Cost & Management Accounting 1

Department: 

 

Course Description: 

Modern businesses needs frequent information about business activities to plan accurately for the future, control business results, and make a proper appraisal of the performance of persons working in an organization. The fulfillment of their goals requires details about the costs incurred and benefits (revenues) obtained which are provided by what is known as “Cost Accounting”. In Comparison, financial accounting does not provide management with detailed cost and revenue, information relevant to its needs.

The course deals with detailed concepts about cost accounting practices, the theory and techniques of cost accounting. Cost behavior, cost identification and analysis, system for establishing costs, absorption and variable costing, cost allocation, managerial use of cost data, modern costing system (Activity Based Costing) nature and objective of management accounting.

 

Course Objective:

Upon the successful completion of this module, students should be able to:

  • Describe the nature and classification of costs
  • Apply appropriate costing system to determine the cost of various cost objects
  • Properly account for spoilage, reworked units, scrap, by-products and joint product
  • Explain different costing systems
  • Analyze costs for decision making purpose
  • Prepare annual operation budgets

Course Content:

CHAPTER 1 - INTRODUCTION TO COST AND MANAGEMENT ACCOUNTING
CHAPTER 2 - COST TERMS AND CONCEPTS
CHAPTER 3 - JOB ORDER COSTING
CHAPTER 4 - PROCESS COSTING SYSTEM
CHAPTER 5 - SPOILAGE, REWORK, AND SCRAP
CHAPTER 6 - VARIABLE COSTING A TOOL FOR MANAGEMENT
CHAPTER 7 - ALLOCATION OF SUPPORT – DEPARTMENT COSTS, COMMON COSTS, AND REVENUES
CHAPTER 8 - COST ALLOCATION JOINT PRODUCTS AND BYPRODUCTS

 

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