Process Costing

Start with the key terms

The Process Costing collection brings together flashcards, a quiz and a mind map for university-level study. A useful starting point is the flashcard deck on cost and managerial accounting key words. It includes process costing, conversion cost, equivalent units, processing departments and the weighted-average method.

After that, use Chap 3 to work through questions about what process costing is, its cost flow and the cost per equivalent unit. The question-and-answer format gives you a way to check how clearly you can explain the terms you have just studied.

Practice methods and calculations

Chapter 8: Process Costing covers equivalent units and calculations using the weighted-average and FIFO methods. It also lists steps for computing product costs. Another flashcard deck covers continuous and discrete loss, the cost of production report and equivalent units of production.

Once you have looked at those terms, try ACCT 2013 - Concept 8. Its question presents information about the physical flow of completed units. Use the flashcards alongside the quiz to return to terms you want to study further.

Use the map to organize the topic

The Process Costing mind map brings together cost calculations, joint and by-products, output, loss and closing work in process. Look through its branches after studying the flashcards, then return to the map after the quiz to connect the terms with the broader topic.

Process Costing is a section of the Costing Systems and Standard Costing unit in Accounting and auditing. The map can help you organize the material on this page within that unit. Pick a resource and work through the collection in the order that suits you.