Topic outline

• General
  

  General

  
  

  Hello Students, this is Shahana Kabir, your course teacher for this semester. Welcome to the class of Cost  Accounting. I look forward to have an enjoyable semester where we learn, solve problems and grow together.
  
  

  
  

  
  

  Course Information: Cost Accounting

  Course code:   ACT 404

  
  Rationale: Cost accounting provides key data to managers for planning and controlling, as well as data on costing products, services, and customers. By focusing on basic concepts, analyses, uses, and procedures instead of procedures alone, we recognize cost accounting as a managerial tool.
  
  

  Objectives:

  The main objectives of Cost Accounting are as follows: 
  (i) Understand the nature, scope and utility of cost accounting, management accounting and cost accounting standards.  
  (ii) Ascertainment of cost,
  (iii) Determination of selling price,
  (iv) Cost control and cost reduction,
   (v) Ascertaining the profit of each activity,
  (vi) Assisting management in decision-making.

  
  

  
  

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  • Text Book:

    1.Cost Accounting  A Managerial Emphasis - Horngren (15th edition

    
    

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  • Reference Book:

    1.Cost Accounting -Matz Usry  (8th edition)

    2. Cost Accounting - Basu & Das (13 th Edition)

    3. Managerial Accounting- Garrison (15 th Edition)

    4.Managerial Accounting- Garrison (12 th Edition)
    

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  • Course Outlines File

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  • Assessment strategy File

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  • Text Book URL

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    Cost Accounting  A Managerial Emphasis - Horngren (15th edition)

    ://drive.google.com/file/d/1GQnlrpLghPUD1wQy5XBo3YAFiazuUIGZ/view?usp=sharing
    

    
    

  • Reference Book URL

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    Managerial Accounting- Garrison (15 th Edition)

    ://drive.google.com/file/d/1Iu3cz3a0wsrCqH1XpkWavxSoOk4EuAIs/view?usp=sharing
    

    Managerial Accounting 12th Edition

    https://drive.google.com/file/d/1-mIju8bvkcDhVB4MzY3gChMciT_RdmiG/view?usp=sharing
    

    Managerial Accounting 13th Edition
    

    https://drive.google.com/file/d/1c9QBhuVH9fZm2cLIaO7jPm2zWFVyo7H-/view?usp=sharing
    

  • Announcements Forum
• Announcements
  

  Announcements

  
  

  • Quiz for basic test

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• Google meet link permanent code
  

  Google meet link permanent code

  https://meet.google.com/reb-tfwe-vhn?hs=122&authuser=0
  

  
  
• Counseling Hour
  

  Counseling Hour

  
  

  Counseling Hour Thursday   10 -12 am
• Semester Schedule
  

  Semester Schedule

  
  
• Lecture and Communication tools
  

  Lecture and Communication tools

  

   
  
  
  

    
  

  
  

     
  
• Topic 6
  

  Topic 6

  What is your expectations from this course?
• Basic Concepts of Accounting
  

  Basic Concepts of Accounting

  • 
    

• Introduction
  

  Introduction

  Course Content:

  Development of cost accounting, Distinguish between financial, managerial and cost accounting, Advantage of cost accounting, Limitations of cost accounting, Objectives of cost accounting, Relationship between cost & financial accounting, Cost accounting Cycle, Cost data–an Aid to Management, Characteristics of an Ideal Costing System, Methods of Cost accounting, Techniques of Cost Accounting
  
  Learning Objectives :
  
  Objectives of learning this Chapter:
  
  

  1.   Concept of Cost
  

  2.   Evolution of Cost Accounting

  3.   Costing, Cost Accounting and Cost Accountancy

  4.   Objectives, Importance and Scope of cost accounting

  5.   Classifications and Elements of Cost

  6.   Cost Centre and Cost Unit

  7.   Methods and Techniques of Costing

  8.   Cost Accounting Standards

  
  

  Learning outcomes:

  After going through this lesson, one should be able to understand:

  1.   Concept of Cost

  2.   Evolution of Cost Accounting

  3.   Costing, Cost Accounting and Cost Accountancy

  4.   Objectives, Importance and Scope of cost accounting

  5.   Classifications and Elements of Cost

  6.   Cost Centre and Cost Unit

  7.   Methods and Techniques of Costing

  8.   Cost Accounting Standards

  
  

  • Power point slides of Class Materials on Chapter 1 File
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  • Cost Accounting Interactive Content

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  • Try here for Menti URL

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  • Class Lecture 1.6.21 URL

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  • Discussion Topic Forum

    How Cost accounting helps in divisional cost analysis?

