ACT 2453 - Cost Accounting
This course serves as an introduction to the fundamentals of cost accounting, with emphasis on costing systems in the service, merchandising, and manufacturing sectors. The use of budgets and standards are studied as keys to planning and control, including flexible budgets and variance analysis. The use of cost information for various decision and control purposes is also studied.

Learning Outcomes:
  • Evaluate course concepts critically and competently through interaction with Learners and Faculty Mentor.
  • Describe the cost concepts, cost behaviors, and cost accounting techniques that are applied to manufacturing and service businesses.
  • Analyze the profitability of a product or service.
  • Apply basic cost accounting concepts using job order and process costing.
  • Calculate cost and variances for material, labor and overhead in the manufacturing of products.
  • Determine the costs of goods manufactured and the operating income.
  • Determine variances for direct materials, direct labor and overhead.
  • Demonstrate your overall comprehension of the course by the evaluation of your understanding of the concepts.
  • Possess an understanding of budgets and the budgeting process as it relates to cost accounting.
  • Describe how the information obtained in the cost accounting process is used in management decision making.

Course Concepts:

Learners will understand major concepts of...

· Cost accounting.
· Accounting for materials.
· Accounting for labor.
· Accounting for factory overhead.
· Job order cost accounting.
· Process cost accounting.
· Standard cost accounting.
· Cost analysis.


Prerequisite:

None