Outcomes-based Course Syllabus

GENERAL INFORMATION

College College of Business and Entrepreneurial Technology

Program Bachelor of Science in Accountancy Pre-requisite AC3&4

Course Title Cost Accounting and Control Co-requisite None

Course Code AC9 Instructor/

Macrina Violeta V. Vicente-Mutuc
Course Credit 3.0 Professor
Contact Hours 3 hour lecture Department Accountancy
Term/Sem/AY First Semester Date Created July 2019
COURSE DESCRIPTION
This course is designed to orient the students to the cost accounting framework of business. It introduces the concepts of cost accounting as differentiated
from financial accounting. Cost control concepts, methods and techniques are interspersed in the discussion of the accounting process for service, merchandising
and manufacturing entities. Topics include cost accounting cycles; costing accumulation methods; and cost systems; planning, accounting and control for the
elements of cost.
COURSE OUTCOMES
1. Distinguish costs accounting from management accounting and financial accounting
2. Distinguish costs as assets from costs as expenses using the financial accounting conceptual framework, accounting principles, underlying assumptions,
and applicable financial reporting standards and Philippine law.
3. Classify costs as to object, purpose, and behavior emphasizing when each classification is used in cost control.
4. Account for cost transactions on the books of accounts for service, merchandising and manufacturing entities.
5. Differentiate business documents supporting cost transactions following the flow of cost information.
6. Relate the importance of cost classifications to the preparation of financial statements more specifically the results of operation of businesses.
7. Explain the contents of the financial statements and the purpose of these contents to assist in decision making for stakeholders.
LEARNING PLAN
Week Learning Outcomes
 LO1:
Explain the Mission, Vision,
objectives of the College;
LO2: Develop a clear
1 understanding of the course and
contents, to effect meaningful
learning and collaborative
experiences in the classroom.
 LO3: Differentiate the
significance and purpose of cost
accounting from management
2 accounting and financial
accounting.
 LO4: Classify and Identify cost
inputs for service,
merchandising and
3 manufacturing entities.
 LO5: Differentiating the levels
of conversion of raw materials
into finished product
4 investigations
 LO6: Classify, Prepare and
Present Cost Accounting
Reports using cost concepts
5 relating to financial accounting
principles and framework.
6 PRELIMINARY EXAMINATION
Topic/
Content
 Vision, Mission, Institutional
Outcomes and Course of the
Study
 Classroom Dynamics and Course
Requirements and Grading
Orientation
 Cost Accounting: Definition,
Characteristics, Objectives, and
parameters
 Cost Classifications Related to
Cost Object, Cost Behavior,
Financial Statement Presentation
and Product
 Raw Materials Inventory for
Services, Merchandising, and
Manufacturing Entities
 Job Order Cost Sheet, Cost of
Production Report, Activity
Based Cost Report and Financial
Statements
Assessment Tasks and
Teaching and Learning Activities
Tools
 Present University video clippings  Pen and Paper test reviewing
 Presentation of University VMGO orientation details
 Review of the concepts and terminologies learned from AC3&4,  Pen and Paper test reviewing
AC5 and AC6 concepts and terminologies and
 Levelling off of expectations through sharing activities orientation details
 Small Group Discussion: Give graphic symbolisms of the  Reflection sharing
different concepts to be defined through the use of concept  Pen and paper test reviewing
mapping definitions, characteristics, and
 Section Discussion: Discuss to the whole class the group outputs other topics discussed.
 Assigning individual investigation on Cost Classification
 Assigning individual investigation on differentiating levels of  Reflection sharing
conversion of raw materials to finished products related to type  Presentation of findings
of business  Pen and paper test
 Socratic approach to differentiating different ways of relating
costs to object, behavior, financial statement presentation and
product
 Assigning individual investigation on classifying, preparing and  Reflection sharing
presenting cost accounting reports  Presentation of findings
 Small group discussion: presentation of findings of individual  Pen and paper test
 Socratic approach to differentiating levels of conversion of raw
materials into finished products
 Assigning individual investigation on accounting and preparing  Reflection sharing
reports on raw materials inventory  Presentation of
 Socratic approach to classifying, preparing and presenting cost generalizations/conclusions
accounting reports  Pen and paper test
  LO7: Account for and prepare
reports on Raw Materials
Inventory transactions:
7 planning, procuring, controlling
and issuing to production.
 LO8: Relate business
documents for raw materials
inventory transactions to
8 accounting entries and
inventory reports.
 LO9: Account for direct and
indirect labor, differentiating
supporting documents for
9 payroll for production and
payroll for operations.
 LO10: Prepare reports on labor
transactions applying both
financial accounting standards
10 and applicable Philippine Labor
Code Sections.
 LO11: Distinguish incurrence of
overhead from prime costs,
account for these and prepare
11 reports on overhead
transactions.
 LO12: Compute for allocation of
service overhead costs using the
three methods available for
12 departmentalization.
 LO13: Determining cost pools,
cost drivers, cost objects
13 identifying the level of costs:
 Direct materials Planning,
Procurement, Control,
Accounting and Reporting
 Business documents in planning,
procuring, controlling,
accounting and reporting of
Direct Materials.
 Introduction to Payroll: Direct
Labor and Indirect Labor, Selling
and Distribution, and General and
Administrative Salaries and
Wages
 Payroll: Planning, Hiring,
Controlling, Accounting and
Reporting
 Factory Overhead: Indirect
Materials, Indirect Labor, and
Other Factory Expenses
 Departmentalization: Allocating