  • Discussion Topic Forum

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    Why is following of GAAP is mandatory for Financial Accounting?Explain.

• Cost terms, concepts and Classification
  

  Cost terms, concepts and Classification

  Content of the Chapter:
  
  Cost object, Cost center, Cost, Expense & Loss, Cost terms Concepts and Classification of costs (product and period cost , direct and indirect cost, manufacturing and non-manufacturing cost, opportunity and sunk cost, fixed and variable cost) Elements of cost, Prime Cost, Preparation of cost of goods sold statement and income statement
  
   Objectives of the Chapter:
  
  1.  Identify and give examples of each of the three basic manufacturing cost categories.

  2.  Explain the meaning of prime and conversion cost.

  3.  Distinguishing between product and period costs and give example of each.

  4.  Explain the role of three inventory accounts used in a manufacturing business.

  5.  Prepare a schedule of cost of goods manufactured.

  Prepare an income statement including
  
  
  Course Outcomes:
  
  

  After going through this lesson, one should be able to understand:

  1.  Identify and give examples of each of the three basic manufacturing cost categories.

  2.  Explain the meaning of prime and conversion cost.

  3.  Distinguishing between product and period costs and give example of each.

  4.  Explain the role of three inventory accounts used in a manufacturing business.

  5.  Prepare a schedule of cost of goods manufactured.

  Prepare an income statement including
  

  • Power point Slides of Cost terms, concepts and classifications File
  • Video on Preparation of Cost Sheet by Shahana Kabir URL

    
    

  • Video of Cost terms ,concepts and classifications Quiz
  • Video on Cost terms, concepts and classifications URL
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  • Structure on preparing cost Sheet File

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  • Class Materials ( Problem no 2-19) File

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  • Discussion Forum

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    1. Factory guard's salary  is which type of cost  ? Explain.

    2.. What are the basic characteristics of period cost? Explain.

    
    

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    Why is Interest on Notes Payable is charged as other expense? Explain.

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  • Cost Accounting Interactive Content

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  • Class Lecture 2.6.21 URL

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  • Class Lecture 14.6.21 URL

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  • Class Lecture 16.6.21 URL

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  • Class Lecture 21.6.21 URL

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  • Solution on Mathematical problem File

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• Assignment 1
  

  Assignment 1

  
  

  
  

  
  

  • Chapter 2: Cost Terms, concepts and classifications Assignment

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    Edition -13: 2-16 2-18 2-21 2-24 2-25
    

• QUIZ 1
  

  QUIZ 1

  
  
• Costing and Control of Materials
  

  Costing and Control of Materials

  Content of the Chapter:
  
  Define Materials, Types of materials, Accounting procedure for Materials, Qualification of purchase officer, Functions of Purchasing Department, Centralized Vs Decentralized Purchasing, Merits and Demerits of Centralized Purchase, Simple average, weighted average, FIFO and LIFO, Base stock and standard price methods, Materials Control, Quantity or unit control, Price or financial control, Essentials of material control, Objectives of Material Controls, Procedures of material control, Bin Card Vs Stores Ledger, Economic Order Quantity, Ordering Cost, Carrying Costs, Re-order Level, Minimum Stock Level, Maximum Stock Level, Danger Level of Stock, Lead Time, Problems and solutions.
  

  
  

  
  

  Objectives of the Chapter:

  1.   Identify some of the advantages and disadvantages of keeping inventory in an operation.

  2.   learning the Methods of Purchasing, Procedure, Pricing of Store Receipt, Store keeping and its functions

  3.   Classification and Codification of Materials and Stock Verification

  4.   Methods of Pricing of Material:

    -Cost Price Method

    - Average Price Method

   - FIFO, LIFO& Base stock

  5.   Accounting of  Material Losses: Wastage, Scrap, Spoilage and Defectives

  6.   Control of Material cost by using -EOQ, Maximum, Minimum stock level, average stock

  
  Learning Outcomes:
  
  

  After going through this lesson, one should be able to understand:

