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Gunther Friedl,
Marcus Witter,
Peter Schaefer,
and
Eline Schoonjans
Companies do not only need to know the costs of different products, but they also need to know whether they gain a profit or realize a loss. We explain how companies use cost information to calculate their profit and assess their profitability. Depending on how companies account for changes in inventories, we distinguish "absorption costing" and "variable costing". In addition, some companies structure their income statement according to the "nature of expense method", while others structure it according to the "cost-of-sales method". We explain both methods and discuss their advantages and disadvantages.
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What's inside
Syllabus
Methods for preparing an income statement
Companies do not only need to know costs of different products, but they also need to know their operating income - did we make a profit or did we face a loss? To calculate the operating income, companies prepare an income statement that compares total revenues and total costs. In this module, we show you how companies prepare income statements to link costs and revenues and to assess the company’s profitability.
Read more
Syllabus
Methods for preparing an income statement
Companies do not only need to know costs of different products, but they also need to know their operating income - did we make a profit or did we face a loss? To calculate the operating income, companies prepare an income statement that compares total revenues and total costs. In this module, we show you how companies prepare income statements to link costs and revenues and to assess the company’s profitability.
Read more
Absorption and variable costing
Depending on how companies account for changes in inventories, we distinguish "absorption costing" and "variable costing". In addition, some companies structure their income statement according to the "nature of expense method", while others structure it according to the "cost-of-sales method". We explain both methods and discuss their advantages and disadvantages.
Contribution-margin accounting
Many companies use contribution margin accounting to measure success instead of the income-statement formats. Contribution margin accounting is a special income-statement format that displays variable and fixed costs separately. In this module, we discuss the advantages of contribution margin accounting over traditional income statements. Further, we outline the differences of simple contribution margin accounting and multi-leveled contribution margin accounting.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Explores income statement preparation, which is critical for business operations
Compares absorption and variable costing methods, providing essential knowledge for financial decision-making
Introduces contribution margin accounting, a valuable tool for business profitability analysis
Instructed by industry experts Gunther Friedl, Marcus Witter, Peter Schaefer, and Eline Schoonjans
Leverages a multi-modal approach with videos, readings, and discussions for effective learning
Requires no prerequisites, making it accessible to learners regardless of their background knowledge
Save this course
Save Cost Accounting: Profit and Loss Calculation to your list so you can find it easily later:
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Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Cost Accounting: Profit and Loss Calculation with these
activities:
Before taking a course, practice skills and procedures
Show steps
Students who want to be successful should prepare and practice skills to accelerate learning and comprehension when the course begins.
Browse courses on
Income Statement
Show steps
-
Review basic accounting principles
-
Practice reading and interpreting financial statements
-
Work through practice problems related to income statement preparation
Review the textbook
Show steps
Reviewing the textbook in advance will improve students' understanding of key concepts and prepare them for class discussions.
Show steps
-
Read each chapter summary
-
Complete the end-of-chapter exercises
-
Create a study guide
Complete practice problems on income statement preparation
Show steps
Practice is essential for improving accuracy and efficiency in preparing income statements.
Browse courses on
Income Statement
Show steps
-
Find practice problems in the textbook or online
-
Work through the problems carefully, step-by-step
-
Check your answers against the solutions provided
Five other activities
Expand to see all activities and additional details
Show all eight activities
Attend an accounting workshop focused on income statement preparation
Show steps
Workshops provide an opportunity for focused learning, networking, and exposure to different perspectives.
Browse courses on
Income Statement
Show steps
-
Research and find an appropriate workshop
-
Register and attend the workshop
-
Actively participate and take notes
Participate in a study group focused on income statement preparation
Show steps
Collaboration and discussion with peers can enhance understanding, identify areas for improvement, and foster a sense of community.
Browse courses on
Income Statement
Show steps
-
Find a study group or form one with classmates
-
Meet regularly to discuss course material and practice problems
-
Work together to solve challenging problems and clarify concepts
Create a spreadsheet template for income statement preparation
Show steps
Creating a spreadsheet template will help students automate and simplify the process of preparing income statements in the future.
Browse courses on
Income Statement
Show steps
-
Design the template, including the necessary formulas and formatting
-
Test the template with sample data
-
Save the template for future use
Contribute to an open-source accounting software project
Show steps
Hands-on experience with open-source software will enhance technical skills and provide valuable insights into the practical application of accounting principles.
Browse courses on
Income Statement
Show steps
-
Identify an open-source accounting software project
-
Review the project's documentation and codebase
-
Contribute code, documentation, or bug fixes to the project
Mentor a junior student taking an introductory accounting course
Show steps
Teaching others not only reinforces your own understanding but also fosters empathy and communication skills.
Browse courses on
Income Statement
Show steps
-
Volunteer to mentor a junior student
-
Meet regularly to review course material and provide guidance
-
Provide encouragement and support
Before taking a course, practice skills and procedures
Show steps
Students who want to be successful should prepare and practice skills to accelerate learning and comprehension when the course begins.
