ACCT 215 Cost AccountingUpon completion of this course, the student will be able to apply the cost accounting principles involved in the determination of material, labor, and overhead costs in job-order and process cost systems. Standard costs, analysis of variances, analysis of cost information and cost statements for administrative control purposes will be prepared by the student.
Credits: 3
Prerequisites: ACCT-112
Fees: This course has fees totaling $30.00.
Instructor: Larry Frydrych
Overall Course Objectives | Major Course Topics | Course Format | Orientation | Course Requirements | Texts and Materials |Exams
Overall Course Objectives
Once you have completed this course you will be able to:
- Distinguish between financial accounting and management accounting and identify the major components of a management control system.
- Differentiate between the different manufacturing cost.
- Calculate breakeven point and target operating income using cost-volume-profit analysis.
- Demonstrate the job-order costing system for accounting for costs in a manufacturing company as well as a service company.
- Compare and contrast job-order costing, process costing and activity-based accounting systems.
- Demonstrate process costing using both the weighted average and first-in, first-out (FIFO) methods.
- Calculate the effects of spoilage, reworked units and scrap.
- Compare and contrast different hybrid costing systems, including just-in-time (JIT), operation costing and backflush costing.
- Assess the benefits derived by the organization from budgeting systems.
- Prepare the supporting schedules and main statements for a master budget.
- Distinguish between static budgets and flexible budgets.
- Calculate price, efficiency and overhead variances.
- Analyze the differences in operating income under absorption costing and variable costing.
- Describe the five-step sequence in a decision process.
- Describe the purpose of cost allocations and examine the different methods.
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Course Format This course:
- Is not self-paced.
- Does not require on-campus meetings. Students in the local region must take a proctored final exam at the HCC Testing Center. Remote students must take a proctored test at a regional institution.
- This course will be conducted via access to materials on the Internet, email communications, chats (time to be determined), and phone conversations. The communication in the class will take place through emails and chats. The time of the chat will be based on everyone's availability in the course.
- Does require real-time chats. (The time of the chat will be based on everyone's availability in the class.)
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Orientation This course has a face-to-face orientation. Check the list of scheduled orientations for the date, time, and location. Please check my email message to you for more information about the orientation and the option to participate in an online orientation.
Course Requirements - Review the “What you should know before you register” section of the Distance Learning Homepage.
- Three short answer and problem based exams.
- Proctored final exam. See exam requirement below.
- Participation in chats and email communications.
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Texts and Materials Required:
Horngren, Foster, Datar. Cost Accounting: A Managerial Emphasis, 12th Edition, student CD package, Prentice Hall.
Recommended: Horngren. Student Study Guide (for above text), 12th Edition, Prentice Hall.
• Buy your textbooks from our online Bookstore, or visit our Bookstore. (Maps)
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Exams For purposes of verification and assessing learning outcomes, this course has a proctored final exam at the HCC Testing Center for students in the local region or at a regional institution for remote students. The exam will have a flexible window of time during which it needs to be taken rather than a single date and time.