common overhead costs using
direct, step and simultaneous
methods
 Activity-Based Costing: Cost
Objects, Cost Drivers, Cost Pools
 Assigning group investigation and document collection for  Reflection sharing
related business documents for raw materials  Presentation of findings
 Presentation, Discussion and Critiquing: group presentation of  Pen and paper test
solutions to selected problems representing the concepts of the
topic with class participation
 Assigning group investigation and document collection for  Reflection sharing
related business documents for labor  Presentation of findings
 Socratic approach to analyzing parts of the documents  Pen and paper test
containing cost accounting information
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of the  Presentation of
topic with class participation generalizations/conclusions
 Socratic approach to analyzing payroll process  Pen and paper test
 Assigning group investigation and document collection for  Reflection sharing
related business documents for overhead  Presentation of findings
 Socratic approach to analyzing payroll laws and statutory  Pen and paper test
deductions
 Assigning individual investigation on accounting and computing  Reflection sharing
for common service overhead allocation  Presentation of
 Presentation, Discussion and Critiquing: group presentation of generalizations/conclusions
solutions to selected problems representing the concepts of the  Pen and paper test
topic with class participation
 Socratic approach to analyzing overhead and its components
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of the  Presentation of findings
topic with class participation  Pen and paper test
 Socratic approach to analyzing the 3 methods of allocating
overhead
 Assigning individual investigation on accounting and computing  Reflection sharing
for activity based costing  Presentation of
generalizations/conclusions
 Pen and paper test
 unit, batch, department,
product levels.
 LO14: Account and prepare
reports under an activity-based
costing system process.
14
 LO15: Compute for product
costs reflected in schedules
15 supporting presentation on the
face of the financial statements.
 LO16: Account and prepare
financial reports under the job
order costing system through
16 the job order procedures and
use of job order business
documents
 LO17: Recognize and account
for Losses, Defects, and Rework
17 for the manufacturing process
under Job Order System.
 LO18: Compare presentation of
reports under Job Order Costing
18 System, Process Costing
System, and Activity Based
Costing System.
COURSE REQUIREMENTS/OUTPUT
1. Major Examination
2. Assessments: Quizzes, Reflections, etc.
3. Seatwork
4. Project/Group Work (light immersive project)
 Activity-Based Costing:
Accounting and Reporting
 Product Cost Reports: Job Order,
Process Costing, Activity Based
Costing, Joint-Costs, Variance
Analysis
 Job Order Entries and Related
Job Order Cost Sheet
 Job Order Entries for Losses,
Defects, and Rework.
 Job Order Cost Report vs.
Process Cost of Production
Report vs. Activity Based Cost
Report
 Presentation, Discussion and Critiquing: group presentation of
solutions to selected problems representing the concepts of the
topic with class participation
 Socratic approach to analyzing cost pools, drivers and objects
 Socratic approach to analyzing parts of the documents  Reflection sharing
containing cost accounting information  Presentation of findings
 Presentation, Discussion and Critiquing: group presentation of  Pen and paper test
solutions to selected problems representing the concepts of the
topic with class participation
 Socratic approach to analyzing parts of the documents  Reflection sharing
containing cost accounting information  Presentation of
 Group discussion on the comparison of each report related to generalizations/conclusions
the financial statement disclosures  Pen and paper test
 Assigning individual investigation on accounting and computing  Reflection sharing
for losses, defects and rework  Presentation of findings
 Presentation, Discussion and Critiquing: group presentation of  Pen and paper test
solutions to selected problems representing the concepts of the
topic with class participation
 Socratic approach to analyzing job order costing system
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of the  Presentation of findings
topic with class participation  Pen and paper test
 Socratic approach to analyzing losses, defects, and rework
 Presentation, Discussion and Critiquing: group presentation of  Reflection sharing
solutions to selected problems representing the concepts of the  Presentation of
topic with class participation generalizations/conclusions
 Group discussion on the comparison of each report related to  Pen and paper test
the financial statement disclosures
 5. Presentation, Discussion and Critiquing (PDC)
6. Accomplishment Portfolio
GRADING SYSTEM (may apply institutional/college grading system)
35% Major Examination
20 Assessments: Quizzes, Reflections, etc.
15 Seatwork
15 Project/Group Work
10 Participation, Attendance, and Conduct/Behaviour
5 Accomplishment Portfolio
100% Total
REFERENCES

1. Guerrero, P. 2018. GIC Enterprises & Co., Inc. Manila City

2. Hansen, D. and Mowen, M. 2018. Cost Management: Accounting and Control. Thomson Southwestern, U.S.A
3. Raiborn, C. and Kinney, M. 2017. Cost Accounting. @2015 Cengage Learning Asia Pte. Ltd. (Philippines Branch) Pasig City
4. Philippine Accounting Standards
5. Philippine Financial Reporting Standards
6. International Accounting Standards
7. International Financial Reporting Standards
8. Philippine Civil Law: Obligations and Contracts
9. The Institute of Cost Accountants of India. 2018. Cost Accounting Intermediate Study Notes. Jayant Printery LLP, Mumbai

Other Readings: Latest articles and researches on cost accounting and control

COURSE COMMITTEE
Prepared:

MACRINA VIOLETA VICENTE-MUTUC, CPA, MAIT

Faculty,
Checked: Recommending Approval: Approved:

COLLEGE CURRICULUM REVISION COMMITTEE ROWELL C. MARASIGAN, CPA, MBA KRISTINE Y. OPULENCIA
Chair, CCRC Head, Accountancy Department Dean, College of Business and Entrepreneurial Technology