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Course Title: (Cost Accounting)

Course Objectives:
Understand what Cost accounting adds to General accounting. Why it is necessary for the management of an entity. Learn
how to classify the various types of costs, calculate unit costs. Learn what is job order costingl.
Course Contents:

Cost Accounting Basic Concepts and Job Order


Cost Cycle
The Purpose of Cost Accounting
Manufacturing Cost Classified
Inventories for a Manufacturing Company
System of Cost Accumulation
Chart of Costs for a Manufacturing Company
Types of Cost Systems
Job Order Cost Cycle Normal Costing
Recording Costs as Incurred
Matching Cost Flow and Work Flow
Purchasing Materials
Materials Control
Materials Purchasing Procedures
Computerized Materials Purchasing System
Special Purchasing Procedures
Storing and Issuing Materials
Issuance of Materials
Principles of Internal Control
Special Issuing Procedures
Computerized System for Issuance of Materials
Controlling and Costing Materials Inventory
Inventory Costing Methods
Application of the Rule of Cost or Net Realizable
Value, Whichever is Lower
Cutoff Date
Periodic Physical Inventory
Adjustment of Inventory Shortage or Overage
Inventory Management
Just in Time Inventory Management
Activity Based Costing
Traditional Costing versus Activity Based Costing
Comparing Unit Costs
Advantages and Disadvantages of ABC System
Implementing ABC System
ABC in Service and Merchandise Companies

Recommended Text: Pedro P. Guerrero

Labor Accounting Control and Costing


Timekeeping Procedures
Payroll Procedures
Flow of Payroll Costs
Computerized Payroll
Charging Labor Costs into Production
Recording Labor Costs
Flow of Labor Costs
Employers Contributions
Manufacturing Overhead Accounting Actual and
Applied
Nature of Manufacturing Overhead
Types of Manufacturing Overhead Costs
Control of Manufacturing Overhead Costs
Charging of Manufacturing Overhead to Production
Purpose of Overhead Rates
Determining Overhead Rate
Types of Overhead Rate Bases
Recording Manufacturing Overhead Costs
Overhead or Under applied Overhead
Manufacturing Overhead Departmentalization
Need for Departmentalization
Classification of Departments
Procedures for Departmentalization
Recording Applied Departmental Manufacturing Overhead
Recording Actual Departmental Manufacturing Overhead
Completing the Cost Cycle and Accounting for Production
Losses
Completing the Cost Cycle
Recording the Jobs Completed
Recording Sales and Finished Goods
Accounting for Production Losses in a Job Order Costing
System
Accounting for Scrap
Accounting for Spoiled Goods
Accounting for Defective Goods

COST ACCOUNTING Principles and procedural Applications

Assessment: Quizzes, Major Exams, Recitations, Attendance

Prepared by:

Hilda Angelie Bernal, CPA, REA

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