Course Abstract Details

ACCT-220, Cost Accounting

Credits: 3

Course Description

ACCT-220, Cost Accounting, provides an overview of the nature and purpose of cost accounting and covers job order and process costing, as well as standard costing, spoilage, budgeting and relevant costs for decision making. Prerequisite: ACCT 102. Three hours lecture each week. Three credits. Three billable hours. Offered Spring Term only.

Course Objectives and Grading Information

Major Course Objectives:  Upon completion of this course, the student will be able to: 

1. Distinguish between financial accounting and managerial accounting and identify the major components of a management control system. 

2. Differentiate between the different manufacturing costs. 

3. Calculate breakeven point and target operating income using cost-volume-profit analysis. 

4. Demonstrate the job-order costing system for accounting for costs in a manufacturing company as well as a service company. 

5. Compare and contrast job-order costing, process costing, and activity-based accounting systems. 

6. Demonstrate process costing using both the weighted average and first-in, first-out (FIFO) methods. 

7. Calculate the effects of spoilage, reworked units, and scrap. 

8. Distinguish between static budgets and flexible budgets. 

9. Calculate price, efficiency, and overhead variances. 

10. Analyze the differences in operating income under absorption costing and variable costing. 

11. Describe the five-step sequence in a decision process. 

12. Describe the purpose of cost allocations and examine the different methods.      

Learning Goals

The abbreviations in parentheses represent Learning Goals which have been identified for this course and program of study:

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