Пікірлер

• 
  @andyjohnson971418 күн бұрын

  So grate to see it! I’m a finance professional with 20+ years of experience and yet again going back to basics to relearn things

• 
  @agoodwife87872 ай бұрын

  This is wonderful courses. Thank you so much.

• 
  @cdainc75373 ай бұрын

  Excellent instructor

• 
  @sanyiigudeta32994 ай бұрын

  I LIKE YOUR IDEA

• 
  @user-kp7gi5og9m4 ай бұрын

  Is this good for nonprofits as well?

• 
  @darklight17784 ай бұрын

  I’m takingCost/ Management accounting course … and it’s so confusing. Thanks to your videos it’s more understandable!!!

• 
  @forbytsingano83894 ай бұрын

  me as well needs proper notes and step by step tutoring

• 
  @user-uq7wi5lj7k4 ай бұрын

  From Liberia

• 
  @user-uq7wi5lj7k4 ай бұрын

  Thanks for the lesson I admire it so much.

• 
  @meevwhy37045 ай бұрын

  Thank you!

• 
  5 ай бұрын

  for those of you confused at 10:12 worry not: you should be, since Mike goofed slightly and at 10:17 showed a slightly redacted version of the problem text which DOES NOT show the 'budgeted DIRECT MATERIAL inventory for January" data of 2100 pounds. That data is shown in the problem text which can be viewed starting at the very begin of the video timestamp 0:39 or so.

• 
  5 ай бұрын

  This is helping a lot with my homework. My textbook did a mostly crappy job at explaining this part.....this video is great, thanks for posting a niche' accounting instruction video, Mr. Werner.

• 
  @user-wd5fy9zv8p7 ай бұрын

  thank you sir ,,,

• 
  @accountingstepbystep22297 ай бұрын

  Thank you for the nice comment and thank you for viewing my video. I hope it was helpful! Very best regards, Mike.

• 
  @e-21627 ай бұрын

  i cant belive that u explained all this ur video deserf millons likes thank u very much ❤❤

• 
  @accountingstepbystep22297 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.

• 
  @omarelmi55238 ай бұрын

  thanks prof very much

• 
  @accountingstepbystep22297 ай бұрын

  Thank you so much for the nice comment and thank you for viewing my video. I hope it was helpful! Very best regards, Prof. Mike.

• 
  @tracynguyen11158 ай бұрын

  Thanks very much for your lecture; it's very clear explanation and easy to follow the costs flow.

• 
  @accountingstepbystep22297 ай бұрын

  Thank you so much for the very nice comment and encouragement. I am very happy the video was helpful. Thank you for viewing my video a very best regards, Mike.

• 
  @masterpiece4928 ай бұрын

  Could you clarify regarding information discussed in value chain: 1. for a product in the market, are all activities priced into the product? i.e is the price of the product inclusive of all activities in the value chain? 2. Why is that for product cost, the price of production only considered in financial accounting?

• 
  @accountingstepbystep22297 ай бұрын

  Hi Masterpiece, Well, financial and even managerial accounting are far from perfect. As you mention, there are various costs in the value chain, including research and development, product and process design, the cost of manufacturing the product, marketing and sales, product delivery, and product support. All of these costs are closely related to the product and are necessary. However, in financial accounting, only the cost of acquiring the product (invoice cost of the product or raw material for a manufacturer), the cost of brining the product into the company's place of business (freight-in) and the cost to get the product ready to sell, which for a retailer is minimal, but for a manufacturer is extensive, including direct labor cost of manufacturing the product and all the cost of operating the factory, which is often called manufacturing overhead. Once the product is ready to sell, no other cost are added to the cost of the product or treated as product (inventoriable) cost. Marketing, selling, distribution cost (freight out), and product support are all treated as period cost, not product cost. So, it can be difficult to determine the actual profitability of particular products. So again, financial accounting is not perfect because product cost only includes the cost of getting the product and getting it ready to sell and excludes other value chain costs associated with the product. Because financial accounting is so important and can be a focus of many companies, management accounting often follows financial accounting's lead and excludes the various value chain costs as well. So your question is a good one and quite on point. It is likely that the reason the other value chain costs are not included would be that research and development costs often do not result in successful products, so to be conservative, instead of adding these costs to inventory and expensing them as products are sole, they are expenses as incurred. The same holds true with marketing and selling costs, sometimes these result in sales, sometime not, so instead of adding them to inventory and expensing them as products are sole, they are expenses as incurred. Regarding freight out cost, some companies, not many, but some like Target include these cost as product cost and their cost of goods sold. Most simply include freight out cost as a period cost and expense the cost as incurred and make little or no attempt to attribute it to individual products. Product support costs are generally estimated and accrued, if material in amount, but for financial accounting are not attributed to individual products. But, for management accounting it would certainly be a good idea to attribute the costs to individual products to monitor the support cost required for various products, looking for the need for product or process improvements to keep these costs under control. I hope this information is helpful and I think you for you brilliant and on-point question regarding the inherent shortcomings of financial and perhaps managerial accounting. Very best regards, Mike

