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Intro to Managerial Accounting: Activity Based Costing (Chapter 5)
 
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Introduction to Managerial Accounting Professor Savita Sahay Activity Based Costing (Chapter 5) Please visit our website at http://raw.rutgers.edu TIME STAMPS Quick Review of Applied Overhead: 0:19 Practice Problem: 2:48 --- Calculating cost of each unit (job costing) Single Allocation Rate System Outdated: 4:00 ABC Features: 4:47 Practice Problem #2 (info given): 5:46 --- ABC question & solution: 7:15 Practice Problem #3: 9:15 --- Budgeted overhead rate and overhead cost per unit calculations --- Overhead Allocation: 10:26 Steps in Activity Based Costing: 13:00 Hierarchy of Activities: 13:37 Practice Problem #4: 15:14 --- Identifying unit, batch, product, and facility level activities Comprehensive Practice Problem #5: 16:41 --- Questions / Solutions: 17:26 Bottom Line - Simple vs. ABC [Conclusion]: 21:54 The applied overhead rate is a sinle, manufacturing overhead allocation rate using the following formula: Budgeted Manufacturing Overhead Rate = Budgeted manufacturing overhead costs / Budgeted Direct Labor hours. Allocating overhead costs to the job involves multiplying the budgeted allocation rate by the number of actual direct labor hours. Traditional systems were developed in 1800 and focused on simplicity because (1) direct labor information was already being recorded, (2) direct labor was a large component of product costs, and (3) managers believed direct labor and overhead costs were highly correlated. Simple systems often resulted in cross-subsidization, and incorrect costs lead to sub-optimal decisions. The single allocation rate system is outdated. Today, direct labor alone may no longer be a satisfactory base for allocation of overhead. Most companies sell a large variety of products that consume differing amounts of overhead. As a percentage of total costs, direct labor has been shrinking and overhead has been increasing. Many of the new overhead costs may not be correlated with direct labor. Technology advancements have reduced the cost and complexity of gathering diverse sources of data. In activity based costing, a number of allocation bases are used for assigning costs to products. A predetermined overhead rate is computed for each activity and then applied to jobs and products based on the amount of activity consumed by the job or product. It also calculates a more accurate product cost than traditional methods (by categorizing all indirect costs by activity, tracing the indirect costs to those activities, and assigning those costs to products by using a cost driver related to the cause of the cost). The steps in activity based costing involve (1) identifying and classifying each activity, (2) estimating the cost of resources for each activity, (3) identifying a cost driver for each activity and estimating the quantity of each cost driver, (4) calculating an activity cost rate for each activity, and lastly, (5) assigning costs to products based on the level of activity required to make the product or provide the service. The hierarchy of activities is as follows: (1) Unit level (output level) activities are performed each time a unit is produced (such as providing power to run processing equipment. (2) Batch-level activities are performed each time a batch is handled or processed, regardless of how many units are in the batch (such as setting up equipment and shipping customer orders). (3) Product-sustaining level activities relate to specific products and must be carried out, regardless of how many batches are run or units produced and sold (such as designing or advertising a product). (4) Facility sustaining level activities are carried out regardless of which products are produced, how many batches are run, or how many units are made (such as heating a factory or building rent). Examples of each type of activity: machine depreciation is UNIT level, setup costs are BATCH level, spare parts management is PRODUCT level, and property taxes / insurance is FACILITY level. Regarding simple vs. activity based costing, both methods are mathematically correct and acceptable. Each method yields a different cost figure, which will lead to different gross margin calculations. Only overhead is involved. Total costs for the entire firm remain the same - they are just allocated to different cost objects within the firm. Selection of the appropriate method and drivers should be based on experience, industry practices, as well as cost benefit analysis of each option under consideration. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 20053 Rutgers Accounting Web
Examples of accounting for GDP | GDP: Measuring national income | Macroeconomics | Khan Academy
 
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Thinking about how different types of expenditures would be accounted for in GDP Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/macroeconomics/gdp-topic/real-nominal-gdp-tutorial/v/real-gdp-and-nominal-gdp?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/macroeconomics/gdp-topic/GDP-components-tutorial/v/components-of-gdp?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Macroeconomics on Khan Academy: Topics covered in a traditional college level introductory macroeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Macroeconomics channel: https://www.youtube.com/channel/UCBytY7pnP0GAHB3C8vDeXvg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 205427 Khan Academy
[#1] Introduction to Cost Accounting - (COST SHEET) :-by kauserwise
 
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Introduction to Cost Accounting - (COST SHEET) Accounting tutorial, Elements of costs, Material cost, Labour cost, other expenses, Direct material cost, indirect material cost, direct labour cost, indirect labour cost, direct other expenses, indirect other expenses. Over heads. Factory over heads, office and administrative over heads, selling and distribution over heads. To watch more tutorials pls visit: www.youtube.com/c/kauserwise * Financial Accounts * Corporate accounts * Cost and Management accounts * Operations Research Playlists: For Financial accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnojfVAucCUHGmcAay_1ov46 For Cost and Management accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnpgUjlVR-znIRMFVF0A_aaA For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu
Views: 568364 Kauser Wise
Activity Based Costing Systems for Overhead (Cost Accounting Tutorial #28)
 
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Full Crash Course on Udemy for $9.99: http://bit.ly/2Dhip74 Activity based costing (ABC) systems provide a way of splitting overhead costs into different overhead activities. The costs are then allocated to products or projects proportionally by their cost driver activity levels. Join us as we go through an example to explain ABC costing. Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 28583 Notepirate
SeCreT LeVel | Accounting Plus | (PSVR) | HEADSET THURSDAY!
 
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----HEADSET THURSDAY---- This week on headset Thursday ive chosen to play.....Accounting Plus! This has got to be one of the weirdest and funniest games i have ever played. And i stumbled into a secret level on my first playthrough... Join me as i make my first 100 videos. If you liked this video PEEPS then go ahead and BUM that like button and share it with all your friends. It really helps this channel to grow. You PEEPS are awesome. Game Link. https://store.playstation.com/en-gb/product/EP3470-CUSA10061_00-0123456789ABCDEF?emcid=pa-st-111284 SUBSCRIBE. https://www.youtube.com/user/themassivemo?sub_confirmation=1 FACEBOOK. https://www.facebook.com/Duf-Arshfart-760028780828426/ TWITTER. https://twitter.com/DufArshfart --- Virtual Reality Inception | Accounting Plus (PSVR) Virtual Reality Inception | Accounting Plus (PSVR) Virtual Reality Inception | Accounting Plus (PSVR)
Views: 4666 Duf Arshfart
Managerial Accounting: Cost Hierarchy
 
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Help us caption & translate this video! http://amara.org/v/HHiq/
Views: 2847 ProfAlldredge
Day in the Life of an Accountant
 
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Hi guys and welcome back to my channel. This has been a super highly requested video so I attempted it and hope it helps all those who are considering majoring and starting a career in accounting. Thanks for watching!! Ebates - https://www.ebates.com/r/SARALU156?eeid=28187 If you would like to get $10 off your Erin Condren order sign up here : https://www.erincondren.com/referral/invite/saramarie0929 *Erin Condren Life Planner - http://www.shareasale.com/r.cfm?B=1042078&U=1600336&M=71368&urllink= *Erin Condren Monthly Deluxe Life Planner (2018) - http://www.shareasale.com/r.cfm?B=1042578&U=1600336&M=71368&urllink= *Budgeting Stickers - http://shareasale.com/r.cfm?b=1042577&u=1600336&m=71368&urllink=&afftrack= Weather Stickers - https://www.amazon.com/gp/product/B000OMJUUK/ref=oh_aui_detailpage_o03_s00?ie=UTF8&psc=1 If you liked this video please give it a thumbs up and if you're not already, please subscribe! Follow me on instragram! Username :saramarieyt For business inquiries : [email protected] *Affiliate links
Views: 157958 Sara Marie
My Accounting Duties | What Do Accountants Do? |
 
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Hi guys and welcome back to my channel! A few of you all have asked what I do as an accountant so I decided to do a quick video outlining some of the exciting stuff that I do as an accountant! Hope you enjoy! Ebates - https://www.ebates.com/r/SARALU156?eeid=28187 If you would like to get $10 off your Erin Condren order sign up here : https://www.erincondren.com/referral/invite/saramarie0929 *Erin Condren Life Planner - http://www.shareasale.com/r.cfm?B=1042078&U=1600336&M=71368&urllink= *Erin Condren Monthly Deluxe Life Planner (2018) - http://www.shareasale.com/r.cfm?B=1042578&U=1600336&M=71368&urllink= *Budgeting Stickers - http://shareasale.com/r.cfm?b=1042577&u=1600336&m=71368&urllink=&afftrack= Weather Stickers - https://www.amazon.com/gp/product/B000OMJUUK/ref=oh_aui_detailpage_o03_s00?ie=UTF8&psc=1 If you liked this video please give it a thumbs up and if you're not already, please subscribe! Follow me on instragram! Username :saramarieyt For business inquiries : [email protected] *Affiliate links
Views: 58783 Sara Marie
Study Tips | Accounting & All Majors |
 
