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.
Summarize the three major influences on pricing decisions.
Examine why opportunity cost is used in decision making.
Identify relevant and irrelevant costs in a decision-making scenario.
Explain the difference between short- and long-run pricing decisions.
Differentiate between throughput, variable, and absorption costing.
Prepare income statements using absorption costing and variable costing.
Identify cost drivers that impact cost objects.
Analyze indirect manufacturing costs.
Calculate flexible budget variances.
Develop a flexible budget.
Determine the causes of over- and under-applied overhead variances.
Operating Cost Systems
Apply principles of cost accounting to an existing company.
Solve professional ethics scenarios in relation to management accounts.
Cost Information for Decisions
Discuss data problems encountered in estimating cost functions.
Estimate cost functions.
Explain how companies use target costing to price products.
Apply the seven-step job costing process.
Apply actual and normal costing processes.
Distinguish between job costing and process costing.
Differentiate between an operating budget and an activity-based budget.
Assess the advantages and disadvantages of an activity-based costing system.
Cost Terms and Purposes
Use cost-volume-profit analysis to plan variable and fixed costs.
Differentiate among direct, indirect, variable, and fixed costs.
Cost Accounting Fundamentals
Differentiate among manufacturing-, merchandising-, and service-sector companies.
Explain business functions in the value chain.
Describe the relationship between cost-volume-profit analysis and a company's financial decisions.
Describe the importance of cost accounting in managerial decisions.
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