  1.   Identify some of the advantages and disadvantages of keeping inventory in an operation.

  2.   learning the Methods of Purchasing, Procedure, Pricing of Store Receipt, Store keeping and its functions

  3.   Classification and Codification of Materials and Stock Verification

  4.   Methods of Pricing of Material:

    -Cost Price Method

    - Average Price Method

   - FIFO, LIFO& Base stock

  5.   Accounting of  Material Losses: Wastage, Scrap, Spoilage and Defectives

  6.   Control of Material cost by using -EOQ, Maximum, Minimum stock level, average stock

  
  
  

  • Slides on Material costing File

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  • Cost Accounting Interactive Content

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  • Discussion Forum

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    Why is EOQ important? Explain.

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  • Solution on Mathematical Problem File

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    When it is without discount related problem then what condition must be fulfilled to be EOQ level? Explain.

  • Discussion Topic Forum

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    What may be the difference between Carrying and ordering cost? Explain.

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  • Class Lecture 28.6.21 URL

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  • Class Lecture 30.6.21 URL

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  • Class Lecture 1.7.21 URL

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• Assignment 2
  

  Assignment 2

  
  

  • Costing and control of Material Assignment

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    From BASU & DAS :

    Page no:189 : Problem no 19 & 

    Page no:197 : Problem no 46 
    

• Quiz 2
  

  Quiz 2

  
  

  • 2nd Quiz Fall 22 (chapter 2)

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• Midterm
  

  Midterm

  
  

  • Summer 21 Midterm Part 1 Quiz

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  • Summer 21 Midterm Part 2 Assignment

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• Costing and Control of Labor
  

  Costing and Control of Labor

  Labor Costing and Control: 
  

  Content of the Chapter:
  

  Labor, types of labor, Time keeping, methods of time keeping, Time card and job card, Labor turn over, Idle time, Overtime, Accounting treatments of overtime, Methods of wages payment system,  The time rate and piece rate systems of wages payment,  Merits and demerits of time rate and piece rate system, Differences between the Halsey and the Rowan system, Objectives of premium plan of wages payment,  Incentive wages calculated under, Halsey and Rowan incentive schemes, Merits and demerits of Halsey and Rowan Bonus plan, Group bonus plan of wages payment, Problems and Solutions.

  
  

  Course Objectives:
  

  1. The need of labor cost control.
  

  2. The classification of labor cost.

  3. The meaning of various components of labor cost i.e. idle time cost, overtime premium, labor turnover cost.

  4. Meaning of labor turnover, its reasons and remedial measures.

  5. Calculation of labor turnover ratio.

   6.  Accounting treatment     of overtime premium, labor turnover cost and idle time cost.

  7. Various incentive schemes i.e. Rowan Plan, Halsey system etc.

  
  

  Course Outcomes:

  After going through this lesson, one should be able to understand:

  1. The need of labor cost control.

  2. The classification of labor cost.

  3. The meaning of various components of labor cost i.e. idle time cost, overtime premium, labor turnover cost.

  4. Meaning of labor turnover, its reasons and remedial measures.

  5. Calculation of labor turnover ratio.

   6.  Accounting treatment     of overtime premium, labor turnover cost and idle time cost.

  7. Various incentive schemes i.e. Rowan Plan, Halsey system etc.

  
  

  • Slides on Labour Costing File

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    Why is idle time inevitable? Explain.

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    How we can reduce labour turnover? Explain.

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    Why is preventive cost better than replacement cost in terms of labour turnover? Explain.

  • Cost Accounting Interactive Content

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  • Solution on Mathematical problem File

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  • Class Lecture 14.7.21 URL

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    https://drive.google.com/file/d/17Itd0eLnRtL3_tyeMrTYDzmSpcNIPOgg/view?usp=sharing
    

  • Class Lecture 26.7.21 URL

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  • Class Lecture 19.8.21 URL

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• Assignment 3
  

  Assignment 3

  
  

  • Costing & control of Labour Assignment

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    Page no:310 : Problem no 12 & 
    Page no:311 : Problem no 20 
    
• Quiz 3
  

  Quiz 3

  
  

  • 3rd Quiz Fall 22 (Job order costing)

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• Costing and Control of Overhead
  

  Costing and Control of Overhead

  Overhead Costing and Control:
  
  Content of the Chapter:
  
   Define overhead, Types of overhead according to nature, behavior, function and control, Procedure of linking overheads to cost units, Distribution of Overhead to Production & Service Department, Allocation and Apportionment, Dept. of overhead,  Reapportionment of overhead, Methods of Redistribution of service departmental overhead, Absorption of Overheads, Methods of Absorption of Overhead, Under-absorption and Over-absorption of Overheads,Activity Based Costing and its mathematical application.
  
