ACCT 220 - Cost Accounting

Number of Credits: 3
Determine the nature and purpose of cost accounting. Review job order, process, and standard costing. Apply spoilage, budgeting, and relevant costs for decision making. Prerequisite: ACCT-102. Three hours lecture each week. Three credits. Three billable hours. Offered Spring term only. (Spring Term Only) Three hours lecture. Three Credits. Three billable hours.

Pre-requisite(s): ACCT 102.
Course Objectives: Upon successful completion of this course, students will be able to:
1. Identify major components of a management control system. (PG1)
2. Define manufacturing costs.
3. Use cost-volume-profit analysis. (PG4)
4. Evaluate the job-order costing system for costs in manufacturing and service companies. (PG5)
5. Compare job-order costing, process costing, and activity-based accounting systems.
6. Assess the benefits of different budgeting systems for an organization. (PG5)
7. Prepare supporting schedules and main statements for a master budget. (PG6)
8. Distinguish between static budgets and flexible budgets.
9. Examine the methods and purpose of different cost allocations.