Cost Accounting – acc349 (3 credits)
This course introduces cost terminology and flows, standard cost systems, relevant costing, budgeting, inventory control, capital asset selection, responsibility accounting, and performance measurement.
- Determine the causes of overapplied or underapplied overhead variances.
- Explain the advantages and disadvantages of using standard costing.
- Calculate price, usage, and overhead variances.
Fundamentals of Managerial and Cost Accounting
- Identify key components and terminology utilized within cost accounting.
- Examine ethical issues in managerial accounting.
- Compare and contrast process and job cost systems.
- Differentiate between direct and indirect costs.
- 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.
Pricing Decisions and Budgeting
- List the components of an operating and financial budget.
- Determine pricing for external and internal sales.
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