The first course in a two course sequence. Tracking, recording, and analyzing costs associated with the products or activities of an organization. Cost terminology, cost measurement concepts, cost accumulation systems, accumulating and allocating overhead costs using various cost drivers.
- Evaluate variable, fixed, and mixed costs, direct and indirect costs, period and product costs, and other terms relative to cost and managerial accounting.
- Integrate the principles of cost-volume-profit analysis in the computation of break-even point, margin of safety, and related analytical tools.
- Evaluate job order, process costing, and standard and apply them in the determination of product costs.
- Evaluate activity-based costing and activity-based management over traditional approaches and their applications.
- Apply the concepts of flexible budget and discuss its advantage over a static budget.
- Analyze material, labor, and overhead variances to explain differences between standards and actual results.
- Apply the concepts of absorption costing and variable costing to present income statements and reconcile the difference between the two methods.
- Evaluate various determinants to allocate overhead to the product cost and service.
- Evaluate inventory valuations by variable costing over absorption costing and capacity analysis with constraint concept.
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