Description
This course explores cost concepts, flows and terminology. Students investigate alternative cost objectives; cost measurement concepts, and cost accumulation systems including job order costing, process costing, and activity-based costing. Additionally we discuss overhead cost allocation; operational efficiency and business process performance topics such as JIT, MRP, theory of constraints, value chain analysis, bench-marking, ABM, and continuous improvement. Students will review risk assessment; internal control environment, responsibility and authority for internal auditing; types of audits; and assessing the adequacy of the accounting information system controls