• 
  @NayrMcDubs9 ай бұрын

  You saved me from dropping out of a finance class thank you so much

• 
  @accountingstepbystep22297 ай бұрын

  OMG, I am so happy you were able to complete the course and I hope your grade was as good or better than you were hoping for. Thank you so much for your comment and encouragement. It's truly my pleasure and I am so pleased the videos were helpful. Again, thank you and very best regards, Mike

• 
  @abelalem725310 ай бұрын

  Thank you Sir

• 
  @accountingstepbystep22297 ай бұрын

  You're most welcome. Thank you for your comment and encouragement. Very best regards, Mike

• 
  @abdimustafa614610 ай бұрын

  Thank soo much, that was really greatly appreciated helpful lecture. God bless you and your knowledge 🙏

• 
  @accountingstepbystep22297 ай бұрын

  Thank you so for the very nice comment and encouragement. I am very happy the video was helpful. Thank you for viewing my video. a God bless and very best regards, Mike.

• 
  @SikelelaLuyaba-uq6nc Жыл бұрын

  It is so good

• 
  @accountingstepbystep22297 ай бұрын

  And your comment and encouragement are sooo good as well. Thank you so much and very best regards, Mike

• 
  @chalafufa5100 Жыл бұрын

  is there any unique treatment of fixed income like hall rent for meeting for calculating the total sales?

• 
  @accountingstepbystep22297 ай бұрын

  This is an interesting question. Generally, rent is viewed as a period cost, in other words, the rent is expensed as it is incurred. But, if you are renting space in a hall, for trade shows, for example, perhaps for the accounting you use to manage the business (your managerial accounting) you could group the all the cost of a particular show including the hall rent cost, as part of that particular show to determine the profitability of each show. Some trade shows may be more profitable than others and some may actually come in at a loss. With this in mind, you can perhaps focus on the costs of each show, especially the shows that are less profitable or unprofitable to see you changes can be made to improve profitability. Perhaps more sales volume is needed, perhaps some costs can be cut (by selecting a smaller booth size for example), or perhaps prices can be changed. For cost volume profit analysis, the hall rent for trade shows would probably be treated as a fixed cost because the rent does not change based on the amount of sales. But, an argument could be made that increased sales necessitates more trade shows, so you could at least try including it as a variable cost, but this could get tricky. Could get tricky because the sales volume of each show could be increases, but the trade show hall rent would stay the same in total, so it's actual cost behavior would be that of a fixed cost. If you re assessing individual trade shows, I would recommend treating the hall rent as fixed because the hall rent will not change as sales changes. Without more information, I am not certain my response is on target but I do hope it's somewhat helpful. Thank you for you comment and viewing my video and very best regards, Mike

• 
  @yapiweekend4523 Жыл бұрын

  Thank u!!!🙏🙏

• 
  @accountingstepbystep22297 ай бұрын

  I am so sorry I did not respond earlier to your comment! I missed seeing it until now and I apologize. Thank you so much for your comment and encouragement. It truly means a lot to me and I am so happy the video was helpful. Many thanks and very best regards, Mike

