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.
LEARNING OBJECTIVES
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
REFERENCE MATERIALS
for
Full-CLC Students
“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.
Thousands of FREE Online College Courses:
Search Topics: Publications/Videos/Papers
(The majority of the exam questions for this course are based upon information contained in the below search topics)
Please note: USILACS is not the source of the following links. Therefore we do not have control over the accessibility of these links. You may find that some links are no longer active. We therefore encourage you to copy and paste the title into Google or YouTube to find an alternative source. You are also welcome to email our academic team at academics@usilacs.org for assistance or to inform them of an inactive link so we can replace it with a new one.
Sometimes the links may invite you to download reference material into a PDF. Although we have been diligent in finding safe sources of information, we encourage you to be diligent in ensuring a download is safe on your device.
Although we are providing comprehensive study material, if you feel you require more, please copy and paste the topics and titles into Google and YouTube.
- (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)
Tips for success
Remember, these exams are all open textbook. Meaning, you can keep your reference material open in other tabs to refer back to during your exam.
Some of the reference materials are large, extensive books with hundreds of pages. If you have a question on your exam that you want to find the answer to within the book, here’s a quick way of doing so:
Choose a keyword or phrase from the exam question. Go to the reference material. Press ‘Ctrl’ + ‘F’ on your keyboard. This will bring up a search bar. Type your keyword or phrase into the search bar and click search. This will show you all the locations that they appear in the reference material.