Job cost system – Managerial Accounting
We will start by introducing managerial accounting or cost accounting topics that apply to companies that manufacture using either a job cost system or a process cost system.
The course will describe classifications for costs and the importance of being able to classify costs in different ways.
We will list and describe an outline of the process costs go through as they flow through the accounting process in a manufacturing company.
The course will compare the two major systems used to track inventory costs in a manufacturing company, the job cost system, and the process costs system. We will discuss when a company would use either a job cost system or a process cost system.
We will discuss the flow of inventory costs in a job cost system and track the process of costs related to raw materials, that then flow to work in process and factory overhead, to finished goods, and finally, are expensed in the form of cost of goods sold.
The course will list and describe key documents in the job cost system, documents that facilitate and help record the flow of costs in the system.
We will explain the concept of overhead and why it is needed, including the concept of actual overhead incurred and estimated overhead we apply to jobs. The course will show how to calculate the predetermined overhead rate and how to use this rate to estimate overhead allocated to jobs.
The course will record the journal entries related to costs as they flow through the job cost system including journal entries for the transfer of raw materials to work in process and factory overhead, the incurrence of direct and indirect wages, and other overhead costs. We will enter journal entries to allocate overhead to work in process and to close out finished jobs from work in process to finished goods. We will also enter journal entries to record the sale and related costs of finished jobs.
We will also discuss key terms and definitions related to a job cost system and how they are used in practice.
In addition to the instructional videos, this course will include downloadable
• Downloadable PDF Files
• Excel Practice Files
• Multiple Choice Practice Questions
• Short Calculation Practice Questions
• Discussion Questions
The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.
Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.
Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.
Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.
Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.
Who will we be learning from?
You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.
You will be learning from somebody who is a:
• CPA – Certified Public Accountant
• CGMA – Chartered Global Management Accountant
• Master of Science in Taxation
• CPS – Certifies Post-Secondary Instructor
• Curriculum Development Export
As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.
As a CPA and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.
The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.
Cost Classifications
Manufacturer’s Financial Statements
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52 Cost Classifications
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6PDF - 20 Cost Classifications
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720 Cost Classifications
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8PDF - 30 Product Costs & Period Costs
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930 Product Costs & Period Costs.ENCODING
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10PDF - 40 Direct Materials Labor & Overhead
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1140 Prime Costs & Conversion Costs
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1210 Discussion Question - Job Cost System
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13Accounting Comic Break
Cost Flows for a Manufacturing Company
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143 Manufacturer’s Financial Statements
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15PDF - 50 Manufacturer's Balance Sheet
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1650 Manufacturer's Balance Sheet
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17PDF - 60 Manufacturer's Income Statement
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1860 Manufacturer's Income Statement
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1910 Multiple Choice Questions – Job Cost System
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2020 Discussion Question - Job Cost System
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21Accounting Comic Break
Job Cost vs Process Cost System
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224 Cost Flows For a Manufacturing Company
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23PDF - 70 Manufacturing Activities Flow
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2470 Manufacturing Activities Flow
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25PDF - 80 Just In Time (JIT) Manufacturing
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2680 Just In Time (JIT) Manufacturing
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2720 Multiple Choice Questions – Job Cost System
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2830 Discussion Question - Job Cost System
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29Accounting Comic Break
Cost Flows for a Job Cost System
Job Cost Documents and Forms
Overhead Costs & Allocation
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427 Job Cost Documents and Forms
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43PDF - 110 Job Cost Sheet
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44110 Job Cost Sheet
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45PDF - 120 Materials Ledger Card Requisition
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46120 Materials Ledger Card & Materials Requisition
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47Excel Download
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48Worksheet - 120 Materials Ledger Card Requisition
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49PDF - 130 Time Ticket and Labor Entry
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50130 Time Ticket & Labor Journal Entry
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51Excel Download
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52Worksheet - 130 Time Ticket and Labor Entry
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5350 Multiple Choice Questions – Job Cost System
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5460 Discussion Question - Job Cost System
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55Accounting Comic Break
Finished Jobs and Sales Journal Entries
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568 Overhead Costs & Allocation
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57PDF - 140 Overhead Costs
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58140 Overhead Costs
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59Excel Download
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60Worksheet - 140 Overhead Costs
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61PDF - 150 Overhead Allocation
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62150 Overhead Allocation Predetermined Overhead Rate
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63Excel Download
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64Worksheet - 150 Overhead Allocation
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65PDF - 160 Under & Over applied Overhead
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66160 Overhead Under Applied Over Applied
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67Excel Download
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68Worksheet - 160 Under & Over applied Overhead
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6960 Multiple Choice Questions – Job Cost System
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7070 Discussion Question - Job Cost System
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71Accounting Comic Break
Job Cost System Summary
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729 Finished Jobs and Sales Journal Entries
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73PDF - 170 Finished Goods Journal Entry
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74170 Finished Jobs Journal Entry
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75Excel Download
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76Worksheet - 170 Finished Goods Journal Entry
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77PDF - 180 Sale of Jobs
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78180 Sale of Jobs
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79Excel Download
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80Worksheet - 180 Sale of Jobs
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8170 Multiple Choice Questions – Job Cost System
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82Short Calculation
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8380 Discussion Question - Job Cost System
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84Accounting Comic Break