Browse courses on
Income Statement
Show steps
Show steps
Show steps
- Review basic accounting principles
- Practice reading and interpreting financial statements
- Work through practice problems related to income statement preparation
Review the textbook
Show steps
Reviewing the textbook in advance will improve students' understanding of key concepts and prepare them for class discussions.
Show steps
Show steps
Show steps
- Read each chapter summary
- Complete the end-of-chapter exercises
- Create a study guide
Complete practice problems on income statement preparation
Show steps
Practice is essential for improving accuracy and efficiency in preparing income statements.
Browse courses on
Income Statement
Show steps
Show steps
Show steps
- Find practice problems in the textbook or online
- Work through the problems carefully, step-by-step
- Check your answers against the solutions provided
Five other activities
Expand to see all activities and additional details
Show all eight activities
Attend an accounting workshop focused on income statement preparation
Show steps
Workshops provide an opportunity for focused learning, networking, and exposure to different perspectives.
Browse courses on
Income Statement
Show steps
Show steps
Show steps
- Research and find an appropriate workshop
- Register and attend the workshop
- Actively participate and take notes
Participate in a study group focused on income statement preparation
Show steps
Collaboration and discussion with peers can enhance understanding, identify areas for improvement, and foster a sense of community.
Browse courses on
Income Statement
Show steps
Show steps
Show steps
- Find a study group or form one with classmates
- Meet regularly to discuss course material and practice problems
- Work together to solve challenging problems and clarify concepts
Create a spreadsheet template for income statement preparation
Show steps
Creating a spreadsheet template will help students automate and simplify the process of preparing income statements in the future.
Browse courses on
Income Statement
Show steps
Show steps
Show steps
- Design the template, including the necessary formulas and formatting
- Test the template with sample data
- Save the template for future use
Contribute to an open-source accounting software project
Show steps
Hands-on experience with open-source software will enhance technical skills and provide valuable insights into the practical application of accounting principles.
Browse courses on
Income Statement
Show steps
Show steps
Show steps
- Identify an open-source accounting software project
- Review the project's documentation and codebase
- Contribute code, documentation, or bug fixes to the project
Mentor a junior student taking an introductory accounting course
Show steps
Teaching others not only reinforces your own understanding but also fosters empathy and communication skills.
Browse courses on
Income Statement
Show steps
Show steps
Show steps
- Volunteer to mentor a junior student
- Meet regularly to review course material and provide guidance
- Provide encouragement and support
Career center
Learners who complete Cost Accounting: Profit and Loss Calculation will develop knowledge and skills
that may be useful to these careers:
Contador de Costos
Contador de Costos
Los contadores de costos analizan los ingresos y egresos de una empresa para determinar si la empresa está obteniendo ganancias o pérdidas. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo las empresas utilizan la información de costos para calcular sus ganancias y evaluar su rentabilidad. Este curso puede ayudar a los Contadores de costos a desarrollar las habilidades necesarias para realizar estas tareas de manera efectiva.
Consultor de gestión
Consultor de gestión
Los consultores de gestión ayudan a las empresas a mejorar su desempeño y eficiencia. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los consultores de gestión a desarrollar las habilidades necesarias para brindar asesoramiento a sus clientes sobre cómo mejorar su desempeño financiero.
Analista Financiero
Analista Financiero
Los analistas financieros utilizan información financiera para evaluar la salud financiera de las empresas y hacer recomendaciones sobre inversiones. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los analistas financieros a desarrollar las habilidades necesarias para realizar estas tareas de manera efectiva.
Auditor
Auditor
Los auditores examinan los registros financieros de una empresa para garantizar que sean precisos y que la empresa cumpla con las leyes y reglamentos aplicables. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los auditores a desarrollar las habilidades necesarias para realizar estas tareas de manera efectiva.
Gerente de Finanzas
Gerente de Finanzas
Los gerentes de finanzas son responsables de administrar las finanzas de una empresa, incluida la planificación financiera, la gestión de inversiones y la toma de decisiones sobre préstamos y otras formas de financiamiento. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los gerentes de finanzas a desarrollar las habilidades necesarias para tomar decisiones financieras informadas.
Planificador Financiero
Planificador Financiero
Los planificadores financieros ayudan a los individuos y familias a desarrollar planes financieros para alcanzar sus objetivos financieros. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los planificadores financieros a comprender cómo las decisiones de inversión afectan la rentabilidad de las empresas y cómo ayudar a sus clientes a tomar decisiones de inversión informadas.
Investigador de mercado
Investigador de mercado
Los investigadores de mercado estudian las necesidades y deseos de los clientes para ayudar a las empresas a desarrollar y comercializar productos y servicios que satisfagan esas necesidades. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los investigadores de mercado a comprender cómo las decisiones de precios y marketing afectan la rentabilidad de las empresas.
