Department of Management Sciences Cost Accounting Course Code MG201 Fall Semester 2014 Instructor: Miss Faryal Raheem, Lecturer, Management Sciences Department Email: faryal.raheem@abasyn.edu.pk Course Description The objective of this course isto introduces students with the concept of cost accounting. A number of numerical and theories will be discussed in real words. Intended Learning Outcomes At the end of this course, students should be able to: Demonstrate an understanding of the differences between job order costing and process costing. Demonstrate knowledge of the tools to make management decisions using relevant costs and capital budgeting techniques. Explain how an organization develops their master budget. Demonstrate knowledge of standard costs and analysis of variances. Teaching Methodology and Examination: The course will mix lectures, quizzes and assignments from students and discussions. The course would equip the student with both theory and practice of Cost Accounting. Midterm and final term paper will be in written format. Class Policy 1. All students must reach the classroom in time. 2. Students failing to secure 75% attendance shall not be allowed to sit in the Final Examination. 3. Students, who are absent on the announcement date of assignment/ test or any other activity, must get the topic/ chapter of the test/ assignment/ or any other activity confirmed through their peers. 4. Assignment submission deadline must be observed. In case of late submission, the assignment will be marked 10% less out of total marks. 5. Mobile phones should be switched-off or maybe put on silent mode in the classroom. 6. Course-books and relevant course-material is available in the Library for reference and photocopying. Topics to be covered: See details on page no 3 Main Text Book: Usry.Metz. cost accounting.5th edition Further Recommended Readings Lecture notes, materials and Handouts Major Examinations in the course: Midterm: Week no. 8 Final Exam: Week No. 16. According to the university schedule in September, 2013 Assignment A Major assignment covering all different topics in Cost Accounting will be provided to the students. The weight age for the assignment is 10%. Late assignments will be penalized. The assignments shall be hand written. Provision of Assignment Week 3 Review of Draft Assignments Week 12 Submission of Final Assignment Week 15 Marks Distribution: Mid Term Assignments 25% 10% Quizzes 15% Final Exam 50% --------------------------------------------------------------Total 100% Plan/Calendar for Quizzes, Presentations during the course There will be a quiz in each class, in total for 14/15 weeks of study there will be same number of quizzes. Students are advised not to miss the class. The quiz will comprise of what is being taught in the class. Presentations schedule will be provided during the course of the study. Detailed Topics to covered during the course S.# 1 2 3 4 5 6 Topics to be Covered Cost accounting concepts and objectives: Cost accounting definition, objectives functions management functions Financial statements the basis for planning & control: Types of expenses Problems: 1,2,3,5,8,9 QUIZ#1 Costs concepts uses & classification: Types of costs Fundamentals of cost accounting information system Chart of accounts Problems:4,5,6,9 Week 1 Chapters Chapter#1 2 Chapter#2 3 Chapter#3 The cost accounting system & procedure: Manufacturing accounting cycle Problems:2,3,4,5,6 QUIZ#2 Job order costing: Definition What is job order cost sheet Probles:2,5-1 ASSIGNMENT#1 Process costing: Characteristics & procedure of process costing The cost of production report Probles:1,2,3,4,5 QUIZ#3 4&5 Chapter#4 6 Chapter# 5 7 Chapter 6 7 8 Mid Term By product and joint product costing: Definition of joint product & joint product Problems:4,5,6,8,9 ASSIGNMENT#2 Planning & control of factory overhead: Factory overhead definition Accumulation of factory overhead Problems:1,2,3,4,5,7,8,9 QUIZ#4 Planning & control of materials and labors: Definition of LIFO & FIFO PROBLES:1,2,3 8 9&10 Chapter#8 11,12 Chapter#9 13 11 Quantitative model for materials planning and control: Definition of EOQ Problems:1,3,4,5,6 QUIZ#5 ASSIGNMENT#3 14&15 Chapter # 10 Chapter # 11 12 13 Submission of Assignments Final Term Examination 15 16 9 10 Submitted By: Faryal Raheem Dated: 3 Sept , 2014 HOD/Coordinator: _____________________