Programs & Courses

ACCT-220 - Cost Accounting
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.
Academic Level:
Please see course description for all prerequisites.
    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. 13.Demonstrate quantitative literacy by using accounting models to define, represent, and solve mathematical problems. (ACCT PG 1, GE GOAL 3) 14.Use critical thinking to analyze financial transactions. (ACCT PG 2, GE GOAL 2)
    Cost Accounting
    Course: ACCT-220 - Cost Accounting