Job Order Costing System – Managerial Accounting
Learn accounting for a job order costing system from a practicing CPA, CGMA, CPI, with B.S.Tax.
What you'll learn
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
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.
2 Cost Classifications
FREE PREVIEWPDF - 20 Cost Classifications
FREE PREVIEW20 Cost Classifications
FREE PREVIEWPDF - 30 Product Costs & Period Costs
FREE PREVIEW30 Product Costs & Period Costs.ENCODING
FREE PREVIEWPDF - 40 Direct Materials Labor & Overhead
FREE PREVIEW40 Prime Costs & Conversion Costs
FREE PREVIEWAccounting Comic Break
FREE PREVIEW3 Manufacturer’s Financial Statements
FREE PREVIEWPDF - 50 Manufacturer's Balance Sheet
50 Manufacturer's Balance Sheet
PDF - 60 Manufacturer's Income Statement
60 Manufacturer's Income Statement
Discussion Question
80 Multiple Choice Questions – Job Cost System
Accounting Comic Break
4 Cost Flows For a Manufacturing Company
FREE PREVIEWPDF - 70 Manufacturing Activities Flow
70 Manufacturing Activities Flow
PDF - 80 Just In Time (JIT) Manufacturing
80 Just In Time (JIT) Manufacturing
Discussion Question
70 Multiple Choice Questions – Job Cost System
Accounting Comic Break
5 Job Cost vs Process Cost System
FREE PREVIEWPDF - 90 Job Cost vs Process Cost
90 Job Cost Vs Process Cost
Discussion Question
60 Multiple Choice Questions – Job Cost System
Accounting Comic Break
6 Cost Flows for a Job Cost System
FREE PREVIEWPDF - 100 Job Order Cost Flows
100 Job Cost System Cost Flow
Discussion Question
50 Multiple Choice Questions – Job Cost System
Accounting Comic Break
7 Job Cost Documents and Forms
FREE PREVIEW110 Job Cost Sheet
110 Job Cost Sheet
PDF - 120 Materials Ledger Card Requisition
120 Materials Ledger Card & Materials Requisition
Excel Download
120 Materials Ledger Card Requisition
PDF - 130 Time Ticket and Labor Entry
130 Time Ticket & Labor Journal Entry
Excel Download
130 Time Ticket and Labor Entry
Discussion Question
40 Multiple Choice Questions – Job Cost System
Accounting Comic Break
8 Overhead Costs & Allocation
FREE PREVIEWPDF - 140 Overhead Costs
140 Overhead Costs
Excel Download
140 Overhead Costs
PDF - 150 Overhead Allocation
150 Overhead Allocation Predetermined Overhead Rate
Excel Download
150 Overhead Allocation
PDF - 160 Under & Over applied Overhead
160 Overhead Under Applied Over Applied
Excel Download
160 Under & Over applied Overhead
Discussion Question
30 Multiple Choice Questions – Job Cost System
Accounting Comic Break
9 Finished Jobs and Sales Journal Entries
FREE PREVIEW170 Finished Goods Journal Entry
170 Finished Jobs Journal Entry
Excel Download
170 Finished Goods Journal Entry
PDF - 180 Sale of Jobs
180 Sale of Jobs
Excel Download
180 Sale of Jobs
Discussion Question
20 Multiple Choice Questions – Job Cost System
1900 - Test question practice problems Part 2 Job Costing - Financial Accounting
Accounting Comic Break
10 Job Cost System Summary
FREE PREVIEWPDF - 190 Cost Flow - General Ledger
190 Cost Flow General Ledger
PDF - 300 Job Cost System
300 Job cost system Part 1
305 Job cost system Part 2
Excel Download
300 Accounting instructions-Job cost problem part 1%2C how to calculate
300 Accounting instructions-Job cost problem part 2%2C how to calculate
300 Accounting instructions-Job cost problem part 3%2C how to calculate
300.4 Accounting instructions-Job cost problem part 4%2C how to calculate (1)
Discussion Question
10 Multiple Choice Questions – Job Cost System
1900 - Test question practice problems Part 1 Job Costing - Financial Accounting
Accounting Comic Break
11 Key Term & Definitions
FREE PREVIEWFactory Overhead Definition - What is factory overhead
Purchase Order Definition - What is Purchase Order%3F (1)
Finished Goods Inventory - What is Finished Goods Inventory%3F
Time Ticket Definition - What is Time Ticket%3F
Job Definition - What is Job in A Job Cost System%3F
Work in Process Inventory Definition What is work if proce
Job Order Costing System Definition - What is Job Order Cost
Conversion Costs Definition - What are Conversion Costs%3F
Cost of Goods Manufactured Definition - What is Cost of Good
Jobs Cost Sheet definition - What are Job Cost Sheets
Manufacturing Overhead Definition What is Manufacturing Ov
Direct Costs Definition - What are Direct Costs%3F
Direct Labor Costs Definition - What are Direct Labor Costs%3F
Materials Ledger Card Definition - What is Materials Ledger
Materials Requisition Definition - What is Materials Requisi
Direct Materials Cost Definition - What are Direct Materials
Factory Overhead Definition - What is factory overhead
Net Cost of Goods Manufactured definition - What is Cost of Goods Manuf
Finished Goods Inventory - What is Finished Goods Inventory%3F
Purchase Order Definition - What is Purchase Order%3F (1)
Job Definition - What is Job in A Job Cost System%3F
Time Ticket Definition - What is Time Ticket%3F
Work in Process Inventory Definition What is work if proce
Job Order Costing System Definition - What is Job Order Cost
Jobs Cost Sheet definition - What are Job Cost Sheets
Cost of Goods Manufactured Definition - What is Cost of Good
Manufacturing Overhead Definition What is Manufacturing Ov
Conversion Costs Definition - What are Conversion Costs%3F
Direct Costs Definition - What are Direct Costs%3F
Materials Ledger Card Definition - What is Materials Ledger
Materials Requisition Definition - What is Materials Requisi
Net Cost of Goods Manufactured definition - What is Cost of Goods Manuf
Accounting Comic Break
Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
"Job Order Costing System – Managerial Accounting"
$27.81
Lifetime enrollment
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