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.
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.
Assess the advantages and disadvantages of an activity-based costing system.
Differentiate between an operating budget and an activity-based budget.
Distinguish between job costing and process costing.
Apply actual and normal costing processes.
Apply the seven-step job costing process.
Determine the causes of over- and under-applied overhead variances.
Develop a flexible budget.
Calculate flexible budget variances.
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.
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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