AC320 (EX20) OK - Cost Accounting

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About This Course

This course has an assignment that is due by 11:55 pm Central Standard Time on Wednesday night of the first week of class. Failure to complete this assignment will result in your removal from the course for non-participation.

Textbooks

Fundamentals of Cost Accounting.  Lanen, Anderson, and Maher. 2020, 6th edition.  With Connect Access.
 
 
There are two options for purchasing this textbook. Connect access is required for this book. You are not required to have a physical copy of the textbook.
  1. Connect Access (includes an ebook version of the textbook):  ISBN 13: 978-1-26070873-8
  2. Connect Access bundled with a physical copy of the textbook:  ISBN 13: 978-1-26084870-0

Connect is an online software site that correlates with this textbook. Homework and tests will be taken there so you are required to purchase the online access.

There is a free 2 week trial period so you can start the homework on the first day the class is open.

The link to the online site for this class will be provided the first day the course opens.

Course Description

Considers commonly used cost accounting concepts and methods, along with special problem-solving techniques, to be used by management in controlling current operations, costing products, and services and planning for the future. Application of these procedures via spreadsheets includes manufacturing, merchandising, and service organizations. Prerequisites: AC201 and AC202

Course Objectives

Upon successful completion of the course, each participant should be able to:

  • Know the uses of cost accounting data
  • Know what comprises manufacturing costs
  • Understand the concept of Just-In-Time materials control
  • Be able to account for materials, labor and factory overhead
  • Compute inventory costs using the FIFO method
  • Understand and compute actual factory overhead
  • Understand the difference between direct and indirect costs
  • Know the difference between job order and processing cost accounting
  • Understand the budgeting process
  • Be able to complete a master and flexible budget
  • Understand and record standard costs
  • Compute and analyze cost variance
  • Apply cost accounting to service businesses
  • Understand the balanced scorecard and its uses
  • Compute break-even point and target volume
  • Compute unit costs in a process cost system