416 Cost and Managerial Accounting

Accounting

Approved course information last updated: 1 year, 6 months ago

Pre-requisites: ACC 214

Requisite To: ACC 470

Lab Session:

Course Description

This course is an extension to Introduction to Cost and Managerial Accounting (Acc. 214). The course is designed to provide in more depth and detail the important aspects of cost and managerial accounting. It introduces the cost concepts, techniques and analytical procedures necessary for the determination of cost and its uses in planning, control, and decision making. The main topics include: Job and process costing, activity based costing, standard cost and variance analysis, cost allocation, joint cost allocation, capital budgeting, decentralization and performance evaluation, and Relevant cost and benefits in decision making.

Course Learning Objectives (CLOs)
  • 1. contrast cost and financial accounting, explain the different cost concepts, and the code of conduct for management accountant
  • 2. demonstrate the manufacturing cost and the underlying accounts and preparing cost of goods manufactured and cost of goods sold schedules.
  • 3. identify the characteristics of the job order and, the process costing systems and, outline the accounting process to accumulate the cost of materials, labor , and manufacturing overhead in job order costing systems.
  • 4. outline the accounting process for over – under applied overhead cost in job order costing.
  • 5. prepare process cost report and accounting for transferred-in cost.
  • 6. explain the difference between the traditional costing system and the activity based costing system (abc), outlines the product or service using abc, and compares the results of the abc with the traditional cost system.
  • 7. distinguish between flexible budget and static budgets, and prepare flexible budget to analyze direct material, direct labor and manufacturing overhead variances.
  • 8. allocation of joint cost between joint and by-products, and the relevance of joint cost allocation to decision making.
  • 9. understanding of segment reporting and its role in responsibility accounting and performance evaluation.
  • 10. explain the importance of setting the price for the products and the way to do so.
  • 11. prepare analysis of various, decisions, properly identify the relevant costs and benefits.
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