In this introductory course we’ll explore classifying costs as product vs non-product and how this impacts the accounting in a manufacturing environment. This is the building block of understanding how to account for a manufacturing company. In this course, the concept of costs flowing through inventory accounts is introduced.
 

Course Key Concepts: Introductory managerial accounting, Classifying costs, Manufacturing, Product, Direct materials, Direct labor, Overhead, Period costs, Raw materials.


NOTE: A downloadable file ‘Chapter 1.epub’ is available for this course. To access that file, please click here to download the file and use the appropriate player like (apple books or adobe digital editions) to run the file correctly.


Other Modules of Introductory Managerial Accounting by Erik Slayter.
1. Introductory Managerial Accounting - Classifying Costs
2. Introductory Managerial Accounting - Job Costing
3. Introductory Managerial Accounting - Cost, Volume-Profit Analysis
4. Introductory Managerial Accounting - Budgeting
5. Introductory Managerial Accounting - Variance Analysis
6. Introductory Managerial Accounting - Capital Budgeting

Learning Objectives
  • Identify and classify costs.
  • Discover how to apply correct accounting of costs.
  • Explore preparing schedules for production accounting.
Last updated/reviewed: March 8, 2024
13 Reviews (45 ratings)

Reviews

5
Member's Profile
This course was easy to understand and provided a good foundation for gaining an understanding of inventory accounting. It explained the three main accounts in inventory and how they work together. It also helped participant understand how inventory interacts with the income statement.
4
Anonymous Author
Manufacturing overhead refers to indirect costs incurred in the production process that cannot be directly attributed to specific products. These costs include expenses such as factory rent, utilities, equipment maintenance, depreciation, supervision, and administrative costs.
4
Anonymous Author
Very quick and helpful way to remember the fundamentals of accounting and how the accounts tie into the Income Statement. I liked how he shows the flow from one account to the next, all the way down the line to COGS.
5
Member's Profile
Good start-to-finish examples of the accounting flow for manufacturing and selling goods, "showing your work" on intermediate steps helped think through and link the various pieces of information
4
Anonymous Author
This gives a great overview of the inventory accounting process. It does not get too deep into the weeds, but provides some good fundamentals.
4
Anonymous Author
this is a really goo intro course on cost accounting, and I would recommend to anyone who is trying to learn about cost accounting
5
Member's Profile
This course was extremely clear and well explained. The topic was explained in an overview and then plenty of practice followed.
4
Anonymous Author
Cost accounting made easy! Love the use of T-accounts to simplify and illustrate the flow of cost compnents. Great course
4
Anonymous Author
Good introduction to classifying cost with good examples on how they relate to financial reporting.
5
Anonymous Author
good course, plenty of examples and exercises to help work through different scenarios.
5
Anonymous Author
The class provides great practical examples to help make the concepts understandable
4
Member's Profile
A reasonably good course with informative material well-suited for the purpose.
5
Anonymous Author
The class was basic. Explained some key fundamentals
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Prerequisites
Course Complexity: Foundational

Basic understanding of journal entries, t-accounts, the accounting equation (Introductory Financial Accounting)

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Classifying Costs7:59
  Examples14:32
  Inventory Accounts15:41
  More Practice Examples13:36
  More Practice Examples Cont'd11:20
Continuous Play
  Introductory Managerial Accounting - Classifying Costs1:03:09
Supporting Materials
  Handout: Introductory Managerial Accounting – Classifying CostsPDF
  Practice: Introductory Managerial Accounting – Classifying CostsPDF
Review And Test
  REVIEW QUESTIONSquiz
 FINAL EXAMexam