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PILGRIM CHRISTIAN COLLEGE

United Church of Christ in the Philippines
Capistrano – Akut Sts., Cagayan de Oro City

Course Accy. 24 ( Cost Accounting and Control)

Title/Number
Time: 8:30 to 9:30 pm MWF
Course
Description This course introduces students to cost accounting concepts and procedures. An effective
cost accounting system provides information that can impact operational and financial
performances of an entity. Students will learn how cost accounting information is
developed and used for various purposes in different types of business entities. We will
examine the role that cost accounting plays in measuring, analyzing and reporting
information that relates to the cost of obtaining and using an entity’s resources.

This course equips the learners with a thorough understanding of cost concepts, and the
application of various costing methods such as activity-based, job order, process, and
standard costing.

Learners are expected to determine the cost of a product or service by applying the
appropriate costing method both for assigning costs to inventories and cost of goods sold
as well and for evaluating controlling entity performance for formulating management
decisions.

Course 3
Credit
Contact 54 hours
Hours
Email Oliviaflorespilgrim2021@gmail.com
address:
Pre-requisite
Instructor Olivia C. Flores, CPA, MM
Program (Based on CMO No. 17 s. 2017-Policies, Standards and Guidelines for
Specializatio the Bachelor of Science in Accountancy (BS Accountancy ) , 6.3 Specific to a
n Outcomes Sub-discipline and major.
a. resolve business issues and problems, with a global and strategic
perspective using knowledge and technical proficiency in the areas
of financial accounting and reporting, cost accounting and
management, accounting and control, taxation, and accounting
information systems;
b. Conduct accountancy research through independent studies of relevant
literature and appropriate use of accounting theory and methodologies;
c. Employ technology as a business tool in capturing financial and non-
financial information, generating reports and making decisions; and
d. Apply knowledge and skills to successfully respond to various types
of assessments; and (including professional licensure and certifications);
and
e. Confidently maintain a commitment to good corporate citizenship,
social responsibility and ethical practice in performing functions as an
accountant.
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Course Upon completion of this course and with the minimum required passing grade on
Learning assignments and examinations, students will acquire the knowledge and skills to:
Objectives a. Distinguish between financial accounting and managerial accounting
1. b. Explain the relevance of cost accounting for financial reporting and
2. for decision making.
c. Calculate the product cost of various cost objects by preparing a
3. statement of cost of goods manufactured.
d. Segregate the manufacturing overhead costs into their variable and
4. fixed components and discuss the relevance of linear cost function
5. in cost accounting and cost management.
e. Calculate product cost in normal costing method and using
6. plantwide predetermined overhead, departmentalized overhead rate,
7. overhead rate with service department costs, and activity-based
8. costing.
f. Compare actual, normal, and standard costing system and explain
9. applicability of each system.
g. Apply job-order costing system in manufacturing type of business
and prepare job-order cost sheet
h. Apply process costing system in manufacturing type of business and
prepare cost of production report
i. Applying standard costing system, compute, journalize, and
evaluate variances in standard costing system.

TOPICS Time Allotment

Preliminary Period Week 1 - 4
Class Room Policies , Rules and Regulations
Discussion of Course Syllabus

A. Introduction to Cost Management

a. Explain how cost management differs from financial management
b. Identify factors affecting cost management
c. Describe the role of management accountants within an entity
d. Identify the forms of certification available to accountants
e. Professional ethics

B. Basic Cost Management Concepts

a. Describe a cost management information system
b. Explain the process of assigning costs to products and services
c. Differentiate between production costs and nonproduction costs
d. Prepare financial statements for a manufacturing entity
e. Determine the difference between traditional and activity-based cost
management systems

Midterm Period Week 5 - 9

C. Cost Behavior
 Basics of Cost Behavior
1) Cost Objects
2) Measures of Output
3) Fixed costs
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4) Variable costs
5) Linearity Assumption
6) Mixed costs

 Resources, activities and cost behavior

 Describe fixed, variable and mixed costs
 Methods of Determining Cost Behavious
1) low method
2) Scatterp lot method
3) Least square method

D. Factory Overhead and Activity-based costing

a. Describe the basics of plantwide and departmental overhead costings
b. Costs products and services using activity-based-costing
c. Compare activity-based costing and department costing systems
d. Explain how activity-based costing can be simplified.

