Basic Cost Concepts...with a touch of humor | Managerial Accounting

This video covers basic cost concepts...with a touch of humor for managerial accounting.
Before discussing Managerial Accounting topics such as activity-based costing and the Balance Scorecard, it's important to have a strong foundation in the basic cost concepts.
This includes understanding what a cost is, and knowing the distinction between direct and indirect costs. For manufacturers, this also includes knowing the difference between product and period costs.
It is also critical to understand concepts such as opportunity cost and sunk costs.
Also, here's the link to the master's degree program in Puppet Arts at the University of Connecticut: drama.uconn.edu/programs/pupp...
This video is my first attempt to use humor in one of my educational videos, so I hope you enjoy it!-
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.
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Пікірлер: 186

  • @ashkanviliaei1565
    @ashkanviliaei15653 жыл бұрын

    Michael you are an inspiring person that takes the accounting profession education to the next level. These days, people ONLY desire earning money and you have changed this mindset. I appreciate your enthusiasm and thank you for producing great contents !!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Wow, thank you my friend!

  • @pinballmaster8734
    @pinballmaster87343 жыл бұрын

    This man is an American hero

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you for such kind words my friend!

  • @GreysonAuctor
    @GreysonAuctor Жыл бұрын

    I have ADHD and I struggle to focus on complex concepts but I had no problem with this video. The fast paced humor and information is exactly what I need. Thank you so much 😊

  • @Edspira

    @Edspira

    Жыл бұрын

    No problem, I'm glad you enjoyed this style of video!

  • @pineappleognam421
    @pineappleognam4213 жыл бұрын

    Just Wow. Loving the new virtual face-to-face setup. & of course,the humor 😂 . Thanks a lot for sharing your gift Sir

  • @Edspira

    @Edspira

    3 жыл бұрын

    No problem my friend!

  • @evolutionbe7150
    @evolutionbe71503 жыл бұрын

    Wow, a face behind the man that helped me graduate. Thank you so much for your videos they really help accounting students who have negligent professors (like i did.) Your videos on bonds really saved me!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you for the kind note! I'm sorry your professors were incompetent, but I'm glad the videos were of help to you. I hope you're doing well!

  • @Leafgirl99
    @Leafgirl992 жыл бұрын

    I just learned more from you in 7 minutes then I did from my online "instructor" in 3 plus months! Well Done lol

  • @Edspira

    @Edspira

    2 жыл бұрын

    Thank you! I'm sorry your instructor was awful!

  • @jamesko9631
    @jamesko96313 жыл бұрын

    I am in process of taking CPA exams and your lectures have been tremendously helpful. Thank you. By the way, I never realized you can smile while learning about cost accounting :)

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm glad you enjoyed the video! Good luck on the CPA exam!

  • @heiselblock
    @heiselblock3 жыл бұрын

    genuinely laughed out loud about the groundhogs 1:27

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm glad you liked that!

  • @heiselblock

    @heiselblock

    3 жыл бұрын

    @@Edspira it was totally worth the cost.

  • @amuni4
    @amuni46 ай бұрын

    mannn, I am in my last semester and I have acct 320. My professor is really nice, but hard to learn from. you sir are THE GOAT 🤝🏽

  • @djsalyers
    @djsalyers Жыл бұрын

    Brilliant video! I just started my managerial accounting course and this was recommended by our professor. Really helped me understand these basic cost concepts and just how broad the term "cost" can be.

  • @MrDjugashvili
    @MrDjugashvili3 жыл бұрын

    Lucky those students who have him as a teacher!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you!

  • @sessions1617
    @sessions161710 ай бұрын

    so glad I found this channel. I wish every accounting class was taught this way. 😀

  • @Archlense
    @Archlense Жыл бұрын

    ONE OF THE BEST ACCOUNTING CHANNELS EVER!!!! i wish i came across your page years ago!

  • @Bnelen
    @Bnelen3 жыл бұрын

    Good job! Haven't been following the channel for all that long, but you've created a new approach here. I hope you carry this style into more and more complicated areas. Never stop experimenting.

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thanks, will do!

  • @Patrick-qk2tl
    @Patrick-qk2tl3 жыл бұрын

    Exactly the right mixture of humour and facts! And very well-chosen examples! Love it!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Glad you enjoyed it!

  • @jdtaylor99yt
    @jdtaylor99yt3 жыл бұрын

    Excellent! Great information. And your humor has only improved since your Toastmaster days. I look forward to future videos. Who knows? I might even learn something!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you Joe! I learned a lot from you; I still remember you delivering outstanding speeches with no notes whatsoever. I hope you are doing well!

