- Course type: Self-paced
- Available Lessons: 153
- Average Lesson Length: 8 min
Eligible for Credit: Yes
Earn transferable credit by taking this course for credit.
Watch a preview:chapter 1 / lesson 1Direct Cost: Definition, Formula & Examples
Course SummaryAccounting 303: Cost Accounting has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. Enjoy access to fun lessons that make it easy to understand cost accounting, short quizzes and other online tools designed to get you on the right path toward achieving your educational goals.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
|Course Progress||Best Score|
|Lesson 1 - Accounting 303 - Assignment 1|
The objective of this course is to help you master cost accounting methods and learn how they are used in business situations. The course will guide you through costing formulas, activity-based costing, cost-volume-profit analysis, allocation, ethics, modern day trends, and more.
Your grade for this course will be calculated out of 300 points. The minimum score required to pass and earn real college credit for this course is 210 points, or an overall course grade of 70%. The table below shows the assignments you must complete and how they'll be incorporated into the overall grade.
|Proctored Final Exam||100|
Quizzes are meant to test your comprehension of each lesson as you progress through the course. Here's a breakdown of how you will be graded on quizzes and how they'll factor into your final score:
- You will have 3 attempts to take each quiz for a score.
- The highest score of your first 3 attempts will be recorded as your score for each quiz.
- When you've completed the course, the highest scores from your first 3 attempts at each quiz will be averaged together and weighed against the total possible points for quizzes. For instance, if your average quiz score is 85%, you'll receive 85 out of 100 possible points for quizzes.
- After your initial 3 attempts, you can take a quiz for practice as many times as you'd like.
- You will need to pass each quiz with a score of at least 80% to earn course progress for the lesson. However, it is not necessary to earn 80% within the first three quiz attempts.
Assignments are intended to assess your application, analysis, and critical thinking skills in relation to the concepts you learn in the course. Four assignments are required for this course. You can access them here.
- All assignment scores will total up to 100 points.
- Your assignment(s) will be graded by a Study.com instructor.
- The instructor will provide a graded rubric for you along with feedback on what you did well and what could be improved.
- If you are unsatisfied with your score, you will be able to revise and resubmit your assignment(s) twice. You are free to resubmit an assignment within two weeks of your most recent exam attempt or at any point if you have an active college accelerator membership.
Proctored Final Exam
The proctored final exam is a cumulative test designed to ensure that you've mastered the material in the course.
- You'll earn points equivalent to the percentage grade you receive on your proctored final. (So if you earn 90% on the final, that's 90 points toward your final grade.)
- If you're unsatisfied with your score on the exam, you'll be eligible to retake the exam after a 3-day waiting period.
- You can only retake the exam twice, so be sure to use your study guide and fully prepare yourself before you take the exam again.
- You may use the formula sheet provided in the 'Studying for Accounting 303' chapter.
Items Allowed on Study.com Proctored Exam for Accounting 303:
- A non-graphing, scientific calculator (We'll provide you access to Desmos scientific calculator during the final exam.)
- Blank scratch paper
- Pen or pencil
- Formula sheet provided in the 'Studying for Accounting 303' chapter
Items NOT Allowed on Study.com Proctored Exam for Accounting 303:
- Graphing calculators
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, or radios
- Notebooks or notes
Upon completion of this course, you will be able to:
- Differentiate the components and purposes of various costing methods, techniques, and formulas including cost accounting, job-order costing systems, process costing, and variable and activity-based costing
- Use cost accounting formulas, such as those used to calculate the break-even point, target net income, gross profit margin, and contribution margin
- Assess how different industries use activity-based costing methods to determine the costs of various products or services
- Break down the purpose and components of the master budget
- Dissect the process of CVP analysis to determine the relationship between company costs, revenue and sales volume
- Summarize effective techniques for estimations and planning, such as using employ regression analysis to achieve project cost goals
- Break down various aspects of cost accounting in inventory, such as inventory accounts, goods and inventory statements, and methods of inventory cost calculations
- Evaluate modern trends in managerial accounting and their effects on business strategy, such as how and why predictive accounting has risen in popularity
There are no prerequisites for this course, but most students prefer to complete Accounting 101: Financial Accounting before taking this course.
Accounting 303 consists of short video lessons that are organized into topical chapters. Each video is approximately 5-10 minutes in length and comes with a quick quiz to help you measure your learning. The course is completely self-paced. Watch lessons on your schedule whenever and wherever you want.
At the end of each chapter, you can complete a chapter test to see if you're ready to move on or have some material to review. Once you've completed the entire course, take the practice test and use the study tools in the course to prepare for the proctored final exam. You may take the proctored final exam whenever you are ready.
How Credit Recommendations Work
This course has been evaluated and recommended by ACE and NCCRS for 3 semester hours in the upper division baccalaureate degree category. To apply for transfer credit, follow these steps:
- If you already have a school in mind, check with the registrar to see if the school will grant credit for courses recommended by either ACE or NCCRS.
- Complete Accounting 303 by watching video lessons and taking short quizzes.
- Take the Accounting 303 final exam directly on the Study.com site.
- Request a transcript to be sent to the accredited school of your choice!
- Check out this page for more information on Study.com's credit-recommended courses.
- Accounting cost calculations
- Techniques, methods, and formulas for costing
- Standard costs to consider
- Job order and process cost systems
- Activity-based costing
- Service and product costing
- Types of budgets
- Cost behavior, cost-volume-profit analysis, and cost estimation
- Joint cost and service department allocation
- How to make decisions through cost accounting
- Cost accounting ethics
- Present-day trends in accounting
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What to Expect For the Exam
This Study.com course has been evaluated and recommended for college credit. Once you've completed this course, you can take the proctored final exam and potentially earn credit. Follow the steps below to take the exam.
Before taking the exam, all of the following requirements must be met:
|A College Accelerator Study.com membership.|
|Completed all lessons in Accounting 303: Cost Accounting course and achieved 100% Quiz Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Have not taken this exam three times. (0/3)|
|Complete the exam readiness quiz.|
|Please note: Assignments are required to complete this course for credit. You have submitted / required assignments for this course.|
Please meet all of the pre-requirements in the Pre-Exam Checklist in order to take the exam.
Exam Process Details
1. Register For Exam
Registering for the exam is simple. First, be sure you meet the system requirements. Next, you'll need to agree to the academic integrity policy. Then just confirm your name and the exam name, and you're ready to go!
2. Download Software Secure
You'll receive an unique access code. Please write this down — you'll need it to take the exam. Then download Software Secure and follow the installation instructions.
3. Take Exam
The exam contains 50 - 100 multiple choice questions. You will have two hours to complete the exam, so don't start until you're sure you can complete the entire thing. And remember to pace yourself!
4. Get Exam Results
We will send you an email with your official exam results within 1 to 2 weeks. If you would like to raise your grade after receiving your exam results, you can retake quizzes with fewer than 3 attempts. You will then need to retake the final exam.
Earning College Credit
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