Unit 17: Cost Accounting

USA

This unit discusses cost accounting and how it differs from financial accounting. We try to carefully explain the key vocabulary and different approaches.

Did you know? The following activities can be customized as desired by the teacher or school pedagogue.

Basic activities (computer-graded)

Vocabulary Builder Activity

Students will learn the following key terms and phrases:

Reading Activity: Cost accounting

Students will be able to correctly answer true/false questions after reading and listening to topical short articles and dialogs featuring topical vocabulary.

Management accounting is based heavily on cost accounting, but unless you have worked in this area you are unlikely to know exactly what it is. So, what is cost accounting? At its simplest cost accounting is a method of evaluating the overall costs, both actual and notional, which are attributable to conducting business. This could be a per unit cost on goods produced, or a per hour cost for… Continue

Multiple Choice Activity

Students will be able to select the best match between unit terms and their definitions.

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Listening Comprehension Activity

Students will be able to listen to short audio clips in English and then spell them correctly.

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Spelling and Recognition

Students will be able to identify and spell a vocabulary term correctly given only the definition.

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Advanced activities (optionally teacher-graded)

Speaking Practice Activity

Students will be able to speak and record 5 example sentences from the unit vocabulary and then submit them for grading by the classroom teacher. If no teacher is available or desired, then the students will be shown good examples of other students' work.

Investments are made by evaluating the underlying value.

The company has made successive losses in the past five years.

Taking the two ideas into consideration, the relative merits of the first are clear.

The financial team projected net earnings of over $750,000, if it happens it will be a record for the company

We need to study the overall costs and locate an area in which savings can be made.

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Writing Practice Activity

Students will write a short essay to be graded by the teacher. If no teacher is available or desired, then the student is shown previous examples of other writings by students.

How could cost accounting be used to benefit a company?

What are the main differences between cost and financial accounting?

What problems can you think of with using cost accounting as a basis for budgets?

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