Scribd
Upload
28 views

Course Out Line

This 3-credit course focuses on how cost accounting helps managers make better decisions. It will cover topics like classification of costs, job order costing, process costing, and accounting for spoilage, rework and scrap. Specifically, the course will examine direct and indirect costs, variable and fixed costs, cost behavior, cost accumulation and allocation. Students will learn how to match cost flows with work flows and record raw material, labor and overhead costs. Process costing methods like weighted average and first-in first-out will also be explored. The course aims to show how cost accountants support decision making in organizations of all sizes. Student performance will be evaluated through continuous assessment worth 60% and a final exam accounting for 40

Uploaded by

Yehualashet Mekonnin
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
28 views

Course Out Line

This 3-credit course focuses on how cost accounting helps managers make better decisions. It will cover topics like classification of costs, job order costing, process costing, and accounting for spoilage, rework and scrap. Specifically, the course will examine direct and indirect costs, variable and fixed costs, cost behavior, cost accumulation and allocation. Students will learn how to match cost flows with work flows and record raw material, labor and overhead costs. Process costing methods like weighted average and first-in first-out will also be explored. The course aims to show how cost accountants support decision making in organizations of all sizes. Student performance will be evaluated through continuous assessment worth 60% and a final exam accounting for 40

Uploaded by

Yehualashet Mekonnin
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

QUEEN’S COLLEGE

SCHOOL OF BUSINESS AND ECONOMICS


PRGRAM OF MANAGEMENT
Course Name: Cost and Management Accounting –I
Credit Hours: 3
Course Instructor: Yehualashet M.
Course Description:
Studying Cost Accounting is one of the best business investments a student can make. Why?
Because success in any organization from the smallest corner store to the largest multinational
corporation requires the use of cost accounting concepts and practices. Cost accounting provides
key data to managers for planning and controlling, as well as costing products, services, even
customers. This course focuses on how cost accounting helps managers make better decisions, as
cost accountants are increasingly becoming integral members of their company’s decision-
making teams. The course encompasses, classification of cost, cost characteristics and behavior,
Job order costing, Process costing and on the last spoilage, rework and scrap.

Course Out Line

Chapter One: Classification of Cost

1.0 Introduction
1.0.1 Cost Accumulation and Allocation
1.0.2 Relationship of Cost Accumulation to Cost Object.
1.1 Direct and Indirect Costs
1.2.1 Accuracy in Determining Costs.
1.3 Cost Drivers
1.4 Variable Cost and Fixed Cost
1.4.1 Major Assumption
1.4.2 Relevant Range
1.5 Manufacturing Costs
1.5.1 Components of Costs
1.6 The Three Manufacturing Cost Categories
1.6.1 Prime Cost and Conversion Cost
1.7 Costs as Assets and Expenses
Chapter Two: Cost Characteristics and Behavior
2.1 Introduction

1
2.2 Cost: Deceptively Simple Word
2.3 Variable and Fixed Costs
2.4 Beware the Unitizing of Fixed Costs
2.5 Direct and Indirect Costs
2.6 Traceable and Common Costs
2.7 Product Costs and Period Costs
2.8 Controllable and Common Costs
2.9 Controllable and Non-Controllable Costs
2.10 Standard and Actual Costs

Chapter Three: Job Order Costing


3.1 Introduction
3.2 Workflow
3.3 Recording Costs as Incurred
3.4 Matching Cost Flow and Work Flow
3.5 Departmental Cost Centers
3.6 Recording Cost Flows: Raw Material, Labor, and Overheads
Chapter Four: Process Costing
4.1 Introduction
4.2 The General Characteristics of Process Costing.
4.3 Describe The Five Key Steps in Process Costing
4.4 Process Costing with No Beginning Inventories
4.5 Process Costing Under Conditions where there are No Beginning Inventories and
Where Conversion Costs Are Not Applied Uniformly.
4.5.1Process Costing Weighted Average Method
4.5.2Process Costing and First – In, First - Out Method
4.6 Transfers In Process Costing
4.6.1 Transfers –In and Weighted Average Method
4.6.2 Transfers –In and First –In, First Out Method.

Chapter Five: Spoilage, Rework and Scrap


5.1 Introduction
5.2 Terminologies
5.3 Different types of spoilage

2
5.3.1 Normal Spoilage
5.3.2 Abnormal Spoilage
5.4 Process Costing and Spoilage
5.4.1 Weighted – Average Method Spoilage
5.4.2 FIFO Method and Spoilage
5.4.3 Inspecting Points and Allocating Costs of Normal Spoilage
5.5 Job-Costing and Spoilage
5.5.1 Normal Spoilage Attributable to a Specific Job
5.5.2 Normal Spoilage Common to All Jobs
5.5.3 Abnormal Spoilage
5.6 Job Costing and Rework
5.6.1 Normal Rework Attributable to a Specific Job
5.6.2 Normal Rework Attributable Common to All Jobs
5.6.3 Abnormal Rework
5.7 Accounting for Scrap
5.7.1 Recognizing Scrap at the Time of its Sale
5.7.2 Recognizing Scrap at the Time of its Production
5.7.2.1 Scrap Attributable to a Specific Job
5.7.2.2 Scrap Common to All Jobs
Text Book: Charles T.Horngren, Srikant M.Datar, Madhav V.Rajan: Cost Accounting A
Managerial Emphasis, 14th edition,
Referens: any cost Accounting Book

Evaluation Method: continuous assessment 60% and Final Exam 40%

You might also like