Cost Accounting

1. Define and apply cost accounting principles.
2. Classify and analyze different types of costs.
3. Apply various methods of cost accounting.
4. Prepare and interpret budgets.
5. Analyze variances and identify their causes.
6. Evaluate performance using cost and profit metrics.

13 weeks, about 48 hours in total. Yours will differ.

1. Week 1Module 1: Introduction

   • Unit 1: Basic Concept of Cost Accounting · 3 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..

2. Week 2Module 1: Introduction

   • Unit 2: Elements of Cost · 3 hours

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

3. Week 3Module 1: Introduction

   • Unit 3: The Methods of Cost Accounting · 3 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..

4. Week 4Module 1: Introduction

   • Unit 4: Purchasing Procedure · 3 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..

5. Week 5Module 1: Introduction

   • Unit 5: Stores Routine · 3 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..

6. Week 6Module 2: Material Management

   • Unit 1: Receipts and Issue of Materials · 3 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..

7. Week 7Module 2: Material Management

   • Unit 2: Methods of Valuing Material Issues · 3 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..

8. Week 8Module 2: Material Management

   • Unit 3: Organization for Wages Contest · 3 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..

9. Week 9Module 2: Material Management

   • Unit 4: Methods of Remuneration and the effect on Cost · 3 hours

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

10. Week 10Module 2: Material Management

    • Unit 5: Organization for Overhead Control · 3 hours

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

11. Week 11Module 3: Cost Analysis

    • Unit 1: Cost Classification · 3 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 hours

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

12. Week 12Module 3: Cost Analysis

    • Unit 3: Standard Costing · 3 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 hours

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

13. Week 13Module 4: Cost Planning

    • Unit 5: Planning System Concept · 3 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 hours

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