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Hi guys and welcome back to my channel. A few of you all have asked for some studying tips while majoring in accounting so here you go! Hope you enjoy! Ebates - https://www.ebates.com/r/SARALU156?eeid=28187 If you would like to get $10 off your Erin Condren order sign up here : https://www.erincondren.com/referral/invite/saramarie0929 Erin Condren Life Planner - http://www.shareasale.com/r.cfm?B=1042078&U=1600336&M=71368&urllink= Erin Condren Monthly Deluxe Life Planner (2018) - http://www.shareasale.com/r.cfm?B=1042578&U=1600336&M=71368&urllink= Weather Stickers - https://www.amazon.com/gp/product/B000OMJUUK/ref=oh_aui_detailpage_o03_s00?ie=UTF8&psc=1 If you liked this video please give it a thumbs up and if you're not already, please subscribe! Follow me on instragram! Username :saramarieyt For business inquiries : [email protected]
Views: 11689 Sara Marie
Macro Unit 2.1- GDP and Economic Growth
 
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In this short video I explain GDP, the components of GDP, and what is not included in the Gross Domestic Product. Thanks for watching, please subscribe If you need more help, check out my Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji
Views: 349360 Jacob Clifford
3 Minutes! Activity Based Costing Managerial Accounting Example (ABC Super Simplified)
 
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For Part 2, Go To http://mbabullshit.com/ If You Liked it, Support my Free Videos at https://www.patreon.com/MBAbull Activity Based Costing Example In 3 Minutes Activity Based Costing is different from traditional costing... Traditional costing is easy because if often just divides some types of costs equally between different items. These are usually costs which are a bit difficult to divide or allocate between products, such as electricity, telephone bills, internet usage, rent, salaries, and others.However, Activity Based Costing finds ways to divide or allocate these costs more proportionally or "fairly"... ...so that we can write down a higher cost for items or products which use more of the stuff related to costs. For example, we might want to write down a higher electric power cost for burgers than for lemonades. As a result, this might cause us to sell our burgers at a higher price than the lemonades, and the lemonades at a lower price than the burgers. Of course, electric power is not the only cost in making burgers and lemonades. Therefore, we have to think about other costs as well before making our final pricing decisions. Check out my free video at http://www.MBAbullshit.com See ya there!
Views: 169113 MBAbullshitDotCom
Activity Based Costing Examples - Managerial Accounting video
 
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Activity Based Costing Example - Accounting video by TheAccountingDr is a tutorial video with examples on using an activity-based costing system: 1) calculate the allocation rate and 2) allocated costs (overhead/indirect costs) using the allocation rate. In addition, we calculate the indirect costs per unit of planned products as well as the product costs per unit of planned products (direct materials + direct labor + OH). Managerial Accounting lecture notes: http://tiny.cc/nw1enw Activity-Based Costing terminology review game: http://tiny.cc/mxgoow -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up, giving comments and adding our videos to your favorites. Subscribe: http://www.youtube.com/subscription_center?add_user=routhwsuedu Friend me on Facebook and post your questions: http://www.facebook.com/TheAccountingDoctor -- For more accounting/how to eLectures (and accompanying lecture notes) similar to Activity-Based Costing Examples - Managerial Accounting video, blog, FAQs and accounting eBooks visit http://www.TheAccountingDr.com. Activity-Based Costing Examples - Managerial Accounting video: http://youtu.be/7SNjEHIYjns -- Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). If you are having difficulty viewing this video on YouTube, these videos may also be viewed without Flash on my website at http://www.TheAccountingDr.com.
Best Accounting inventory software In Bangladesh
 
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Dynamic Accounts & Inventory Software "Dynamic POS" dependable inventory and account solution from Dynamic Software Ltd. Our software will provide you with the reliable account solution. *Buy/sell on credit/cash, *Product receiving, *Returning the product with work done, *Advance payment, *Chalan, *Return sell/purchase, *Cash/Bank/Cheque transactions, *Voucher posting and authorization as needed, *Security approval based on user level, *Product transfer from warehouse to shop/shop to warehouse/branch to head office/head office to branch/branch to branch, *Stock report, *Current stock position, *Product/category/buyer/supplier/salesman wise report, *Party Ledger, *Accounts Ledger, *Daily transaction report, *Trial balance, *Profit and loss report, *Gross profit (daily/weekly/monthly/yearly) report, *Balance sheet and many more functions are available in our software to make your business more comfortable, reliable and accurate on all transactions. Personal customization is also possible according to your demand.
AQA Accounting Introduction
 
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Views: 1725 Burtontower
Intro to Managerial Accounting: Introduction to Cost Terms and Concepts (Chapter 2)
 
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Introduction to Managerial Accounting Professor Savita Sahay Introduction to Cost Terms and Concepts (Chapter 2) Please visit our website at http://raw.rutgers.edu TIME STAMPS Basic Cost Terminology: 0:44 --- Cost, cost objects, cost accumulation, cost pools, and cost driver definitions Basic Cost Terminology: 2:32 --- Cost allocation and relevant range defined MCQ #1: 3:30 --- Cost objects include MCQ #2: 3:51 --- Function of cost system Direct & Indirect Costs: 4:37 MCQ #3: 6:42 --- Classifying a cost as either direct or indirect MCQ #4: 7:04 --- Labor costs included in direct labor Cost Behavior: 7:45 Variable Cost: Total and per Unit: 9:27 Fixed Cost: Total and per Unit: 10:02 MCQ #5: 10:39 --- Variable costs MCQ #6: 11:20 --- Variable cost of an insurance company MCQ #7: 11:43 --- Fixed costs MCQ #8: 12:20 --- Fixed cost for automobile manufacturing plant Unit and Total Costs: 12:41 MCQ #9: 14:12 --- Behavior of total manufacturing costs and unit manufacturing costs given an increase in production Open ended problem: 15:12 --- Total cost of production Three types of firms: 16:43 Manufacturing Costs: 17:57 Product Costs (Manufacturing Costs): 18:26 Period Costs (Non-Manufacturing Costs): 20:20 Inventory in Manufacturing Companies: 22:06 The Manufacturing Cost Flow: 24:03 Steps (of the manufacturing cost flow): 27:15 Statement of Cost of Goods Sold (steps): 29:25 Statement of Cost of Goods Sold: 30:54 --- Flow from raw materials to work in process Inventory in Other Companies: 32:52 MCQ #10, #11: 34:13 --- Merchandising companies MCQ #12: 35:08 --- Indirect manufacturing costs MCQ #13: 35:51 --- Inventoriable Costs Practice Problem: 36:30 --- Calculating cost of goods manufactured --- Calculating gross margin --- Calculating operating income MCQ #14: 38:28 --- Direct labor costs in a manufacturing company Practice Problem: 39:28 --- Calculating cost of goods sold. Prime Cost and Conversion Cost: 40:13 Overtime Labor Costs Problem: 40:58 A cost is a resource sacrificed or forgone to achieve a specific objective. A cost object is anything to which costs attach or are related (products, services, departments, operating activities, etc). Cost accumulation is the collection of cost data in some organized manner using the accounting system. A cost pool is a collection of indirect costs assigned to a cost object. A cost driver is any activity that causes a cost to be incurred (direct labor hours, direct labor costs, units produced, etc). Cost allocation is the process of assigning manufacturing overhead costs to the product (cost object) during an accounting period. It requires the pooling of manufacturing costs that are affected by a common activity and the selection of a cost driver whose activity level causes a change in the cost pool. A relevant range is the band of normal activity level (or volume) in which there is a specific relationship between the level of activity (or volume) and a given cost. For example , fixed costs are considered fixed only within the relevant range. Direct costs can be conveniently and economically traced (tracked) to a cost object. For example, the direct costs of a cheese pizza (the cost object) would be flour, cheese, and sauce for direct materials, and the cook's salary for direct labor. Indirect costs are costs that cannot be conveniently and economically traced to a cost object. Indirect costs of a cheese pizza include salt, cleaning supplies, and lightbulbs for indirect materials, and janitors salary, material store-room custodian's wages for indirect labor. Variable costs change in proportion to changes in the related level of activity or volume. They are constant on a per unit basis. Fixed costs, on the other hand, remain unchanged in total regardless of changes in the related level of activity or volume. They change inversely with the level of production. As more units are produced, the same fixed cost is spread over more and more units, reducing the cost per unit (think of it as "more bang for your buck."). Unit costs are the costs of manufacturing a single unit of a product, which includes costs of direct materials, direct labor, and manufacturing overhead. It is computed by one of two ways - dividing total accumulated costs by the total number of units produced and determining the cost per unit for each element of the product costs and summing those per-unit costs. Unit costs should be used cautiously due to the fact that they change with a different level of output or volume. There are 3 types of firms. Manufacturing sector companies purchase materials and components and convert them into finished products. Merchandising sector companies purchase and then sell tangible products without changing their basic form. Service sector companies provide services (intangible products).
Views: 27148 Rutgers Accounting Web
How to Land an Accounting Internship/Job
 
