Cost Accounting
Welcome to Module 02. Cost Accounting is a foundational module designed to build the technical foundation required to accurately classify, record, allocate, and report costs to drive real-world pricing decisions, budg...
Course Overview
Welcome to Module 02. Cost Accounting is a foundational module designed to build the technical foundation required to accurately classify, record, allocate, and report costs to drive real-world pricing decisions, budgeting, and make-or-buy analyses. The module introduces students to the principles and techniques of cost accounting used in manufacturing, merchandising, and service organizations.
The module combines theoretical understanding with practical numerical exercises, case studies, and examination-oriented problem-solving to prepare students for professional accounting technician qualification examinations and advanced accounting studies.
Key Learning Outcomes
- Calculate and interpret basic cost variances.
- Explain the nature and objectives of cost accounting.
- Distinguish between financial accounting, management accounting, and cost accounting.
- Classify costs according to nature, function, behavior, controllability, and relevance.
- Identify cost centers, cost units, and cost objects.
- Calculate material, labor, and overhead costs.
- Apply inventory valuation methods.
- Calculate overhead absorption rates.
- Prepare cost sheets and cost statements.
- Differentiate between absorption costing and marginal costing.
- Analyze cost information for planning and decision-making.
Requirements
Have completed secondary/high school education or equivalent.
Possess basic knowledge of:
- Introduction to Accounting
- Basic Mathematics
- Bookkeeping principles
Have access to:
- Internet connection
- Computer or smartphone
- Calculator for accounting computations
Course Curriculum
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