ADC-II Business Economics Syllabus

The Islamia University of Bahawalpur

Course Outlines

Associated Degree in Commerce (Specialization in Accounting & Finance)

Semester

2

Course
Name

Cost
Accounting

Course
Code

ADC
01203

Credit
Hours

3

Prerequisites

·        
Financial
Accounting

·        
Advanced
Financial Accounting

·        
Introduction
to business

Follow
Up

·        
Management
Accounting

Objectives
to achieve

To provide the students with
an in-depth knowledge of Cost Accounting concepts, principles and methods to
develop ability and skills to prepare and analyses Cost Accounting data to
meet the requirements of different manufacturing concerns. On completion of
this course they will be able to:

·        
Discuss
the role of cost accounting and quantitative analysis within the
organization.

·        
Apply
the principles relating to the costing and control of the different resource
inputs into the business.

·        
demonstrate
costing methods and techniques appropriate to a variety of different business

Teaching
Strategies

 

  1. Lectures
  2. Group discussions
  3. Class-room
    presentations and quizzes
  4. Audio-video based
    learning
  5. E-learning

           

Assessment Criteria

Mid-term

 (Assessment by respective College)

Final Examination

(Assessment by the Islamia University of
Bahawalpur)

40
%

60
%

Quizzes,
Assignment and Presentations, Attendance, Class Participations

Written Paper

Written Paper

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Weekly Lecture Plan/Syllabus

Week

Contents

Detailed Learning
Outcomes

Ø  1

Ø  Introduction
ofCost Accounting

 

 

 

Ø  Types
of cost

·        
Difference
between Financial Accounting and Cost Accounting

·        
Difference
between cost and management accounting

·        
Elements
of cost

·        
Classification
and behaviour of various types of cost

·        
Describe
Variable, Fixed, Mixed, Step up, incremental Fixed, historic direct,
indirect  and other types of costs with
examples

Ø  2

Ø  Cost
Accounting for

Financial Statements

·        
Construct  the Cost of Goods Manufactured and Sold
Statement

·        
Treatment
of cost elements in the Income statement

·        
Treatment
of cost elements in the Balance sheet

Ø  3

Ø  Cost
of Goods Sold

 

 

 

·        
Explain
the meaning and importance of cost of goods sold

·        
Learn
to prepare condensed profit and loss statement

Ø  4

Ø  Cost
of Goods Sold

 

 

 

·        
Learn
to calculate and build the statement of cost of goods sold

Ø  5

Ø  Factory
Over Heads

·        
Understand
and distinguish the nature of factory overheads

·        
Understand
the control and classification of FOH

·        
Calculate
the overhead rate using unit of product method, direct material cost basis,
direct labor hours basis, Machine hour basis, prime cost basis and activity
basis

·        
Calculate
budgeted and actual application of FOH

·        
Calculate
and interpret over and under application of FOH

6

Ø  Costing
for Labor

·        
Understand
various terms and concepts of labor costing

·        
Understand
various methods for controlling labor costs

·        
Distinguish
between direct and indirect labor costs

·        
Understand
the concept of payroll system

Ø  7

Ø  Costing
for Labor

·        
Calculate
labor costs using different compensation methods

·        
Explain
different labor incentive techniques

·        
Calculate
incentives using various incentive methods

Ø  8

Ø  Revision

 

Ø  9

Ø  Costing
for Materials

·        
Explain
and calculate material cost through the help of following concepts

o   Purchase Cost

o   Order cost

o   Carrying cost

o   Economic Order Quantity (EOQ)

o   Average inventory

o   Safety stock

o   Maximum and minimum order level

o   Re-order level

Ø  10-11

Ø  Cost
Production Report

·        
Calculate
and understand:

o   Unit cost transferred from previous department

o   Unit cost added by the department

o   Cost of beginning and ending work in
process

o   Cost of finished goods transferred

·        
Treatment
for normal and abnormal loss

·        
Identify
any increase in units and the subsequent cost adjustment

Ø  12

Ø  Inventory
Valuation

·        
Explain
the various types and application of various stock valuation methods

·        
Calculate
the inventory value using the following methods

o   First In First Out (FIFO)

o    Last In First Out (LIFO)

o   Average Costing (AVCO)

Ø  13-14

Ø  Process
Costing

·        
Introduction
of process costing and its application in manufacturing companies

·        
Calculation
of the cost using process costing through the calculation of normal and
abnormal loss.

·        
Advantages
and disadvantages of process costing

Ø  15

Ø  Flow
of Cost

·        
Journal
entries tracing cost in the transaction and manufacturing process of company

·        
Maintaining
factory and head office cost accounts separately

·        
Learn
to prepare and incorporate cost measurements in General ledger and factory
ledger

Ø  16

Ø  Revision

 




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Primary Recommended Book

 

1.      Nisar-ud-Din,
Cost Accounting ,

 

2.      T
Lucy, Costing,

 

3.      F2
and F5 for ACCA by Kaplan

 

 

Additional Books

1.      Hemkep,
Cost Accounting

 

2.      Plomani
and Fabbozi, Cost Accounting

 

3.      Adolph
Matz and Milton Usry, Cost Accounting

 

4.      Zafar
and Sohail, Cost Accounting

 




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