Anyone taken cost/managerial accounting before?

[savraj1]

This is going to be my first accounting class. Is it as hard as people say it is?Can I do well without having done financial accounting ? Can someone briefly explain what debits and credits refers to? Also what is break even and cost analysis like?

 

[noskey]

I thought it was easy. A lot easier than financial for me at least, which still wasn't difficult.

But if you dont know debit/credit, take financial first. Or check Wikipedia.

 

[m23airj0rdan23j]

that'll be me next year heard my professor is horrible but i'll deal with it

 

[solegit08til]

I'm in Acc201 right now. Why didn't you take this class first?

Accounting equation is;  Assets = Liabilities + Equity(revenue-expenses)

 

[iceberg slim]

Cost Accounting is the worst. Hated it just as much as I hated intermediate. You should be good though if you dont slack from the get go. Accounting courses are time eaters

Debits and Credits are the two sides to every financial transaction. Its the backbone to financial accounting. Every debit transaction must have a corresponding credit transation. For example if I buy 300 dollars worth of supplies, I'm going debit supplies and credit cash

Any account will have either a debit or credit normal balance

Assets-Debit
Liabilities-Credit
Stockholders Equity- Credit. This doenst hold true 100% of the time but if youre taking basic accounting youre not going to run into any exceptions I dont think

I feel like if I try to simplify break even and cost analysis that I'll be shortchanging you and you wont get everything, your best bet is to look it up on your own

 

[savraj1]

 solelegit, I didn't take financial first, because it filled up, but people have told me that one can still do well in this class

 

[bjm5295]

cost is so tedious, it's awful. way worse to me than intermediate 1 and 2, financial, managerial and taxes.

 

[lazyj10]

I'm a CPA and cost accounting (intro and advanced) were the bane of my existence. RIP.

 

[iceberg slim]

Originally Posted by bjm5295

cost is so tedious, it's awful. way worse to me than intermediate 1 and 2, financial, managerial and taxes.

This guy knows. The worst thing about the Accounting Curriculum is that they save the two easiest classes for last.
Tax and Auditing are cake, why are they last?

 

[flacobey]

remember DEAD COLR, helped me on my first exam

D- Normal Debit Balance
E- Expenses
A- Assets
D- Dividends



C- Normal Credit Balance
O- Owners equity
L- Liabilities
R- Receivables

 

[bauercans]

Cost accounting is difficult imo because students are being introduced to concepts but aint eem been in a company yet

 

[lazyj10]

Originally Posted by Savraj1

This is going to be my first accounting class.�Is it as hard as people say it is?�Can I do well without having done financial accounting ? Can someone briefly explain what debits and credits refers to? Also what is break even and cost analysis like?�

In my Cost class (mind you, this was like 7-8 years ago) there was little detail around Debits ("Dr") or Credits ("Cr").  Which is where confusion sets in for some people.  So yeah, you could potentially do well even without having taken Financial Accounting.

Dr - on an income statement is an expense, so a cost to the company producing/manufacturing a widget...I.E - Cost of Goods Sold (COGS)
Dr - on a balance sheet to same company is an asset

The flip to that are credits

Cr - on an income statement is revenue or a reduction of an expense through a reclassification
Cr - on a balance sheet is a liability

Breakeven will be the measurement of either the cost or production number (i.e - supply) that you'd have to produce (or produce at) in order to breakeven.  Holding all variables even, it wouldn't produce profit but yet wouldn't be strictly an expense.

Cost analysis is a pain in the %!%, and if I remember correctly will have you getting into LiFo, FiFo, Weighted Averages of production units and the impact to the company.

 

[bjm5295]

to add a little more to what i said before, if you take cost, youre definitely gonna be sitting there one day and think to yourself "man $$% is this? why we gotta find the per unit cost per man hour, and THEN find the unused labor cost? all i have to do is say we it cost us 20 grand and it brought back 30 grand!"

 

[cruzair13]

managerial accounting was easier than financial.
but as other peoples have said
know debits and credits
and journal entires and you're all set for managerial, and you'll learn along with the book.
GET THE BOOK for everything.

 

[e3lal]

My accounting classes were too easy.  I guess it helped since my professors were clear and direct.  I can see where you can get lost, but if you work out problems, you should get it.

 

[jrp44]

Man idk what you guys are talking about I LOVED Cost Accounting...Tax Acounting on the other hand, SMH

 

[omgitswes]

I just finished financial and it was one of my toughest courses I've had including my engineering and cal classes

 

[giraffe]

I have to knock out Financial Accounting next semester.



*nervous*

 

[noskey]

Originally Posted by Giraffe

I have to knock out Financial Accounting next semester.



*nervous*

Dont be. It's easy, just a lot of busywork.

 

[salviboy7]

Taking accounting 1, got a final next week. (Can't say much on Cost but my 2 cents on Accounting in general )

Accounting isn't hard ( compared to Programming, Calculus, Chemistry ) but it is very tedious. Repetition is key IMO. Just keep doing the same problems over and over and eventually it'll stick.