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Hi guys and welcome back to my channel. I've had a lot of interest in my accounting experience so I decided to share some internship and job advice. Hope you enjoy! Ebates - https://www.ebates.com/r/SARALU156?eeid=28187 If you would like to get $10 off your Erin Condren order sign up here : https://www.erincondren.com/referral/invite/saramarie0929 Erin Condren Life Planner - http://www.shareasale.com/r.cfm?B=1042078&U=1600336&M=71368&urllink= Erin Condren Monthly Deluxe Life Planner (2018) - http://www.shareasale.com/r.cfm?B=1042578&U=1600336&M=71368&urllink= Weather Stickers - https://www.amazon.com/gp/product/B000OMJUUK/ref=oh_aui_detailpage_o03_s00?ie=UTF8&psc=1 If you liked this video please give it a thumbs up and if you're not already, please subscribe! Follow me on instragram! Username :saramarieyt For business inquiries : [email protected]
Views: 5256 Sara Marie
Excel for Accounting: Formulas, VLOOKUP & INDEX, PivotTables, Recorded Macros, Charts, Keyboards
 
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Download file (ALL THE WAY AT BOTTOM OF PAGE): http://people.highline.edu/mgirvin/excelisfun.htm Keyboards 0:01:47 Jump: Ctrl + Arrow 0:02:20 Go To Cell A1: Ctrl + Home 0:02:36 Highlight column: Click, Shift, Click 0:02:50 Toggle Ribbon tabs On/Off: Ctrl + F1 0:03:18 Format Cells dialog box or in a chart Format Chart dialog box: Ctrl + 1 0:03:40 Currency Number Format: Ctrl + Shift + 4 0:04:08 Highlight column: Ctrl + Shift + Arrow0:04:20 Currency Vs Accounting Number Format 0:05:00 Alt keys: 0:05:47 PivotTable: Alt, N, V, T 0:05:47 PivotTable 2003: Alt, D, P 0:05:47 Page Setup: Alt, P, S, P 0:05:47 SUM: Alt + = 0:08:38 "Put thing in cell and move selected cell up": Shift + Enter 0:09:35 "Put thing in cell and keep cell selected": Ctrl + Enter 0:09:35 Select sheet to right: Ctrl + PageDown 0:11:11 Select sheet to left: Ctrl + PageUp 0:11:11 Number Formatting As Façade: 0:11:52 Decimal Number Format 0:12:38 Date Number Format 0:13:56 Keyboard for today's hard caded date: 0:13:56 Time Number Format 0:17:10 Percentage Number Format 0:21:25 Efficient Formula Creation 0:25:01 Excel's Golden Rule: If a formula input can vary, put it in a cell and refer to it in the formula with a cell reference 0:25:01 Formula elements, types of formulas, types of data 0:25:01 Monthly Allocation Formula: illustrate formula input that can be hard coded into formula 0:27:00 Tax (inefficient formula): illustrate formula input that can should NOT hard coded into formula 0:27:35 Tax (efficient formula): illustrate Golden Rule 0:27:35 Net Cash In formula: illustrate Golden Rule 0:27:35 Net Income formula: illustrate formula with built-in function within a larger formula 0:30:00 In Balance? formula: illustrate Logical formula 0:30:40 First & Last Name Join Formula: illustrate Text formula 0:31:54 COUNTIF formula: illustrate counting with criteria 0:33:29 COUNTIF & Label formula: illustrate counting with criteria and how the join symbol is used with criteria 0:34:19 Clear Formatting 0:35:50 SUMIFS to add with two criteria 0:36:21 SUMIFS to add between 2 dates 0:38:08 Count workdays formula to illustrate new Excel 2010 function NETWORKDAYS.INTL 0:41:46 Relative and Absolute Cell References 0:41:46 Mixed cell references in budget formula 0:43:58 Lookup Formulas 0:49:50 VLOOKUP to lookup product price: illustrate Exact Match lookup 0:49:50 Data Validation List: 0:53:10 VLOOKUP and IFERROR 0:55:13 VLOOKUP to lookup commission rate: illustrate Approximate Match lookup 0:56:45 Retrieve record (2-way lookup) with VLOOKUP and MATCH 0:59:53 MATCH, ISNA and ISNUMBER functions to compare 2 lists 1:03:38 INDEX and MATCH to lookup Left 1:07:00 Pivot Tables 1:10:02 Proper Data Set 1:10:02 PivotTables Pivot Tables are Easy 1:12:00 Visualize Table First 1:12:00 Adding with One or Two Conditions (Criteria) 1:12:00 Report Layout 1:16:58 Number Formatting 1:17:44 Style Formatting, Create Your Own 1:19:05 Pivoting 1:21:21 Listing Two Fields in Row Labels 1:21:21 Collapsing Pivot Table Row 1:21:59 Changing Calculation: SUM to AVERAGE 1:22:42 Adding with Three Criteria 1:23:29 Filtering a Row (Show Top Two Regions), Clear Filter 1:24:46 Filter whole report with Report Filter 1:25:55 Show Report Filter Pages (30 PivotTables with 1 click) 1:27:55 Filter whole report with Report Filter or Slicer 1:28:30 Compare Formulas and PivotTables 1:30:13 Grouping Dates in PivotTables 1:33:42 Difference between Grouping Integers and Grouping Decimals 1:35:41 Pivot Chart 1:39:00 Show Values As: 1:40:45 Copy PivotTable 1:41:43 Running Totals & % Running Totals 1:42:00 % of Grand Totals, % of Column Total, % of Row Total 1:43:01 Difference From, % Difference From 1:44:17 Multiple Calculation in one PivotTable 1:46:26 Creating Second PivotTable from Second Cache of data using Excel 2003 keyboard shortcut for 3-step Wizard 1:47:54 Blank in number field causes PivotTable to Count by Default 1:49:30 Text in Date field prohibits Grouping of Dates 1:50:09 Recorded Macros For Reports: Basic Recorded Macro 1:51:05 Absolute References and save in Personal Workbook 1:55:10 How to trick the Macro Recorder into seeing a variable height report using Relative References 2:00:51 Rearrange records from vertical orientation to proper table using Relative References 2:09:01 Charts 2:13:35 Chart Types 2:13:35 Column Chart and How The Chart Wizard Interprets Data From Cells 2:17:48 Chart keyboards (Create Default Chart) 2:18:10 Select Data Source Dialog Box 2:20:30 Linking Chart Title to Cells 2:23:09 Saving Chart Templates 2:25:43 Setting Default Charts 2:26:48 Copy Charts 2:27:45 Bar and Stacked Bar charts 2:27:57 Line Chart & Change Source Data 2:31:39 Number Formatting to show "K" or "M" 2:34:52 Line Chart vs. X Y Chart 2:35:53 X Y Scatter 2:36:45 X Y Scatter Line Break Even Analysis Chart 2:41:28 Multiple chart types 2:42:42 Washington Accounting Association Excel 2013 Buy excelisfun products: https://teespring.com/stores/excelisfun-store
Views: 2773478 ExcelIsFun
Activity Based Costing Example in 6 Easy Steps - Managerial Accounting with ABC Costing
 
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Clicked here http://www.MBAbullshit.com/ and OMG wow!I'm SHOCKED how easy.. Imagine your brand makes two types of mobile phone devices. They are each produced working with one machine. The maintenance cost of the apparatus is $100 a month. What percentage should each style of telephone share under the maintenance cost? In order to be "just", some will suggest that the cost must be divided 50%-50%. However, what if Phone A consumes 90 hours of the machinery, and Phone B uses only 10 hours of the apparatus? Should the cost remain to be split 50%-50%? As part of classic "allocated" costing, the cost should probably still be split 50%-50%. However applying the principle of Activity Based Costing, it needs to most likely be cut up 90%-10% for the reason that one phone type is based on 90 hours of the apparatus monthly while the other cell phone form typically only consumes 10 hours of the identical device. The foregoing technique makes use of "amount of activity" for being a function of costing, and not just "allocation" where accountants simplistically allot the costs by the same token.Needless to say, for any product or service, there are a lot more activities to consider, and not only the employment of a particular device. These varying activities which generally encounter a mark on cost are classified as "cost drivers". Cost drivers may appear in numerous varieties for instance machine hours consumed, number of inspections, hours spent on inspections, number of production runs, quantity of hours used up throughout production, quantity of setups, together with multiple others.In the case above, we simply used machine hours consumed. Inside a less forgiving example, we may additionally need to consider the number of inspections. Suppose Phone A solicited added inspections by enterprise engineers than Phone B? It goes without saying, a great deal more of the compensation of institution engineers really needs to be allocated to Phone A. Whereas, what if Phone B solicited a great deal more production runs than Phone A? Again, we would struggle to conveniently partition broad production costs among the two mobile phone types. To further complicate the problem, what if Phone A, irrespective of using far less production runs, solicited more production setups than Phone B? Evidently, the difficulty of appropriately allocating costs to each of the phone models can get incredibly exhausting. Having said that, this difficulty can be really worth the effort if it helps a business apply extra meticulous or more defined costs on items, which can be made use to help the company in its pricing methods. The beauty of Activity Based Costing is that it considers all these diverse costs and cost drivers in a timely fashion, granting an organization the competence to perform pretty defined costing inspite of such concerns. http://www.youtube.com/watch?v=PcjxRe4EsuY activity based costing, abc costing, what is activity based costing, what is abc http://mbabullshit.com/blog/activity-based-costing/
Views: 273841 MBAbullshitDotCom
Importing Products into Sage Accounts
 
