COST ACCOUNTING (4 Credits)
Learning Outcomes:
On successful completion of this course, student will be able to: discuss Management Accounting and Cost Concept; prepare Cost system, cost accumulation; job order costing, and process costing; Prepare Cost of Quality production report, Cost Allocation: Joint Product and Byproducts; Appraise Material planning and control, Just-In-Time and labor cost; Assess FOH: Planned, Actual, Applied and FOH: Departmentalization; Suppport Cost information for planning, decision making and controlling.
Topics:
- The Manager and Management Accounting
- An Introduction to Cost Terms and Purposes
- Job Costing
- Process Costing – Weighted-Average Method
- Process Costing – FIFO Method
- Spoilage, Rework, and Scrap
- Cost Allocation: Joint Products and Byproducts
- Just-in-Time and Simplified Costing Methods
- Labor: Controlling and Accounting for Costs
- Materials: Controlling, Costing, and Planning
- Job Costing
- Process Costing – Weighted-Average Method
- Process Costing – FIFO Method
- Allocation of Support-Department Costs, Common Costs, and Revenues
- Factory Overhead: Planned, Actual, and Applied
- Factory Overhead: Departmentalization
- Cost System and Cost Accumulation
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