This exercise book is a free 26 page pdf file and the third of four exercise books that elate specifically to Part 3 of the Managerial and Cost Accounting textbook. These exercises cover basic job costing concepts including tracking direct labor, direct materials, and overhead. The exercises also deal with accounting for actual and applied overhead.
The learning objectives are:
To understand the flow of product costs through inventory (journal entries and T-accounts are used.
To determine Cost of Goods Manufactured and Cost of Goods Sold.
To compute manufacturing overhead rates, apply overhead, and determine if overhead is over or under applied.
To apply costing concepts to a service organization
Target Student Population:
Students in cost accounting courses. Review may be required to determine aplicability for the introductory managerial accounting course.
Prerequisite Knowledge or Skills:
Must have a basic understanding of the terminology and concepts of product costing.
Type of Material:
Tutorial/Practice materials (a series of seven questions and solutions).
Can be used for in class examples or assigned as homework. Solutions are provided with the exercises.
Must provide email to download book.
Adobe Reader must be installed in order to open the books from bookboon.com.
A pencil and calucator are required for the computations.
Evaluation and Observation
All exercises are compatible with the discussion of product costing in any introductory managerial accounting textbook. The set of questions requiring journal entries and solving for unknowns using T-accounts are very good. Each exercise concentrates on a specific topic and incorporates discussion questions as well as mathematical responses.
The exercises will supplement textbook reading or in class discussion. Someone with no prior exposure to the concepts and terminology may not be able to complete the exercises.
Commercial advertising is interspered throughout the material, but as indicated by the authors, it is necessary to cover the costs of producing the booklet.
Potential Effectiveness as a Teaching Tool
The exercises reinforce concepts associated with product costing. The exercises build on prior concepts until all of the major product costing concepts are demonstrated. These short exercises could be assigned for a review of product costing concepts from any textbook on the topic. The exercises are an efficient way to reinforce learning or provide for formative assessement.
No learning objectives or prerequisite knowledge have been identified.
Students would need an introduction to the concepts and terminology before attempting the exercises. This module is merely a set of exercises to accompany a textbook chapter.
Ease of Use for Both Students and Faculty
The exercise materials are easy to download and use. Visual appeal and quality of design is average. Students complete various computations and answer questions related to understanding and application of the concepts. Solutions are included. Instructors could assign the exercises to students to use on their own without instructor interaction.
This modules is not interactive in the sense of a computer game, just homework assignments in pdf format. No give and take is involved - just working exercises and checking answers. The degree of engagement is dependent on the student's willingness to work through the problems completely before checking the solution.
Other Issues and Comments:
The module is intended to accompany a textbook chapter. If it is used in that manner instructions may not be necessary.