Cost Accounting and Cost Classification | Free Online Course | Alison
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Introduction to Cost Accounting and Cost Classification

Learn about the components of cost accounting, types of cost and methods of cost accounting from this free course.

Accounting
Free Course
This free online course in cost accounting provides a comprehensive guide to the importance of financial management and the components of cost accounting. Learn about ways cost can be classified along with the functions of marginal cost. You will also learn how to calculate and analyse the breakeven point using different relevant case studies. Begin this course and improve your knowledge on how to project for the future using breakeven point.
  • Duration

    4-5 Hours
  • Certification

    Yes
  • Mobile Friendly

    Yes
  • Publisher

    NPTEL
  • Accreditation

    CPD

Description

Modules

Outcome

Certification

View course modules

Description

This free online course will begin by introducing you to the important steps to consider in financial management as well as the different components of cost accounting. You will learn about the various ways cost can be classified, the components of cost volume profit analysis, the different methods of calculating profit as well as contribution margin, and the importance of marginal cost in cost accounting.

This course will also introduce you to the function as well as the objectives of cost volume profit analysis in cost accounting, along with its assumptions. You will learn about the different formulas for calculating profit and contribution margin in cost accounting, as well as how the cost volume profit graph is plotted along with examples that depict how they apply to our daily lives.

Finally, this course will introduce you to the function of the breakeven point as well as how it can be applied in accounting problems. It will teach you about the functions of sensitivity analysis and under which condition the cost volume profit (CVP) assumption can be changed. Start this course now and improve your knowledge of the functions of make or buy decisions, shut down cost, joint product, as well as joint product cost allocation in cost accounting.

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Learning Outcomes

On successful completion of this course you will be able to:


  • Discuss the concept of cost accounting and the types of cost in cost accounting.
  • Identify the different ways of classifying costs.
  • Explain cost volume profit analysis and the breakeven point.
  • Explain how graphs are plotted for a fixed cost, the variable cost, and semi-variable cost.
  • Analyze the formulas for calculating the profit equation and contribution margin.
  • Explain how breakeven point analysis can be applied in cost accounting.
  • Discuss the concept of sales mix and how to calculate the breakeven point of the sales mix.
  • Explain the concept of sensitivity analysis and its importance in cost accounting.
  • Explain how to calculate the profit volume ratio (PV) in cost accounting.
  • Discuss the concepts of relevant versus sunk cost, and make or buy decision in cost accounting.

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certificates for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certificate pricing, please visit our Pricing Page.

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