ACC2008 Cost Accounting

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COURSE DESCRIPTION

This course explores the distinct nature of cost accounting compared to financial accounting, focusing on its role within managerial accounting. Students will study the theories, methodologies, and objectives of cost accounting and its importance in supporting a company’s long-term growth. The course will also examine how cost accounting contributes to both internal and external reporting and decision-making processes.

By the course’s end, students will master key cost accounting terms and understand how costs flow through various company accounts. Additionally, students will learn to apply cost accounting principles for both internal management and external reporting purposes. The course will provide insights into activity-based costing systems while addressing ethical issues that may arise in cost accounting practices.

Key Topics Covered

  • Delineate How Cost Accounting is Utilized for Decision-Making and Performance Assessment: Understand how cost accounting data supports management decisions, improves operational efficiency, and assesses company performance over time.
  • Recount the Primary Notion of Cost and How Costs Are Presented in Financial Statements: Explore the basic concept of cost and how different types of costs (fixed, variable, direct, indirect) are reported in the financial statements.
  • Establish How Materials, Labor, and Overhead Costs Are Added to a Product at Each Stage of Production: Learn how raw materials, labor, and overhead are applied to products at various points in the production process, contributing to total production costs.
  • Explore the Underlying Cost Flow Model and Be Able to Allocate Costs in a Job Cost System: Understand the flow of costs through different stages in a job costing system and accurately assign costs to specific jobs or projects.
  • Communicate Expense Using Prearranged Rates and Activity-Based Costing (ABC): Develop the ability to use predetermined overhead rates and activity-based costing (ABC) to more accurately allocate indirect costs to products and services.
  • Distinguish How Cost-Volume-Profit (CVP) Analysis Supports Planning and Decision-Making: Understand the similarities between cost-volume-profit analysis and other costing methods and apply CVP analysis to help plan and make informed business decisions.
  • Prepare a Budget and Use It for Performance Evaluation: Learn how to prepare an effective budget, allocate resources to support performance goals, and assess achievement against the budget to improve financial planning and control.

REFERENCE MATERIALS
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Full-CLC Students

Based on your HESEAP application, you have been awarded full CLC for this course, classifying it as a test-out course, meaning no traditional instruction will be provided. Your CLC award signifies that you possess knowledge, whether gained through prior education or experience, equivalent to or surpassing what would typically be learned in a traditional college setting. Consequently, classroom attendance is not required; however, you are required to successfully pass a final exam for the course.

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