ACC-205 Cost Accounting

A systematic study of the fundamental procedures applied in the determination of production costs and inventory balances. Analysis of cost behavior and decision-making for planning and control of the business are also covered.

Credits

3

Prerequisite

ACC-102

Lecture Contact Hours

3

Lab Contact Hours

0

Other Contact Hours

0

Department

• Business

Grading Scheme

• Letter

SUNY Gen Ed Credit

• No

Course Learning Outcomes

1. Students will be able to identify the difference between a job order cost system and a process cost system.
2. Students will be able to determine break-even points and to calculate volume required to meet target profits.
3. Students will demonstrate accounting for scrap, waste, spoilage and defective units.
4. Students will be able to cost out product and services using an activities based costing system.
5. Students will be able to account for joint product costs and by-product costs.
6. Student will be able to identify and account for manufacturing costs.
7. Students will be able to determine the manufacturing cost for products in a job order cost system.
8. Students will be able to determine the manufacturing cost for products ina process cost system.
9. Students will be able to prepare budgets and flexible budgets for any business entity.
10. Students will be able to distinguish between variable costs fixed costs and mixed costs.
11. Students will be able to isolate the fixed and variable cost elements of a mixed cost.
12. Students will be able to cost out products and services using a standard cost system.
13. Students will be able to identify and explain variances in a standard cost system.

View Course Outline

ACC 205: Cost Accounting

Department

Business

Course Description

A systematic study of the fundamental procedures applied in the determination of production costs and inventory balances. Analysis of cost behavior and decision-making for planning and control of the business are also covered.

Credit Hours

3

Contact Hours

Lecture	3
Lab	0
Other	0

Grading Scheme

Letter

Prerequisites

ACC-102

Course Learning Outcomes

1. Students will be able to identify the difference between a job order cost system and a process cost system.
2. Students will be able to determine break-even points and to calculate volume required to meet target profits.
3. Students will demonstrate accounting for scrap, waste, spoilage and defective units.
4. Students will be able to cost out product and services using an activities based costing system.
5. Students will be able to account for joint product costs and by-product costs.
6. Student will be able to identify and account for manufacturing costs.
7. Students will be able to determine the manufacturing cost for products in a job order cost system.
8. Students will be able to determine the manufacturing cost for products ina process cost system.
9. Students will be able to prepare budgets and flexible budgets for any business entity.
10. Students will be able to distinguish between variable costs fixed costs and mixed costs.
11. Students will be able to isolate the fixed and variable cost elements of a mixed cost.
12. Students will be able to cost out products and services using a standard cost system.
13. Students will be able to identify and explain variances in a standard cost system.

Topic Outline

1. The cost accountant's role in the organization
2. An introduction to cost terms and purposes
3. Accounting for materials, payroll, and factory overhead
4. Job-order costing
5. Budgeting in general
6. Systems designs, responsibility accounting, and motivation
7. Flexible budgets and overhead control
8. Standard absorption costing: overhead variances
9. Income effects of alternative product-costing methods
10. Relevant costs and the contribution approach to decisions
11. Cost allocation
12. Joint product costs and by-product costs
13. Spoilage, waste, defective units and scrap
14. Activity-based costing
15. Cost accounting for a service business
16. Cost-volume-profit relationships