1 Managerial Accounting Basics – 1 Cost Classifications

1 of 10 Managerial Accounting Video Lectures by Professor Bassell on this channel. A discussion of managerial accounting concepts by Professor Myles Bassell. Professor Bassell discusses cost classifications and cost behavior. He explains manufacturing costs and non-manufacturing costs. Professor Bassell mentions the difference between financial and managerial accounting and product costs and period costs. He discusses the 3 components of product costs: direct materials, direct labor, and manufacturing overhead. Professor Bassell emphasizes that products costs are inventoriable costs that are included in the cost of goods sold at the time the product is sold. He discusses direct, indirect, fixed, and variable costs.