This course introduces cost terminology and flows, standard cost systems, relevant costing, budgeting, inventory control, capital asset selection, responsibility accounting, and performance measurement.
Identify key components and terminology utilized within cost accounting.
Compare and contrast process and job cost systems.
Assess the advantages and disadvantages of an activity-based costing (ABC) system.
Identify cost drivers for manufacturing and service activities.
Calculate overhead rates using cost drivers.
Compute allocation of overhead costs to cost pools, end products, and services.
Distinguish among fixed, mixed, and variable costs.
Calculate a break-even point using the elements of cost-volume-profit (CVP).
Prepare income statements using both variable and absorption costing.
Explain the advantages and disadvantages of using standard costing.
Calculate price, usage, and overhead variances.
Determine the causes of overapplied or underapplied overhead variances.
Pricing Decisions and Budgeting
List the components of an operating and financial budget.
Determine pricing for external and internal sales.
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