Technical University of Munich (TUM)
Basics of Cost Accounting: Product Costing
Technical University of Munich (TUM)

Basics of Cost Accounting: Product Costing

This course is part of Cost Accounting Specialization

Taught in English

Some content may not be translated

Gunther Friedl
Marcus Witter
Peter Schaefer

Instructors: Gunther Friedl

10,791 already enrolled

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Course

Gain insight into a topic and learn the fundamentals

4.6

(114 reviews)

Beginner level

Recommended experience

10 hours (approximately)
Flexible schedule
Learn at your own pace

What you'll learn

  • You will learn how to make your company's cost structure transparent and how to record and calculate costs.

  • You will learn methods of product costing, i.e., how companies calculate costs of their products and services.

  • You will learn to decide which product costing system is most suitable for your company’s production program and production type.

  • You will learn how to determine overhead rates for the allocation of overhead costs to products.

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Assessments

34 quizzes

Course

Gain insight into a topic and learn the fundamentals

4.6

(114 reviews)

Beginner level

Recommended experience

10 hours (approximately)
Flexible schedule
Learn at your own pace

See how employees at top companies are mastering in-demand skills

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This course is part of the Cost Accounting Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
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There are 4 modules in this course

Welcome to Cost Accounting! In this module, we will introduce you to the basic concepts of cost accounting. You will learn what cost accounting is and how cost accounting relates to corporate accounting. Thereafter, you will get familiar with some basic cost terms that are essential for cost accountants. Finally, we will introduce you to a framework that distinguishes three sub-systems of cost accounting. This framework will guide us through the following modules.

What's included

8 videos6 readings3 quizzes1 discussion prompt1 plugin

In this module, we will introduce you to cost-type accounting - the first of the three cost accounting sub-systems. Cost-type accounting helps companies to make their cost structure transparent. It gives companies an overview of which costs have been incurred. We will take a closer look at three important cost items namely material costs, personnel costs, and machine costs. You will learn how companies record and calculate them.

What's included

8 videos5 readings7 quizzes

In this module, we will dive into cost-center accounting. Cost-center accounting creates transparency about where, i.e. in which cost center, the overhead costs of a company have been incurred. It connects cost-type accounting with product costing by performing three allocation steps: First, overhead costs from cost-type accounting are assigned to cost centers. However, ultimately cost accountants want to assign the costs to cost objects. Because this is easier for costs of production-related cost centers ("direct cost centers") than for costs of "indirect cost centers" such as the IT or the canteen, companies allocate overhead costs from indirect to direct cost centers first. Finally, they determine overhead rates for the allocation of overhead costs from direct cost centers to cost objects. In this module, we will introduce you to each of these steps.

What's included

10 videos2 readings11 quizzes

In this module, we introduce you to product and service costing. Product and service costing provides companies with information about the costs of individual products or services. It is the final of the three cost accounting sub-systems. We will sometimes just refer to product and service costing as "product costing", but of course some companies offer physical products while others offer services. We explain how companies design product costing systems and we make you familiar with important methods of product costing. We also discuss how well the costing methods are suited for different production processes and program types. To this end, we will distinguish "job shop production" and "mass and batch production".

What's included

12 videos2 readings13 quizzes1 discussion prompt3 plugins

Instructors

Instructor ratings
4.5 (38 ratings)
Gunther Friedl
Technical University of Munich (TUM)
4 Courses17,994 learners

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