• 
  @finnburke7189 Жыл бұрын

  Hi Mike, great job with these videos. Can I ask have you uploaded a video that covers; decision making, spefically: distinguishing between relevant and irrelavnt costs in decisions and establishing relevant cash flows for decision making and applying these principles? Thanks in advance

• 
  @accountingstepbystep22297 ай бұрын

  I'm so sorry I did not respond earlier to your comment. I apologized for not seeing it sooner. I have not created a relevant cost video yet but hope to do so soon. In the meantime, I wrote an introduction to management accounting textbook, Management Accounting - A User Perspective and Accounting - A User Perspective and each of these books includes an easy to read and understand presentation on this area. The books are out of print but still available on eBxy and Amaxxone for just a couple of dollars. Also your local library may have introductory management accounting books that would be helpful. Perhaps look for a management accounting text by Ray Garrison (moderately in depth) or Charles Horngren (more in depth), or a great book, easy to understand would be a management accounting book by Paul Kimmel. Any edition of any of these books would be fine. A more advance presentation can be found in any edition of Cost Accounting by Charles Horngren. You can find old editions of any of these books for just a couple of dollars on eBxy or Amaxxone. Thank you again for your comment and very best regards, Mike

• 
  @c.a.m.6276 Жыл бұрын

  Very useful, and rich in each detail of the steps of the ABC method. Thank you for posting such an outstanding presentation (from Brazil)

• 
  @accountingstepbystep22297 ай бұрын

  I am sorry for this late reply and I apologizes for not seeing your comment earlier. Thank you so much for the very nice comment and encouragement all the way from Brazil! Thank you! I am very happy the video was helpful. Thank you for your comment and for viewing my video. Very best regards, Mike.

• 
  @c.a.m.6276 Жыл бұрын

  Mr. Werner, I found your presentation outstanding. This for sure will be a great help-tks for posting. Thank you very much. (from Brazil)

• 
  @accountingstepbystep22297 ай бұрын

  Again, for this video also, I am sorry for this late reply and I apologizes for not seeing your comment earlier. Thank you so much for the very nice comment and encouragement for this video. All the way from Brazil, no less! Thank you! I am very happy the videos were helpful. Thank you for your comments and for viewing my videos and I wish you very best regards, Mike.

• 
  @iqbolubaydullaev4601 Жыл бұрын

  Thank you professor. It was helpfull.

• 
  @accountingstepbystep22297 ай бұрын

  I am sorry for this late reply and I apologizes for not seeing your comment earlier. Thank you so much for the very nice comment and encouragement! Thank you! I am so very happy the video was helpful. Thank you for your comment and for viewing my video. Very best regards, Mike.

• 
  @oct_chiblessed7310 Жыл бұрын

  I'm thinking of doing Financial Accounting next and your channel has sparked that interest more. I had fear that I will fail but with so much information like this I know is doable. Thank you🙏

• 
  @accountingstepbystep22297 ай бұрын

  I am sorry for this late reply and I apologizes for not seeing your comment earlier. Thank you so much for the very nice comment and encouragement! I hope you did take the financial accounting course and hope you get a great grade. If you did well, perhaps consider accounting and becoming a CPA for your career choice. There a so many opportunities in accounting to work in any industry imaginable. The opportunities are endless. Everyone needs an accountant, every business or organization needs an accountant, and there are so many opportunities available for even to the most prestigious CPA firms. Thank you! I am very happy the video was helpful. Thank you for your comment and for viewing my video. Very best regards, Mike. (Again, sorry about the late reply.)

• 
  @crisisbliss2462 Жыл бұрын

  I need to incorporate these formulas into a spreadsheet, but the calculators you used were wonderful. I like you the way you clearly express things.

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Cris. Thank you so much for your positive feedback! I hope the video is helpful to you as you prepare your spreadsheet. Thank again and best regards, Mike Werner

• 
  @lesliecuriel2112 Жыл бұрын

  Sir, thank you thank you thank!! Your channel explain everything in detail and voice is very clear, pleasant, and calm. I don’t know why you are no famous yet in KZread!

