Course Information Package
|Course Unit Title||COST AND MANAGEMENT ACCOUNTING I|
|Course Unit Code||ABSA205|
|Course Unit Details||BA Business Administration (DL) (Business Electives) - BA Business Administration (Business Electives) - BA Accounting and Finance (Required Courses) - BSc Maritime Studies (Required Courses) -|
|Number of ECTS credits allocated||5|
|Learning Outcomes of the course unit||By the end of the course, the students should be able to:|
|Mode of Delivery||Face-to-face|
|Recommended optional program components||NONE|
Introduction to cost and financial accounting: Contrast cost with financial accounting. Identify and define costs by classification and behaviour.
Accounting for materials: applying the FIFO, LIFO and Weighted average methods of stock valuation. Understanding how each method may affect the firm’s profitability.
Costing for labour: Understanding different methods of remuneration such as the time basis and piecework basis and applying these methods. Payroll accounting.
Costing for overheads: Explain the terms “allocation”, “apportionment” and “absorption” in the context of overhead accounting. The overhead analysis sheet and its application to determining an overhead absorption rate. Understanding the process of determining the overhead absorption rate.
Specific order costing techniques: Examining and applying job costing, batch process costing and contract costing.
Process costing: Applying the double entry bookkeeping principles for process costing. Understanding and applying the treatment of losses (normal and abnormal) and equivalent units.
Joint costs: Examine the accounting treatment of joint costs and by products.
|Recommended and/or required reading:|
|Planned learning activities and teaching methods|
The taught part of course is delivered to the students by means of lectures, conducted with the help of computer presentations. Lecture notes and presentations are available through the web for students to use in combination with the textbooks. Lectures are supplemented with class exercises carried out in class and via homework.
|Assessment methods and criteria|
|Language of instruction||English|