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\nDISTANCE MODULE FOR DEGREE PROGRAM  \nCOST AND MANAGEMENT ACCOUNTING  \nPART I (ACFN2091)  \nPrepared By: Naod Mekonnen (MSc.)  \nSelamawit Lemech (MSc.)  \nEditor: Kedir Seid (MSc.)  \nDistance Education Program  \n2019  \nWollo University Collage of Business and Economics Department of Accounting and Finance  \nCost and Management Accounting Part I (ACFN2091)  \nPrepared By: Naod Mekonnen (MSc.)  \nSelamawit Lemech (MSc.)  \nEditor: Kedir Seid (MSc.)  \n\n| Course Code | AcFn2091 |\n| --- | --- |\n| Course Title | Cost and Management Accounting I |\n| Degree Program | BA Degree in Accounting and Finance |\n| Module | Cost and Management Accounting |\n| ETCTS Credits | 5 |\n| Credit Hour | 3 |\n| Course Objectives & Competences to be Acquired | After successfully completing this course, the students should be able to:\u003Cbr>􀂃 Describe and make use of the basic principles and practices of cost accounting.\u003Cbr>􀂃 Differentiate cost accounting, management accounting and financial accounting\u003Cbr>􀂃 Apply appropriate costing system to determine the cost of various cost objects.\u003Cbr>􀂃 Apply for spoilage, reworked units, and scrap in job and process costing system.\u003Cbr>􀂃 Determine cost of the product or service using job order costing, process costing and Activity Based Costing\u003Cbr>􀂃 Distinguish variable and absorption costing as used in product costing.\u003Cbr>􀂃 Properly account for by products and joint product costs. |\n| Course Description | Modern businesses need frequent information about business activities to plan accurately for the future, control business results, and make a proper appraisal of the performance of persons working in an organization. The fulfillment of their goals requires details about the costs incurred and benefits (revenues) obtained which are provided by what is known as “Cost Accounting”. In Comparison, financial accounting does not provide management with detailed cost and revenue, information relevant to its needs. The course deals with detailed concepts about cost accounting practices, the theory and techniques of cost accounting. Cost behavior, cost identification and analysis, system for establishing costs, absorption and variable costing, cost allocation, managerial use of cost data, modern costing system nature and objective of management accounting. |\n| Evaluation Type\u003Cbr>Assignment Tutorial Attendance Final exam\u003Cbr>Total | Weight\u003Cbr>35%\u003Cbr>5%\u003Cbr>60%\u003Cbr>100% |\n\nTable of Contents  \nAbout the Course ................................................................................................................ ii  \nCHAPTER ONE: INTRODUCTION................................................................................. 1  \n1.1. Purpose of an Accounting System ....................................................................... 1  \n1.2. Comparisons Among Accounting Systems.......................................................... 2  \n1.3. Management Accounting Guidelines ................................................................... 6  \n1.4. Management Philosophies of Continuous Improvement ..................................... 7  \n1.5. Ethical Considerations in Management................................................................ 8  \n1.6. Chapter Summary............................................................................................... 10  \n1.7. Self-Test Questions ............................................................................................ 10  \nCHAPTER TWO: INTRODUCTION TO COST TERMS AND COST CLASSIFICATIONS ........................................................................................................ 13  \n2.3. Cost Terminologies and Concepts...................................................................... 13  \n2.4. Costs in a Manufacturing Firm........................................................................... 15  \n2.5. Cost Classifications ...................................","cbCaipf5h8lJyXEO","https://ap.wps.com/l/cbCaipf5h8lJyXEO","pdf",1826467,180,"English","# About the Course\n# CHAPTER ONE: INTRODUCTION\n## 1.1. Purpose of an Accounting System\n## 1.2. Comparisons Among Accounting Systems\n## 1.3. Management Accounting Guidelines\n## 1.4. Management Philosophies of Continuous Improvement\n## 1.5. Ethical Considerations in Management\n## 1.6. Chapter Summary\n## 1.7. Self-Test Questions\n# CHAPTER TWO: INTRODUCTION TO COST TERMS AND COST CLASSIFICATIONS\n## 2.3. Cost Terminologies and Concepts\n## 2.4. Costs in a Manufacturing Firm\n## 2.5. Cost Classifications\n## 2.6. Financial Statements of a Manufacturing firm\n## 2.6.1. Balance Sheet of a Manufacturing Firm\n## 2.6.2. Income Statement of a Manufacturing Firm\n## 2.7. Chapter Summary\n## 2.8. Self-Test Questions\n# CHAPTER THREE: JOB, PROCESS AND OPERATION COSTING\n## 3.1. Concepts: Costing System, Cost Pool and Cost Allocation Bases\n## 3.2. Job Order Costing System\n## 3.2.1. Cost Accounting System\n## 3.2.2. Actual Costing versus Normal Costing\n## 3.2.3. Disposition of Over and Under Applied Overhead\n## 3.3. Process Costing System\n## 3.3.1. Cost Accumulation Methods in Process Costing System\n## 3.3.2. Standard costing method of process costing\n## 3.3.3. Transferred in costs\n## 3.4. Chapter Summary\n## 3.5. Self-Test Questions\n# CHAPTER FOUR: SPOILAGE, REWORKED UNITS AND SCRAP\n## 4.1. Types of Spoila","[{\"question\":\"What knowledge and skills does the course aim to develop?\",\"answer\":\"Students should be able to apply basic cost accounting principles, compare cost, management, and financial accounting, and determine costs using suitable costing systems including job order, process, and Activity Based Costing.\"},{\"question\":\"How does the module differentiate variable costing and absorption costing?\",\"answer\":\"The course includes learning outcomes to distinguish variable and absorption costing as used in product costing, focusing on appropriate treatment for costing decisions.\"},{\"question\":\"How are by-products and joint product costs handled in the course?\",\"answer\":\"The module requires students to properly account for by-products and joint product costs, linking costing concepts to managerial cost information.\"}]","Cost and Management Accounting I - Part I (ACFN2091) | PDF",454]