financial accounting
Introduction to cost accounting-Basic concepts of cost accounting
Definition of costs
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Cost terms and their meaning: Total and unit costs, direct and indirect costs, fixed and variable costs
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Average unit costs: an example from the automotive industry in the COVID crisis
Cost terms and their meaning: Inventoriable and period costs, opportunity and sunk costs
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Practical example: Sunk costs when Robert Bosch GmbH exited the solar sector
Three sub-systems of cost accounting
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Absorption costing vs variable costing
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Cost-type accounting- Introduction to cost-type accounting
Tasks of cost-type accounting, linkage to financial accounting, and important cost types
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Cost types in business practice
Cost-type accounting-Material costs
Introduction to material costs
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Recording material consumption
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Comparing the methods for recording material consumption
Valuing material consumption
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Excursus: What crypto taxpayers need to know about FIFO, LIFO, HIFO & specific ID
Cost-type accounting-Personnel costs
Personnel costs
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Deep dive: Personnel costs
Cost-type accounting-Machine costs
Types of machine costs
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Depreciation
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Interest costs
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Deep dive: Imputed interest costs at BASF
Cost-center accounting-Introduction to cost-center accounting
Tasks of cost-center accounting and structure of cost centers
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Practical example: Cost-center plan of the Federation of German Industry
The three steps of cost-center accounting
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Cost-center accounting-Step1: Assign overhead costs to cost centers
Primary cost allocation
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Cost-center accounting-Step 2: Allocate service-department costs from indirect to direct cost centers
Overview of the methods for the allocation of service-department costs
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Reciprocal method based on equations
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Reciprocal method based on iterations
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Method of credits and debits
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Step-ladder method
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Direct method
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Methods for the allocation of service-department costs: Practices in Germany and Austria
Cost-center accounting-Step 3: Determine overhead rates for costing
Determining overhead rates
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Product and service costing-Tasks and design of product and service costing
Tasks of product and service costing
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Classification of cost objects
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Practical example: Cost cutting in the energy industry
The relationship between program type, product characteristics, and costing method
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Product and service costing-Product costing for job shop production
The general approach to job costing
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Job costing with multiple overhead rates
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Machine-hour costing
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Actual costing, interim costing, and normal costing
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Book keeping for job shop production
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Product and service costing-Product costing for mass and variant production
Single-stage process costing
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Multi-stage process costing
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Equivalence number method
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Cost allocation for joint products and byproducts
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Product and service costing-Congratulations on completing one course of the Cost Accounting Specialization
What do I learn in the remaining two courses of the Specialization?