1. The Concept of Management, Organizing Accounting: The Framework for Planning and Controlling Management Activities.
2. The Nature of Cost Accounting, Scope of Cost Accounting, The Cost Department, Relationship of the Cost Department to other
Departments, Sources of Cost Accounting Data.
3. Financial Statements, The bases for Planning and Control, The Reporting Function, Financial Statements in the Annual Report, Evaluating
Annual Results to orient the outsider and insider, the flow of costs.
4. Planning and Control Models, Cost And Profit Analysis, Operations Research, Government And Private Organizations Influencing General
And Cost Accounting Principles And Practices.
5. Costs Concepts, Uses and Classifications: The concept “Cost”, uses of cost data, Cost Data: Importance of Past, Present, Future,
Classifications of Costs, Factors Influencing Responsible Cost Control, Cost Accounting Standards Board.
6. The Cost Accounting System: Design and Operation: Fundamentals of a Cost Accounting Information System, Chart of Accounts, Data
Processing by means of the Journal Voucher, Control System, The Manufacturing Cost Accounting Cycle, The Factory Ledger, Electronic
7. Job Order Costing: Cost systems: Actual or Standard, Cost Accumulation Procedures: Job Order or Process. Job Order Cost Accumulation
8. Process Costing: Cost of Production Report, Lost Unit Calculations: Characteristics and Procedures of Process Costing, Costing by
Departments, Product flow, Procedures for Materials, Labor and Factory Overhead Costs. The Cost of Production Report.
9. Accounting for Materials, Labor and FOH.
FINAL TERM PROJECT:
The basic aim of this course is to access unit cost and total cost of product. Based upon the Company’s Past Financial Statements, the cost analysis, cost evaluation and preparing cost analysis is final term project. Following contents should be incorporated in final project report.
1. Executive Summary
2. Preliminary Business Analysis (Evaluating the Business Environment of Company and Strategies)
3. Cost of Goods Sold statement/Income Statement
4. The main element of cost that is given to be ascertain; and
5. Recommendations and Conclusion
This course is designed to emphasize the importance of Cost Accounting to the performance and success of any level of management in both problem identification and problem solving.
Course Learning Outcomes
After completing the program students should be able to know:
1. The importance of cost accounting as a first step in the manufacturing process.
2. The steps involved in the accumulation of total cost in different departments.
3. The required cost data for the decision making for higher management.
4. The product costing preparation and process costing analysis.
5. Cost of production and cost of goods sold statements for onward reporting to Financial Statements.
Concept of Management & Nature of Cost Accounting
Introduction to Financial Statements
Problems in Preparing Financial Statements
Planning & Control Models
Evaluating Annual Results
Cost Accounting System
Accounting for Materials
Accounting for Payroll
Accounting for Payroll (Contd.)
Factory Overhead Cost (Apportionment)
Factory Overheads Variance Analysis
Factory Overheads Variance Analysis (Contd.)
Job Order Costing
Process Costing System-I
Process Costing System-II
Process Costing System-III
Book Title : Cost Accounting Planning and Control
Author : Matz, Usry
Edition : Latest Edition
Publisher : South Western Publishing Company
Book Title : Managerial Accounting
Author : Garrison H. Ray, Noreen W. Eric
Edition : Latest Edition
Publisher : McGraw-Hill, Inc.