FIRST SEMESTER

ST. VINCENT COLLEGE

Instructor: John Rey S. Anas , CPA
E-Mail: [email protected]
Cost Accounting and Control Phone: 0906-412-4913
Bachelor of Science in Accountancy Office Add.: Cagamutan Norte, Leganes

Overview Topics Objective/s:

n Prelim At the end of the semester, the student will be
n Midterm able to:
n Finals
1. Describe the system of cost
accumulation;
Grade Requirements 2. Record transactions using job
n Quizzes order costing procedures;
n Interviews 3. Compute Cost of Goods
n Examinations Manufactured and Sold;
4. Account for spoiled units
and rework costs;
5. Describe the cost accumulation
procedures for materials, labor and
overhead;
6. Record transactions using process
costing procedures;
7. Determine cost of production under
FIFO or Weighted Average Method;
8. Account for scraps, wastes,
spoilages and reworks.

Evaluation Tools:

1. Quizzes
2. Interviews
3. Examinations
Milestones

Prelim Module Midterm Module Finals Module

Topic 1: COST TERMS, CONCEPTS Topic 1: JOB ORDER COSTING
Topic 1: EQUIVALENTS UNITS OF
AND ACCOUNTING
PRODUCTION METHODS
1.1. Introduction to Job Order
1.1. Introduction to cost Costing System 1.1. Weighted Average Method
accounting 1.2. Job Order Costing System: 1.2. First-in, First-out Method
1.2. Cost terminology Details and Documents 1.3. Process Costing with
1.3. Nature and Classification of Cost 1.3. Cost Accumulation Standard cost
1.4. The Conversion Process Procedures: 1.4. Process Costing in a Multi-
1.5. Components of Product Cost Accounting for Materials department setting
1.6. Methods of Product Costing Accounting for Labor
1.7. Accumulation and Allocation of Accounting for Overhead
Overhead Costs.
Topic 2: ACCOUNTING FOR
Topic 2: COST ACCUMULATION / PRODUCTION LOSSES: JOB ORDER
COSTING SYSTEM COSTING

2.1. Purpose of a Costing System 2.1. Accounting for Scrap

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 • Job Order System 2.2. Accounting for Waste Topic 2: ACCOUNTING FOR LOST
• Process Costing 2.3. Accounting for Spoilage UNITS
System • Spoilage caused by
the customer 2.1. Loss Units
• Spoilage caused by an • Normal Loss
2.2. Costing internal failure • Abnormal Loss
Method/Input 2.4. Accounting for Rework • Continuous Loss
Measurement Method • Discrete Loss
• Actual Costing
• Normal Costing Topic 3: STATEMENTS FOR
• Standard Costing
MANUFACTURING INDUSTRIES:
Topic 3: FACTORY OVERHEAD JOB ORDER COSTING

3.1. Normal Costing and 3.1. Preparation of Statements

Predetermined Overhead in a Manufacturing
rate Industry that uses Job
3.2. Application of Order Costing.
Overhead to 3.2. Statement of Cost of
Production Goods Manufactured
3.3. Over-application and Under- 3.3. Statement of Cost of
application of factory Goods Sold
overhead.
3.4. Analysis of Cost Behavior
Topic 4: Process Costing
• Variable Cost
• Fixed Cost
4.1. Introduction
• Semi-variable or Mixed
Cost 3.5. Splitting mix cost 4.2. Equivalent units of
• High-Low Method Production (EUP)
• Scatter Graph 4.3. Basic Journal Entries
• Least-squares
Regression

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