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How to import Product Records and Stock levels into Sage Accounts.
Views: 9672 Tradebox Limited
Michael Porter Competitive Strategies | Cost Accounting | CPA Exam BEC | CMA Exam
 
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Webiste: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ In developing a sustainable competitive position, each firm purposefully or as a result of market forces arrives at one of the two competitive strategies: cost leadership or differentiation.3 Cost Leadership Cost leadership is a competitive strategy in which a firm outperforms competitors in produc- ing products or services at the lowest cost. The cost leader makes sustainable profits at lower prices, thereby limiting the growth of competition in the industry through its success at reduc- ing price and undermining the profitability of competitors, which must meet the firm’s low price. The cost leader normally has a relatively large market share and tends to avoid niche or segment markets by using the price advantage to attract a large portion of the broad market. The differentiation strategy is implemented by creating a product or service that is unique in some important way, usually in regard to higher quality, better customer service, improved product features, or some type of innovation. Sometimes a differentiation strategy is called product leadership to refer to the innovation and features in the product. In other cases, the strategy might be called a customer-focused or customer-solution strategy, to indicate that the organization succeeds on some dimension(s) of customer service. This perception allows the firm to charge higher prices and outperform the competition in profits without reduc- ing costs significantly. Many industries, including consumer electronics and clothing, have differentiated firms. The appeal of differentiation is especially strong for product lines for which the perception of quality and image is important, as in cosmetics, jewelry, and automo- biles. Tiffany, Bentley, Rolex, Whirlpool, and BMW are good examples of firms that have a differentiation strategy.
Retail Inventory Management Software with Accounting & Invoicing - Introduction
 
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Download Retail Business Manager Excel template from https://indzara.com/product/retail-business-manager-excel-template/ This Excel template provides a simple and effective solution for managing retail and wholesale business for small business owners. Welcome to the introduction video of the Retail Business Manager Excel template from indzara.com. The purpose of this template is to help manage retail or wholesale business. The applicable business scenario is where a business purchases products from suppliers, and then sells them as they are to customers. The customers can be end-users or other businesses. The template incorporates order management, inventory management, finance management, invoice and purchase order generation, data management, and extensive reporting all into one solution. It is designed to be a generic solution for any retail business regardless of type of products sold. It can be used in any country and comes by default with no currency symbols. User can change currency as needed. Here are some highlights of this template. To achieve our goal of simple and effective business management, the template presents a comprehensive approach by incorporating multiple business aspects in one application. In terms of orders, there are 5 different types of orders that can be handled. Prices are auto-populated on each order. That saves us time. Invoice and purchase orders are automatically generated on demand. In inventory management, we will have access to the current inventory level of each product. We can also check the future availability to fulfill a sales order. Tax and discounts are handled. Payments made on orders can be recorded. Cost of goods sold, gross profit, and net profit calculations are provided as well. Reporting is extensive and interactive. It provides access to all the relevant key metrics and also identifies the best performing products and partners. The benefits provided are very straightforward. Overall, it leads to a much improved management of our business as this solution handles many business aspects in a consolidated and simple approach. We save a lot of time as the template automates the calculations. Also, extensive reporting is already built in. One can get started with this template in just a few minutes as it's very simple to learn and use. Creating invoices and purchase orders is easy as it's automated. We save a lot of money compared to a specialized inventory management software in the market as there is no recurring monthly fee here. Finally, it's very easy to get started as we will be using our own familiar Microsoft Excel we all love to use. The template supports business operations with 1 warehouse location. It does not support barcode scanning and data needs to be entered by the user. This template is compatible with Excel for Windows 2010 and above versions, Excel for Mac 2011 and above versions. One of the key focus areas from indzara.com is to provide superior support material, so the support page has a lot of articles and video tutorials on how to use the template. As always, I look forward to your feedback to this version of the template. It will help me continue to enhance the product moving forward. If you have any questions, please leave them in the comments. I will be very glad to respond. Thank you very much for watching this video. Please watch the tour video next to learn more about the features of this template. REQUIREMENTS Microsoft Excel 2010 or above for Windows; Microsoft Excel 2011 or above for Mac; FEATURES Inventory Management Calculates current inventory of a product Set re-order points and know what to order Checks availability while creating invoices Finance Management Track payments on orders Handles Tax Handles product level and order level Discounts Track operational expenses Calculates COGS, Gross and Net Profit Invoice / P.O. Generate automatic Invoice/P.O. Export to PDF or Print Customize with logo and data as needed Data Management Easily accessible Product and Order Lists Organized Customer/Supplier data Maintain product price data Reporting 6 Page interactive report 12 month trends of all key metrics Identify best products and partners Inventory Value calculation Know when payments are due Simple and Effective Excel Templates: http://indzara.com/ Free Excel Templates: http://indzara.com/free-excel-templates/ Premium Excel Templates: http://indzara.com/shop/ Project Management Templates: http://indzara.com/project-management-excel-templates/ Inventory Management Templates: http://indzara.com/inventory-management-excel-templates/ Free Excel Course: http://indzara.com/useful-excel-for-beginners/ Social: Subscribe to YouTube: http://www.youtube.com/user/theindzara?sub_confirmation=1 Facebook: https://www.facebook.com/theindzara YouTube: https://www.youtube.com/user/theindzara LinkedIn: https://www.linkedin.com/company/indzara Twitter: https://www.youtube.com/user/theindzara
Views: 6507 Indzara
Creating products and managing stock levels within Fusion Accounts
 
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This video will show you how to create new products within Fusion Accounts. Once a product has been created it can be edited at a later date. We can set stock levels for each product. Stock levels will increase/decrease when a sales invoices is created against a product or when a sales/purchase order has been allocated. Fusion Accounts - online accounting, anytime, anywhere, http://www.fusionaccounts.com
Views: 68 Stuart McLean
Best Accounting inventory software In Bangladesh-Part-1
 
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Dynamic Accounts & Inventory Software "Dynamic POS" dependable inventory and account solution from Dynamic Software Ltd. Our software will provide you with the reliable account solution. *Buy/sell on credit/cash, *Product receiving, *Returning the product with work done, *Advance payment, *Chalan, *Return sell/purchase, *Cash/Bank/Cheque transactions, *Voucher posting and authorization as needed, *Security approval based on user level, *Product transfer from warehouse to shop/shop to warehouse/branch to head office/head office to branch/branch to branch, *Stock report, *Current stock position, *Product/category/buyer/supplier/salesman wise report, *Party Ledger, *Accounts Ledger, *Daily transaction report, *Trial balance, *Profit and loss report, *Gross profit (daily/weekly/monthly/yearly) report, *Balance sheet and many more functions are available in our software to make your business more comfortable, reliable and accurate on all transactions. Personal customization is also possible according to your demand.
Accounting in 10 Minutes or Less - CVP for Multiple Products
 
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Professor Nance provides students with accounting lessons for any level in her series "Accounting in 10 Minutes or Less." In this lesson, she explains how to calculate the different formulas associated with Cost-Volume-Profit Analysis for Multiple Products. For more information, questions or tutoring options, email [email protected] Academy.com or visit www.NanceAccountingAcademy.com
Views: 119 Professor Nance
Cost & Management Accounting: Basic Cost Management Concepts (Part 1)
 
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Lecture 3: Basic Cost Management Concepts Professor Noel Cooperberg (Chapter 3) After reviewing the chapter's learning objectives, the Professor goes on to discuss the multiple costs incurred by an organization, such as fixed, variable, marginal, average, direct, indirect, controllable, uncontrollable, opportunity, sunk, product, and periodic costs. NOTE: This video has been trimmed (and possibly still in the process of being trimmed). The markups below will no longer be accurate for this video. The markups will be fixed as soon as time allows. **Setup / Class Agenda: 0:00 - 2:23 Lecture Intro: 2:24 Learning Objectives: 2:52 Variable & Fixed Costs: 3:33 Total Costs: 4:32 Marginal Costs and Average Costs: 5:18 Question: 6:39 Direct and Indirect Costs (Manufacturing and Product): 8:36 Controllable and Uncontrollable Costs: 13:15 Opportunity and Sunk Costs: 14:32 Product and Periodic Costs: 15:35 **Class End: 16:40 - 17:22 ** = consider trimming. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 43207 Rutgers Accounting Web
|Part-1| Cost Accounting Interviews Questions & Answers
 
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Hi, Guys, this is based on practical experiences the most common Cost Accounting jobs Interviews Questions along with Brief Answers that inteerviers use to ask in Interviews. This is not only for entry level but also for experienced holders questions who are looking for jobs change for better opportunities. Hope you like this and that will be useful for you all. https://www.linkedin.com/in/mohammed-shamim-khan-mba-08895338 https://www.facebook.com/shamimkhan/ Please subscribe to my channel for more videos.
Views: 4943 Shamim Khan
MC1: Managerial/Cost Accounting: Classification of Costs Product or Period
 
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An overview of how to classify costs as product (to inventory) or period (expense as incurred). Easy to follow discussion.
Views: 4027 Janice Cobb
How will blockchain disrupt tax and accounting?
 
