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Gunther Friedl,
Marcus Witter,
Peter Schaefer,
and
Eline Schoonjans
The core of the first course is to learn how companies record total costs and calculate unit costs for their individual products or services. For example, how can a car manufacturer figure out the costs of an individual car series? During the first weeks, participants learn what costs are and how to distinguish them from expenses or cash flows. Participants will understand how companies record total costs and distinguish important cost types such as material costs, personnel costs, or depreciation. At the core of their cost-accounting system, companies allocate overhead costs to individual products. We show participants how to allocate the costs incurred to the company's products and introduce them to the most important methods and challenges of product costing.
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What's inside
Syllabus
Introduction to cost accounting
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.
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Syllabus
Introduction to cost accounting
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.
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Introduces the fundamental concepts and principles of cost accounting, making it suitable for beginners seeking a solid foundation in cost accounting
Equips learners with the knowledge to calculate unit costs, gain transparency into cost structures, and understand overhead allocation, which aligns closely with real-world industry practices
Led by a team of experienced instructors, including Gunther Friedl, Marcus Witter, Peter Schaefer, and Eline Schoonjans, who are recognized for their contributions to the field of cost accounting
Covers key cost accounting methods and challenges, preparing learners for the complexities and challenges they may encounter in professional settings
Emphasizes product costing, enabling learners to analyze the costs associated with individual products or services, providing valuable insights for decision-making
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Reviews summary
Foundational cost accounting for professionals
According to students, this course provides a clear and concise introduction to cost accounting, making complex topics digestible. It is widely praised for offering a solid foundation in core concepts, including cost-type, cost-center, and product costing. Many find the instructor's explanations excellent and the progression logical, especially beneficial for those new to the field or needing a refresh. While the course delivers a comprehensive understanding, some learners desired more challenging quizzes and additional practical, hands-on exercises or deeper real-world case studies for application. The product costing section, though generally well-received, was noted by a few as needing more clarity or depth.
Perfectly suited for newcomers to accounting or those needing a review.
"It's perfect for beginners in the field or those needing a refresh."
"For a beginner, this is a great starting point, though it might lack depth for advanced learners."
"I'd recommend it if you're new to the subject."
Builds a strong, comprehensive understanding of core accounting principles.
"A solid foundation in cost accounting basics. The cost-type and cost-center modules were very well structured."
"Absolutely vital for anyone stepping into an accounting role... This course is comprehensive enough to give you a strong understanding."
"Provides a good general overview of cost accounting principles. It's well-structured and easy to follow."
Exceptional clarity in explaining fundamental cost accounting concepts.
"This course provided an incredibly clear and concise introduction to cost accounting."
"The instructor's explanations were excellent, especially the practical examples of product costing."
"I loved this course! The way they explained depreciation and material costs was so simple yet effective."
Some found the product costing section slightly rushed or less detailed.
"While the initial modules were okay, I struggled with the product costing section. It felt a bit rushed..."
"Perhaps better for those with a stronger foundational background [in product costing]."
"Good for conceptual understanding, but don't expect to become an expert practitioner just from this course."
Learners desire more hands-on exercises and deeper real-world cases.
"I found some parts a bit too theoretical and wished there were more practical, hands-on exercises or real-world company examples."
"I felt the quizzes didn't fully test the understanding of the practical application."
"It's a good starting point, but I needed to supplement with other resources for deeper application."
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 Basics of Cost Accounting: Product Costing with these
activities:
Review managerial accounting
Show steps
Familiarize yourself with concepts from your previous coursework in managerial accounting.
Browse courses on
Managerial Accounting
Show steps
-
Review your lecture notes from your previous course.
-
Complete a practice exercise set.
Attend industry conferences
Show steps
Expand your knowledge and connect with professionals in the field.
Show steps
-
Research upcoming industry conferences related to cost accounting.
-
Register for the conference and attend the sessions that interest you.
-
Network with other attendees, including speakers, exhibitors, and fellow attendees.
Design a cost accounting spreadsheet
Show steps
Develop a practical tool to apply the cost accounting concepts you learn in the course.
Browse courses on
Spreadsheet Design
Show steps
-
Identify the specific cost accounting problem you want to solve with your spreadsheet.
-
Research and gather the necessary data and formulas.
-
Create a spreadsheet model that implements the cost accounting calculations.
-
Test and refine your spreadsheet to ensure accuracy and usability.
One other activity
Expand to see all activities and additional details
Show all four activities
Conduct a cost analysis project
Show steps
Apply the cost accounting principles to a real-world business scenario.
Browse courses on
Business Analysis
Show steps
-
Identify a company or organization that would benefit from a cost analysis.
-
Contact the company or organization and propose your project.
-
Gather data on the company's cost structure, including materials, labor, and overhead.
-
Analyze the data to identify areas where costs can be reduced.
-
Present your findings to the company or organization.
Review managerial accounting
Show steps
Familiarize yourself with concepts from your previous coursework in managerial accounting.
Browse courses on
Managerial Accounting
Show steps
Show steps
Show steps
- Review your lecture notes from your previous course.
- Complete a practice exercise set.
Attend industry conferences
Show steps
Expand your knowledge and connect with professionals in the field.
