Generate a Top 5 list of the most important concepts and applications from the ACCT321 Cost Accounting course. Explain why each of these items are on your list. Use annotated bullets for this assignment.

EXAMPLE

Cost

Although there is a general definition of "cost," I have learned about many different types of costs in this course such as fixed, variable, mixed, direct, indirect, sunk, opportunity, differential, incremental, and relevant. Since these costs are used for analytical processes to support decision-making at all types of enterprises, cost is a fundamental concept underlying the applications in this course.