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Irish McIntyre, Vice President, Product Management, Thomson Reuters Tax and Accounting, discusses how we can help our customers navigate the future world of blockchain.
Views: 2688 Thomson Reuters
Variable Costing (the Variable Costing method in Managerial Accounting)
 
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This video explains the Variable Costing method that some manufacturing firms use internally to compute product costs and calculate cost of goods sold. An example is provided to illustrate how to use Variable Costing to calculate the product cost per unit and to create a Variable Costing Income Statement. The video also discusses the difference between Variable Costing and Absorption Costing and explains why Variable Costing is in many ways superior to Absorption Costing. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 63562 Edspira
Accounting   -  Set Default Accounts and Taxes on Products in Odoo
 
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Accounting, how to Set Default Accounts and Taxes on Products in Odoo
Cost Management Concepts P2 - Management & Cost Accounting - Spring 2013 - Professor Noel Cooperberg
 
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Lecture 4: Basic Cost Management Concepts (Part 2) by Professor Noel Cooperberg (Chapter 3) After briefly reviewing product and period costs (from the previous lecture), the Professor goes on to give in-depth explanations of cost pools, cost drivers, and cost objects. The method of assigning costs to activities using cost drivers is also shown. Product and Period Costs: 0:52 Cost Pools, Drivers, and Objects: 1:21 Cost Driver Examples: 3:51 Cost Assignment (General Principles flow-chart): 4:39 Cost Drivers (flow-chart): 5:45 Cost Behavior (of Cost Drivers): 6:11 Types of Production Processes (chart): 7:00 Qualitative Considerations of Cost Information: 10:02 Product costs include the costs to complete the product at the manufacturing step in the value chain (manufacturing) and to purchase and transport the product to the location of sale (merchandising). Period costs (also called non-product costs) include all other costs incurred by the firm in managing or selling the product. Costs are assembled into meaningful groups called cost pools. Any factor that has the effect of changing the level of total costs is a cost driver. A cost object is any product, service, customer, activity, or organizational unit to which costs are assigned for management purposes. Direct costs can be easily traced to a cost pool or cost object. Indirect costs, on theo ther hand, cannot be traced easily. Assignment is made through the use of cost drivers (via a process known as cost allocation). These cost drivers are often called allocation bases. Cost drivers provide two roles. They assign costs to cost objects, and also explain cost behavior (i.e. how total cost changes as the cost driver changes). There are four types of cost drivers - volume, activity, structural, and executional based cost drivers. Qualitative considerations of cost information include: accuracy and the need to monitor internal accounting controls. Value of cost information should be monitored to ensure that cost to acquire the information does not outweigh the associated benefits. Timeliness often involves sacrificing in the other two areas. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Accounting Marginal and Absorption Costing
 
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Marginal and Absorption Costing
Views: 94703 david hopcroft
GST Tally ERP 9 Manufacturing Business Accounting Part-71|Learn Tally for GST Case Study-1
 
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Learn All about manufacturing business accounting process with gst in tally erp 9, what is raw material consume process, Capture Work in Progress, how to produce finished goods, how to use bill of material method, how to use multiple, compound and alternative units of measurement, what is reporting unit of final product. How to create gst invoice, explain packaging process and stock summary report of soap manufacturing business. Detail about the accounting process and accounting entries for manufacturing business. Detail Explanation with Example in Tally ERP9 for GST. Accounting Entries for Manufacturing, Production and Raw Material Consuming in Tally ERP 9 Using Bill of material (BOM) Method, Learn What is the Process to maintain manufacturing company accounts in tally, How to Track raw materials position, costing, finished goods costing, How to Create manufacturing Journal in Tally. Accounting entries for manufacturing, production and raw material consuming in tally erp 9 for principal to job worker. How to create manufacturing journal in tally. , learn what is the process to maintain manufacturing company accounts in tally. Also explore the use of multiple units and alternative units of stock items in tally. It is Full Step by Step Tally GST Tutorial in Hindi. This Tally ERP 9 Video Tutorial Based on Advance, Professional, expert Tally courses for GST Accounting in Tally. It is a Part of RSCFA Course run by Career Planet. 👉Click to Watch All Videos on GST Accounting Entries in Tally Day by Day – https://www.youtube.com/playlist?list=PLlDtUyWdJwXWXAGj_W0peoAfenOKHeCYN 👉Click to Watch Basic Tally Accounting Video Day By Day- https://www.youtube.com/playlist?list=PLlDtUyWdJwXXx8VkVuPoRuqbVJzOBj9Cv 👉Visit Our Website: http://www.cpitudaipur.com 👉Visit Our Blog: http://cpitudaipur.blogspot.in/ 👉Like Our Facebook Page: http://facebook.com/cpitudr 👉Please Subscribe to Our Channel https://www.youtube.com/channel/UCSMsxXvvi-7XvygtsMWRBOg
Job Order Costing Explained | Managerial Accounting | CMA Exam | Ch 3 P 1
 
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Under absorption costing, product costs include all manufacturing costs. Some manufacturing costs, such as direct materials, can be directly traced to particular products. For example, the cost of the airbags installed in a Toyota Camry can be easily traced to that particular auto. But what about manufacturing costs like factory rent? Such costs do not change from month to month, whereas the number and variety of products made in the factory may vary dramatically from one month to the next. Because these costs remain unchanged from month to month regardless of what products are made, they are clearly not caused by—and cannot be directly traced to—any particular product. Therefore, these types of costs are assigned to products and services by averaging across time and across products. The type of production process influences how this averaging is done. Job-order costing is used in situations where many different products, each with individual and unique features, are produced each period. For example, a Levi Strauss clothing factory would typically make many different types of jeans for both men and women during a month. This is a custom product that is being made for the first time, but if this were one of the company’s standard products, it would have an established bill of materials. A bill of materials is a document that lists the type and quantity of each type of direct material needed to complete a unit of product. The materials requisition form is a document that specifies the type and quantity of materials to be drawn from the storeroom and identifies the job that will be charged for the cost of the materials. The form is used to control the flow of materials into production and also for making entries in the accounting records. A job cost sheet records the materials, labor, and manufacturing overhead costs charged to that job. Measuring Direct Labor Cost Direct labor consists of labor charges that can be easily traced to a particular job. Labor charges that cannot be easily traced directly to any job are treated as part of manufacturing overhead. As discussed in a previous chapter, this latter category of labor costs is called indirect labor and includes tasks such as maintenance, supervision, and cleanup. Today many companies rely on computerized systems (rather than paper and pencil) to maintain employee time tickets. A completed time ticket is an hour-by-hour summary of the employee’s activities throughout the day. One computerized approach to creating time tickets uses bar codes to capture data. Computing Predetermined Overhead Rates. There are three reasons for this: Manufacturing overhead is an indirect cost. This means that it is either impossible or difficult to trace these costs to a particular product or job. Manufacturing overhead consists of many different types of cost ranging from the grease used in machines to the annual salary of the production manager. Some of these costs are variable overhead costs because they vary in direct proportion to changes in the level of production (e.g., indirect materials, supplies, and power) and some are fixed overhead costs because they remain constant as the level of production fluctuates (e.g., heat and light, property taxes, and insurance).Page 123 Because of the fixed costs in manufacturing overhead, total manufacturing overhead costs tend to remain relatively constant from one period to the next even though the number of units produced can fluctuate widely. Consequently, the average cost per unit will vary from one period to the next. An allocation base is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services. The most widely used allocation bases in manufacturing are direct labor-hours, direct labor cost, machine-hours and (where a company has only a single product) units of product. Job order costing, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, job cost sheet, job number, subsidiary ledger, material requisition form, bill of materials, time ticket, allocation base predetermined overhead rate, cost driver, fixed overhead, variable overhead Raw materials, work in process, finished goods, cost of goods manufactured, manufactured overhead cost Cost of goods manufactured Underapplied, overapplied
Variable Cost, Fixed Cost and Mixed Cost | Managerial Accounting | CMA Exam | Ch 2 P 3
 
