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Cost accounting

Course Description: This course covers the nature, objectives, and concepts of cost accounting, and its relationship to financial accounting. It also addresses different costing methods, including product costing under job costing systems and process costing systems. Furthermore, it explains how to allocate and assign overhead costs using both the traditional approach and the activity-based costing approach, determine the share of joint costs allocated to products, and finally, the accounting treatment for by-products.
Credit hours: 3
Prerequisites: ACCT231
Objectives of the course :

Upon completion of this course, it is expected that the student will be able to do the following:
It explains the nature, functions, and concepts of cost accounting.
Distinguish between product and inventory costing methods.
• Calculates the cost of a product under a job costing system.
• Explains the terms damaged, defective, and restart and calculates the cost of the order in case of damaged, defective, and restart.
Calculates the cost of a product under a process costing system, and determines stage cost and spoilage.
• Assigns the share of joint costs to the product and distinguishes between different accounting treatments for by-products.
* Allocates and distributes the costs of support departments and general costs using different distribution methods.
• Allocate and distribute indirect costs under the traditional approach and the activity-based costing (ABC) approach.

Course outputs :

1. Knowledge and Understanding C1 Basic Knowledge:
*Terms and Concepts Related to Fundamental Knowledge in Various Cost Accounting Fields
Explanation, interpretation, and summary of essential knowledge in various cost accounting fields
Applying basic knowledge in various cost accounting areas
2. Knowledge and Understanding C2 Specialized (Advanced) Knowledge:
Advanced Accounting Terminology and Concepts
Explanation, interpretation, and summary of advanced accounting knowledge
Applying advanced knowledge in various accounting fields

Additional information:
  • Last updated: 2026-04-23

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