Methods for accumulating and analyzing product costs to support internal management decision-making processes.
About this course
FINA 1460 Cost Accounting Fundamentals introduces the methods for accumulating and analyzing product costs to support internal management decision-making processes. You will learn how to track direct materials, direct labour, and manufacturing overhead, and how to assign these costs to specific jobs or processes.
The course covers job-order costing, process costing, and standard costing systems. You will explore how to calculate variances and use cost-volume-profit analysis to help managers plan and control operations. This course is designed for students who want to understand the financial side of production and service delivery.
Who takes this course
Credits: 3 · Hours: 45
Prerequisites
Learning outcomes
- Classify manufacturing costs as direct or indirect and assign them to products.
- Prepare job-order and process cost sheets using standard costing methods.
- Analyze variances between actual and standard costs to identify inefficiencies.
- Prepare internal cost reports for production and operations managers.
Evaluation
| Component | Weight (%) |
| Mid-term exam | 30 |
| Cost analysis assignments | 20 |
| Group project: product costing case | 25 |
| Final exam | 25 |