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Leslie. Thank you, thank you, thank you for your positive feedback. I am so very happy you found the videos helpful. With your help and the help of other viewers, perhaps I will be famous on KZread some day. Hope so! Thanks again and very best regards, Mike Werner

• 
  @kayizasteven7536 Жыл бұрын

  Thanks you Mr Mike for this wonderful video. My question is about how we can calculate contribution margin. Once it's not given. Then what is the difference between cost drive and cost activity. Thanks and be blessed.

• 
  @accountingstepbystep2229 Жыл бұрын

  Dear Kayiza. Thank you for your question! Generally, cost drivers are more apt to cause cost. That is, as the cost driver increases, it "drives" cost so cost also increases. On the other hand, an activity could be a cost driver and cause cost, or, it can be something that is correlated to the incurrence of cost instead of driving the cost. For example, the number of units produced would drive direct material cost, in that producing more units will cause direct material cost to increase because more material is need to produce the additional units. On the other hand total manufacturing overhead cost may increase as direct labor hours increases because there may be a correlation between direct labor hours and manufacturing overhead cost. It is logical that as direct labor hours increases, total manufacturing overhead will follow along increase as well. But, the direct labor hours does not cause most manufacturing overhead costs. For example, direct labor hours don't cause inspection cost, materials handling costs, or manufacturing electricity cost, but as more units are produced and direct labor hours increases, it is likely that the overhead cost mentioned above will follow along and also increase. I hope this information is helpful. Please let me know. Thank you again for your question and for viewing my videos. Best regards, Mike Werner

• 
  @kayizasteven7536 Жыл бұрын

  Very well explained. Thanks you sir

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Kayiza. Thank you so much for the comment and kind words! I hope the video helpful! Best regards, Mike Werner

• 
  @kayizasteven7536 Жыл бұрын

  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

• 
  @kayizasteven7536 Жыл бұрын

  Thanks you for this wonderful introduction

• 
  @accountingstepbystep2229 Жыл бұрын

  Thank you so much for the kind words! You're quite welcome!

• 
  @kayizasteven7536 Жыл бұрын

  You are welcome. Am a Ugandan doing CPA. How should I excel in this course

• 
  @accountingstepbystep2229 Жыл бұрын

  @@kayizasteven7536 Hi Kayiza. To excel in your courses, of course, the CPA requires dedication and study. Accounting is not something you learn about as you go through your every day life, it requires study. But once you take the accounting courses, you will have knowledge that others seldom have. It sets you apart from the rest. With this in mind, I might suggest that you become excited and motivated to learn as much as you can. When you actually want to learn, when the subject is important to you, learning, studying becomes more of a pleasure that hard work. You might say, but Werner, it's just accounting! But the reality is that accounting is the source of information used for many, many decision situations and accounting information really drives business and business decisions. The more you know about this information system, the more successful you will be as an accountant, or more importantly, in business in general. By learning as much as you can in your accounting courses, you are setting yourself up for a very bright future no matter what you do in life. I wish you the very best of luck and I thank you for your comments and for viewing my videos. Best regards, Mike Werner

• 
  @kayizasteven7536 Жыл бұрын

  @@accountingstepbystep2229 . Thanks Mr Mike for your piece of advice. May God bless you.

• 
  @accountingstepbystep2229 Жыл бұрын

  @@kayizasteven7536 You are most welcome! Please keep in touch! Very best regards, Mike Werner

• 
  @christian-ur3rm Жыл бұрын

  I learn from ethiopia. Thank you Mr.

• 
  @accountingstepbystep2229 Жыл бұрын

  You're quite welcome! I am happy you are learning more and more there in Ethiopia! Welcome to my channel!

• 
  @xaviermendez6577 Жыл бұрын

  Mike Werner, Very good explanation ¡ Thankyou very Much ?

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Xavier. You're quite welcome! Thank you for tuning into my channel!

• 
  @nomonderaphadu6769 Жыл бұрын

  This helped a lot thank you

• 
  @accountingstepbystep2229 Жыл бұрын

  Thank you so much for the kind words! You're quite welcome!

