Outcomes-based Course Syllabus

GENERAL INFORMATION

College College of Business and Entrepreneurial Technology

Program Bachelor of Science in Accountancy Pre-requisite AC3&4

Course Title Cost Accounting and Control Co-requisite None

Course Code AC9 Instructor/
Macrina Violeta V. Vicente-Mutuc
Course Credit 3.0 Professor
Contact Hours 3 hour lecture Department Accountancy
Term/Sem/AY First Semester Date Created July 2019
COURSE DESCRIPTION
This course is designed to orient the students to the cost accounting framework of business. It introduces the concepts of cost accounting as
differentiated from financial accounting. Cost control concepts, methods and techniques are interspersed in the discussion of the accounting process for
service, merchandising and manufacturing entities. Topics include cost accounting cycles; costing accumulation methods; and cost systems; planning,
accounting and control for the
elements of cost.
COURSE OUTCOMES
1 Distinguish costs accounting from management accounting and financial accounting
2 Distinguish costs as assets from costs as expenses using the financial accounting conceptual framework, accounting principles, underlying
assumptions, and applicable financial reporting standards and Philippine law.
3 Classify costs as to object, purpose, and behavior emphasizing when each classification is used in cost control.
4 Account for cost transactions on the books of accounts for service, merchandising and manufacturing entities.
5 Differentiate business documents supporting cost transactions following the flow of cost information.
6 Relate the importance of cost classifications to the preparation of financial statements more specifically the results of operation of businesses.
7 Explain the contents of the financial statements and the purpose of these contents to assist in decision making for stakeholders.
LEARNING PLAN
Week Learning Outcomes
LO1:
Explain the Mission, Vision,
objectives of the College;
LO2: Develop a clear
1 understanding of the course
and contents, to effect
meaningful learning and
collaborative experiences in the
classroom.
 LO3: Differentiate the
significance and purpose of
cost accounting from
2 management accounting and
financial accounting.
 LO4: Classify and Identify
cost inputs for service,
merchandising and
3 manufacturing entities.
 LO5: Differentiating the
levels of conversion of raw
materials into finished
4 product
 LO6: Classify, Prepare and
Present Cost Accounting
Reports using cost concepts
5 relating to financial
accounting principles and
framework.
6 PRELIMINARY EXAMINATION
Topic/
Content
 Vision, Mission, Institutional
Outcomes and Course of the
Study
 Classroom Dynamics and Course
Requirements and Grading
Orientation
 Cost Accounting: Definition,
Characteristics, Objectives, and
parameters
 Cost Classifications Related to
Cost Object, Cost Behavior,
Financial Statement
Presentation and Product
 Raw Materials Inventory
for Services, Merchandising,
and Manufacturing Entities
 Job Order Cost Sheet, Cost
of Production Report, Activity
Based Cost Report and
Financial Statements
Assessment Tasks and
Teaching and Learning Activities
Tools
 Present University video clippings  Pen and Paper test
 Presentation of University VMGO reviewing orientation
details
 Review of the concepts and terminologies learned from  Pen and Paper test reviewing
AC3&4, AC5 and AC6 concepts and terminologies
 Levelling off of expectations through sharing activities and orientation details
 Small Group Discussion: Give graphic symbolisms of  Reflection sharing
the different concepts to be defined through the use of  Pen and paper test
concept mapping reviewing definitions,
 Section Discussion: Discuss to the whole class the group characteristics, and other
outputs topics discussed.
 Assigning individual investigation on Cost Classification
 Assigning individual investigation on differentiating levels  Reflection sharing
of conversion of raw materials to finished products related  Presentation of findings
to type of business  Pen and paper test
 Socratic approach to differentiating different ways of
relating costs to object, behavior, financial statement
presentation and
product
 Assigning individual investigation on classifying, preparing  Reflection sharing
and presenting cost accounting reports  Presentation of findings
 Small group discussion: presentation of findings of  Pen and paper test
individual investigations
 Socratic approach to differentiating levels of conversion of
raw materials into finished products
 Assigning individual investigation on accounting and  Reflection sharing
preparing reports on raw materials inventory  Presentation of
 Socratic approach to classifying, preparing and presenting generalizations/conclusions
cost accounting reports  Pen and paper test
  LO7: Account for and
prepare reports on Raw
Materials Inventory
7 transactions: planning,
procuring, controlling and
issuing to production.
 LO8: Relate business
documents for raw
materials inventory
8 transactions to accounting
entries and inventory
reports.
 LO9: Account for direct
and indirect labor,
differentiating supporting
9 documents for payroll for
production and payroll for
operations.
 LO10: Prepare reports on
labor transactions applying
both financial accounting
10 standards and applicable
Philippine Labor Code
Sections.
 LO11: Distinguish incurrence
of overhead from prime
costs, account for these and
11 prepare reports on overhead
transactions.
 LO12: Compute for allocation
of service overhead costs
using the three methods
12 available for
departmentalization.
 LO13: Determining cost
pools, cost drivers, cost
13 objects identifying the level
of costs:
 Direct materials
Planning, Procurement,
Control, Accounting and
Reporting
 Business documents in
planning, procuring,
controlling, accounting and
reporting of Direct Materials.
 Introduction to Payroll: Direct
Labor and Indirect Labor,
Selling and Distribution, and
General and Administrative
Salaries and Wages
 Payroll: Planning, Hiring,
Controlling, Accounting
and Reporting
 Factory Overhead: Indirect
Materials, Indirect Labor,
and Other Factory
