ACCT-214 Cost Accounting
Credits 4 / 4 Contact Hours
Pre-requisite: Placement into College Level Reading, completion of ELAP-120 with a 2.0 or higher, or successful completion of ACRD-090, ACRD-091 or ACRD-092; ACCT-202 and ACCT-212 with a minimum 2.0 grade.
Cost Accounting concentrates on planning control and analysis of the manufacturing process involving product costs using principles of the Cost Accounting Standards Board. Major topics include: Cost-volume-profit analysis activity based accounting just-in-time inventory and absorption vs. variable costing. Spreadsheet software is used extensively.
1. Distinguish between the uses and users of cost accounting and financial accounting information. 2.Explain how cost accounting information is used for decision making and performance evaluation in organizations. 3. Define basic cost behaviors, including fixed, variable, semivariable , and step costs. 4. Describe how matieral, labor and overhead costs are added to a product at each stage of the production process. 5. Use cost-volume-profit (CVP) analysis to analyze decisions. 6. Define how to apply differential analysis to pricing and production decisions. 7. Estimate costs using engineering estimates, account analysis, and statistical analysis. 8. explain how cost allocation is used in a cost management system. 9. Assign costs in a job count system. 10. Prepare and analyze a production cost report. 11. Compute product costs using activity-based costing. 12. Describe how activities that influence quality affect costs and profitability. 13. Develop budgeted financial statements. 14. Evaluate divisional accounting income as a performance measure.