ACC 224 - Cost Accounting I

Offered WI
Lecture- 3 Lab- 2
4 credit hrs/5 contact hrs
Prerequisite: ACC 122 - Principles of Accounting II with “C” or better (2.0 out of a 4.0 scale)
Covers basic elements of cost accounting for a manufactured product. Includes an in‐depth look at materials, direct labor, and factory overhead. The course also covers job order costing, process costing, cost behavior budgeting, and the cost of quality.

Student Learning Outcomes:

Analyze financial accounting versus cost management and the factors affecting cost management.
Discuss the cost management concepts as they relate to cost assignment, direct tracing, driver tracing and allocation.
Apply the basics of cost behavior, activity output, fixed cost, variable cost and mixed cost.
Determine of unit-level product costing, assigning cost to activities and product costing.
Analyze product and service costing, cost accumulation, measurement, assignment and choosing the activity level.
Apply process-costing of a product and service using the weighted average costing method.
Allocate costs of support departments and joint products.
Clarify the role of budgeting and planning, learn how to prepare the operating budget, financial budget, flexible budgets for planning and control.
Analyze the functional-based control approach, variance analysis and accounting of direct materials and direct labor.
Communicate business concepts, methods, and evidence clearly in written and spoken course requirements.
Exhibit ethical/professional behavior in and out of the classroom in attendance, conduct, assignment completion, teamwork and constructive peer feedback.