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Variable Cost A variable cost varies, in total, in direct proportion to changes in the level of activity. Common examples of variable costs include cost of goods sold for a merchandising company, direct materials, direct labor, variable elements of manufacturing overhead, such as indirect materials, supplies, and power, and variable elements of selling and administrative expenses, such as commissions and shipping costs.2 For a cost to be variable, it must be variable with respect to something. That “something” is its activity base. An activity base is a measure of whatever causes the incurrence of a variable cost. An activity base is sometimes referred to as a cost driver. Some of the most common activity bases are direct labor-hours, machine-hours, units produced, and units sold. Other examples of activity bases (cost drivers) include the number of miles driven by salespersons, the number of pounds of laundry cleaned by a hotel, the number of calls handled by technical support staff at a software company, and the number of beds occupied in a hospital. While there are many activity bases within organizations, throughout this textbook, unless stated otherwise, you should assume that the activity base under consideration is the total volume of goods and services provided by the organization. We will specify the activity base only when it is something other than total output. variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format income statement, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost. Fixed Cost A fixed cost is a cost that remains constant, in total, regardless of changes in the level of activity. Examples of fixed costs include straight-line depreciation, insurance, property taxes, rent, supervisory salaries, administrative salaries, and advertising. Unlike variable costs, fixed costs are not affected by changes in activity. Consequently, as the activity level rises and falls, total fixed costs remain constant unless influenced by some outside force, such as a landlord increasing your monthly rental expense. The Linearity Assumption and the Relevant Range Management accountants ordinarily assume that costs are strictly linear; that is, the relation between cost on the one hand and activity on the other can be represented by a straight line. Economists point out that many costs are actually curvilinear; that is, the relation between cost and activity is a curve. Nevertheless, even if a cost is not strictly linear, it can be approximated within a narrow band of activity known as the relevant range by a straight line. The relevant range is the range of activity within which the assumption that cost behavior is strictly linear is reasonably valid. Mixed Costs A mixed cost contains both variable and fixed cost elements. Mixed costs are also known as semivariable costs. Managers can use a variety of methods to estimate the fixed and variable components of a mixed cost such as account analysis, the engineering approach, the high-low method, and least-squares regression analysis. In account analysis, an account is classified as either variable or fixed based on the analyst’s prior knowledge of how the cost in the account behaves. For example, direct materials would be classified as variable and a building lease cost would be classified as fixed because of the nature of those costs. The engineering approach to cost analysis involves a detailed analysis of what cost behavior should be, based on an industrial engineer’s evaluation of the production methods to be used, the materials specifications, labor requirements, equipment usage, production efficiency, power consumption, and so on. The first step in applying the high-low method or the least-squares regression method is to diagnose cost behavior with a scattergraph plot.Two things should be noted about this scattergraph: The total maintenance cost, Y, is plotted on the vertical axis. Cost is known as the dependent variable because the amount of cost incurred during a period depends on the level of activity for the period. (That is, as the level of activity increases, total cost will also ordinarily increase.) The activity, X (patient-days in this case), is plotted on the horizontal axis. Activity is known as the independent variable because it causes variations in the cost. From the scattergraph plot, it is evident that maintenance costs do increase with the number of patient-days in an approximately linear fashion. In other words, the points lie more or less along a straight line that slopes upward and to the right. Cost behavior is considered linear whenever a straight line is a reasonable approximation for the relation between cost and activity.
Financial Derivatives Explained
 
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In this video, we explain what Financial Derivatives are and provide a brief overview of the 4 most common types. http://www.takota.ca/
Views: 272428 Takota Asset Management
Break Even Point and ABC (AQA Accounting Past Paper June 2016 U-4 Q 2)
 
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Theory question on Break even point and cost pool, cost driver and advantages of Activity based costing are simplified in this video tutorial. Common topic for A-Level Accounting AQA, CIE, Edexcel and OCR exams. Equally important for ACCA F2, F5, AAT, CIMA and University students. Accounting lecture is a channel to help Accounting students across the globe. We help IGCSE/ O level Accounting, A Level accounting, LCCI Accounting, ACCA, CIMA, CAT, FIA, AAT and university Accounting up to PHD. Our video lectures are concise but comprehensive. Check our website for updated course materials i.e. past papers, marks scheme, Chapter wise course notes, examiners report, Formula sheets https://accountinglecture.com Please like our Face book Page for regular updates: https://www.facebook.com/accountinglecture/ Feel free to request for any video or question you have, Our dedicated lecturing team will help you.
Views: 721 Accounting Lecture
Contribution Margin and Break Even Points (Cost Accounting Tutorial #13)
 
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Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu We go over some equations that are brought up within the CVP (cost-volume profit) chapter like how to calculate break even points for units and total dollars. I explain what the contribution margin is and also show how it applies to break even points. Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 94454 Notepirate
Accounts with Inventory and Services Entry in Tally Erp9 ver 6.0.2 with GST, How to maintain Stocks,
 
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Accounts with Inventory and Services Entry in Tally Erp9 ver 6.0.2 with GST, How to maintain Stocks, inventory in tally erp 9 in hindi videos links in youtube What is Journal Voucher, How to pass a journal voucher, How to pass Depreciation entry in tally erp9 https://youtu.be/9u5RkOW4LCU How to download and install Tally GST ready version https://www.youtube.com/watch?v=UuwITHaWkQo&index=1&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a&t=1s how to Migrate Old Tally data to GST ready Tally erp9 ver. 6.0.1 https://www.youtube.com/watch?v=4LqqnxsCfEI&index=2&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a how to update GSTIN in ledgers https://www.youtube.com/watch?v=Mz1n_2HerL8&index=3&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a how to update HSN/SAC no and GST rate in Stock group https://youtu.be/Mz1n_2HerL8 Purchases with IGST, CGST, SGST in Tally erp9 ver 6.0.1, https://www.youtube.com/watch?v=ux_lQDfvvU0&index=5&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a Sales with CGST, SGST and IGST in tally erp9 ver 6.0.1 https://www.youtube.com/watch?v=mODT6QEj1SE&index=6&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a Why HSN code not print in Invoice ? https://www.youtube.com/watch?v=BncT3HO49QA&index=7&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a&t=2s How to use Multiple Tax Rate Items in Single Invoice GST Accounting https://www.youtube.com/watch?v=js7UoqdRJbI&index=8&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a What is HSN SAC , How to get HSN code https://www.youtube.com/watch?v=XGLOvULG_rA&index=9&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a&t=2s GST in Tally Erp9 Complete Tutorial part-1 https://www.youtube.com/watch?v=4qXkmxKUppQ&index=10&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a&t=25s some important term about Tally with GST https://www.youtube.com/watch?v=DJ577rqmmFo&index=12&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a&t=25s How to file GSTR-1 online https://www.youtube.com/watch?v=Cc6h97ZkHNk&index=13&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a GST in Tally complete tutorial part-2 with Return Entry. https://www.youtube.com/watch?v=sa2DKF6yjJY&index=14&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a&t=25s How to download Tally ERP-9 Version 6.0.2 https://www.youtube.com/watch?v=7QmoeKRDKkM&list=PLhILq8wvJwpUnDWz3GUDwRa8xW8kocj9a&index=1 accounts with inventory in tally in gst how to create stock item in tally with gst how to create stock group in tally erp9 with gst how to create service ledger in tally erp9 with gst how to create expenses ledger in tally erp9 with gst how to pass old entry before 1st july 2017 how to pass purchases entry in tally with gst how to pass sales entry in tally with gst how to pass payment entry in tally with gst completer guide for tally erp9 with GST in hindi hindi guide for tally erp9 with gst full tutorial for tally erp9 with gst gst tutorial for tally user in hindi gst guide for tally user in hindi how to set gst rate of stock item how to set gst rate for services in tally erp9 ver 6.0.2 how to set multi unit for stock item in tally erp9 v6.0.2 how to learn tally in hindi how to learn gst in hindi how to learn gst tally in hindi latest tally tutorial is here in hindi hindi tutorial for tally erp9 gst ready gst ready tally tutorial in hindi gst ready tally complete guide for hindi user Complete Step By Step Tally Tutorial to Learn Tally Accounting Online Free ,Tally Groups,Ledgers,Voucher Entry,Bank Transaction Entries,Company Creation, Company Password,Basic Practical Accounting Entries and lots of More. gst in tally erp 9 in india gst entry in tally in india pdf stock entry in tally stock entry in tally with gst tally soulation, how to find serial key of tally ver 6.0.2 how to crack Tally erp9 version 6.0, how to crack Tally erp9 version 6.0.1 how to crack Tally erp9 version 6.0.2 how to crack Tally erp9 version 6.0.1 gst enable gst ready tally download full version how to pass inventory entry in tally with gst gst stock entry in tally multi unit use in tally how to purchases with multi unit how to sales with multiuite in tally with gst compound unit setting in tally How to Implement Inventory System in Tally.ERP 9 Tally erp 9 Inventory Vouchers with Live Practical on Actual Data ... Tally ERP 9 in Hindi ( Inventory Creation, Stock Group Creation ) Part . Integrate Accounts with Inventory in Tally.ERP 9 inventory entry in tally erp 9 Tally ERP-9 Accounts With Inventory Basic Class-Hindi|Stock Group Learn Inventory Management | Stock Management in Tally ERP9, it include ... Basic Adjustment Entries ... how to maintain manufacturing account called bill of material BOM in . How to update /create stock item & stock group for gst compliance ... -~-~~-~~~-~~-~- Please watch: "compatibility mode in word 2010 2013 2016, How to convert a compatibility mode file, #Gseasytech" https://www.youtube.com/watch?v=4O-1l7vxoWg -~-~~-~~~-~~-~-
Views: 67663 GS EasyTech
Fire Insurance Claim Problem 1 - Financial Accounting - B.COM / BBA / IPCC By Saheb Academy
 
