This course introduces students to the fundamental concepts and techniques of costing. It aims to provide a solid foundation in cost accounting, enabling students to understand and apply costing methods in various business contexts. The students will learn how to recognise the difference between cost, management and financial accounting, and the element of the production cost; employ the appropriate costing method in the determination cost accounting operating statement and perform the breakeven analysis and variance analysis to assist management in decision making.
This course will provide an overview of how the financial accounting and cost accounting interrelated. It will assist students in further understanding the accounting aspect and recording of cost accounting information. Students will learn how to identify, collect, analyse, and report the costs of various activities that are involved in producing goods or providing services. Additionally, they will gain an understanding of the principles and practices of costing and how the transactions are being recorded in the books of accounts.