  

  Objectives of the Chapter:

  1. Prepare cost estimates for allocation and apportionment of overheads, including between reciprocal service departments.
  

  2. Calculate direct, variable and full costs of products, services and activities using overhead absorption rates to trace indirect costs to cost units.

  3. Explain the use of cost information in pricing decisions, including marginal cost pricing and the calculation of `full cost’ based prices to generate a specified return on sales or investment.

  4. To understand Activity Based Costing and its mathematical application.
  
  

  Outcomes of the Chapter:

  After going through this lesson, one should be able to understand:

  1. Prepare cost estimates for allocation and apportionment of overheads, including between reciprocal service departments.

  2. Calculate direct, variable and full costs of products, services and activities using overhead absorption rates to trace indirect costs to cost units.

  3. Explain the use of cost information in pricing decisions, including marginal cost pricing and the calculation of `full cost’ based prices to generate a specified return on sales or investment.

  4.To understand Activity Based Costing and its mathematical application.
  
  

  • Slides on Overhead costing File

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  • Costing and control of overhead URL

    
    

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  • Class Lecture 19.8.21 URL

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  • Class lecture 18.8.21 URL

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• Process and job costing
  

  Process and job costing

  
  

  Definition of  Process costing and job costing, Difference between process and job costing,

  Where job costing and process costing is used, Accounting  applications, Over applied overhead

   costing,Under applied overhead costing .

   

  
  

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  • Cost Accounting Interactive Content

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    What are the basic characteristics of Job order costing?

  • Solution on mathematical problem File

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• Assignment 4
  

  Assignment 4

  Garrison : 12th Edition

  Exercise   3-24

  
  

  • Assignment 4

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    Garrison : 12th Edition

    Exercise   3-18,3-19,3-20,3-24

    
    

• Quiz 4 Overhead costing
  

  Quiz 4 Overhead costing

  
  

  • 4th quiz Overhead cost

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• Cost Control Accounts
  

  Cost Control Accounts

  
  

  Cost Control Accounts: 

  Contents of the Chapter:

  Non-integral Accounting, Integrated Accounting, Ledger are kept in cost book, Cost ledger, Store ledger, Work-in-process ledger, Finished goods ledger, Advantages of Cost ledger, Types of Control Accounts, Journal entries relating to cost control accounts in the cost books, Problems and Solutions, Self-Study questions and Exercise
  

  
  

  Objectives of the Chapter :

  1. The meaning of Integrated and non-integrated system.
  

  2. Difference between integrated and non-integrated systems.

  Accounting of cost records under integrated and non-integrated system

  
  

  Outcomes of the Chapter:

  After going through this lesson, one should be able to understand:

  1. The meaning of Integrated and non-integrated system.

  2. Difference between integrated and non-integrated systems.

  Accounting of cost records under integrated and non-integrated system
  

  
  

  • Cost control accounts URL

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• Reconciliation of Cost and Financial Accounts
  

  Reconciliation of Cost and Financial Accounts

  
  

  Reconciliation of Cost and Financial Accounts: 

  Content of the Chapter:

  Cause of reconciliation, Reasons for Variation, Procedure of Reconciliation, Bank reconciliation method, Memorandum reconciliation method, Problems and Solutions, Self-Study questions and Exercise.

  Objectives of the Chapter:

  1.  Reconciliation of cost and financial accounts
  

  2.  Need and Causes for reconciliation statement

  3.  Memorandum reconciliation account

  
  

  Outcomes of the Chapter:
  

  After going through this lesson, one should be able to understand

  1.  Reconciliation of cost and financial accounts

  2.  Need and Causes for reconciliation statement

  3.  Memorandum reconciliation account

  
  

  • Video on cost and financial accounts URL

    
    

  • Video on cost and financial accounts URL
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• VIVA
  

  VIVA

  
  
• Final Exam
  

  Final Exam

  
  

  • Submit your Term paper here Assignment

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