Cost Accounting Latest Edition, Norma De Leon

Transcription

1 Course Name: Course Title: Instructors: Required Text: Course Description: XCOSTACM Cost Accounting And Cost Management Aguarin, Bautista, Canlas and Plicarpio Cost Accounting Latest Edition, Norma De Leon Introduces the students to cost accounting and cost management framework of business. Focuses on the concepts, scope and objectives of Cost Accounting, determination of cost, costing and control, methods of costing and management of costs. Students are expected to apply the concepts and methods by preparing cost accounting reports of actual business. Topic Outline: Estimated No of Hours 1. Concepts, Scope and Objectives of Cost Accounting 9.00 Concepts, scope and objectives of cost accounting as to its relationship to: financial accounting management accounting Nature, classification and purpose of cost. Elements of product cost, cost flow in service, trading and manufacturing businesses. 2. Determination of Costs and Preparation of Costs Statements Journal entries for: Manufacturing operations Acquisition & usage of materials Labor cost incurrence and distribution Incurrence of overhead Items of overhead classified into fixed and variable, methods of separating fixed from variable in a mixed cost. Actual vs. applied overhead (using different overhead rates) Over-or under-applied overhead recognition and disposition.

2 Cost statement as to: Service Trading Manufacturing operations 3. Costing and Control Materials Costing and Control Based on physical flow: Traditional control procedures Order cycling Min-max Two-bin Automatic order ABC plan Alternative inventory management Economic Order Quantity (EOQ) Total Quality Management (TQM) Just in Time (JIT) (backflush costing) Accounting and control of scrap, defective and spoiled materials and goods. Cost reduction techniques Work study Time and motion study Value analysis Direct Labor Costing and Control Documents and their flow in labor costing and control Payroll preparation and distribution Other Labor-related costs Overhead Costing and Control Selection of activity base/level Plant-wide vs. multiple overhead rates Separating variable from fixed in missed costs High-low Scattergraph

3 Least squares Variable rate and fixed overhead rate Allocation of service department cost Direct Stepwise Algebraic Joint and By-Products Definition and Characteristics Methods of allocation Management decisions Accounting Journal entries 4. Job Order Costing 9.00 Nature, definition and characteristics Cost flow of materials, labor and overhead flow of documents journal entries posting to job order cost sheets 5. Process Costing 8.00 Definition, nature and characteristics of the Process Cost System Equivalent units of production Average FIFO Cost of production reports Single and multi-department Even and uneven application of cost 6. Joint Costs 8.00 Management decisions regarding joint process 7. Standard Costing 8.00

4 Definition and objectives of standard costing Uses and limitations of standard costing Determination and setting up of standards Variance analysis Materials (including mix and yield) Labor (including mix and yield) Overhead (including four variance method) 8. Activity based costing Target costing 4.00 Conceptual foundation Use of target costing facilitating strategic management Steps in implementing target costing approach 10. Total quality management Value reengineering 5.00 Conceptual foundation Types of value engineering Functional analysis Design analysis 12. Theory of constraints 5.00 Conceptual foundation of the theory of constraints Application of the theory of constraints to facilitate strategic management. Steps in the theory of constraints analysis. 13. Life-cycle costing 5.00 Conceptual foundation of life-cycle costing Using life-cycle costing to facilitate strategic management Pricing using the cost-life cycle Full manufacturing cost plus markup

5 Life-cycle cost plus markup Full manufacturing cost and desired gross margin percent. 14. Environmental Cost Management 6.00 Business process-oriented environmental management and controlling systems. Integrating managerial environmental information system for supporting environmental management, controlling and auditing. Integration of quality and environmental management, controlling and auditing. Environmental investment management. Environmental reporting Environmental ratio systems Managerial evaluation of instruments of environmental policy. Total Sessions Express As Contact Hours 108

6 Recap Identification of CPC Topics Covered in this Course Estimated Contact Hours Accounting 98 Marketing 1 Finance 2 Management 2 Organizational Behavior 1 Human Resource Management 1 Operations Management 3 Legal Environment of Business 1 Economics 1 Ethics 2 Information System 2 Quantitative Methods/ Statistics 3 International/ Global Dimensions of Business 1 Integrative Experience 6 Total Estimated Contact Hours 124