People Innovation Excellence
 

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:

  1. The functions of controller in company;
  2. Concept analysis and cost behavior;
  3. Journal Entries;
  4. Posting journal entries to general ledger accounts and prepare a job order cost sheet;
  5. Prepare a statement of Cost of Goods sold, income statement, and balance sheet;
  6. Prepare a departmental cost of production report based on average costing;
  7. Prepare a departmental cost of production report based on FIFO costing;
  8. Prepare journal entries to account for scrap, spoilage, and rework in a job order cost system;
  9. Prepare a cost of production report when spoilage occurs in a process cost system with an average cost flow assumption;
  10. Prepare a cost of production report when spoilage occurs in a process cost system with a FIFO cost flow assumption;
  11. Costing by-products and joint products.

Published at : Updated

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