Economista
Economista
Los economistas estudian cómo se producen, distribuyen y consumen los bienes y servicios. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los economistas a desarrollar las habilidades necesarias para comprender y analizar los factores económicos que influyen en el desempeño de las empresas.
Analista de Datos
Analista de Datos
Los analistas de datos recopilan, analizan e interpretan datos para ayudar a las empresas a tomar mejores decisiones. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los analistas de datos a comprender cómo los datos financieros pueden utilizarse para mejorar el rendimiento empresarial.
Especialista en nómina
Especialista en nómina
Los especialistas en nómina son responsables de calcular y pagar los salarios de los empleados. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los especialistas en nómina a comprender cómo las decisiones salariales afectan la rentabilidad de las empresas.
Representante de Servicio al Cliente
Representante de Servicio al Cliente
Los representantes de servicio al cliente ayudan a los clientes con sus preguntas y quejas. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los representantes de servicio al cliente a comprender cómo las decisiones de la empresa afectan a sus clientes y cómo proporcionar un mejor servicio al cliente.
Asistente de contabilidad
Asistente de contabilidad
Los asistentes de contabilidad ayudan a los contadores a realizar tareas contables, como registrar transacciones, preparar estados financieros y presentar declaraciones de impuestos. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los asistentes de contabilidad a desarrollar las habilidades necesarias para realizar estas tareas de manera efectiva.
Asistente Administrativo
Asistente Administrativo
Los asistentes administrativos brindan apoyo administrativo a los gerentes y otros empleados. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los asistentes administrativos a comprender cómo las decisiones de la empresa afectan las operaciones diarias y cómo brindar un mejor apoyo a sus gerentes.
Secretaría
Secretaría
Las secretarias brindan apoyo administrativo a los gerentes y otros empleados. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a las secretarias a comprender cómo las decisiones de la empresa afectan las operaciones diarias y cómo brindar un mejor apoyo a sus gerentes.
Recepcionista
Recepcionista
Los recepcionistas reciben y saludan a los visitantes, responden teléfonos y brindan información general. El curso Cost Accounting: Profit and Loss Calculation de la Universidad Técnica de Munich (TUM) enseña a los estudiantes cómo analizar los estados financieros y evaluar la rentabilidad de las empresas. Este curso puede ayudar a los recepcionistas a comprender cómo las decisiones de la empresa afectan las operaciones diarias y cómo brindar un mejor servicio al cliente.
For more career information including salaries, visit:
OpenCourser.com/course/3caeps/cost
Reading list
We've selected ten books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Cost Accounting: Profit and Loss Calculation.
Comprehensive textbook on cost accounting that covers all of the topics in this course. This book is especially strong on the theoretical underpinnings of cost accounting and useful reference for anyone who wants to understand the field in depth. It would also be useful for anyone who is interested in pursuing cost accounting beyond this course.
Well-reviewed textbook that lays out the theoretical basis for modern cost accounting techniques, including plenty of examples and practice material.
Highly-regarded textbook that provides a comprehensive overview of cost accounting, and includes a variety of case studies and practice exercises.
Save
Good resource for anyone who wants to learn about cost accounting at a more introductory level. This book is clearly organized and well-written, making it a good choice for learners who are new to cost accounting. This book is also commonly used in academic institutions as a supplemental text.
Save
Highly-rated textbook that presents the fundamental principles of cost accounting and provides plenty of review material.
Widely-used textbook that provides a comprehensive overview of cost accounting, and includes international case studies.
Takes an international approach to cost and management accounting, and considers the latest developments in the field.
Comprehensive textbook on financial and managerial accounting that includes a section on cost accounting. It good resource for anyone who wants to learn about cost accounting as part of a broader understanding of accounting. It is also suitable for learners who are interested in the overall integration of accounting concepts.
Provides a solid foundation in cost accounting principles and provides many opportunities to practice solving problems, making it a useful resource beyond the classroom.
Provides a clear and concise introduction to cost accounting, making it a good choice for those who are new to the field.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/3caeps/cost
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Effort
3 weeks of study, 1.5 hours per week
Level
Intermediate
Via
Coursera
Institution
Technical University of Munich (TUM)
Instructors
Gunther Friedl
Marcus Witter
Peter Schaefer
Eline Schoonjans
Language
English
Transcripts
Español
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Português
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This course belongs to a
collection
called
Cost Accounting. It's comprised of three courses:
- Cost Accounting: Decision Making
- Basics of Cost Accounting: Product Costing
- Cost Accounting: Profit and Loss Calculation (viewing)
Good to know
Explores income statement preparation, which is critical for business operations
Compares absorption and variable costing methods, providing essential knowledge for financial decision-making
Introduces contribution margin accounting, a valuable tool for business profitability analysis
Instructed by industry experts Gunther Friedl, Marcus Witter, Peter Schaefer, and Eline Schoonjans
Leverages a multi-modal approach with videos, readings, and discussions for effective learning
Requires no prerequisites, making it accessible to learners regardless of their background knowledge
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