COST-ACCOUNTS.AE1
Cost Accounting
Acquire the essential skills and techniques of cost accounting through our engaging online course to manage business costs.
- Practice in 30 Hands-On Labs — nothing to install
- 22 Interactive Lessons and 100 topics mapped to the official exam objectives
Intermediate Self-paced · 1 year access
30 Hands-On LiveLabs
Practice real IT tasks in guided environments.
- Real environments
- Auto-graded
- No installation
22Interactive Lessons
100Topics
30LiveLab
105Flashcards
105Glossary of terms
01 / Skills you'll get
What you will be able to do
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No credit card required
Our cost accounting online course is the right fit for you if you want to make your business more profitable. We’ll explore cost accounting in detail, from figuring out how much you spend to making smart decisions about pricing and production. You’ll learn to use tools like cost-volume-profit analysis, job costing, and activity-based costing to get a better understanding of your business’s finances. Develop skills in budgeting, variance analysis, and inventory management!
- Analyze and interpret financial data to make informed business decisions
- Manage and control costs to optimize profitability
- Create and manage budgets to forecast future financial performance
- Improve efficiency by identifying and analyzing variances between budgeted and actual costs
- Learn to use inventory valuation methods and cost management techniques
- Allocate costs more accurately using activity-based costing
- Determine breakeven points and target profit levels using cost-volume-profit analysis
- Develop financial reports and represent accounting information in financial statements
Target Career Roles
- Cost Accountant
- Financial Analyst
- Budget Analyst
- Management Accountant
- Cost Controller
- Auditor
- Tax Accountant
- Business Consultant
- Strategic Planner
- Operations Manager.
02 / Lessons & labs
See exactly what you will learn and practice
Lessons
22 Interactive Lessons · 100 topics01 Introduction 4 topics +
- About This Course
- False Assumptions
- Icons Used in This Course
- Where to Go from Here
02 So You Want to Know about Cost Accounting 2 topics +
- Comparing Accounting Methods
- Using Cost Accounting to Your Advantage
03 Brushing Up on Cost Accounting Basics 4 topics +
- Understanding the Big Four Terms
- Covering Costs in Different Industries
- Why Are You Spending? Cost Drivers
- Following the Rules of the Cost Accounting Road
04 Using Cost-Volume-Profit Analysis to Plan Your Business Results 3 topics · 4 LiveLab +
- Understanding How Cost-Volume-Profit Analysis Works
- Using Cost-Volume-Profit Analysis to Make Savvy Business Decisions
- The Tax Man Cometh, the Profits Goeth
4 LiveLab in this lesson — see the labs panel →
05 Estimating Costs with Job Costing 3 topics · 2 LiveLab +
- Understanding How Job Costing Works
- Taking a Closer Look at Indirect Costs using Normal Costing
- Following the Flow of Costs through a Manufacturing System
2 LiveLab in this lesson — see the labs panel →
06 More Activity, More Cost: Activity-Based Costing 5 topics · 1 LiveLab +
- Avoiding the Slippery Peanut Butter Costing Slope
- Designing an Activity-Based Costing System
- Using Activity-Based Costing to Compute Total Cost, Profit, and Sale Price
- Implementing ABC Costing for a Business Pivot
- Using ABC Costing for a New Business Model
1 LiveLab in this lesson — see the labs panel →
07 What’s the Plan, Stan? Budgeting for a Better Bottom Line 5 topics · 3 LiveLab +
- Brushing Up on Budgeting Basics
- Planning How to Plan: Factors That Impact Your Budgeting Process
- The Nuts and Bolts (and Washers) of Budgeting
- Budgeting with Cash Accounting or Accrual Accounting
- Budgeting to Produce the Income Statement and Balance Sheet
3 LiveLab in this lesson — see the labs panel →
08 Constant Change: Variance Analysis 3 topics · 2 LiveLab +
- Variance Analysis and Budgeting