Semi Final Week 10 – 14

E. Job-Order Costing
a. Identify the source documents used in job-order costing
b. Track the flow of costs in a job-costing system
c. Determine how spoiled units are accounted for in a job-order costing
system
d. Explain how activity-based costing is applied to job-order costing
e. Determine the relationship among cost accumulation, cost measurement
and cost assignment

F. Process Costing
a. Understand the basic concepts of process costing and compute average
unit costs
b. Describe the five steps of the production report
c. Prepare production reports using the weighted-average method and the
first-in-first-out method of process costing.
d. Apply process-costing methods to situations with transferred-in costs
e. Describe the basic features of operation costing

Final Period Week 15 – 18

G. Cost Allocation
a. Determine the difference between support departments and producing
departments
b. Allocate cost using a single-rate and multiple rates
c. Use direct, sequential and reciprocal methods to allocate support center
costs
d. Allocating joint product costs
e. Account for byproducts
H. Activity-based costing and activity-based management
a. Explain how broad averaging undercosts and overcosts products or services
b. Distinguish between simple and activity-based costing
c. Costs products and services using activity-based-costing
d. Compare activity-based costing and department costing systems
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e. Describe a four-part cost hierarchy

III. Methods of Instruction:

A. Lectures
B. Problem Solving
C. Additional Reading
D. PowerPoint Presentations
E. Analysis and discussion of ethical issues
F. Online Learning

IV. Assessment of Student Learning:

A. Homework Assignments
B. Quizzes
C. Examinations
D. Class discussion and participation
E. Projects

V. Recommended Textbook:

Cost Accounting and Control, 2019 Edition by Norma de Leon, et al.

VI. Further Reading and Resources:

A. Books and Publications

Cabrera, M.E., and Cabrera, G.A. (2018). Cost Accounting and Control. Manila, Philippines: GIC
Enterprises and Co., Inc

Blocher, E., Stout, D., Juras, P., and Smith, S. (2020). Cost Accounting and Control. Quezon City: C and E
Publishing, Inc.

vi. Journal of Accountancy, AICPA.

vii. Bloomberg Businessweek, Bloomberg

B. Online Resources

http://www.cengage.com
http://www.aicpa.org
http://www.accountantsworld.com
http://www.njscpa.org

Laws and Standards

 Philippine Financial Reporting Standards (PFRS)

 International Accounting Standards (IAS) and International Financial Reporting Standards
(IFRS) issued by IASB.
 Republic Act 9298, “The Philippine Accountancy Act of 2004”
 Implementing Rules and Regulations to Republic Act 9298, The Philippine Accountancy Act of
2004 issued by the Board of Accountancy
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 Code of Ethics for Professional Accountants in the Philippines

 Other materials will be provided and/ or assigned by the teacher-in-charge.

Course Policies:

 Policy on Absences include:

Learners are expected to attend on line classes and observe punctuality.

Excused absences do not exempt the learner from compliance with course requirements.

GRADING POLICY
Final grades will be determined as follows:
Homework Assignments 30%
Pre-Lim Exams 30%
Midterm Exam 40%
Semi – Final 30%
Final Exam 40%

Homework: There will be homework assignments as needed, You must submit your
completed Homework to my email at the beginning of class on the due date; late homework
will be deducted by 5%. Solutions to homework will be posted to Meet Classes.
I also hand pick textbook problems that are useful to practice and that reinforce basic
Accounting proficiency, but they will not be submitted or graded. Doing
problems is the best way to learn accounting. Solutions to these problems will
be uploaded on Meet Classes.

Course Schedule: Tentative

January 17 to March 13 March Onsite class activities

7 – March 11
March 14 – March 16
March 21 – March 25
March 26 – April 1
April 4 - April 13
Uploaded online lectures and materials
Online classes at meet
Uploaded online lectures and materials
Uploaded online lectures and materials
Work on previously uploaded online lectures and materials

April 13 – April 15 Easter Break

April 18 – April 22 Online exam days

April 25 – April 29 Uploading of additional online lectures and materials

May 1, 2020 Labor Day

May 2 – May 5
May 8 – May 12 May
13 – May 26 May 27
Uploading of additional online lectures and materials
Online exam days
Work on previously uploaded online lectures and materials
Online exam days Uploading of additional online lectures
and materials
Online exam days

Listed below is the examination schedule for Cost Accounting and Control:
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Exam Date Coverage

Exam 2 Job-Order Costing with Production Losses
Allocation of Service Department Costs
Activity Based Costing

Exam 3 Process Costing with Lost Units

Exam 4 Introduction to Cost Management

Basic Cost Management Concepts
Cost Behavior
Factory Overhead and Activity Based Costing
Allocation of Service Department Costs
Job Order Costing with Production Losses
Process Costing with Lost Units
Standard Costing and Variance Analysis

Grading System

Midterm Grade Partial Final Grade

Enabling Outcome Activities
(quizzes/assignments, oral recitations and
other student engagements)-----------30%
Prelim and Midterm Exams
-----------30%
Culminating Outcome (Partial)
------- 40%
Total 100%
A. Get 30%
Final Grade: 100%
Enabling Outcome Activities
(quizzes/assignments, oral recitations and
other student engagements)----30%
Pre final and Final Exams
------------------------30%
Culminating Outcome
(Final)--------------------- 40%
Total
100%
B. Get 70%

Passing Grade: 75% with Equivalent Grade of 3.0