  • @Wiz99999
    @Wiz999993 жыл бұрын

    Face to face is certainly better than your traditional videos! It's nice to see the person who we're learning from.

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm glad you enjoyed it!

  • @jeromerouge1979
    @jeromerouge19793 жыл бұрын

    Excellent !!! Learning with fun :)

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you! Cheers!

  • @madinabonuturdalieva8299
    @madinabonuturdalieva8299 Жыл бұрын

    Mr. Mclaughlin, wow, you do know how to speak, how to teach. Thank you so much for making these amazing videos!

  • @Edspira

    @Edspira

    Жыл бұрын

    Wow, thank you so much!

  • @tokenstandpoint93
    @tokenstandpoint933 жыл бұрын

    OMG this was awesome 😂! I hope you do more videos in this fashion. You can be the John Oliver of Accounting!

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm so happy that you enjoyed it!

  • @fulya3826
    @fulya382616 күн бұрын

    this was crazy enjoyable, happy to find you!!! wish me luck in upcoming managerial acc exam 😊

  • @tarekalsherif57
    @tarekalsherif573 жыл бұрын

    That is really amazing funny and clear explanation! Very nice new presentation. Thank you Michael

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm glad you liked it Tarek!

  • @Gavsenberg
    @Gavsenberg3 жыл бұрын

    Keep up the Good work, Michael. And the new segment "Humour" is another wonderful addition 😂

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm so glad you enjoyed it!

  • @lisaverweij8806
    @lisaverweij880610 ай бұрын

    Gotta agree with the other people commenting! The energy and enthusuiasm you have for this profession is glorious! I want to be just like that when I'm done with my exams, I'm doing ACCA in Ireland.🤩

  • @rachelwong3474
    @rachelwong34743 жыл бұрын

    You are so amazing! you're making me enjoy learning. it actually kind of feels like watching TV, yet i'm able to review my accounting concepts and hope to eventually write my CPA exam (in Canada!) will keep you updated! thanks for your kindness and generosity!!! really appreciate it!!!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you so much! I hope your life and career are going phenomenal!

  • @nyambesimangolwa5755
    @nyambesimangolwa57558 ай бұрын

    I'd love to support your work! You're an international treasure and we such content to keep coming 🎉

  • @chordnificent
    @chordnificent2 жыл бұрын

    Amazing video, hope you’re still creating

  • @Edspira

    @Edspira

    2 жыл бұрын

    Indeed I am, thank you for the support!

  • @teresarivera8098
    @teresarivera80983 жыл бұрын

    Loved this video! Thanks so much for taking the time to make it lively :). It really helped me understand the concept.

  • @Edspira

    @Edspira

    3 жыл бұрын

    Glad it was helpful!

  • @royane3199
    @royane31993 жыл бұрын

    Wow 🤩 amazing video , I love it . Thank you Michael 🙏 I have management accounting subject , this semester and how lucky I am to watch your videos, makes it more exciting my study 😊 please continue your videos , because what you do is life saver ❤️

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you for the kind words! I hope you do great in your course!

  • @jennyluu4265
    @jennyluu42653 жыл бұрын

    you are just the best man. thank you for making these videos seriously.

  • @Edspira

    @Edspira

    3 жыл бұрын

    😉

  • @JH-nv4km
    @JH-nv4km3 жыл бұрын

    I would've loved to have had you as a professor, your vids on financial accounting really helped me with FAR

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you, I'm glad you found the videos helpful!

  • @smor8346
    @smor83463 жыл бұрын

    Very informative, and quite humorous at times, very epic 10/10

  • @Edspira

    @Edspira

    3 жыл бұрын

    Glad you enjoyed it!

  • @cathalodoherty1988
    @cathalodoherty19883 жыл бұрын

    This was just great to watch ! Great revision too!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you!

  • @lungelozain3100
    @lungelozain3100 Жыл бұрын

    This is just TOO GOOD!!🥺💯😫Thank you Professor

  • @Edspira

    @Edspira

    Жыл бұрын

    Glad you like it!

  • @nyambesimangolwa5755

    @nyambesimangolwa5755

    8 ай бұрын

    It's beyond good! It's AMAZING ❤

  • @varunsinha1605
    @varunsinha16053 жыл бұрын

    You are doing a great job ... your videos are life changing.... can't thank you enough...

  • @Edspira

    @Edspira

    3 жыл бұрын

    You just made my day! Thank you :)

  • @dithishetty6120
    @dithishetty61203 жыл бұрын

    What an awesome teacher , I have always loved your videos , you make it easy for an old person who is not an accounting person easy to understand this course well , thank you , this video is hilarious too

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you for the kind words my friend!

