The Basics of Cost Accounting: Product Costing course offered by Technische Universität München (TUM) is designed to provide a comprehensive understanding of cost accounting and product costing. Participants will delve into various aspects, including distinguishing costs from expenses, understanding cost types such as material costs and personnel costs, and allocating overhead costs to individual products. The course also covers methods for recording and calculating costs, determining overhead rates, and deciding on the most suitable product costing system for a company's production program and type. Through a series of engaging modules, learners will gain the expertise to make their company's cost structure transparent and effectively manage cost accounting.
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The course modules cover an extensive range of topics, including an introduction to cost accounting, cost-type accounting, cost-center accounting, and product and service costing. Participants will explore various aspects such as cost terms, cost types, methods for recording material consumption and valuing material costs, allocation of service department costs, job costing, and cost allocation for joint products and byproducts.
The Introduction to cost accounting module provides a comprehensive overview of cost accounting, including definitions of costs, cost terms, and sub-systems of cost accounting. Participants will also gain insights into absorption costing vs variable costing and the harmonization of management and financial accounting.
The Cost-type accounting module delves into tasks of cost-type accounting, important cost types, material costs, personnel costs, types of machine costs, and depreciation. It also explores methods for recording material consumption and valuing material consumption, along with deep dives into specific cost types such as personnel costs and interest costs.
The Cost-center accounting module covers the tasks and structure of cost-center accounting, the allocation of service-department costs, and methods for determining overhead rates. Participants will also explore practical examples and various methods for the allocation of service-department costs.
The Product and service costing module focuses on the tasks and design of product and service costing, cost allocation for joint products and byproducts, and various costing methods such as job costing with multiple overhead rates and equivalence number method. Participants will also gain insights into product costing for different production types and practical examples of cost cutting in industries.
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