ACCT 712-Seminar in Cost Accounting (3 Crs.)

ACCT 712-SEMINAR IN COST ACCOUNTING (3Crs.):

Cost accounting systems provide valuable information for management planning and control. Organizations rely on accurate cost information to decide on which products to keep and which products to discontinue, for assessing productivity improvements and for performance evaluation and control. An improperly designed cost accounting system can lead to costly errors in decision-making. Intense competition in product markets has forced firms to look inward to become more cost-efficient. Tracing various resource costs accurately to products has become increasingly important as product margins are squeezed.

Manufacturing environments have also undergone significant changes. To support decision-making in these environments, costs accounting systems also need to be redesigned. Through a number of case studies supplemented by some lectures, this course exposes students to recent advances in cost accounting, and highlights important inputs into the design of cost systems. The cases cover a variety of decision making settings and illustrate the role of cost information in these settings.

Course objectives are:
1. To develop an understanding for the important characteristics of good cost systems.
2. To analyze the role of cost information in a variety of management decisions such as pricing, product mix, improving productivity, product design, and performance measurement