  • @selena1094
    @selena10943 жыл бұрын

    Love your videos!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you!

  • @littlebee33
    @littlebee333 жыл бұрын

    Thank you so much for this video! Loved the humor sprinkled in haha!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Glad you enjoyed it!

  • @mjt_00
    @mjt_009 ай бұрын

    Damn, I wish you would be my professor. You are crazy good in explaining things!!

  • @wilsonmoscoso4620
    @wilsonmoscoso46202 жыл бұрын

    Michael, you are the best of the best!!! A Maestro.

  • @Edspira

    @Edspira

    2 жыл бұрын

    Thank you my friend!

  • @YuyaD139
    @YuyaD13911 ай бұрын

    one of the best videos of education I ever seen !

  • @Edspira

    @Edspira

    11 ай бұрын

    That means a lot. Thank you so much!

  • @billhershey6105
    @billhershey61052 жыл бұрын

    Nice work - way to spice up cost accounting...let's get you on stage at one of the accounting events!

  • @Edspira

    @Edspira

    2 жыл бұрын

    😀

  • @martinmichalik5228
    @martinmichalik52282 жыл бұрын

    Accounting is quite honestly the worst thing on Earth and I believe accountants are nothing short of sadists, but you make it bearable sir. Love your humor

  • @Edspira

    @Edspira

    2 жыл бұрын

    Thank you!

  • @junwang9288
    @junwang92883 жыл бұрын

    you are the best accounting teacher!

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you! 😃

  • @July-ct7pp
    @July-ct7pp Жыл бұрын

    Oh shit! I never knew accounting could be so fun to learn! Thank you for implementing comedy into your lecture it made learning the concept much more enjoyable

  • @Edspira

    @Edspira

    Жыл бұрын

    We are currently testing some different styles of videos to see what the audience likes best. Glad you liked this!

  • @solohparaeso
    @solohparaeso Жыл бұрын

    Muchas gracias por el material, lo he escuchado con atención y me gusta su modo pedagógico. Gracias!! Tu material es genial.

  • @Edspira

    @Edspira

    Жыл бұрын

    De nada!

  • @maurynpainto4007
    @maurynpainto40073 жыл бұрын

    I love this. On point even if you are sleepy.

  • @Edspira

    @Edspira

    3 жыл бұрын

    😀

  • @jameseldridge3445
    @jameseldridge34452 жыл бұрын

    McGraw Hill is great but for some reason I learn better practically than from reading the book. Many thanks for simplifying

  • @Edspira

    @Edspira

    2 жыл бұрын

    No problem my friend

  • @Nott_Fifi
    @Nott_Fifi3 жыл бұрын

    love from Canada! I clicked the thumb up even before I watched the video.

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you my friend!

  • @ivanRobable
    @ivanRobable3 жыл бұрын

    Best educational video I've watched

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you!

  • @imanma1868
    @imanma18683 жыл бұрын

    Love this!!! Thank you for your videos

  • @Edspira

    @Edspira

    3 жыл бұрын

    Glad you like them!

  • @anatulymaimany
    @anatulymaimany3 жыл бұрын

    Thank you for another surprise. Great explanation.

  • @Edspira

    @Edspira

    3 жыл бұрын

    My pleasure!

  • @Little_Tough_One
    @Little_Tough_One3 жыл бұрын

    I can use more of these videos. It really helps with learning and keeping engaged. Currently studying for FAR exam.

  • @Edspira

    @Edspira

    3 жыл бұрын

    Good luck on the test!

  • @SVIJAYVITTAL
    @SVIJAYVITTAL3 жыл бұрын

    Thank you for the video Sir Please continue this type of videos in future it's very helpful.

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm glad you liked the new video style!

  • @michaelrabinovitch2120
    @michaelrabinovitch21203 жыл бұрын

    Needed this. Thank you very much. Amazing job

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you!

  • @Teewaree13
    @Teewaree133 жыл бұрын

    Thanks - I’m taking a management accounting starting July 1st📊📆📅🗞

  • @Edspira

    @Edspira

    3 жыл бұрын

    You got this!

  • @Daniel.Hernandex
    @Daniel.Hernandex2 жыл бұрын

    LMAO 😂 IGUANA RACES!!!! I’m freaking dying lmao!!!!!! Great video! Love the energy

  • @Edspira

    @Edspira

    2 жыл бұрын

    I'm glad you liked it! I put my heart and soul into that video 😀

  • @accountingencounters2770
    @accountingencounters27703 жыл бұрын

    Love the new style!