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This is the first problem of the Fire Insurance Claim for the students of B.COM, BBA and IPCC. In this video i have explained how to prepare Trading A/c,Memorandum Trading A/c and Statement of Fire Insurance Claim. Before watching this video please do watch the ►Introduction of Fire Insurance Claim https://youtu.be/ecGWjlmRWAI ►Next: Fire Insurance Claim Problem 2 https://youtu.be/QFkwb5A8GUs Buy from here ► Tripod https://amzn.to/2HBjc0G ► Mic https://amzn.to/2kYndn9 Please Like, Subscribe and Share this video on your social media account.
Views: 82392 Saheb Academy
Predetermined Overhead Rate | Managerial Accounting | CMA Exam | Ch 3 P 2
 
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manufacturing overhead also needs to be recorded on the job cost sheet. However, assigning manufacturing overhead to a specific job involves some difficulties. There are three reasons for this: Manufacturing overhead is an indirect cost. This means that it is either impossible or difficult to trace these costs to a particular product or job. Manufacturing overhead consists of many different types of cost ranging from the grease used in machines to the annual salary of the production manager. Some of these costs are variable overhead costs because they vary in direct proportion to changes in the level of production (e.g., indirect materials, supplies, and power) and some are fixed overhead costs because they remain constant as the level of production fluctuates (e.g., heat and light, property taxes, and insurance).Page 123 Because of the fixed costs in manufacturing overhead, total manufacturing overhead costs tend to remain relatively constant from one period to the next even though the number of units produced can fluctuate widely. Consequently, the average cost per unit will vary from one period to the next. Given these problems, allocation is used to assign overhead costs to products. Allocation is accomplished by selecting an allocation base that is common to all of the company’s products and services. An allocation base is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services. The most widely used allocation bases in manufacturing are direct labor-hours, direct labor cost, machine-hours and (where a company has only a single product) units of product. Manufacturing overhead is commonly assigned to products using a predetermined overhead rate. The predetermined overhead rate is computed by dividing the total estimated manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period as follows: The predetermined overhead rate is computed before the period begins using a four-step process. The first step is to estimate the total amount of the allocation base (the denominator) that will be required for next period’s estimated level of production. The second step is to estimate the total fixed manufacturing overhead cost for the coming period and the variable manufacturing overhead cost per unit of the allocation base. The third step is to use the cost formula shown below to estimate the total manufacturing overhead cost (the numerator) for the coming period: Y = a + bX where, Y = The estimated total manufacturing overhead cost a = The estimated total fixed manufacturing overhead cost b = The estimated variable manufacturing overhead cost per unit of the allocation base X = The estimated total amount of the allocation base The fourth step is to compute the predetermined overhead rate. Notice, the estimated amount of the allocation base is determined before estimating the total manufacturing overhead cost. This needs to be done because total manufacturing overhead cost includes variable overhead costs that depend on the amount of the allocation base. The Need for a Predetermined Rate Instead of using a predetermined rate based on estimates, why not base the overhead rate on the actual total manufacturing overhead cost and the actual total amount of the allocation base incurred on a monthly, quarterly, or annual basis? If an actual rate is computed monthly or quarterly, seasonal factors in overhead costs or in the allocation base can produce fluctuations in the overhead rate. For example, the costs of heating and cooling a factory in Illinois will be highest in the winter and summer months and lowest in the spring and fall. If the overhead rate is recomputed at the end of each month or each quarter based on actual costs and activity, the overhead rate would go up in the winter and summer and down in the spring and fall. As a result, two identical jobs, one completed in the winter and one completed in the spring, would be assigned different manufacturing overhead costs. Many managers believe that such fluctuations in product costs serve no useful purpose. To avoid such fluctuations, actual overhead rates could be computed on an annual or less-frequent basis. However, if the overhead rate is computed annually based on the actual costs and activity for the year, the manufacturing overhead assigned to any particular job would not be known until the end of the year. predetermined overhead rate, cost driver, fixed overhead, variable overhead Raw materials, work in process, finished goods, cost of goods manufactured, manufactured overhead cost Cost of goods manufactured Underapplied, overapplied, Job order costing, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, job cost sheet, job number, subsidiary ledger, material requisition form, bill of materials, time ticket, allocation base
Oracle Training - Accounts Payable in Oracle E-Business Suite R12 (1080p - HD)
 
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http://www.i-oracle.com/ - Oracle Training and Tutorials - Learn how to enter and pay an invoice in Oracle Applications E-Business Suite R12. Use the R12 interface to also match the invoice to a Purchase Order, validate and approve the invoice. View Subledger Accounting (SLA) transactions, view invoice details. And many more.
Views: 359112 Yemi Onigbode
Zumzum Financials, SMB Accounting built 100% native on the Salesforce App Cloud.
 
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Foster Collaboration Gain a 360 degree view of your customer by connecting marketing, sales, service and finance around a single customer record. Increase Productivity Help your finance team remove manual work through powerful automation tools and even eliminate tasks by applying artificial intelligence. Simplify finance processes Reduce the number of systems a user needs to access and speed up the Simplified processes by eliminating paper and manual tasks. Improve Compliance Keep all your data in a single system for faster auditing or compliance with existing and new regulations. Analytics With all your data in a single system, you will benefit from the real time reports and dashboards to act on insights from real time data. Complete Financial Management Suite One Simple, easy to implement system gives you all the tools you need to automate your finance and accounting processes. 360 Degree Customer View Easily view all related customer information on one screen. View the shipping status of Sales Orders or the associated Sales Invoices, including the unpaid amounts and due dates. Customer Payments on account or against invoices and all the Financial ledger transactions. 1 Click Sales Invoices Quickly move from opportunity to Invoice with a single click and avoid data entry. automatically assign the correct product, nominal code, and tax rates to Sales Invoice Line items.Preview, print or download your Sales Invoice PDF email invoices directly to your customer from within Salesforce. Repeat Sales Invoices Automatically Schedule recurring sales invoices by assigning Sales Invoice Plans to Products.Schedule your Sales Invoice Plans with your own custom business rules for amounts and invoice dates. Create multiple invoices in the Batch Sales Invoice Process. Quote to Cash Use the standard Salesforce Quote functions. Easily create Orders or Invoices from Quotes Automated Revenue Recognition Eliminate manual effort and complex spreadsheets by automating your Revenue Recognition process. Assign revenue recognition rules to products to be automatically applied to Sales Invoice line items. Once your invoices are posted to the ledger, revenue recognition schedules are automatically created, with the relevant general ledger entries. Effortlessly track and comply with revenue recognition standards. Bank and Cash Management Manage multiple bank accounts and credit cards, with multiple currenciesRecord all of your Bank transactions, including Customer Receipts, Supplier Payments, Bank Payments and Bank Receipts. Allocate Customer Payments to invoices, right down to the Invoice Line Item. Fully pay sales invoice lines or record part payments against the invoice line item. View all your payment allocations at the Invoice and quickly establish, the unpaid amount by Invoice and by Customer Account. Order To Cash Digitise your Sales Order Processing Procedures and Quickly converting Opportunities to Sales Orders.All order and line item details are automatically captured on your Sales Order. Easily view the inventory level by product, in multiple warehouse locations, and reserve available stock.See order summaries at a glance. Manage and track Dispatch to process orders efficiently. Procure to Pay Manage your Supply Chain activities in Zumzum FinancialsCreate Purchase Requisitions for stock products and, when ready, Submit for Approval. Approvers are alerted by email, mobile or are able to view approval requests from the home page. In a few clicks, purchase requisitions are approved.convert approved Purchase Requisitions into Purchase Orders in a few simple clicks.Your product default nominal code, tax and preferred supplier are auto completed on the Purchase Order.Receive Stock against Purchase Orders to keep your inventory levels accurate for multiple warehouses and locations.You may track Goods Received at a purchase order line item level. Convert your Purchase Order to a Purchase invoice in one click - ready for posting to the ledger. Real-time Reports and Dashboards Run pre-built financial reports to gain a real-time insight to your finances.For example, View Aged Receivables,A real-time, periodic trial balance, A real-time Profit and Loss Statement or your Balance Sheet. Use the powerful Salesforce report writer to create your own custom reports and dashboards to track the Key Indicators for your business. Drill into the individual chart components to sort furtherAnd drill down into the underlying report to find detailed transactional information. Mobile Accounting Run your business from your mobile device.Access your dashboards and reports and drill into report details while on the move,Customise your app navigation and access detailed CRM and accounting data on the go Begin your journey of a unified CRM and Finance system by installing Zumzum Financials from the Salesforce AppExchange. https://appexchange.salesforce.com/appxListingDetail?listingId=a0N300000059RnyEAE
Views: 146 Zumzum Marketing
Accounting and Finance - Costs
 
