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COST ACCOUNTING

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Learning Outcomes

  • Explain cost accounting systems.
  • Explain the purposes of Cost Accounting
  • Define cost-expenditure-loss-expenditure-revenue concepts
  • Explaining the relationship between cost accounting-financial accounting-management accounting
  • Schedule of Production Cost Table and Sales Cost Table
  • Explain the elements of production cost
  • Calculates inventory costs according to stock valuation methods, makes accounting records
  • Calculates and accounts for labor costs
  • Calculates general production costs, makes accounting records
  • Will be able to make cost distributions (first and second distribution).
  • Explain expense in terms of relation to expenditure places
  • It makes cost distributions according to direct, gradual and mathematical methods
  • Makes accounting records for cost distributions
  • Will be able to calculate the cost of finished goods according to the Order Cost System
  • Explain the principles of the Order Cost System
  • Prepare documents used in the Order Cost System
  • Makes accounting records
  • Will be able to calculate the cost of finished goods according to Single and Multi-Stage Cost System.
  • Explains the flows of costs in the Process Cost System
  • Explain the steps to be followed in the Phase Cost System
  • Description
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