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Accounting

ACCT 226


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Credit Hours

(4-0) 4 Cr. Hrs.

Section Start Dates


Currently no sections of this class being offered.

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Cost Accounting


Course Description

Concepts of cost accounting as a management tool for control and planning will be introduced. Actual and standard cost methods as applied to job and process cost systems; accounting for materials, labor and manufacturing overhead; direct costing method; and cost accounting projects will be covered.

Prerequisites

(A requirement that must be completed before taking this course.)

Course Competencies

Upon successful completion of the course, the student should be able to:

  • Apply accounting procedures for purchasing, storing and issuing materials.
  • Compare inventory cost flow assumptions.
  • Record labor costs in journals, ledgers and subsidiary ledgers.
  • Apply overhead to production using rates developed by the student.
  • Explain ways of accounting for spoilage.
  • Process costs using job order cost systems.
  • Apply process cost systems using average and FIFO methods.
  • Account for by-products and joint products.
  • Explain cost behavior, standard costs, variance analysis and the principles of budgeting.
  • Apply cost-volume-profit analysis and direct costing.
  • Evaluate basic cost analysis results and non-cost factors to make decisions.
  • Evaluate the concept of constraints and local sub-optimization.
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