Accounting 10, 20, 30
Course Configurations
Investigate calculating, controlling and reporting costs of doing business.
Indicators for this outcome
| (a) | Define cost accounting and explain how it relates to management accounting and financial accounting. |
| (b) | Differentiate cost into two categories (i.e., manufacturing costs and nonmanufacturing costs) to be used in management analysis. |
| (c) | Classify direct labour, direct materials and manufacturing overhead as manufacturing costs. |
| (d) | Classify marketing/selling costs and administration costs as non-manufacturing costs. |
| (e) | Debate the importance of labour costs to management accounting. |
| (f) | Assess and describe how opportunity costs and sunk costs become part of the management decision-making process. |
| (g) | Prepare the manufacturing statement, the schedule of cost of goods manufactured statement and the income statement for a merchandising business and manufacturing business and then examine the purpose of each. |
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