ACC3004 Cost Accounting
This course inspects how cost accounting varies from financial accounting. Cost accounting is linked to managerial accounting and will be investigated. The theories and intentions will be studied. This course will survey how cost accounting promotes the long-term expansion of a company.
You will master the terms used for costing purposes and how these costs stream through the distinct accounts of a company. A proficiency of how cost accounting is applied for internal and external reporting objectives will be realized. You will be ready to list the assets of an activity-based costing system as well as deliberate the moral issues that emerge in the field of cost accounting.
The intentions for this course are to receive mechanisms and routines being promoted by management accountants including cost accountants, controllers, and chief financial officers, and to gain problem-solving approaches found conducive in developing, realizing, and calculating determinations that influence the prosperity of any business. By the end of this course, all students should:
- Delineate how cost accounting is utilized for decision making and performance assessment
- Recount the primary notion of cost and how costs are bestowed in financial statements
- Establish how materials, labor and overhead costs are added to a product at each stage of the production cycle
- Explore the underlying cost flow model and be able to designate costs in a job cost system
- Communicate expense using a prearranged rates and activity-based costing
- Distinguish how cost-volume-profit (CVP) are similar and employ (CVP) investigation as a planning and decision-making service
- Prepare a budget while applying assets for achievement assessment after triggering the budget
“A CLC award signifies that the student has attained the knowledge, (through either prior education or experience), equal to or greater than the student would have learned in a traditional college course.”
“Based upon your CLC award, physical classroom attendance is not required; however, you will be required to successfully pass a final exam for each course.”
Based upon your HESEAP Application, you have received full-CLC for this course; therefore, this is a test-out course which does not include traditional education on the subject.
USILACS wants to help you succeed. If you feel you need a little knowledge refresher or want to expand your knowledge on this subject, we recommend that you consider reviewing some of the vast online education resources and search topics below.
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- (2018) Wikipedia. Cost Accounting. Available online at https://en.wikipedia.org/wiki/Cost_accounting
- (2018) Investopedia. Cost Accounting. Available online at https://www.investopedia.com/terms/c/cost-accounting.asp
- (2018) Investopedia. Cost Accounting. Available at https://www.investopedia.com/terms/c/cost-accounting.asp
- (2017) Cost Accounting – Definition, Purpose, Types, how it works? Available at https://www.youtube.com/watch?v=AwrwUf8vYEY
- (2019) “Difference between Cost and Financial Accounting.” Fairuz Embong. Available at https://www.youtube.com/watch?v=vqr-7z2MieQ
- (2014) “Financial Accounting vs. Managerial Accounting.” Edspira. Khan Academy. Available at https://www.youtube.com/watch?v=Ep7DqVxFHaY
- (2014) “Cost Accounting Overview.” Matt Evans. Available at https://www.youtube.com/watch?v=a5D3Iopi0-4
- (2014) “Sunk Costs.” Edspira. Khan Academy. Available at https://www.youtube.com/watch?v=-FzVxsUQ3_w&list=PL_KGEFWqEaTAswdGBQr2YwKDQoKz84iox&index=13
- (2013) “Job Order Costing – Part 1 – Management Accounting.” Tony Bell. Available at https://www.youtube.com/watch?v=HJMFaygeGP0
- (2012) Accounting for Managers. Kurt Hiesinger and Joe Ben Hoyle. Creative Commons. Available at: https://2012books.lardbucket.org/pdfs/accounting-for-managers.pdf
- 1.1 Characteristics of Managerial Accounting (pg. 9-10)
- 1.6 Cost Terminology (pg. 36-38, 41-42)
- 1.7 How Product Costs Flow through Accounts (pg. 49-51)
- 1.8 Income Statements for Manufacturing Companies (pg. 56-57, 62-63)
- 9.1 Planning and Controlling Operations (pg. 664-665)
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