ACCT-230 Cost Accounting

This course covers fundamentals of cost accounting including terminology; cost-volume-profit analysis; costing systems; operating, financial, and flexible budgets including variances; and other topics such as transfer pricing and performance measurement. This course prepares students for business decisions in cost accounting and for the Certified Public Accountant (CPA) exam.

Credits

3

Prerequisite

ACCT-112

Hours Weekly

3 hours weekly

Course Objectives

1. 1. Distinguish between financial and management accounting and understand how management
   accountants affect business decisions.
   
2. 2. Identify and explain cost accounting terminology.
3. 3. Prepare cost-volume-analysis and understand its use in business decisions.
4. 4. Describe job order, activity-based, and process costing and when applied in businesses.
5. 5. Compare and contrast job order, activity-based, and process costing systems.
   
6. 6. Discuss variable and absorption costing and evaluate use for businesses.
   
7. 7. Apply methods of cost allocation for joint products and byproducts.
8. 8. Prepare operating and financial budgets and explain responsibility accounting.
9. 9. Distinguish between flexible budgets and variances and compute various variances.
10. 10. Explain transfer pricing and identify business decisions relating to transfer pricing.
    
11. 11. Examine performance measures including compensation

Course Objectives

1. 1. Distinguish between financial and management accounting and understand how management
   accountants affect business decisions.
   
2. 2. Identify and explain cost accounting terminology.
3. 3. Prepare cost-volume-analysis and understand its use in business decisions.
4. 4. Describe job order, activity-based, and process costing and when applied in businesses.
5. 5. Compare and contrast job order, activity-based, and process costing systems.
   
6. 6. Discuss variable and absorption costing and evaluate use for businesses.
   
7. 7. Apply methods of cost allocation for joint products and byproducts.
8. 8. Prepare operating and financial budgets and explain responsibility accounting.
9. 9. Distinguish between flexible budgets and variances and compute various variances.
10. 10. Explain transfer pricing and identify business decisions relating to transfer pricing.
    
11. 11. Examine performance measures including compensation