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XuetangX

Cost Accounting

Jiangxi Normal University via XuetangX

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Overview

The objective of the course is to introduce students the principles of cost accounting. Cost accounting provides key data to managers for planning and controlling, as well as costing products, services, even customers. The course focuses on how cost accounting helps managers make better decisions, as cost accountants are increasingly becoming integral members of their company’s decision-making teams. The course recognizes cost accounting as a managerial tool for business strategy and implementation.

On successful completion of this course, students will be able to choose the appropriate costing methods under specific scenarios and calculate the cost of a product or service. Also, students are expected to be able to make business decisions on the basis of the costing information. At the end of this course, students will be more prepared for advanced courses in accounting.

Syllabus

  • Section 1: Introduction and cost terms
    • 1.1 Accounting Discipline Overview
    • 1.2Professional Ethics
    • 1.3 Basic Cost Terminology
    • 1.4 Cost behavior and Classifications
    • 1.5 Unit Costs and Total Costs
    • 1.6 Types of Inventory, Inventoriable Costs and Period Costs
  • Section 2: Inventory management and costing
    • 2.1 What is CVP
    • 2.2 Sensitivity Analysis
    • 2.3 Inventory Costing
    • 2.4 Overview of Absorption and Marginal Costing
    • 2.5 Extending the Example
    • 2.6 Advantages and Disadvantages of Absorption and Marginal Costing
    • 2.7 Review question
  • Section 3: Traditional cost accounting techniques
    • 3.1 The Flows of Raw Materials
    • 3.2 Stock Recording
    • 3.3 Stock Valuation
    • 3.4 Direct and Indirect Labor
    • 3.5 Remuneration Methods
    • 3.6 A Cost card of a product
    • 3.7 How to choose allocation basis?
    • 3.8 Step 1- Allocate production overheads to cost centres
    • 3.9 Step 2- Allocate service-department costs to production departments
    • 3.10 Step 3 – Absorb overheads into cost units
    • 3.11 Over or Under-Absorption
    • 3.12 Reciprocal Method
    • 3.13 Step-Down Method
    • 3.14 Example for overheads
    • 3.15 Joint Cost
    • 3.16 Sales Value and Physical-Measure Method
    • 3.17 NRV Method
    • 3.18 Selection of Methods and Accounting for Byproducts
    • 3.19 Job Costing
    • 3.20 Job-Costing based on Normal Costing
    • 3.21 Actual Costing
    • 3.22 The Flow of Costs in a job-costing system
    • 3.23 Process-Costing Illustration
    • 3.24 Case 3
    • 3.25 Transferred-in Costs
    • 3.26 Spoilage
    • 3.27 Rework
    • 3.28 Scrap
  • Section4: New techniques for cost accounting and management
    • 4.1 Broad Averaging、Cross-subsidization and Plastim
    • 4.2 Activity-based costing
    • 4.3 Activity-based costing and activity-based management
    • 4.4 Standard Costs and A General Model for Variances
    • 4.5 Sales Variances、Materials Cost Variances
    • 4.6 Labor Cost Variances
    • 4.7 Variable Overhead Variances、Fixed Overhead Variances
    • 4.8 Fixed Overhead Variances
    • 4.9 Cost of Quality(COQ)
    • 4.10 Time as a competitive tool
  • 期末考试

    Taught by

    Huang Xiaoyong, Li Mangmang, Chen Jing, Li Shiqi, Xu Dongyan, Wang Zhiping, and Wu Yue

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