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ACC306Management Sciences3 Unitsintermediate

Cost Accounting

This course introduces students to the fundamental principles and techniques of cost accounting. It covers basic concepts, elements of cost, methods of cost accounting, and purchasing procedures. Students will learn about cost classification, cost behavior, and standard costing. The course also explores short-term operational planning, activity-based costing, and performance measurement in organizations. Emphasis is placed on applying cost accounting principles to real-world scenarios and decision-making processes.

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208h

Study Time

13

Weeks

16h

Per Week

intermediate

Math Level

Course Keywords

Cost AccountingCost ClassificationStandard CostingBudgetingVariance Analysis

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

📊

Math Level

Moderate Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Cost Accounting Principles

2

Elements of Cost

3

Methods of Cost Accounting

4

Cost Classification

5

Cost Behavior

6

Standard Costing

7

Activity-Based Costing

8

Performance Measurement

Total Topics8 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assignments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Cost Accountant

Apply your skills in this growing field

Management Accountant

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Budget Analyst

Apply your skills in this growing field

Auditor

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

ManufacturingHealthcareRetailFinancial ServicesGovernment

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Introduction

3h

Unit 1: Basic Concept of Cost Accounting

3 study hours

•Define cost accounting and its purpose.
•Distinguish between cost accounting and financial accounting.
•Explain the essential elements of effective cost accounting information.
•Discuss the nature of cost classification and its importance.

Week

2

Module 1: Introduction

3h

Unit 2: Elements of Cost

3 study hours

•Explain the classification of costs.
•Distinguish the different methods of treating cost between financial accountant and cost accountant.
•Explain how costs are analyzed.

Week

3

Module 1: Introduction

3h

Unit 3: The Methods of Cost Accounting

3 study hours

•Understand the various methods of ascertaining systems.
•Explain the nature of special costing systems.
•Describe the method of cost accounting which is very infrequently used in industry.

Week

4

Module 1: Introduction

3h

Unit 4: Purchasing Procedure

3 study hours

•Describe the organization of a purchasing department.
•Explain the various procedures in the purchasing department.
•Explain the use of purchase requisition and purchase order.
•Describe the use of core numbers for purchase of materials.
•Describe the use of goods received note.

Week

5

Module 1: Introduction

3h

Unit 5: Stores Routine

3 study hours

•Discuss the importance of store location.
•Discuss the functions of the storekeeper.
•Describe the importance of store requisition.
•Explain the issue of maintaining a stock level.

Week

6

Module 2: Material Management

3h

Unit 1: Receipts and Issue of Materials

3 study hours

•Explain the basic mechanism of receipt and issue of materials in an organization.
•Discuss the methods of keeping stores record.
•Describe the methods of stores control and its importance.

Week

7

Module 2: Material Management

3h

Unit 2: Methods of Valuing Material Issues

3 study hours

•Explain the various methods of valuing materials issued.
•Explain the difference between FIFO and LIFO.
•Described the needs to adopt a particular system based on prevailing conditions.

Week

8

Module 2: Material Management

3h

Unit 3: Organization for Wages Contest

3 study hours

•Discuss the various methods of recording gate times and its uses in preparation of employee's wages.
•Explain the various mechanism of controlling wages.
•Explain the procedure of preparing payroll.

Week

9

Module 2: Material Management

3h

Unit 4: Methods of Remuneration and the effect on Cost

3 study hours

•Understand the problems of remunerating an employee.
•Understand the various methods of remunerating an employee.
•Explained ways of calculating employee remuneration.

Week

10

Module 2: Material Management

3h

Unit 5: Organization for Overhead Control

3 study hours

•Discuss the main classification of overhead.
•Explain the various methods of depreciation.
•Describe the various expenses included under the main classification.

Week

11

Module 3: Cost Analysis

6h

Unit 1: Cost Classification

3 study hours

•Explain the nature of cost.
•Explain cost classification in a manufacturing firm.
•Describe cost concepts for planning and control.

Unit 2: Cost Behaviour

3 study hours

•Describe the cost patterns.
•Explain cost forecasting.
•Explain the revenue Behaviour patterns

Week

12

Module 3: Cost Analysis

6h

Unit 3: Standard Costing

3 study hours

•Explain how standards are developed.
•Explain the importance of the behavioural aspects of standard costing.
•Describe the principles of variance analysis.
•Explain the method of setting the standard cost.

Unit 4: Cost Ascertainment

3 study hours

•Explain the process of establishing overheads
•Explain overhead absorption and absorption costing.
•Distribution between marginal costing and absorption costing.

Week

13

Module 4: Cost Planning

6h

Unit 5: Planning System Concept

3 study hours

•Explain the relevance of systems theory to planning.
•Describe open and close system.
•Discuss sub-optimality.
•Explain that planning and control are related.

Unit 1: Short-Term Operational Planning

3 study hours

•Discuss the methods of short-term planning.
•Explain the objectives and problems of preparing short-term plans.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all tutor-marked assignments and their solutions to reinforce understanding of key concepts.

2

Create detailed summaries of each module, focusing on formulas and definitions.

3

Practice solving numerical problems from the textbook and past exam papers.

4

Develop a time management strategy for the exam, allocating time to each question based on its weight.

5

Focus on understanding variance analysis techniques and their application in cost control.

6

Create concept maps linking Units 3-5 cost analysis concepts.

7

Practice applying different costing methods (FIFO, LIFO, Average) to inventory valuation problems from Units 7-9 weekly.

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