Course Overview

Great ✅ Let’s move on with Cost Accounting I (Year 2 – Semester 1) for your B.Sc. Accounting course catalog.

???? Cost Accounting I

Course Description

This course introduces students to the principles and practices of cost accounting as a tool for planning, control, and decision-making. It focuses on the collection, classification, recording, and analysis of cost data. Students will learn different costing methods, cost behavior, and the preparation of cost statements. Emphasis is placed on applying cost accounting techniques to manufacturing and service industries.

Course Objectives

By the end of this course, students should be able to:

1. Explain the role of cost accounting in business decision-making.

2. Classify costs according to behavior, function, and nature.

3. Prepare cost statements for manufacturing and service organizations.

4. Apply costing methods such as job costing, process costing, and service costing.

5. Analyze cost data for effective cost control.

Course Content (Main Topics)

• Introduction to cost accounting vs. financial accounting

• Objectives and importance of cost accounting

• Elements of cost: material, labor, and overhead

• Cost classification and cost behavior analysis

• Cost unit and cost centers

• Preparation of cost sheets and statements

• Materials control: purchase, pricing methods (FIFO, LIFO, Weighted Average)

• Labor cost accounting: remuneration methods and labor efficiency

• Overhead allocation, apportionment, and absorption

• Job costing and contract costing

• Introduction to process costing

• Service costing (transport, hospital, hospitality, etc.)

Teaching Methods

• Lectures and tutorials

• Practical problem-solving exercises

• Case studies on cost control in organizations

• Use of accounting software for costing exercises

Assessment Methods

• Continuous Assessment Tests & Assignments (40%)

• Final Examination (60%)

Learning Outcomes

Upon successful completion, students will be able to:

• Distinguish between different types of costs and their applications.

• Prepare cost sheets for manufacturing and service industries.

• Apply job costing and process costing methods.

• Analyze labor, material, and overhead costs for decision-making.

• Use cost accounting as a tool for planning and control.

✅ Now you have Cost Accounting I fully described.