Equivalency Details

Investigates cost accounting techniques such as budgeting, accounting controls, standard cost, operation evaluation techniques, variance analysis and performance analysis. The role of cost accounting in profit planning and decision making is examined.

This course provides students with a thorough understanding of cost accounting concepts, cost behaviors, and cost accounting techniques as applied to manufacturing cost systems. Upon successful completion of this course, students should be able to: Interpret the purpose of cost accounting and the uses of cost accounting data; Define the three basic elements of cost; Using the process and job cost systems, record the complete accounting cycle; Apply factory overhead to work in progress production units; Define factors to be considered in establishing standard costs; Compute and analyze variances from standard using the two variances methods; Determine the basis and calculate cost allocations; Prepare budgets and variance analysis.