- Analyzing in Material Price and Efficiency Variances
- Using Your Findings to Make Decisions
2 LiveLab in this lesson — see the labs panel →
09 Focusing on Overhead Costs 3 topics · 2 LiveLab +
- Using Cost Allocation to Minimize Overhead
- Paying for the Security Guard: Fixed Overhead Costs
- Those Vexing Variable Manufacturing Costs
2 LiveLab in this lesson — see the labs panel →
10 What’s on the Shelf? Inventory Costing 4 topics · 5 LiveLab +
- Working with Inventoriable Costs
- Costing Methods for Inventory
- Using Variable and Absorption Costing to Allocate Fixed Manufacturing Costs
- Relating Capacity Issues to Inventory
5 LiveLab in this lesson — see the labs panel →
11 Cost Drivers and Cost Estimation Methods 5 topics · 1 LiveLab +
- Working with Cost Behavior
- Considering Cost Estimation Methods
- Exploring Nonlinear Cost Functions
- Assessing the Impact of Learning Curves
- Considering how AI and Data Analytics Impact Learning Curves
1 LiveLab in this lesson — see the labs panel →
12 Making Smart Business Decisions with Relevant Information 4 topics · 1 LiveLab +
- Navigating the Geography of Relevance
- Special Orders Don’t Upset Us, Do They?
- Deciding between Outsourcing and In-house Production
- Maximizing Profit When Capacity Is Limited
1 LiveLab in this lesson — see the labs panel →
13 Making Smart Pricing Decisions: Figuring Total Costs 3 topics · 1 LiveLab +
- Understanding Influences on Prices
- Pricing for Profits Down the Road
- Arriving at a Reasonable Profit
1 LiveLab in this lesson — see the labs panel →
14 Analysis Methods to Improve Profitability 3 topics · 1 LiveLab +
- Processing Cost Allocation
- Implementing Cost Allocation
- Going Over Sales Mix and Sales Quantity Variances
1 LiveLab in this lesson — see the labs panel →
15 Behind the Scenes: Accounting for Support Costs and Common Costs 4 topics · 2 LiveLab +
- Not Everyone Generates Revenue: Support Costs
- Going Over Variance Analysis and Department Costs
- Focusing on Common Costs
- Making a Commitment: Contracts
2 LiveLab in this lesson — see the labs panel →
16 Joint Costs, Separable Costs, and Using Up the Leftovers 4 topics · 1 LiveLab +
- Working with Joint Costs
- Continuing Production: Computing Separable Costs After Splitoff
- Choosing a Joint Cost Allocation Method
- Holding a Garage Sale: Making the Most of Byproducts
1 LiveLab in this lesson — see the labs panel →
17 Tracing Similar Products with Process Costing 6 topics · 1 LiveLab +
- Process Costing: Presenting the Basic Approach
- Sitting on the Factory Floor: Dealing with Work in Process
- Using Equivalent Units to Compare Apples to Apples
- Using the Weighted Average Method for Process Costing
- Introducing the First In, First Out Method of Process Costing
- Comparing Processing Costing Methods
1 LiveLab in this lesson — see the labs panel →
18 What a Waste! Getting the Most from Spoilage, Scrap, and Reworked Products 3 topics · 1 LiveLab +
- Accounting for Waste
- Applying Process Costing Methods to Spoilage
- Job Costing for Spoilage, Reworked Products, and Scrap
1 LiveLab in this lesson — see the labs panel →
19 Making Smart Ordering Decisions 6 topics · 1 LiveLab +
- Considering the Costs of Inventory
- Calculating Inventory Quantity with the Economic Order Quantity Formula
- Figuring a Favorable Reorder Point
- Evaluating Prediction Error
- Practicing Just-In-Time Purchasing
- SCM and Customer Demand Issues
1 LiveLab in this lesson — see the labs panel →
20 Quality: Building a Better Mousetrap 6 topics · 1 LiveLab +
- Considering Quality Benefits and Costs
- Compiling a Cost of Quality Report
- Putting Quality Practices in Place
- Customer Satisfaction: Measuring and Improving It
- Doing More in Less Time
- Eliminating the Constraint of the Bottleneck
1 LiveLab in this lesson — see the labs panel →
21 Ten Common Costing Mistakes and How to Avoid Them 10 topics +
- Pricing a Product Incorrectly
- Listing Fixed Costs As Variable Costs
- Labeling Period Costs As Product Costs
