COST ACCOUNTING

Course Description

The aim of the course is to provide students with knowledge of cost and cost-related concepts, and teach them how to use these concepts in evaluating the cost of a product; in the process of planning and control; and decision-making. This course examines in depth cost analysis and product costing for both the profit and not-for-profit sectors of the economy. Accounting for labor, materials, and manufacturing overhead emphasizes the use of source documents to analyze and record cost data in both manual and computerized accounting systems. Methods of allocating indirect costs to products are introduced. Budgeting concepts are reviewed with emphasis on capital budget techniques. Reporting for segments and decentralized operations are also covered.

COST ACCOUNTING

Evaluation Tools (Active Term)

Course outcomes

1. 01 The students should be able to evalute production decesionsin light of costs and benefits
2. 02 The students should be able to prepare budgetary cost with respect to management control.

Course Syllabus

Reference Books & Course Materials

1. 01 Lanen, Anderson and Maher, 2014, Fundamental of Cost Accounting. Mc Graw-Hill.

Learning Outcomes

1. L01 Describe the way managers use accounting information to create value in organizations, SOLO 3
2. L02 Explain how cost accounting information is used for decision-making and performance evaluation in organizations, SOLO 3
3. L03 Explain the basic concept of cost and how costs are presented in financial statements, SOLO 3
4. L04 Analyzing the distinction between financial and contribution margin income statements, SOLO 4
5. L05 Applying the differential analysis to pricing and production decisions SOLO 4
6. L06 using cost-volume-profit(CVP) analysis to analyze decisions and incorporate taxes, multiple products, and alternative cost structures into CVP analysis, SOLO 4
7. L07 Evaluating the advantages and disadvantages of alternative cost estimation methods, SOLO 5

Program Outcomes

1. P01 1. Gained the necessary skills to learn and adopt a spirit of continuous learning in their professional life.
2. P02 2. Developed various skills by working independently via specific learned techniques that both triggered individual efforts and encouraged collaborative work.
3. P03 3. Acquired the essential knowledge and skills to apply key theories, models and applications within the global business context.
4. P04 4. Adopted and applied critical and strategic thinking together with research capabilities for efficient and effective business decisions.
5. P05 5. Utilized and managed ethically information technologies required for contemporary business world.
6. P06 6. Been equipped with conceptual and analytical skills necessary for team work within global organizations.
7. P07 7. Displayed their learnt communication skills that are required to effectively interact in a cross cultural and diverse international work environment.
8. P08 8. Applied their acquired knowledge within the changing work environment.
9. P09 9. Developed an understanding of ethical perspectives and social responsibilities to be used at work and in personal life.

Po-Lo Matrix