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Advanced Cost Accounting

Advanced Cost Accounting. DR.Mohamed Mandour. Course objectives.

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Advanced Cost Accounting

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  1. Advanced Cost Accounting DR.Mohamed Mandour

  2. Course objectives • Cost accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. • Since managers are making decisions only for their own organization, there is no need for the information to be comparable to similar information from other organizations. Instead, information must be relevant for a particular environment. Cost accounting information is commonly used in financial accounting information, but first we are concentrating on its use by managers to make decisions.

  3. Lecture 3&4 Process Costing System

  4. Intended learning outcomes • By the end of this lecture the students will be able to: • Describe how products flow through departments and how costs flow through accounts. • Discuss the concept of an equivalent unitusing (FIFO method ) • Calculate the cost per equivalent unit.

  5. 4. Calculate the cost of goods completed and the ending Work in Process balance in a processing department using FIFO method . 5. Describe a production cost report .

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