• 
  @patriciatricia1631 Жыл бұрын

  Thanks sir, thanks so much 🙏🙏

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Patricia! I love your comment and you're quite welcome. I am happy you found the videos helpful and wish you the best of luck. Best regards, Mike Werner

• 
  @moonchild2242 Жыл бұрын

  my man on hear saving my degree

• 
  @accountingstepbystep2229 Жыл бұрын

  I love your comment! Thank you so much for the kind words! I hope your degree is safe and on its way!

• 
  @najanjua682 жыл бұрын

  excellent -clear effective

• 
  @accountingstepbystep2229 Жыл бұрын

  Thank you so much for the kind words! And thank you for tuning into the channel!

• 
  @peggiehaas41192 жыл бұрын

  Professor Werner, Thank you so much for this video. It’s the way you explained complicated things in simple terms that make it so interesting. Also, the use of the calculator clarify common errors that discourage any student when we try it . Many thanks

• 
  @accountingstepbystep2229 Жыл бұрын

  Dear Peggie. I love your comment and feedback! I am so very pleased that you found the videos helpful. I hope things are going will with your studies and wish you the very best of luck!, Best regards, Mike Werner

• 
  @md.rabiulalam95912 жыл бұрын

  help full

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Rabui. Thank you for your comment! I am happy you found the videos helpful!

• 
  @netsanettadesse94682 жыл бұрын

  Thanks it is helpful I mean it

• 
  @accountingstepbystep2229 Жыл бұрын

  And I mean it when I say I love your comment and that you are most welcome. Thank you and best regards, Mike Werner

• 
  @mbulelopeter58412 жыл бұрын

  Thank you

• 
  @accountingstepbystep2229 Жыл бұрын

  Dear Mbulelo. You are most welcome! Thank you for watching my videos and best regards, Mike Werner

• 
  @MdMizan-fr8kl2 жыл бұрын

  Very Helpful video . Thanks

• 
  @accountingstepbystep2229 Жыл бұрын

  You are most welcome! Thank you for the kind words, Best regards, Mike Werner

• 
  @manjotsingh88032 жыл бұрын

  ur a legend

• 
  @accountingstepbystep2229 Жыл бұрын

  I love your comment! Thank you so much for the kind words! Best regards, Mike Werner

• 
  @anthonyjohnson64452 жыл бұрын

  Please I need the explaination of supply budget

• 
  @accountingstepbystep2229 Жыл бұрын

  Thank you for your comment! I am sorry but I don't have a video that focuses on a supply budget, but there is a video on the purchases or production butdet. Perhaps you can modify one of these to include supply lead times and product delivery lag times to adjust the purchases amounts accordingly. Thank you for your comment, Anthony. Best regards, Mike Werner

• 
  @danielyusoof79432 жыл бұрын

  Thank you 🙏

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Daniel. You're most welcome! Thank you for watching my videos and thank you for your comment! Best regards, Mike Werner

• 
  @ramanandavishwajnaacharya71792 жыл бұрын

  Helpful. Thanks from India😍

• 
  @accountingstepbystep2229 Жыл бұрын

  Hi Ramananda. I hope things are going well for you in India these days. I am in Miami, Florida, USA where the sun is always shingin and the weather is relatively warm year round. I am happy you found the videos helpful and I think you for your comment. Best regards, Mike Werner

• 
  @MUSTAFAMUSTAFACMA2 жыл бұрын

  Thanks for the refreshment.

• 
  @accountingstepbystep22292 жыл бұрын

  Dear Mustafa, You are most welcome. Thank you for your comment and I hope the video was useful. Have a great week! Please let me know if you view any of my other videos. Please keep in touch! Best regards, Mike

• 
  @evdoxiapikouni5452 жыл бұрын

  EXCELLENT. REALLY THE BEST WE HAVE FOUND

• 
  @accountingstepbystep22292 жыл бұрын

  Dear Evdoxia, Thank you for your comment and thank you so much for your kind words. I truly appreciate it! I hope the video was helpful. Best regards, Mike