In today’s fast moving, innovation driven economy, companies must make key decisions quickly or risk losing ground to their competition.  To do this effectively, they need the most accurate view of their costs of doing business. This course describes the different types of costs incurred by an organization, how they behave and how each one impacts critical decision making. 

This course focuses on how to manage, evaluate and take action to optimize overhead expenses.

 

Learning Objectives
  • Describe the types of cost objects and their importance.
  • Name the differences between types of costs, including fixed vs. variable, actual vs. budgeted, product vs. period and direct vs. indirect.
  • Distinguish relationship between fixed and variable costs, as well as their impact on the bottom line.
  • Observe the concept of relevant range and why it is important to understanding fixed costs.
  • Describe the operating risk and leverage associated with the different types of costs models.
  • Articulate different types of inventories and how they impact the bottom line.
  • Describe how costs flow through the production process and the balance sheet to the income statement.
Last updated/reviewed: August 13, 2023
18 Reviews (61 ratings)

Reviews

4
Anonymous Author
Good overview on cost objects, cost types, cost behavior, etc. This course is good for those who need a refresher on or need to learn basic cost accounting topics.
5
Anonymous Author
Excellent review of cost types and cost behavior. I liked the quick recap of reviewed material before beginning each new topic.
5
Anonymous Author
Excellent course covering costs. Learned a lot. Instructor was very good with great examples for the topics he was covering.
4
Anonymous Author
Mainly related to product sales, still a valuable lesson for us in service industry. Instructor was engaging, not monotone.
4
Anonymous Author
Great course on cost types. Using real world examples, the effect on decisions was explained in easy to understand terms.
5
Member's Profile
Good overview of cost accounting. Presenter was effective in defining key terms, use of charts, and illustrations.
5
Member's Profile
Overall explanations were very well made and I felt my understanding was increased greatly with solid examples.
4
Member's Profile
Good introductory module to the topic. Good use of slides and pace. Covers the basics.
5
Anonymous Author
This course was incredibly effective at teaching me skills in determining cost types
5
Anonymous Author
An introductory course helped in revision. Well explained and presented.
5
Anonymous Author
I enjoyed the slides and the use of an easy example to explain the lesson
4
Anonymous Author
Nice refresher on overhead costs and there impact on the business cycle.
5
Anonymous Author
I thought the instructor was very good. Easily explained each topic.
4
Member's Profile
Excellent pace of course presentation and very good depth of content
4
Member's Profile
good refresher on cost accounting!
5
Member's Profile
Very interesting!! Liked it a lot!
5
Anonymous Author
Good overview of costs....
5
Anonymous Author
good refresher
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Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  4:11PREVIEW: Introduction to Costs Types and Their Impact on Decision Making
Cost Types
  Cost and Cost Objects2:01
  Different Types of Costs6:51
  Variable and Fixed Costs7:01
  Cost Behavior 3:51
Range and Leverage
  Relevant Range6:12
  Operating Leverage 9:34
Inventory
  Types of Inventory6:34
  Flow of Inventory Costs3:04
Conclusion
  Summary2:39
Continuous Play
  Costs Types and Their Impact on Decision Making52:00
SUPPORTING MATERIALS
  Slides: Cost TypesPDF
  Costs Types and Decision Making Glossary IndexPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam