Objective:
The aim of the course is to equip students with skills and knowledge to:
- Identify and calculate different types of costs (direct, indirect, variable, and fixed costs).
- Distinguish between job-costing, process-costing, and joint-costing systems.
- Determine the product cost by means of full- costing and direct-costing methods.
- Determine the product cost by means of historical (actual) and standard cost systems.
Course Description:
Cost accounting provides key data to managers for planning and controlling, as well as data on costing products, services, and customers. By focusing on basic concepts, analyses, uses, and procedures instead of procedures alone, we recognize cost accounting as a managerial tool.
Content:
Lesson 1 Basic Concept
Lesson 2 Materials Costing
Lesson 3 Labor Cost & Machinery
Lesson 4 Job Costing/Process Costing
Lesson 5 Cost Allocation
Lesson 6 Variable Costing
Lesson 7 Cost of Quality Spoilage
Lesson 8 Joint Production Process
Final Exam
Bibliography:
- Horgen, Ch. T; Datar, S.M. & Foster, G. (2006): Cost Accounting. A managerial emphasis. 12th Edition. Prentice-Hall
- Gray, S.J.& Needles, B.E. (1999): Financial Accounting. A global approach. Houghton Mifflin Company. Chapter 7
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