Expenses
 Departmentalization: Allocating
common overhead costs
using direct, step and
simultaneous methods
 Activity-Based Costing: Cost
Objects, Cost Drivers, Cost
Pools
 Assigning group investigation and document collection  Reflection sharing
for related business documents for raw materials  Presentation of findings
 Presentation, Discussion and Critiquing: group presentation of  Pen and paper test
solutions to selected problems representing the concepts of
the topic with class participation
 Assigning group investigation and document collection  Reflection sharing
for related business documents for labor  Presentation of findings
 Socratic approach to analyzing parts of the  Pen and paper test
documents containing cost accounting information
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of  Presentation of
the topic with class participation generalizations/conclusions
 Socratic approach to analyzing payroll process  Pen and paper test
 Assigning group investigation and document collection  Reflection sharing
for related business documents for overhead  Presentation of findings
 Socratic approach to analyzing payroll laws and  Pen and paper test
statutory deductions
 Assigning individual investigation on accounting and  Reflection sharing
computing for common service overhead allocation  Presentation of
 Presentation, Discussion and Critiquing: group presentation of generalizations/conclusions
solutions to selected problems representing the concepts of  Pen and paper test
the topic with class participation
 Socratic approach to analyzing overhead and its
components
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of  Presentation of findings
the topic with class participation  Pen and paper test
 Socratic approach to analyzing the 3 methods of
allocating overhead
 Assigning individual investigation on accounting and  Reflection sharing
computing for activity based costing  Presentation of
generalizations/conclusions
 Pen and paper test
 unit, batch, department,
product levels.
 LO14: Account and prepare
reports under an activity-
based costing system
14 process.
 LO15: Compute for product
costs reflected in schedules
15 supporting presentation on
the face of the financial
statements.
 LO16: Account and prepare
financial reports under the
job order costing system
16 through the job order
procedures and use of job
order business documents
 LO17: Recognize and account
for Losses, Defects, and
17 Rework for the manufacturing
process under Job Order
System.
 LO18: Compare presentation
of reports under Job Order
18 Costing System, Process
Costing System, and Activity
Based
Costing System.
COURSE REQUIREMENTS/OUTPUT
1 Major Examination
2 Assessments: Quizzes, Reflections, etc.
3 Seatwork
4 Project/Group Work (light immersive project)
 Activity-Based Costing:
Accounting and
Reporting
 Product Cost Reports: Job
Order, Process Costing, Activity
Based Costing, Joint-Costs,
Variance Analysis
 Job Order Entries and
Related Job Order Cost
Sheet
 Job Order Entries for
Losses, Defects, and
Rework.
 Job Order Cost Report vs.
Process Cost of Production
Report vs. Activity Based
Cost Report
 Presentation, Discussion and Critiquing: group presentation of
solutions to selected problems representing the concepts of
the topic with class participation
 Socratic approach to analyzing cost pools, drivers and
objects
 Socratic approach to analyzing parts of the  Reflection sharing
documents containing cost accounting information  Presentation of findings
 Presentation, Discussion and Critiquing: group presentation of  Pen and paper test
solutions to selected problems representing the concepts of
the topic with class participation
 Socratic approach to analyzing parts of the  Reflection sharing
documents containing cost accounting information  Presentation of
 Group discussion on the comparison of each report related generalizations/conclusions
to the financial statement disclosures  Pen and paper test
 Assigning individual investigation on accounting and  Reflection sharing
computing for losses, defects and rework  Presentation of findings
 Presentation, Discussion and Critiquing: group presentation of  Pen and paper test
solutions to selected problems representing the concepts of
the topic with class participation
 Socratic approach to analyzing job order costing system
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of  Presentation of findings
the topic with class participation  Pen and paper test
 Socratic approach to analyzing losses, defects, and rework
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of  Presentation of
the topic with class participation generalizations/conclusions
 Group discussion on the comparison of each report related  Pen and paper test
to the financial statement disclosures
 5 Presentation, Discussion and Critiquing (PDC)
6 Accomplishment Portfolio
GRADING SYSTEM (may apply institutional/college grading system)
35% Major Examination
20 Assessments: Quizzes, Reflections, etc.
15 Seatwork
15 Project/Group Work
10 Participation, Attendance, and Conduct/Behaviour
5 Accomplishment Portfolio
100% Total
REFERENCES

1 Guerrero, P. 2018. GIC Enterprises & Co., Inc. Manila City

2 Hansen, D. and Mowen, M. 2018. Cost Management: Accounting and Control. Thomson Southwestern, U.S.A
3 Raiborn, C. and Kinney, M. 2017. Cost Accounting. @2015 Cengage Learning Asia Pte. Ltd. (Philippines Branch) Pasig City
4 Philippine Accounting Standards
5 Philippine Financial Reporting Standards
6 International Accounting Standards
7 International Financial Reporting Standards
8 Philippine Civil Law: Obligations and Contracts
9 The Institute of Cost Accountants of India. 2018. Cost Accounting Intermediate Study Notes. Jayant Printery LLP, Mumbai

Other Readings: Latest articles and researches on cost accounting and control

COURSE COMMITTEE
Prepared:

MACRINA VIOLETA VICENTE-MUTUC, CPA, MAIT

Faculty,
Checked: Recommending Approval: Approved:

COLLEGE CURRICULUM REVISION COMMITTEE ROWELL C. MARASIGAN, CPA, MBA KRISTINE Y. OPULENCIA
Chair, CCRC Head, Accountancy Department Dean, College of Business and Entrepreneurial Technology