Cost Terms and Concepts in Cost & Management Accounting Part 1, Accounting Step-by-Step, Mike Werner
Cost Terms and Concepts in Cost & Management Accounting Part 1
An understanding of cost terms and concepts and how costs are classified is necessary to understand or prepare management accounting schedules, reports and information.
This video is Part 1 of 2. It introduces viewers to various costs and cost classifications including direct (traceable) cost, indirect (common) cost, cost behavior, fixed cost, variable cost, product cost, period cost, merchandise inventory, selling expense, administrative expense, the cost of goods sold schedule, and the income statement for merchandisers.
The next video, Part 2 introduces viewers to manufacturing product costs, direct material, direct labor, various aspects of manufacturing overhead, prime cost, conversion cost, cost drivers, raw material inventory, work-in-process inventory, finished goods inventory, the cost of goods manufactured schedule, the cost of goods sold schedule and the income statement.
Accounting Step-by-Step
By Mike Werner
Пікірлер: 15
I LIKE YOUR IDEA
Thank you for posting this!
@accountingstepbystep2229
Жыл бұрын
Hi Has. I just saw this comment and I'm not sure if I replied or not. Just in case I didn't, you are most welcome! I thank you for watching my video and for your comment. Please comment if you have any questions and to keep in touch! Best regards, Mike Werner
this helps me a lot, thank you sir! I hope you get more views
@accountingstepbystep2229
2 жыл бұрын
Hi Ms. Aulia. I am so happy you found the video useful! Thank you for your comment and kind words! I hope I get more views too! It takes time to build up views and "Likes" and comments like the one you made are most helpful. Again, thank you. I wish you a Happy New Year and very best regards, Mike
i cant belive that u explained all this ur video deserf millons likes thank u very much ❤❤
@accountingstepbystep2229
6 ай бұрын
Thank you so very nice for the very, very nice comment. I truly appreciate it. And thank you for viewing my video. I hope it was helpful! Very best regards, Mike.
Thanks 👍
@accountingstepbystep2229
2 жыл бұрын
Thank you for your comment and you're most welcome! I hope the video was helpful! Best regards, Mike
Thank you Sir
@accountingstepbystep2229
6 ай бұрын
You're most welcome. Thank you for your comment and encouragement. Very best regards, Mike
Thanks you sir but I have a question. When calculating product cost, what returns and discount are deducting. Are they return outward or return inward, discount received or discount allowed. Thanks
@accountingstepbystep2229
Жыл бұрын
Hi Kayiza. Thank you for another comment and for your question. When calculating product cost, the returns that should be deducted are the product returns from the company to the supplier of the product. And the discounts that are deducted from product cost are the discounts that supplier of the product provides to the company. Returns from customers to the company and discounts provided to customers are not factored into product cost, but rather these amounts are deducted from sales revenue to arrive at net sales. I hope this information is helpful, but if further clarification is needed, please let me know in the comments. Keep in touch, Kayiza! Best regards, Mike Werner
@kayizasteven7536
Жыл бұрын
@@accountingstepbystep2229 Thanks Mr Mike for the clarification. I have got it .
@accountingstepbystep2229
Жыл бұрын
@@kayizasteven7536 Hi Kayiza. You're most welcome! I appreciate your comments and questions! Thank you so much. Best regards, Mike Werner