After taking the course, the four key topics in this course that I find interesting and useful regarding the operation of a business include professional ethics, cost based on activities, process costs and inventory costs. Chapter 1 provides an overview of the accounting discipline covering managerial, financial and cost accounting. Managers use accounting disciplines to build, communicate, and implement business strategies for their stakeholders. They also coordinate production processes and sales decisions in order to make inventory decisions. Financial accounting focuses on reporting financial information to stakeholders such as suppliers, financial institutions, investors, and government agencies. On the other hand, the cost aspect evaluates and analyzes financial and non-financial information related to the overall costs resulting from the use of different resources in a company. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original EssayChapter 5 discusses activity-based costing commonly referred to as the ABC method. The chapter explains how a company can over- or under-price its products and services. The other four sections listed in the chapter include guidelines on how an organization refines its costing system, parts of the cost hierarchy, benefits and costs of Activity Based Costing, and how management can use Activity Based Management to perform your operations. According to the course material, organizations apply plant overhead to produce products and services in a rational and systematic manner, using an average system. These types of average systems include the complex method, the cost-benefit method, and generally accepted accounting principles (GAAP). Chapter 17 discusses how companies adopt process costing, an accounting method in which the unit cost of a company's output is calculated by assigning total spending to the most similar units of their output. The system is normally used when an organization produces large quantities of similar goods or services. The method is normally used in the chemical and food industries. The unit cost is calculated by dividing the total cost by the number of outputs of the production process. Process costing separates costs into categories based on how they are entered into the process costing system. Then combine the subsequent costs with the conversion costs. Such combinations reflect the manufacturing process of products where it is very difficult to separate the manufacturing process from one process to another. Chapter 9 discusses how an organization can use inventory costing, a system in which all direct and indirect costs are classified as inventory costs. They are then accounted for in the balance sheet as expenses for the year. Companies prefer this type of system because they believe the process provides a better incentive to an organization. However, the process is known to create a single problem; calculates different figures for net revenues and net profits, which makes it difficult for an organization to make decisions related to profitability. The difference in net revenue arises from operating income due to inconsistencies in fixed manufacturing costs. The degree of difference outlines the amount of fixed manufacturing costs recorded on the balance sheet as inventory. The topics gave me insights into how to run a business. I am now able to analyze every direct and indirect cost incurred in an organization. As.