COST ACCOUNTING (4 Credits)

Learning Outcomes:

On successful completion of this Course, students will be able to: Evaluate Standard Costing and Analyzing Variances; Prepare Planning and Control of Cost; Calculate Cost Accumulation; Prepare Cost of report; Describe Cost Concepts and Objectives; Identify The role of cost accounting in management.

Topics:

1. Management, The Controller, and Cost Accounting;
2. Cost Concept and The Cost Accounting Information System;
3. Cost System and Cost Accumulation;
4. Job Order Costing;
5. Process Costing-average method;
6. Process Costing-FIFO method;
7. The Cost of Quality and Accounting for Production Losses;
8. Costing By Products and Joint Products;
9. Just In Time and Backflushing;
10. Materials: Controlling, Costing, and Planning;
11. Labor: Controlling and Accounting for Costs;
12. Factory Overhead: Planned, Actual, and Applied;
13. Factory Overhead: Departmentalization;
14. Standard Costing: Setting Standard and Analyzing Variances;
15. Standard Costing: Incorporate Standard into the Accounting Record.