  • @Edspira

    @Edspira

    3 жыл бұрын

    😜

  • @hazemkamalmaz8772
    @hazemkamalmaz87722 жыл бұрын

    im sure that you are able to be a comedian writer boss 🙂. you have this gift beside an accounting tutor ❤️ . what an objective sense humor lecture 😍😍

  • @Edspira

    @Edspira

    2 жыл бұрын

    Thank you so much 😀

  • @commoncents1822
    @commoncents18222 жыл бұрын

    I finally put a face behind the name. I love your videos.

  • @Edspira

    @Edspira

    2 жыл бұрын

    Thank you for your support! I hope you are doing well!

  • @yinyin7614
    @yinyin76142 жыл бұрын

    Excellent video. I learned a lot. Thanks

  • @Edspira

    @Edspira

    2 жыл бұрын

    Glad you enjoyed it!

  • @cutiepato
    @cutiepato3 жыл бұрын

    I wish my teacher speaks like you... like both my accounting prof this semester keep making pauses, repeating what they said, and speak so slow. Basically an equation for me wanting to sleep

  • @Edspira

    @Edspira

    3 жыл бұрын

    Sorry to hear your accounting prof is subpar. But I'm glad you enjoyed the video!

  • @laurenjotch5564
    @laurenjotch55643 жыл бұрын

    This is the best video I've seen

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you!

  • @william_ochieng
    @william_ochieng3 жыл бұрын

    "Unless you're in Las Vegas..." 😂😂

  • @Edspira

    @Edspira

    3 жыл бұрын

    :)

  • @arianna7579
    @arianna757911 ай бұрын

    you're so awesome!

  • @classiccatastrophe1518
    @classiccatastrophe15183 жыл бұрын

    sir you are a life saver

  • @Edspira

    @Edspira

    3 жыл бұрын

    Thank you!

  • @danielrichardson362
    @danielrichardson3623 жыл бұрын

    As a UConn alum who had a friend named Pete, this feels like a personal attack... on another note thank you for all the accounting videos, they are beyond helpful in understanding some of these concepts. Ps. Don't visit the UConn puppetry museum, it's terrifying

  • @Edspira

    @Edspira

    3 жыл бұрын

    😂

  • @kirtwarren1921
    @kirtwarren19213 жыл бұрын

    Love the WOW reference.

  • @Edspira

    @Edspira

    3 жыл бұрын

    😀

  • @christiandiaz3307
    @christiandiaz3307 Жыл бұрын

    This guy is awesome! I LOLed multiple times hahahah

  • @Edspira

    @Edspira

    Жыл бұрын

    😀

  • @kaleabemiyayu1392
    @kaleabemiyayu1392 Жыл бұрын

    i enjoyed it so much dang it amazing

  • @Edspira

    @Edspira

    Жыл бұрын

    Thank you!

  • @OmarWannaHike
    @OmarWannaHike4 ай бұрын

    I am a sucker for large collection of books with similarly designed covers.

  • @urniece4184
    @urniece41842 жыл бұрын

    THANK YOU SO MUCH

  • @Edspira

    @Edspira

    2 жыл бұрын

    It was my pleasure!

  • @TIGREinVOLO
    @TIGREinVOLO Жыл бұрын

    excellent intro for newbies like me

  • @Edspira

    @Edspira

    Жыл бұрын

    Glad you liked it!

  • @william_ochieng
    @william_ochieng3 жыл бұрын

    OMG I love this so much!! 😂😂

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'm glad you liked it!

  • @william_ochieng

    @william_ochieng

    3 жыл бұрын

    @@Edspira Keep it up sir, you're the best!!

  • @mskies6065
    @mskies60652 жыл бұрын

    Awesome video

  • @Edspira

    @Edspira

    2 жыл бұрын

    Thank you!

  • @bigwiill006
    @bigwiill006 Жыл бұрын

    Awesome content 😂

  • @Edspira

    @Edspira

    Жыл бұрын

    Thanks William!

  • @laurentgattereau1613
    @laurentgattereau1613 Жыл бұрын

    amazing

  • @calefrequena9106
    @calefrequena91063 жыл бұрын

    Can you do a series on Cash Flows. (If you don’t have open)

  • @Edspira

    @Edspira

    3 жыл бұрын

    I currently have 16 videos on the Statement of Cash Flows. Here is a link to our financial accounting index, which is often easier to navigate than the KZread playlist. www.edspira.com/index-financial-accounting/

  • @dioleonwolf9577
    @dioleonwolf957711 ай бұрын

    This book I’m reading has 34 chapters, it takes me 30 minutes to read 1; I wake up at 9:00am and sleep at 10:00pm. I spend 2 hours doing my afternoon walk. Now using all this information, how many days would it take me to finish reading the book?

