Accounting 327

Cost Accounting

 

Prerequisite:            ACC 202 and ACC 250 (with C or better).

 

Required Texts:      Cost Accounting, ACC 327 – Eastern Kentucky University, by Carter, 14th Edition

                                   

 

Course Objectives

 

We will be studying cost behavior and applying cost concepts to specific manufacturing and service processes.  The emphasis in this course is on the collection, recording, and reporting of cost accounting data.  In addition, you will be expected to evaluate different cost accounting concepts and techniques, analyze data, and make recommendations.  We will learn how to use computer software to perform some tasks.  On page 6 of the syllabus is a list of the specific learning objectives for this course.

 

Learning Objectives

 

By the end of this course you should be able to:

  1. Identify and discuss ethical issues related to cost accounting concepts and techniques.
  2. Identify the appropriate cost object for a specific management decision.
  3. Identify and classify costs related to a cost object and their behavior.
  4. Use multiple-regression to analyze and model cost behavior using computer software.
  5. Evaluate and discuss the selection of Job Order vs Process Costing System.
  6. Record cost using journal entries and prepare cost reports and financial statements for a manufacturing or service company using Job Order and Process Costing.
  7. Identify the components of a of materials control system.
  8. Record the costs of procuring and using materials.
  9. Identify and discuss the conditions necessary for the use of a JIT system.
  10. Identify and compute the cost savings associated with the adoption of a JIT system.
  11. Record cost using journal entries and prepare cost reports and financial statements for a manufacturing or service company using Backflush Costing.
  12. Identify the components of a of labor control system.
  13. Record the costs of procuring and using labor.
  14. Identify the components of overhead costs.
  15. Record, apply, and report overhead costs.
  16. Use computer software to estimate overhead application rates.
  17. Identify, record, and assign departmental costs in both manufacturing and service companies.
  18. Use computer software to distribute departmental overhead to production departments by different methods, evaluate the results, and discuss the implications for decision making.
  19. Identify and discuss the use of differenct cost drivers in an ABC system.
  20. Calculate costs using ABC and compare to the cost using a traditional costing system.
  21. Identify and explain the advantages and disadvantages of ABC.
  22. Prepare performance reports using flexible budgeting.
  23. Identify and discuss the behavioral implications of responsibility reporting.
  24. Develop as set of cost standards.
  25. Compute, analyze, and report variances using standard costing.
  26. Prepare journal entries to record costs using standard costing in a manufacturing or service company.
  27. Prepare an income statement for a company using standard costing.