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This video covers basic cost concepts...with a touch of humor for managerial accounting. Before discussing Managerial Accounting topics such as activity-based costing and the Balance Scorecard, it's important to have a strong foundation in the basic cost concepts. This includes understanding what a cost is, and knowing the distinction between direct and indirect costs. For manufacturers, this also includes knowing the difference between product and period costs. It is also critical to understand concepts such as opportunity cost and sunk costs. Also, here's the link to the master's degree program in Puppet Arts at the University of Connecticut: https://drama.uconn.edu/programs/pupp... This video is my first attempt to use humor in one of my educational videos, so I hope you enjoy it!— Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON * / prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/4WaNTqV... Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK / prof_mclaughlin — ACCESS INDEX OF VIDEOS https://www.edspira.com/index — CONNECT WITH EDSPIRA Facebook: / edspira Instagram: / edspiradotcom LinkedIn: / edspira — CONNECT WITH MICHAEL Twitter: / prof_mclaughlin LinkedIn: / prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR https://www.edspira.com/about/ https://michaelmclaughlin.com