COST ACCOUNTING (3 CREDITS)

Learning Outcomes:

On successful completion of this course, students will be able to: LO1 – Identify management accounting and cost concepts; LO2 – Prepare cost system, cost accumulation, job costing, and process costing; LO3 – Prepare cost of quality production report, cost allocation: joint product and byproducts, standard costs and variances; LO4 – Appraise materials & labor: controlling, costing, and planning, just-in-time; LO5 – Assess FOH: departmentalization and material flow of cost accounting & data analytics; LO6 – suppport cost information for planning, decision making, and controlling.

Topics:

1. Process Costing – Weighted-Average Method;
2. Cost System and Cost Accumulation;
3. Job Costing;
4. TUT Cost System and Cost Accumulation;
5. The Manager and Management Accounting;
6. Spoilage, Rework, and Scrap;
7. Materials & Labor: Controlling, Costing, and Planning;
8. An Introduction to Cost Terms and Purposes;
9. Cost Allocation: Joint Products and By Products;
10. Process Costing – FIFO Method;
11. Standard Costs and Variances;
12. TUT Cost Allocation: Joint Products and By Products;
13. Factory Overhead: Departmentalization;
14. TUT Process Costing;
15. TUT Job Costing;
16. TUT Factory Overhead: Departmentalization;
17. Material Flow of Cost Accounting & Data Analytics;
18. TUT Standard Costs and Variances.