  • @susys8501
    @susys85019 ай бұрын

    Wtf did I just watched 😂😂😂 dude you are hilarious!!!

  • @user-wy5ne7nm1n
    @user-wy5ne7nm1nАй бұрын

    As part of my acca journey, I'm learning MA. Could you suggest a book that would be beneficial to me for my MA?

  • @KumR
    @KumR2 жыл бұрын

    Where does SG&A fit into what u explained? What about R&D expenses ?

  • @Edspira

    @Edspira

    Жыл бұрын

    SG&A and R&D are period costs and are expensed when incurred (in contrast to product costs, which are capitalized to the inventory account and expensed when the inventory is sold)

  • @biggestmanonearth2748
    @biggestmanonearth2748 Жыл бұрын

    Sounds like a plan...... Haha much appreciated

  • @MyFinancialFocus
    @MyFinancialFocus2 жыл бұрын

    Nothing like Dad jokes and accounting.

  • @Blueberryminty
    @Blueberryminty Жыл бұрын

    I was looking for some summarizing video's on managerial accounting and came across this good content, but for some dark, unknown reason was spiked up with some unnecessary narrowminded and belittling humor. oh well to each their own. the overview of the concepts was good.

  • @alumi9818
    @alumi98183 жыл бұрын

    Hey, could you somehow send us the list of the books seen on your book shelf?

  • @Edspira

    @Edspira

    3 жыл бұрын

    Do you mean just the business books? Some of the books in the background are novels, or foreign language books

  • @alumi9818

    @alumi9818

    3 жыл бұрын

    @@Edspira Yes, all econ-related books. Sorry for the late reply.

  • @Edspira

    @Edspira

    2 жыл бұрын

    Poor Economics, The Rise and Fall of American Growth, Blue Ocean Strategy, The Lean Startup, Measure What Matters, Good Strategy / Bad Strategy, Fordlandia, Out of the Crisis, Playing to Win, The Economics of Poverty

  • @alumi9818

    @alumi9818

    2 жыл бұрын

    @@Edspira Thank you

  • @Jen8765_
    @Jen8765_2 жыл бұрын

    I wish you were my professor lol

  • @Edspira

    @Edspira

    Жыл бұрын

    😀

  • @martynmckail8882
    @martynmckail88823 жыл бұрын

    Can't beat Punxatawney Phil.

  • @Edspira

    @Edspira

    3 жыл бұрын

    😀

  • @chase78966
    @chase789663 жыл бұрын

    Come to barbados and lecture 😭

  • @Edspira

    @Edspira

    3 жыл бұрын

    I'd love to!

  • @barackobama3719
    @barackobama371910 ай бұрын

    thanks for this video, sir. i'd be more than hapy to buy a course on udemy if you ever consider makiing one

  • @merciadios5113
    @merciadios5113 Жыл бұрын

    HAHAHAHA SO GOOD

  • @Edspira

    @Edspira

    Жыл бұрын

    Glad you liked it!

  • @chew_tunes
    @chew_tunes Жыл бұрын

    Who’s going to eat all this kale?! Lmaooooo 😂

  • @Edspira

    @Edspira

    Жыл бұрын

    Sounds like it's something that could have happened in real life!

  • @abdirahmanmohamed5568
    @abdirahmanmohamed55683 жыл бұрын

    you are exactly how I imagined you'd look like.

  • @Edspira

    @Edspira

    3 жыл бұрын

    😎

  • @ngamin5234
    @ngamin52345 күн бұрын

    good

  • @iam_izzi
    @iam_izzi3 жыл бұрын

    wait. how did he know I took drugs this morning

  • @Edspira

    @Edspira

    3 жыл бұрын

    😂

  • @fishtacos007
    @fishtacos0073 ай бұрын

    I think you mean a level 70 "mage"

  • @IIcultivatorII
    @IIcultivatorII3 жыл бұрын

    My head exploded Wages aren’t expense till the inventory is sold? This is why I fail

  • @ariah5093
    @ariah50932 ай бұрын

    Puppetry majors rn: 👀

  • @devhashira
    @devhashira Жыл бұрын

    so the company owes the labour money, and this becomes an asset in the inventory section of the balance sheet. its profound alright, a profound scam

  • @earthlingi72
    @earthlingi72Ай бұрын

    best spent 8min in my costing journey