Cost Accounting –

acc227

(3 credits)

ACC 227 introduces students to the concepts and decision-making issues of cost accounting. Emphasis is placed on management, analysis, business strategy, and implementation. Topics include cost terms and purposes, budgeting, job costing, pricing, and cost management.
This undergraduate-level course is 9 weeks. This course is available as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

Cost Accounting Fundamentals

  • Describe the importance of cost accounting in managerial decisions.
  • Describe the relationship between cost-volume-profit analysis and a company's financial decisions.
  • Explain business functions in the value chain.
  • Differentiate among manufacturing-, merchandising-, and service-sector companies.

Cost Terms and Purposes

  • Differentiate among direct, indirect, variable, and fixed costs.
  • Use cost-volume-profit analysis to plan variable and fixed costs.

Budgeting

  • Assess the advantages and disadvantages of an activity-based costing system.
  • Differentiate between an operating budget and an activity-based budget.

Costing

  • Distinguish between job costing and process costing.
  • Apply actual and normal costing processes.
  • Apply the seven-step job costing process.

Budget Variances

  • Determine the causes of over- and under-applied overhead variances.
  • Develop a flexible budget.
  • Calculate flexible budget variances.

Manufacturing Costs

  • Analyze indirect manufacturing costs.
  • Identify cost drivers that impact cost objects.
  • Prepare income statements using absorption costing and variable costing.
  • Differentiate between throughput, variable, and absorption costing.

Pricing

  • Identify relevant and irrelevant costs in a decision-making scenario.
  • Examine why opportunity cost is used in decision making.
  • Summarize the three major influences on pricing decisions.
  • Explain the difference between short- and long-run pricing decisions.

Cost Information for Decisions

  • Explain how companies use target costing to price products.
  • Estimate cost functions.
  • Discuss data problems encountered in estimating cost functions.

Operating Cost Systems

  • Solve professional ethics scenarios in relation to management accounts.
  • Apply principles of cost accounting to an existing company.

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