ACC322 COURSE COMPACT

Transcription

1 ACC322 COURSE COMPACT College: BUSINESS AND SOCIAL SCIENCES Department: ACCOUNTING AND FINANCE Programme: BSc(Hons) Accounting Course Code: ACC322 Course Units: (3 Units) (L.30: P.0: T.15) Course Title: ADVANCED COST ACCOUNTING Course Lecturers: Dr Tony Ike Nwanji BA(Hons) MA MBA MEd PhD FCIS FBCS FCEA FFA Dr. (Mrs) Osemene BSc(Hons), MSc, PhD ACA (Adjunct Lecturer) Semester: Time of Lecture: Location: OMEGA Semester 2014 Lecture time: 10 am 12 noon on Tuesdays & 8am-9am Thursdays, A11 A. BRIEF OVERVIEW OF COURSE This course focuses on accounting information for the management functions of planning and control. It includes aspects such as the determination, cost, cost control, performance evaluation and financial information for planning and decision. Other details include: introduction: The nature and function of management accounting. The dual purpose of planning and control; cost for decision-making, marginal and absorption costing: its use, breakeven analysis, cost volume, breakeven graphs and profit graphs. Relevant costing. An introduction to the concept of opportunity cost. An introduction to accounting control systems:

2 Standard costing uses and types of standard (basic, current, ideal, and attainable standards) and basic variance analysis. Budgetary control-preparation of budgets, including cash budgets. Methods of cost estimation: graphical or scattered graph method, accounts classification method and high and low method. Introduction of the Behavioral aspects of accounting. Learning Curve Theory. B. COURSE OBJECTIVES / GOALS On completion of this course, students should be able to: Deal with accounting information for management functions of planning and control Understanding how to determine costs and control for management planning. Understanding and applying performance evaluation and financial information for planning and decision. Understanding of the nature and function of management accounting. Understanding and applying the dual purpose of planning and control; cost for decision-making, marginal and absorption costing Understanding the use of breakeven analysis, cost volume, breakeven graphs and profit graphs. Understanding the use of relevant costing and introduction to the concept of opportunity cost. Understanding the introduction to accounting control systems Understanding and applying standard costing uses and types of standard (basic, current, ideal, and attainable standards) and basic variance analysis. Understanding the use and application of budgetary control, -preparation of budgets, including cash budgets. Understanding the Methods of cost estimation: graphical or scattered graph method, accounts classification method and high and low method. Introduction of the Behavioral aspects of accounting. Learning Curve Theory. A. METHOD OF LECTURE DELIVERY / TEACHING AIDS Lectures are delivered in the class room using Power Points, and student should download the power points from the students portal and read them ahead of each class. The presentation of lectures using power points will be supplemented with Whiteboard, Whiteboard marker, visual aids, audio-visual aids, real objects and many others.

3 D. COURSE OUTLINE S/N Topics Week 1-2 Introduction to Cost accounting Overview of cost accounting v financial accounting Accounting information for managers Cost control for Management Information Systems: Week 3-4 Cost control for management planning Performance evaluation Financial information for planning and decision. The nature and function of management accounting. Class Test 1 Week 5-6 The dual purpose of planning and control; Cost for decision-making, Marginal Costing System Absorption Costing System Breakeven Analysis, cost volume, Breakeven Graphs and Profit Graphs. Class Test 2 Week 7-8 The use of relevant costing and Introduction to the concept of Opportunity Cost. Introduction to accounting control systems Standard costing system Types of standard (basic, current, ideal, and attainable standards)

4 Basic Variance Analysis. Class Test 3 Week 9 Budgetary control, -preparation of budgets Cash budgets. Master Budgets Week 10 MID SEMESTER EXAM Week Methods of cost estimation: Graphical or scattered graph method, accounts Accounts classification method and high and low method. Introduction of the Behavioral aspects of accounting. Learning Curve Theory. Week 13 Week14-15 Week 16 Revision Examination Students on Vacation E. Tutorials Based on course outline F. Structure of Programme / Method of Grading Structure of Programme- Based on course outline Method Grading- Landmark University Method of grading Continuous Assessment (CA) % Examination (EX) % Total %

5 G. Grand Rules and Regulations Normal Landmark University Rules and Regulations H. Alignment with Goals and Vision of Landmark University To produce professional accountants that will break new ground with world class standard I. Contemporary Issues / Industry Relevance Conversion from Statement of Accounting Standard to International Financial Accounting Standard J. Recommended Reading 1. Cost Accounting: A Managerial Emphasis 8th Edition(1996) by Charles T. Horngren Published by Prentice/Hall International Editions (Look for current edition of this book in the Library) 2. Managerial Accounting 2nd Edition (2009) by Braun. K. W., Tietz W. M. and Harrison Jr, W. T. Published by Pearson International Edition. 3. More Textbooks will be added but you can check the Library for more Textbooks on Costing Accounting Reviewed 15th Feb 2014 By: Tony Ikechukwu Nwanji PhD Associate Professor Accounting & Finance

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7 Reviewed 14th Feb 2014 By: Tony Ikechukwu Nwanji DPFM, PhD Associate Professor Accounting & Finance