Cost Accounting

Utilize and compare / contrast the following cost accounting systems: process and job order; actual, normal and standard costing; and variable and absorption costing.

Calculate and evaluate the appropriateness of joint cost allocations; activity-based cost allocations; and by-product cost allocations, including both the sales method and production method of byproduct accounting.

Budget for a given food item and complete subsequent analysis regarding its costs.

Generate cost estimations equations using a variety of quantitative and qualitative approaches, as well as judge the effectiveness of each approach under varying circumstances

Identify inappropriate resource allocations and propose recommendations to improve these situations.

Describe how data analytics and other newer tools and techniques have been incorporated into the cost and managerial accounting area and into companies’ management systems.