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Accounting and Finance - Costs are the expenses involved in making a product or service. Firms incur costs by trading. Some costs, called variable costs, change with the amount produced. For example, the cost of raw materials rises as more output is made. Other costs, called fixed costs, stay the same even if more is produced. Office rent is an example of a fixed cost which remains the same each month even if output rises.
Views: 6338 James Slocombe
ABC&Customer Profitability - Management & Cost Accounting - Spring 2013 - Professor Noel Cooperberg
 
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Lecture 7: ABC & Customer Profitability Analysis Professor Noel Cooperberg (Chapter 5) After giving a brief introduction to activity-based costing, the Professor goes on to review key terms associated with the topic. Activity based costing is also compared and contrasted to volume-based costing. Afterwards, the method of developing an ABC system are developed, including activity analysis and the assignment of resource costs. Activity Based Costing Introduction (example): 0:40 Overview of Learning Objectives: 3:25 ABC vs. Volume Based Costing: 4:49 Volume-based Costing: 7:59 Review Question: 10:00 Activity-based Costing (key terms): 12:59 Developing an ABC System: 14:42 Activity Analysis (Step 1): 16:09 Assign Resource Costs (Step 2 & 3): 18:53 Question: 20:02 Silence / students solving a problem: 20:24 - 25:12 Question Review / Solution: 25:13 Question: 36:07 Costing is the process of accumulating, classifying, and assigning direct materials, direct labor, and overhead to products, services, or projects. Volume-based costing is often inadequate. Indirect cost allocation is based on volume of output. Indirect costs do not always occur in proportion to output volume. It provides no incentive to control indirect costs. Volume-based costing may cuase cross-subsidization. Some products will be over-costed, and others undercosted. Activity based costing uses detailed information about the activities that make up indirect costs. Outputs are charged based on resources consumed. Although it is often inadequate, volume-based costing may be okay to use if direct costs are the major cost component and if the activities supporting production are relatively simple, low-cost, and homogeneous across product lines. Industries that appropriately use volume-based costing include professional service and commodity firms. An activity is a specific task (such as production set-up). A resource is an economic element consumed in performing activities (like salaries and supplies). Resource consumption cost drivers measure the amount of resources consumed by an activity (for example, the number of labor hours to complete production set-up). Activity consumption cost drivers measure the amount of activity performed (for example, the number of batches to manufacture a product). There are three steps in developing an ABC system. First, identify the resource costs and activities (through activity analysis - know how they consume resources). Data can be collected from existing documents, records, questionnaires, observation, and interviews. Sample questions to ask include what work / activities do you do, how time time spent on activities, resources required to perform activities, what value does doing this activity add to the customer and organization as a whole. After asking the questions, classify the activities by the way in which they consume resources (unit-level, batch-level, product-level, and facility-level). Unit-level activities are performed on each unit of product or service (like direct materials). Batch-level activities are performed for each batch or group of units (like setting up machines). Product-level activities support the production of a specific product (engineering changes). Facility level activities support overall operations (like property taxes and insurance). Second, assign the resource costs to activities (use resource consumption cost drivers, like direct labor hours, setups, moves, machine hours, employees, or square feet, based on cause & effect to assign resource costs). Third, assign activity costs to cost objects (use activity consumption cost drivers like purchase orders, receiving reports, parts stored, direct labor hours, or manufacturing cycle time). To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Tally ERP 9-FMCG Retail Store Accounting with GST in Tally Part- 77|Learn Tally Accounting
 
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Learn FMCG Store Accounting with GST in Tally ERP 9, in this video you can learn about FMCG (Fast Moving Consumer Goods) Store, genral store,kirana store, retail store accounting, grocery shop accounting, General Retail shop store billing and accounting with gst is tally. How to apply different Discount such as cash discount or trade discount, primary discount or secondary discount on stock item in sales invoice. How to print sales invoice for registered or unregistered dealers in with gst in tally. How to use separate discount column in invoice, all multiple discount accounting entries with gst are explain in this video. With using tally we can manage accounts for Individual Shop or Retail Chain and handle all the needs in most efficient, effective & accurate way. It is Full Step by Step Tally GST Tutorial in Hindi. This Tally ERP 9 Video Tutorial Based on Advance, Professional, expert Tally courses for GST Accounting. It is a Part of RSCFA Course run by Career Planet. DEFINITION of 'Fast-Moving Consumer Goods (FMCG) ' These are consumer goods products that sell quickly at relatively low cost – items such as milk, gum, fruit and vegetables, toilet paper, soda, beer and over-the-counter drugs like aspirin. Click to Watch All Videos Day by Day- Learn Tally for GST – https://www.youtube.com/playlist?list=PLlDtUyWdJwXWXAGj_W0peoAfenOKHeCYN Click to Watch Basic Tally Accounting Video Day By Day- https://www.youtube.com/playlist?list=PLlDtUyWdJwXXx8VkVuPoRuqbVJzOBj9Cv Visit Our Website: https://cpitudaipur.com/ Visit Our Blog: http://cpitudaipur.blogspot.in/ Like Our Facebook Page: http://facebook.com/cpitudr Please Subscribe to Our Channel https://www.youtube.com/channel/UCSMsxXvvi-7XvygtsMWRBOg
1. Introduction, Financial Terms and Concepts
 
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MIT 18.S096 Topics in Mathematics with Applications in Finance, Fall 2013 View the complete course: http://ocw.mit.edu/18-S096F13 Instructor: Peter Kempthorne, Choongbum Lee, Vasily Strela, Jake Xia In the first lecture of this course, the instructors introduce key terms and concepts related to financial products, markets, and quantitative analysis. License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu
Views: 632521 MIT OpenCourseWare
11.  Managerial Accounting Ch2 Exercises Pt4: Cost of Goods Manufactured
 
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Accounting Course - Managerial Accounting - Cost Accounting Exercises: 2.9 Product Cost Flows: Product versus Period Costs 2.10 Preparation of a Cost of Goods Manufactured and Cost of Goods Sold Text used: Managerial Accounting Tenth edition Garrison et al. Publisher: McGrawHill
Views: 4079 Mark Meldrum
Intro to Managerial Accounting: Master Budgets I (Chapter 6)
 
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Introduction to Managerial Accounting Professor Savita Sahay Master Budgets (Chapter 6) Please visit our website at http://raw.rutgers.edu TIME STAMPS What is a Budget? 0:23 Advantages of Budgeting: 1:13 The Master Budget: 2:24 Components of Master Budget: 2:53 Sales Budget: 4:36 Practice Problem #1: 5:24 --- Preparation of a SALES budget --- Solution: 6:03 The Production Budget: 6:27 Practice Problem #2: 8:07 --- Preparation of a PRODUCTION budget --- Solution: 8:45 Practice Problem #3: 11:41 --- Sales, production, and cost of goods sold amounts to be reported on the budgeted income statement A budget is a detailed quantitative plan for a proposed course of action over a specified time period in the future. Operating budgets ordinarily cover a one year period corresponding to a company's fiscal year. Many companies divide their annual budget into four quarters (this is known as the budget period). The budgeting process involves planning and control. Planning involves developing objectives and preparing various budgets to achieve those objectives. Control involves investigating the deviations from the budgets and taking corrective actions for the future. The advantages of budgeting include converting the firm's strategy into short term goals to be achieved during the next year and helps define the company's goals and objectives. It helps promote coordination and communication among departments within the company and provides a framework for judging performance. It motivates managers and other employees and helps uncover potential bottlenecks early and find solutions. It is a means of allocating resources among divisions and helps manager and plan for cash requirements. The master budget consists of a set of operating budgets and a set of financial budgets that detail an organization's financial plans for a specific accounting period, generally a year. Operating budgets are plans used in daily operations and are the basis for financial budgets. Financial budgets, in turn, are projections of financial results for the accounting period. A sales budget is a detailed plan, expressed in both units and dollars, that identifies the product (or service) sales expected in an accounting period. It is prepared before any other budgets due to the importance of estimated sales volume, the fact that it will affect the level of operating activities and amount of resources needed for operations, the possibility that managers may use sales forecasts, and is the foundation that other budgets are developed upon. The production budget is a detailed plan showing the number of units a company must produce to meet budgeted sales and inventory levels. Production managers use this information to plan for the materials and human resources that production activities will require. To prepare a production budget, managers must know the budgeted number of sales (units) from the sales budget, and the desired level of ending finished goods inventory for each period in the budget year. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 14422 Rutgers Accounting Web