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ACCTNG 6 Cost Accounting and Control
ACCTNG 6 Cost Accounting and Control
Course Number: PCAC103 Course Descriptive Title: Cost Accounting and Control
No of Units: 3 No of Hours per Week: 3
Pre-requisites: PCAC101A – Financial Accounting and Reporting
CEU VISION – MISSION STATEMENT CENTRO ESCOLAR EXPECTED SCHOOL OF ACCOUNTANCY AND MANAGEMENT
• resolve business issues and problems, with a global and strategic perspective using knowledge and technical proficiency in areas of financial accounting and reporting, cost
accounting and management accounting and control, taxation and accounting information systems;
• conduct accountancy research through independent studies of relevant literature and appropriate use of accounting theory and methodologies;
• employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions;
• apply knowledge and skills to successfully respond to various types of assessments (including professional licensure and examinations); and
• confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing functions as an accountant.
Course Description:
This course focuses on cost concepts, just in-time system, the cost of quality, environmental cost management and 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 using the appropriate costing method, understand and analyze cost
accounting reports and use it for evaluating and controlling entity performance and formulating managerial decisions.
1. Explain the concept of VI. Systems Design: Process Multi-media based teaching techniques 12 hrs. Technology Quizzes
process costing system Costing System; Cost
2. Recognize when process Allocation Interactive Seatwork and board work Performance based assessments:
costing system will be used 1. Process Costing: Concepts
3. Describe the key steps in and Application Application of Concepts Graded Recitation
process costing 2. A Cost-Benefit Comparison
4. Explain the significance of of Job-Order Costing and
equivalent units and how are Assignments
Process Costing
they computed 3. Steps in Process Costing
5. Apply the Weighted average Mini Cases
4. Process Costing Methods
and FIFO method used to
prepare the departmental 5. Illustration of Process
production costs report Costing
6. Explain the concept of cost 6. Cost Allocation
allocation 7. Accounting for Joint Product
7. Explain and apply the Costs and By-Products
procedures in accounting for 8. Methods for Allocating Joint
joint costs and by-products Costs to Joint Products
9. Accounting for By-Products
1. Explain how hybrid-costing VII. Operation Costing, Just-In- Multi-media based teaching techniques 3 hrs. Technology Quizzes
systems develop in relation Time System and Backflush
to production systems Costing Interactive Seatwork and board work Performance based assessments:
2. Develop an understanding 1. Introduction
for an operation-costing 2. Hybrid Costing System
system Application of Concepts Graded Recitation
3. Operation Costing
3. Prepare journal entries for
an operation-costing system 4. Just-in-Time and Backflush Assignments
4. Describe a just-in-time Costing
production system 5. Financial Benefits of JIT
5. Explain how just-in-time 6. Major Features of JIT
systems simplify job costing Production System
6. Prepare journal entries for
backflush-accounting
system
1. Discuss activity-based VIII. Activity Based Costing and Multi-media based teaching techniques 5 hrs. Technology Quizzes
costing Management
2. State the advantages and 1. Activity-Based Costing Interactive Seatwork and board work Performance based assessments:
limitations of activity-based 2. Advantages and Limitations
costing of ABC System Application of Concepts Graded Recitation
3. Describe the steps in
3. Steps in Designing an ABC
designing an activity-based
System Assignments
costing system
4. Enumerate examples of 4. Application of Activity-Based
activity centers, cost drivers Costing in Merchandising
and traceable costs and Manufacturing
Businesses
5. Apply activity-based costing
to a manufacturing company 5. Activity Based Management
6. Apply activity-based costing 6. Opportunity Costing
to a merchandising company Concepts
7. Discuss activity-based
management
8. Describe opportunity cost
concept
1. State the nature and IX. Standard Costs and Operating Multi-media based teaching techniques 8 hrs. Technology Quizzes
rationale of standard costs Performance Measures
2. Discuss the uses of standard 1. Rationale of Standard Costs Interactive Seatwork and board work Performance based assessments:
costs 2. Uses of Standard Costs
3. Explain the benefits and
limitations of standard costs 3. Benefits of Standard Costs Application of Concepts Graded Recitation
4. Describe how standards are 4. Limitations of Standard Costs
set 5. How Standards are Set Assignments
5. Explain the process of 6. Setting Direct Material
setting standard costs for
Standards
direct material, direct labor
and overhead 7. Setting Direct Labor
Standards
6. Identify the possible causes
of variances and 8. Setting Overhead Standards
responsibility for them 9. Standard Cost Flows
7. Compute and analyze the 10. Treatment of Variances
variances between actual 11. Operating Performance
costs and standard costs Evaluation
12. Factory Overhead Variance
Analysis
Course Requirements:
References:
Cost Accounting and Control, Ma. Elenita Balatbat Cabrera, 2019 edition.
Cost Accounting, Edward J. VanDerbeck and Maria R. Mitchell,2015, 17th edition.
Managerial Accounting, Garrison et al, Mc Graw-Hill,2018, 16th edition.
Cost Accounting, Guillermo and Norma D. de Leon, 2016 edition, Manila
Cost Accounting: A Managerial Emphasis. Horngren et al, 3rd edition, 2017
Fundamentals of Cost Accounting, Lanen, William N. et al, Mc McGraw-Hill International Edition, 2016, 5th edition.
WEBSITE:
https://www.accountingcoach.com/
June 18, 2019 (Sgd.) PROF. ROY RAIAN A. JOSON, CPA, MSA April 30, 2019
(Sgd.) DR. LYSSANDER RODAN DELA CRUZ, CPA, MBA, DPA Dean/Head
(Sgd.) PROF. DANILO D. REYES, CPA, MBA, CHBA, RFP
Curriculum Mapping:
ALIGNMENT OF PROGRAM OUTCOMES AND COURSE INTENDED LEARNING OUTCOMES
Conduct accountancy research through independent studies of relevant literature and appropriate use of accounting
2 theory and methodologies;
Employ technology as a business tool in capturing financial and non-financial information, generating reports and making
3
decisions
Apply knowledge and skills to successfully respond to various types of assessments (including professional licensure and
4
examinations); and
Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing
5
functions as an accountant.
(Sgd.) DR. LYSSANDER RODAN C. DELA CRUZ APRIL 30, 2019 (Sgd.) PROF. ROY RAIAN A. JOSON, CPA, MSA APRIL 30, 2019
Dean/Head
• Have a clear understanding in the three (3) elements of manufacturing cost and their accounting
• Have an adequate knowledge and skill in the preparation of the statement of cost of good manufactured and sold
• Have a sound knowledge of the job order cost system
• Have a working knowledge and understanding of standard costing, computation and analysis of variances
3. Affective Objectives:
• To develop among students the value of honesty, objectivity and perseverance in the proper measurement and accumulation of cost for reporting
purposes
3. Psychomotor Objectives:
• Apply the knowledge in making cost production schedule and determine cost in every cost elements of a product.