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:

1. The Manager and Management Accounting
2. An Introduction to Cost Terms and Purposes
3. Job Costing
4. Process Costing – Weighted-Average Method
5. Process Costing – FIFO Method
6. Spoilage, Rework, and Scrap
7. Cost Allocation: Joint Products and Byproducts
8. Just-in-Time and Simplified Costing Methods
9. Labor: Controlling and Accounting for Costs
10. Materials: Controlling, Costing, and Planning
11. Job Costing
12. Process Costing – Weighted-Average Method
13. Process Costing – FIFO Method
14. Allocation of Support-Department Costs, Common Costs, and Revenues
15. Factory Overhead: Planned, Actual, and Applied
16. Factory Overhead: Departmentalization
17. Cost System and Cost Accumulation