University of Professional Studies, Accra

UNIVERSITY OF PROFESSIONAL STUDIES, ACCRA

UPSA

COURSE OUTLINE FOR 2014/2015 ACADEMIC YEAR
FACULTY: ACCOUNTING AND FINANCE
PROGRAMME: BSC. ACCOUNTING LEVEL 300
COURSE: PBAC 303 COST ACCOUNTING
Lecturer: Dr. John Kwaku Mensah Mawutor. Doctorate of Finance, MBA, CA
Office: Coordinator, MBA Auditing: MBA Petroleum Accounting & Finance
Telephone Number: 0243287242
Email:
COURSE SYNOPSIS
This course seeks to introduce students to basic Cost Accounting tools, methods and techniques employed in ascertaining the cost of producing goods and rendering services. The course will focus on the application costing techniques and methods that aid management in performing their functions to enable them make informed decisions. It also aims at equipping student to apply accounting and costing techniques in preparing budgets and making short term decisions.
This course will be facilitated in the form of lectures, group discussions, class activity and project presentations.
COURSE OUTCOMES
Upon completion of this course, students will:
At the end of the course, participants would be expected to:
§  Define and describe the various forms of accounting with special emphases on cost accounting.
§  Describe the features, roles, significance and limitations of Cost Accounting.
§  Identify and explain the various elements of cost and the ability to classify costs.
§  Explain and apply techniques and methods of ascertaining cost.
§  Identify the various relevant costs for decision making.
§  Apply marginal costing in short term decision making.
§  Prepare budgets and budgetary controls to evaluate the financial operations of organizations.
§  Prepare standard cost statements to appreciate the concept of operational variance.
COURSE CONTENT
Session 1 The nature of Cost Accounting:
¨  Introduction to the Course
¨  The purpose of Cost accounting;
¨  Difference between Cost Accounting, Management accounting and Financial Accounting;
¨  Costing Terms.
¨  Classification of Costs.
Session 2 Classification and Separation of Costs for decision and non-making:
¨  Understanding and classifying cost centers and cost units;
¨  Methods of classifying costs;
¨  Direct and indirect costs;
¨  Fixed and variable costs;
¨  Elements of cost;
¨  Explain methods and techniques of costing.
¨  Methods of separating Costs, Regression and correlation and High and low method
Session 3 & 4: Material Costing.
¨  Material, Inventory Cycle
¨  Material Control
¨  Methods of valuing inventories.
¨  Classifying materials into direct and indirect costs.
Session 5: Labour Costing.
¨  Labour cycle
¨  Remuneration methods
¨  Bonus schemes
Session 5 & 6: Establishment of Overheads
¨  Process of overheads
¨  Allocation of overheads
¨  Apportionment of overheads
¨  Absorption of overheads
¨  Overhead recovery
Session 7: Job, Batch and Service Costing.
¨  Difference between Job, service and Batch costing.
¨  Prepare Job, Batch Service accounts.
Week 8: Interim Assessment
Session 9: Marginal and Absorption Costing.
¨  Distinguish between marginal and Absorption costing.
¨  Prepare income statement using marginal and absorption approach.
¨  Reconcile marginal and absorption costing.
Session 10: Process Costing.
¨  Features of process costing
¨  Prepare process account
¨  Value W.I.P
¨  Determine joint and by-products
Session 11 & 12: Budget.
¨  Features of Budget
¨  Advantages and disadvantages
¨  Types of Budgets
¨  Flexible and fixed budgets
Session 13: Standard Costing.
¨  Definition and Features of Standard Costing.
¨  Advantages and disadvantages
¨  Types of Standard Costing
¨  Calculation of Standard Costs.
Session 14: Presentation of Projects & Revision Week
END OF SEMESTER EXAMINATION
GRADING:s
Students` progress in meeting course objectives will be assessed by one (1) project, presentation, interim assessment and a comprehensive final exam. Each Assignment will be worth 10% (Total = 10% x 3 = 30%) of your course grade, and the final exam will be worth 70%. The dates for submission of assignments shall be agreed upon by the class immediately the assignment is given.
The date for the final exam will be given by the Academic Registry.
POLICIES: Assignments handed in late; a week onwards after will attract a penalty.
LEARNING MATERIALS
Drury, C. (2006). Cost and Management Accounting. Thompson Publishers, London.
ACCA (2010). Management Accounting, Paper F2. Kaplan Publishers, London.
CIMA, (2010). Management Accounting. Kaplan Publishers, London.
GUIDE TO FINAL EXAMINATION AND ASSESSMENTS
Students` progress in meeting course objectives will be assessed by one (1) project, presentation, interim assessment and a comprehensive final exam. Each Assignment will be worth 13% (Total = 10% x 3 = 35%) of your course grade, and the final exam will be worth 65%. The dates for submission of assignments shall be agreed upon by the class immediately the assignment is given.
The date for the final exam will be given by the Academic Registry.
POLICIES: Assignments handed in late; a week onwards after will attract a penalty.

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