ACCT 302 - Cost Accounting

Units: 3
In-depth study of the reporting and analysis of cost information for managerial decision-making. Topics include job-order costing, activity-based costing, process costing, strategy and balanced scorecard, cost allocation, customer profitability and sales variance analysis, allocation of support department costs, transfer pricing.

Prerequisites: ACCT 215.
Possible Instructional Methods: Entirely On-ground, or Entirely Online.
Grading: A-F grading only.
Course Typically Offered: Spring ONLY

Student Learning Outcomes - Upon successful completion of this course students will be able to:

Identify the costing systems used in service, merchandising and manufacturing industries;
Use job-order costing to determine the cost for jobs which require different types and amounts of direct materials, direct labor and indirect costs;
Use the process costing system to determine the product costs when a large number of homogeneous products are manufactured;
Estimate the cost of defective units in a process costing environment;
Summarize company strategies and explain how the Balanced Scorecard is used to analyze the profitability resulting from implementing its strategies;
Identify the cost savings resulting from controlling the cost of ordering and carrying inventory as well as the cost of stocking-out;
Examine whether a joint product should be sold at the split-off point or processed further, and explain how allocation of joint costs to joint products leads to better product and service pricing decisions;
Identify the critical role of cost allocation in the analysis of customer profitability and sales variances;
Explain the increase in the accuracy of determining the cost of cost objects resulting from allocation of support departments to operating departments; and from identifying common costs and revenues.