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Summer 2019

Accounting Courses:

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ACC215 - Cost Accounting

Credits: 3

Catalog Description: Studies managerial accounting in-depth from the preparer's perspective. Topics include managerial decision support systems, elements of costs, job-order and process costing, just-in-time and flexible manufacturing systems, cost-volume-profit analysis, budgets and performance evaluation. Spring only. Prerequisite: ACC102.

Lecture: 3 hrs.

Course Learning Outcomes (CLOs):
Upon successful completion of this course, the student will be able to:
1. Explain the uses of cost accounting data, describe the relationship of cost accounting to financial accounting, and distinguish between job order and process costing systems.

2. Identify cost behavior patterns, separate semi variable costs into variable and fixed components, prepare a budget for factory overhead costs, account for actual and applied factory overhead, and distribute service department factory overhead costs to production departments.

3. Compute unit costs in a process cost system, assign costs to inventories using equivalent units of production, and prepare a cost of production summary report.

4. Compute unit costs in a process cost system when materials are not added uniformly throughout the production process, account for units lost in the production process, and identify the methods used to apportion joint costs to joint products.

5. Discuss standard costs, use the proper procedures for recording standard costs for materials and labor, explain the meaning of variances and how they are analyzed. Perform a variance analyses.

6. Prepare the necessary budgets for a manufacturing business, and explain the appropriate procedures to determine standard amounts of factory overhead at different levels of production, recognize the difference between actual and applied factory overhead, and compute the controllable variance and the volume variance.

7. Perform job order costing, prepare budgets, and apply activity based costing for a service business.

8. Compute net income under the direct costing and absorption costing methods, segment profitability, the break-even-point, target volume needed to earn a certain profit, discuss the impact of income tax on break-even and target-volume computations, and use differential cost analysis techniques to make special decisions.

9. Use the power of Excel spreadsheets to prepare accounting reports.*

* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.

Content Outline:
Part I Introduction Concepts and Terminology
Composition of Manufacturing Costs
Cost Elements

Part II Accounting Systems
Job Order Costing
Process Costing

Part III Cost Accounting Systems
Joint Product and By-Product Costing
Standard Costs

Part IV Analysis and Control
Cost-Volume-Profit Planning
Direct Costing
Performance Measurement
Gross Profit Analysis

Effective Term: Spring 2018