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Dec 03, 2024
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2020-2021 Academic Catalog [ARCHIVED CATALOG]
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ACCO 251 - Cost Accounting 4 CR
Cost accounting is the branch of accounting that deals with the planning, measurement, and control of costs. While all types of businesses (service, merchandising, and manufacturing) must have accurate and reliable cost information, the traditional focus of cost accounting has been on manufacturing costs and activities. Manufacturing is the transforming of raw materials into finished products by incurring factory costs. To reinforce the principles of cost accounting, the student will complete a practice set for a manufacturing company. Lab Fee
Requisites: Take ACCO 102 with at least a grade of C.
Course Learning Outcomes:
- Students will demonstrate the use of cost accounting in a manufacturing environment.
- Students will explain the three manufacturing costs: materials, labor, and factory overhead.
- Students will evaluate accounting for materials, determine order points, appropriate order size, and calculate ordering and carrying costs.
- Students will generate labor costs and explain payroll withholdings and the handling of premium pay in manufacturing.
- Students will complete factory overhead costs and evaluate formulas to plan for future business needs.
- Students will explain process cost accounting.
- Students will complete a master budget and flexible budgeting in a manufacturing environment.
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