After taking our course, the four key topics in this course that I find interesting and useful in relation to running a business include professional ethics, activity-based pricing, process valuation and inventory valuation. . Chapter 1 provides an overview of the accounting discipline covering management, financial and cost accounting. Managers use accounting disciplines to develop, communicate and implement business strategies for their stakeholders. They also coordinate production processes and sales decisions to make inventory decisions. Financial accounting focuses on communicating financial information to stakeholders such as suppliers, financial institutions, investors and government agencies. On the other hand, the costing aspect evaluates and analyzes financial and non-financial information related to overhead costs related to the use of different resources of a company. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Chapter 5 discusses activity-based costing, commonly known as the ABC method. The chapter explains how a company can overprice and underprice its products and services. The remaining four sections of the chapter include guidelines on how an organization refines its cost system, parts of the cost hierarchy, the benefits and cost of activity-based costing, and how management can use activity-based costing. activities to manage its operations. According to the course material, organizations use factory overhead to produce products and services rationally and systematically, using an average system. These types of medium systems include the complex method, the cost and profit method, and generally accepted accounting principles (GAAP). Chapter 17 explains how companies adopt process costing, an accounting method in which the unit cost of a company's production is calculated by allocating total expenses. to more similar units of their production. The system is normally used when an organization produces massive quantities of similar goods or services. The method is normally used in the chemical and food industry. Unit cost is calculated by dividing the total cost by the number of outputs from the production process. Process costing separates costs into categories based on how they are introduced into the process costing system. It then combines their subsequent costs with the conversion costs. Such combinations reflect the product manufacturing process in which the manufacturing process is very difficult to separate from one process to another. Chapter 9 explains how an organization can use inventory costing, a system in which all direct and indirect costs are classified as storable costs. They are then recorded in the financial statements as expenses for the year. Companies prefer this type of system because they believe the process provides a better incentive for an organization. However, the process is known to create only one problem; it calculates different figures for net revenue and net profit, making it difficult for an organization to make decisions related to profitability. The difference in net income comes from operating income due to inconsistencies in fixed manufacturing costs. The degree of difference..