Cost AccountingBack to Course Guide
The course presents an advanced analysis of data collection for planning and controlling operations. Topics include inventory cost evaluation, income determination, job order, process, and standard costing systems.
PREREQUISITE: Six semester hours of accounting including ACC2112.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Describing the relationship of cost accounting to financial and managerial accounting.
- Describing the role and functions of cost accountants on the management team.
- Discussing how cost management systems can be designed to support managerial decision-making.
- Demonstrating an understanding of various cost classifications.
- Determining the cost of goods manufactured and cost of goods sold for manufacturers.
- Allocating overhead costs to jobs, departments, and cost centers.
- Recording journal entries applicable to a costing system.
- Analyzing job order and process costs systems.
- Differentiating among opportunity costs, relevant costs, and sunk costs.
- Accounting for joint products and by-products costs.
- Developing budget systems as a cost control technique.
- Identifying and preparing the components of a master budget and a flexible budget.
- Applying standard costing concepts.
- Performing variance analysis as a cost control.
- Performing cost-volume-profit analysis and profit planning.
- Evaluating variable and absorption costing systems.
- Describing the criteria for choosing a cost driver.
- Interpreting activity-based costing for quality management.
- Applying capital budgeting techniques to rank and evaluate capital projects.