In this course, individuals are introduced to the principles and processes of cost accounting for goods, services and activities. They learn how to do the following: collect and analyze information related to the elements of cost, calculate and breakdown costs, calculate and interpret variances from budgeted costs, record operations related to the job costing and process costing, and present cost information in financial statements and other financial reports. They will also develop operating budgets, cash budgets and forecasted financial statements, and learn to monitor and keep control over these budgets. Overall, students in this course learn how to use cost accounting-generated data and information to make sound, efficient and timely management decisions.