Cost Accounting Fundamentals (CPE Course)

CPE Credit: 14 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $100

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Course Description
Cost accounting is an essential management tool that can uncover profitability improvements and provide support for key business decisions. The Cost Accounting Fundamentals course shows how to improve a business with constraint analysis, target costing, capital budgeting, price setting, and cost of quality analysis. The course also addresses the essential tasks of inventory valuation and job costing, and shows how to create a cost collection system for these activities. In short, this course contains the essential tools needed to foster more profitable decision-making by management.

Author: Steven Bragg

Course Number: AC1071

Table of Contents
Chapter 1. Overview of Cost Accounting
Chapter 2. The Cost Accountant Job Description
Chapter 3. Types of Costs
Chapter 4. Inventory Valuation
Chapter 5. Job Costing
Chapter 6. Process Costing
Chapter 7. Standard Costing
Chapter 8. Joint and By-Product Costing
Chapter 9. Waste Accounting
Chapter 10. Product Pricing
Chapter 11. Target Costing
Chapter 12. Transfer Pricing
Chapter 13. Direct Costing
Chapter 14. Activity-Based Costing
Chapter 15. Constraint Analysis
Chapter 16. Capital Budgeting Analysis
Chapter 17. Cost Collection Systems
Chapter 18. Cost Variability
Chapter 19. Cost of Quality

Learning Objectives

  • Cite the situations in which the cost accountant has a role.

  • Specify the working relationships of the cost accountant.

  • Cite the types of costs involved in the study of cost accounting.

  • Recognize the methods available for deriving inventory costs and the cost of goods sold.

  • State the entries used to compile job costs.

  • Differentiate between the calculations used for the different forms of process costing.

  • Specify how to calculate the different variances associated with standard costs.

  • Identify the various methods for allocating joint costs, as well as the effects of allocations on profitability.

  • Specify the proper accounting for various types of spoilage, rework, and scrap.

  • Recognize the types of costs to include in the formulation of a product price, and the circumstances under which these costs may be included or excluded.

  • Identify the process by which target costs are derived, and how that target can be met.

  • Specify how transfer pricing works, and the situations in which to use different transfer pricing methods.

  • State the circumstances under which direct costing can be used as an analysis tool.

  • Recognize the process for compiling activity-based costs, as well as how allocation bases, cost pools, and activity drivers are used.

  • Recognize the components of constraint analysis, and how to use this analysis to improve profits.

  • Recognize the various methods for reviewing a capital budgeting proposal.

  • Cite the methods used to accumulate costs, and the circumstances in which they are most useful.

  • Identify the extent to which costs can change in reaction to different circumstances.

  • Identify the types of costs associated with the quality concept.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Latest Review Date: February 2023

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

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AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.