Describe how cost accounting is used for decision making and performance evaluation.

2. Explain the basic concept of cost and how costs are presented in financial statements.
3. Demonstrate how materials, labor and overhead costs are added to a product at each stage
of the
production cycle.
4. Analyze the basic cost flow model and be able to assign costs in a job cost system.
5. Formulate overhead using predetermined rates and Activity-Based costing.
6. Asses how cost-volume-profit are related and use CVP analysis as a planning and decision
making
aid.
7. Prepare a budget and use budgets for performance evaluation after flexing the budget.
8. Interpret variable cost variances and fixed cost variances.
9. Summarize process cost accounting and prepare a process cost report.Course Outcomes:

1- INTRODUCTION TO COST ACCOUNTING

Definition
Scope, Role and Functions of Cost Accounting
Objective of Cost Accounting
Recent Developments in Cost Accounting

2- COST CONCEPTS AND CLASSIFICATIONS

Definition of costs and other related Terms
Classification of Costs
Uses of Cost Data

3- Cost Accounting Cycle

Elements of Cost
Cost of Goods Sold
Summary of Cost Accounting cycle with journal entries

4- COSTING AND CONTROL OF ELEMENTS OF COST

Costing and Control of materials
Costing and control of Labor
Costing and control of Factory overhead- Actual and Applied
Variance Analysis (Spending and idle Capacity Variance)

5 - FACTORY OVERHEAD DEPARTMENTALIZATION AND RESPONSIBILITY ACCOUNTING,

CONTROL AND REPORTING
Concept of Departmentalization
Producing and Service Department
Responsibility Accounting Defined
Factors influencing Responsibility Cost Control
Variance analysis and responsibility Accounting
Responsibility Reports
6- COST ACCUMULATION PROCEDURE IN A COST ACCOUNTIG CYCLE
FOR JOB ORDER COSTING
Job Cost Sheet
Source Documents for Job Order costing
Complete Cost Accounting cycle under Job Order System
Procedures for Accounting for Materials discount, scrap, spoilage and defective goods.

7- COST ACCUMULATION PROCEDURE: PROCESS COSTING (AVERAGE AND FIFO)

Definition
Characteristics of Process Costing
Cost of Production Report
Product flow
Comparison of Job order costing and Process Costing
Differences between FIFO and Average costing Method
Characteristics of Average and FIFO Costing Method

8- ACCOUNTING FOR JOINT PRODUCTS AND BY PRODUCTS

Joint process flow
Joint costs and Allocation of Joint costs
Characteristics of Main Products and By Products
Accounting for Main Products, By products and scrap