If you do well in this course, you will be able to:
- Apply knowledge previously learned to a given complex situation
- Explain the cost accounting terminology, the elements of the job order cost system, the process cost
system and preparation of journal entries, ledger accounts and statement preparation
- Recognize the place of the cost accountant in the business organization, the importance of the cost
accounting information system to the performance and success of all levels of management
- Understand the nature and scope of cost accounting as applied to various manufacturing processes
- Apply the knowledge of job order and process cost systems to simulate real-life situations
- Prepare reports for submission to higher management levels to assist in making decisions
- Develop a level of proficiency where he or she will be able to recognize opportunities for application of
cost accounting principles and procedures
- Analyze a situation and apply the best method of cost accounting to the situation to develop adequate
cost records and reports to assist management in the decision-making process
- Explain cost principles and procedures
- Determine when further refinement of these principles are necessary
- Research methods that will lead to improvements for cost accounting system in effect
- Prepare for employment as a junior accountant or for further study in accounting
- Maintain an accuracy rating for problem-solving of at least 90%