METHOD AND PRACTICE OF COST ACCOUNTING (2 Credits)
Learning outcomes:
On successful completion of this Course, students will be able to: Explain the functions of controller in company; Analyze cost concept and cost behavior; Prepare Journal entries and a job order cost sheet; Prepare cost Reports; Prepare cost information for management.
Topics:
- The functions of controller in company;
- Concept analysis and cost behavior;
- Journal Entries;
- Posting journal entries to general ledger accounts and prepare a job order cost sheet;
- Prepare a statement of Cost of Goods sold, income statement, and balance sheet;
- Prepare a departmental cost of production report based on average costing;
- Prepare a departmental cost of production report based on FIFO costing;
- Prepare journal entries to account for scrap, spoilage, and rework in a job order cost system;
- Prepare a cost of production report when spoilage occurs in a process cost system with an average cost flow assumption;
- Prepare a cost of production report when spoilage occurs in a process cost system with a FIFO cost flow assumption;
- Costing by-products and joint products.
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