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Cost Accounting For Dummies

Book Description

The easy way to get a grip on cost accounting

Critical in supporting strategic business decisions and improving profitability, cost accounting is arguably one of the most important functions in the accounting field. For business students, cost accounting is a required course for those seeking an accounting degree and is a popular elective among other business majors.

Cost Accounting For Dummies tracks to a typical cost accounting course and provides in-depth explanations and reviews of the essential concepts you'll encounter in your studies: how to define costs as direct materials, direct labor, fixed overhead, variable overhead, or period costs; how to use allocation methodology to assign costs to products and services; how to evaluate the need for capital expenditures; how to design a budget model that forecast changes in costs based on expected activity levels; and much more.

  • Tracks to a typical cost accounting course

  • Includes practical, real-world examples

  • Walks you though homework problems with detailed, easy-to-understand answers

If you're currently enrolled in a cost accounting course, this hands-on, friendly guide gives you everything you need to master this critical aspect of accounting.

Table of Contents

  1. Cover
  2. Title Page
  3. Table of Contents
  4. Introduction
  5. Part I: Understanding the Fundamentals of Costs
    1. Chapter 1: So You Want to Know about Cost Accounting
    2. Chapter 2: Brushing Up on Cost Accounting Basics
    3. Chapter 3: Using Cost-Volume-Profit Analysis to Plan Your Business Results
    4. Chapter 4: Estimating Costs with Job Costing
    5. Chapter 5: More Activity, More Cost: Activity-Based Costing
  6. Part II: Planning and Control
    1. Chapter 6: What's the Plan, Stan? Budgeting for a Better Bottom Line
    2. Chapter 7: Constant Change: Variance Analysis
    3. Chapter 8: Focusing on Overhead Costs
    4. Chapter 9: What's on the Shelf?Inventory Costing
  7. Part III: Making Decisions
    1. Chapter 10: Cost Drivers and Cost Estimation Methods
    2. Chapter 11: Making Smart Business Decisions with Relevant Information
    3. Chapter 12: Making Smart Pricing Decisions: Figuring Total Costs
  8. Part IV: Allocating Costs and Resources
    1. Chapter 13: Analysis Methods to Improve Profitability
    2. Chapter 14: Behind the Scenes: Accounting for Support Costs and Common Costs
    3. Chapter 15: Joint Costs, Separable Costs, and Using Up the Leftovers
    4. Chapter 16: Tracing Similar Products with Process Costing
  9. Part V: Considering Quality Issues
    1. Chapter 17: What a Waste! Getting the Most from Spoilage, Scrap, and Reworked Products
    2. Chapter 18: Making Smart Ordering Decisions
    3. Chapter 19: Quality: Building a Better Mousetrap
  10. Part VI: The Part of Tens
    1. Chapter 20: Ten Common Costing Mistakes and How to Avoid Them
    2. Chapter 21: Ten Ways to Increase Profits Using Costing
  11. Cheat Sheet