- Misusing Target Net Income
- Forgetting About Taxes
- Assigning Costs to the Wrong Product
- Not Reviewing Variances Correctly
- Redlining: Pushing Production Activity Above Relevant Range
- Ignoring the Timing of Costs
- Not Implementing Activity-Based Costing
22 Ten Ways to Increase Profits Using Costing 10 topics +
- Selling More Of The Right Products
- Implementing Sales Mix Analysis to Increase Total Profits
- Building a Higher Margin of Safety
- Deciding How Much You Need: Production and Scheduling Issues
- Who Does What: Handling Costs and Employee Issues
- Reducing and Managing Scrap
- Moving It off the Shelf: Inventory Issues
- Effectively Taking Special Orders
- Making Accurate Cost Allocations
- Addressing the Issue of Spoilage
Hands-On Labs Our edge
30 LiveLabs- Understanding the Contribution Margin and the Breakeven Point
- Calculating the Breakeven Point
- Calculating the Contribution Margin
- Calculating Pre-tax Dollars Needed for Purchase
- Calculating the Direct Material Cost
- Calculating Job Costs
- Calculating the Annual Budgeted Indirect Cost
- Understanding a Cash Flow Statement
- Understanding the Income Statement
- Understanding a Balance Sheet
- Calculating the Price Variance
- Calculating the Material Price Variance
- Understanding Overhead Costs
- Calculating the Actual Variable Manufacturing Overhead Cost
- Costing Inventory Using the LIFO Method
- Costing Inventory Using the FIFO Method
- Understanding Variable and Absorption Costing
- Calculating Variable and Absorption Costing
- Calculating the Practical Capacity
- Calculating the Estimated Total Cost
- Deciding the Carrying Cost
- Calculating the Target Cost
- Calculating the Residential Division Interest Cost
- Calculating the Budgeted Cost Pool
- Calculating the Single Rate Budgeted Cost Allocation Rate
- Calculating the Net Realizable Value
- Calculating the Cost Per Equivalent Unit
- Calculating the Equivalent Units
- Calculating the Relevant Total Cost
- Calculate the Average Waiting Time
Labs run in your browser — nothing to install.
03 / FAQs
Questions before you start
Who is this course suitable for? +
This course is suitable for individuals who want to learn about cost accounting principles and apply them to their professional or personal endeavors. It can benefit students, professionals in finance and accounting, and entrepreneurs.
What are the prerequisites for taking this course? +
A basic understanding of accounting principles is recommended, but not required. Our accounting course will provide the necessary background information.
Why is cost accounting so hard? +
Cost accounting can be challenging due to its complexity, the need for specific data and analysis, and the dynamic nature of business operations.
How is cost accounting different from financial accounting? +
- Financial accounting provides information to external stakeholders, such as investors and creditors
- Cost accounting throws light on the internal decision-making for management. Cost accounting provides more detailed information about the costs of producing goods and services.
How can I use cost accounting in budgeting and forecasting? +
Cost accounting plays a vital role in budgeting and forecasting by providing accurate cost data. It can help identify areas where costs can be reduced, improve efficiency, and enhance profitability.
How can this cost accounting help me in my career? +
A strong understanding of budgeting can open up opportunities in various finance and accounting roles, such as cost accountants, financial analysts, and controllers. It can also be beneficial for entrepreneurs and business owners who want to make informed decisions about their operations.
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Learn the Cost Accounting Essentials
Start your journey to becoming a cost accounting expert. Enroll in our course today!
- 1 year of full access
- 30 LiveLab included
- Certificate of completion
No credit card required