2021-2022 Catalog [ARCHIVED CATALOG]
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ACCT 203 - Cost Accounting I
PREREQUISITES: ACCT 102 - Managerial Accounting .
PROGRAM: Accounting
CREDIT HOURS: 3
LECTURE HOURS: 3
DATE OF LAST REVISION: Fall, 2014
Examines the manufacturing process in relation to the accumulation of specific costs of manufactured products. Studies various cost accounting report forms, material, labor control, and allocation of manufacturing costs to jobs and departments.
MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be able to:
- Discuss the difference between financial and cost accounting and list the professional associations and agencies that govern cost accounting.
- Define and discuss the basic concepts and classifications that provide the foundation for a thorough understanding of cost accounting.
- Prepare financial statements for a manufacturer.
- Discuss the cost of materials, labor, and factory overhead and apply the methods by which these costs are controlled.
- Discuss and apply the accumulation and classification of routine cost data via a set of procedures of a system, including both periodic cost accumulation systems and perpetual cost accumulation systems.
- Utilize a job-order cost system including journal entries which also takes into account spoiled goods, defective goods, scrap material, and waste material.
- Discuss the nature and characteristics of a basic process cost accounting system.
- Prepare journal entries needed for a basic process cost accounting system and a cost of production report.
- Employ the techniques for handling beginning work-in-process inventories, spoiled goods, defective goods, scrap, and waste materials under a process cost system.
- Utilize the techniques involved in accounting for joint products and by-products.
- Discuss the concepts of standard costing for materials and labor and utilize variance analysis.
- Discuss and apply the standard costing procedures for budgets and factory overhead, setting the standards, and different methods of variance analysis.
- Communicate effectively using correct Standard English, both orally and in writing by completion of papers, projects and/or presentations.
- Apply costing concepts to Cost-Volume-Profit analysis.
COURSE CONTENT: Topical areas of study include - Managerial versus financial accounting
Job order and process costing
Periodic and perpetual cost accumulation
Journal entries for cost accounting systems
Joint and by-products
Variance analysis
Basic cost concepts and classifications in cost accounting systems
Financial statement preparation for manufacturer
Course Addendum - Syllabus (Click to expand)
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