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Dec 08, 2024
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ACC 222 - Cost Accounting Credits: 4 Lecture Hours: 4 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: Open An introduction to accounting concepts of product costing systems. Topics include classification of costs, process costing, job ordering costing, joint and by-product costs and standard cost systems with variable analysis. Prerequisite: Successful completion of ACC 132 with a grade of “C” or above Competencies
- Identify cost terms.
- Differentiate between product and period costs
- Distinguish controllable cost from noncontrollable cost
- Discuss cost flow in a production environment
- Explain cost reaction to change in activity
- State the differences between direct cost and indirect cost
- Define often used cost terms
- Develop predetermined overhead rates
- Identify the benefits of using predetermined overhead rates
- Calculate overhead rates
- Analyze causes of under and overapplied overhead
- Differentiate plantwide versus departmental overhead rates
- Compute under and overapplied overhead
- State alternative capacity measures.
- Apply activity-based costing
- Contrast the processes available for allocating service department costs
- Analyze pros and cons of allocating service department costs
- List acceptable allocation bases
- Practice allocation based on step method, direct method, and the algebraic method
- Appraise a job-order costing system
- Assign costs to products in a job-order system
- Illustrate the flow of cost in a job-order system
- Explain the documentation involved in a job-order system
- Prepare the journal entries used to accumulate cost in a job-order system
- Demonstrate the allocation of overhead in a job order system
- Explain a process costing system
- Allocate cost to products in a process costing system
- Differentiate between the process costing from job-order costing
- Calculate the equivalent units of production using the weighted average and FIFO methods of process costing
- Determine unit cost using weighted average and FIFO methods of process costing
- Illustrate the application of standard costs in a process costing system
- Prepare a production and cost report for a process costing system
- Journalize the entries for a process costing system
- Evaluate the effects of spoilage
- Examine the effect of spoilage on equivalent units and cost per unit
- Analyze the handling of spoilage in a job-order costing system
- Differentiate between normal and abnormal spoilage
- Discuss why lost units occur in manufacturing processes
- Relate the procedures used to allocate rework costs of defective units
- Compare joint costs and by-product costs allocation methods
- Differentiate between a joint costs and by-product costs
- Explain at what point joint costs are identifiable
- Allocate joint product costs to products using sales value at split-off, net realizable value at split-off, and physical measurement
- Assess the benefits of sales value at split-off and net realizable value at split-off
- Illustrate the treatment of by-products in a job order system
- Journalize the entries for joint cost and byproduct cost allocations
- Summarize standard costing material and labor standards
- Express why standard cost systems are used
- Describe how standards are set for materials and labor
- Calculate material and labor variances
- Explain the use of variance analysis to control evaluate the performance of a company
- Journalize the recording of variances
- Develop flexible budgets
- Describe how flexible budgets are used by managers to plan and control overhead costs
- Express how variable and fixed overhead costs are best controlled
- Illustrate the differences among the approaches to overhead analysis
- Calculate overhead variances
- Record overhead variances
- Explain the differences between a controllable variance and noncontrollable variance
- Generate a master budget
- Explain the importance of a budget
- State how strategic and tactical planning relate to budgeting
- Prepare various schedules in a master budget
- Identify the budgeting process steps
- Blend the various budgets to create a master budget
- Compare absorption and variable costing
- State the differences between absorption and variable costing
- Compute the impact on net income when changes in sales and/or production levels occur under absorption and variable costing
- Analyze if one accounting system can provide both absorption and variable costing financial, statements
- Prepare both absorption and variable financial statements
- Interpret cost-volume-profit analysis
- Relate why and how the breakeven point is computed
- Describe the application of breakeven analysis to a business
- Use cost-volume-profit analysis to make decisions
- Illustrate how margin of safety and operating leverage concepts are used in business
- Relate the underlying assumptions of cost-volume profit
- Explain how costs, revenues, and contribution margin interact with changes in activity base
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