Show steps
Show steps
Show steps
- Research upcoming industry conferences related to cost accounting.
- Register for the conference and attend the sessions that interest you.
- Network with other attendees, including speakers, exhibitors, and fellow attendees.
Design a cost accounting spreadsheet
Show steps
Develop a practical tool to apply the cost accounting concepts you learn in the course.
Browse courses on
Spreadsheet Design
Show steps
Show steps
Show steps
- Identify the specific cost accounting problem you want to solve with your spreadsheet.
- Research and gather the necessary data and formulas.
- Create a spreadsheet model that implements the cost accounting calculations.
- Test and refine your spreadsheet to ensure accuracy and usability.
One other activity
Expand to see all activities and additional details
Show all four activities
Conduct a cost analysis project
Show steps
Apply the cost accounting principles to a real-world business scenario.
Browse courses on
Business Analysis
Show steps
Show steps
Show steps
- Identify a company or organization that would benefit from a cost analysis.
- Contact the company or organization and propose your project.
- Gather data on the company's cost structure, including materials, labor, and overhead.
- Analyze the data to identify areas where costs can be reduced.
- Present your findings to the company or organization.
Career center
Learners who complete Basics of Cost Accounting: Product Costing will develop knowledge and skills
that may be useful to these careers:
Product Cost Accountant
Product Cost Accountant
A **Product Cost Accountant** would benefit greatly from taking this course. Corporate and cost accounting, as well as product costing - all of these fundamental concepts are covered in this course.
Cost Analyst
Cost Analyst
A **Cost Analyst** may find the concepts in this course very helpful. Understanding the principles of cost accounting and product costing, two subjects covered in this course, are necessary for the job.
Financial Analyst
Financial Analyst
This course will be very useful to a **Financial Analyst**. It covers the basics of cost accounting and product costing - two essential areas of knowledge for a Financial Analyst.
Management Accountant
Management Accountant
This course would be helpful for a **Management Accountant**. The course covers cost accounting, a field of accounting that is crucial for career success in this role.
Auditor
Auditor
An **Auditor** may benefit from understanding the concepts of cost accounting. This course offers a solid foundation in these concepts.
Tax Accountant
Tax Accountant
Someone who wants to become a **Tax Accountant** may take this course to develop a solid foundation in cost accounting.
Controller
Controller
This course would prove helpful for a **Controller**. It covers the basics of cost accounting, a crucial area of knowledge for this job role.
Chief Financial Officer (CFO)
Chief Financial Officer (CFO)
While not strictly necessary, taking this course might help a **CFO** brush up on the fundamentals of cost accounting.
Investment Banker
Investment Banker
This course may prove useful to an **Investment Banker**. It can help build a foundation in cost accounting, which is a valuable skill in this field.
Consultant
Consultant
A **Consultant** may find this course helpful. It offers a solid foundation in cost accounting and product costing, concepts that can be valuable to a consultant.
Data Analyst
Data Analyst
The concepts in this course may be useful for a **Data Analyst**. Cost accounting concepts, which this course covers, are important for data analysis.
Business Analyst
Business Analyst
A **Business Analyst** may find the concepts covered in this course to be valuable. Cost accounting concepts are often relevant to business analysis.
Operations Manager
Operations Manager
This course could be helpful for an **Operations Manager**. It explores topics in cost accounting that are relevant to operations management.
Project Manager
Project Manager
Understanding cost accounting can be helpful for a **Project Manager**. This course can provide a foundation in this area of accounting.
Entrepreneur
Entrepreneur
For someone interested in becoming an **Entrepreneur**, this course can provide a foundation in cost accounting, which is an important skill for business owners.
For more career information including salaries, visit:
OpenCourser.com/course/51ysws/basics
Reading list
We've selected seven 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
Basics of Cost Accounting: Product Costing.
Provides a comprehensive overview of cost and management accounting. It is written in a clear and concise style and is highly recommended for students who want to gain a deeper understanding of the subject.
Save
Provides a comprehensive overview of management accounting. It is written in a clear and concise style and is highly recommended for students who want to gain a deeper understanding of the subject.
Save
Provides a comprehensive overview of cost and management accounting. It valuable resource for students and practitioners who want to learn more about the subject.
Provides a comprehensive overview of cost accounting principles and practices. It valuable resource for students and practitioners who want to learn more about the fundamentals of cost accounting.
Provides a comprehensive overview of cost accounting. It valuable resource for students and practitioners who want to learn more about the subject.
Save
Provides a clear and concise overview of cost accounting principles and practices. It is written in a conversational style and is easy to understand, making it a good choice for beginners or those who need a refresher on the subject.
Save
Provides a comprehensive overview of cost management from a strategic perspective. It covers topics such as cost behavior, cost allocation, and performance measurement.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/51ysws/basics
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Effort
4 weeks of study, 3 hours per week
Level
Introductory
Via
Coursera
Institution
Technical University of Munich (TUM)
Instructors
Gunther Friedl
Marcus Witter
Peter Schaefer
Eline Schoonjans
Language
English
Transcripts
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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 (viewing)
- Cost Accounting: Profit and Loss Calculation
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