AFAR 1 Flexible OBTL A4 - Lecture notes 1234 PDF

Preview

Summary

Republic of the PhilippinesTARLAC STATE UNIVERSITYOffice of the Vice President for Academic AffairsCollege of Business and AccountancyAccountancy DepartmentVISION Tarlac State University is envisioned to be a premier university in Asia and the Pacific.MISSIONTarlac State University commits to promot...

Description

OBTL Plan

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

Republic of the Philippines

TARLAC STATE UNIVERSITY Office of the Vice President for Academic Affairs College of Business and Accountancy Accountancy Department

VISION

Tarlac State University is envisioned to be a premier university in Asia and the Pacific.

Tarlac State University commits to promote and sustain the offering of quality and programs in higher and advanced education ensuring equitable access to education for people empowerment, professional development, and global competitiveness.

MISSION

Towards this end, TSU shall: 1. Provide high quality instruction trough qualified, competent and adequately trained faculty members and support staff. 2. Be a premier research institution by enhancing research undertakings in the fields of technology and sciences and strengthening collaboration with local and international institutions. 3. Be a champion in community development by strengthening partnership with public and private organizations and individuals.

CORE VALUES

E – xcellence Q - uality U - nity I - ntegrity T - rust in God, Transparency & True Commitment Y - earning for Global Competitiveness

Program Goals Form No.: TSU-VPA-SF-55

Revision No.: 00

Effectivity Date: May 19, 2020

Page 1 of 15

OBTL Plan

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

To produce competent and ethical professional accountants, with an attitude of “learning to learn,” capable of adapting to change, and providing relevant contributions to the profession and society in which they work. Program Outcomes GRADUATE should be able to: 1. Resolve business issues and problems with a global and strategic perspective using knowledge and technical proficiency in the areas of financial accounting and reporting, cost accounting and management, accounting and control, taxation, and accounting information systems; 2.Conduct Accountancy/Accounting Information System research through independent studies of relevant literature and appropriate use of accounting theory and methodologies; 3. Employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions; 4. Apply knowledge and skills to successfully respond to various type of assessments; and (including professional licensure and certifications); and 5. Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing functions as an accountant.

Course Name Course Credits Course Description

Contact Hours/ week Prerequisite Course Outcomes

COST ACCOUNTING AND CONTROL AND STRATEGIC COST MANAGEMENT (AFAR 1) 6 units This course is designed to orient the students to the cost accounting and cost management framework of business. Topics discussed are: overview of cost accounting; cost concepts and cost behavior; manufacturing cost accounting cycle; activity-based costing; variable and absorption costing; costing methods: job and process cost systems; accounting, planning, and control for materials, labor, and overhead; accounting for joint and byproduct costs; standard costing and variance analysis; 6 hours

FAR 1 & 2 After completing this course, students must have demonstrated: 1. Familiarity with the nature, scope, context, classifications of costs and its importance in decision making and relationship of cost accounting to other field of accounting. 2. (Use of) Knowledge on preparation, analysis and interpretation of job order cost sheet and cost of production report for product costing, and various cost accounting methods such as activity-based, backflush, standard costing, etc.

Form No.: TSU-VPA-SF-55

Revision No.: 00

Effectivity Date: May 19, 2020

Page 2 of 15

OBTL Plan

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

3. Understanding of the cost management concepts in materials, labor and factory overhead. 4. Competence in preparing, analyzing and interpreting job order cost sheet and cost of production report, materials, labor and overhead accounting, planning and control, and favorable or unfavorable variances under given circumstances.

COURSE OUTLINE AND TIMEFRAME We ek We ek We ek We ek We ek We ek We ek We ek We ek We ek We ek

1

Course Content/Subject Matter 1. Cost concepts and cost behavior

2-3

2. Activity-based and variable costing

4-5

3. Job order costing

6

4. Accounting for materials (with JIT and backflush costing)

7

5. Accounting for labor

8

6. Accounting for factory overhead

9

Midterm Exam

10 -11 12 15 16 -17 18

7. Standard costing and variance analysis 8. Process costing 9. Joint product and by-product costing Final Exam

Form No.: TSU-VPA-SF-55

Revision No.: 00

Effectivity Date: May 19, 2020

Page 3 of 15

OBTL Plan

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

Alignment of Course Outcomes with Summative Assessment Tasks Course Objectives Familiarity with the nature, scope, context, classifications of costs and its importance in decision making and relationship of cost accounting to other field of accounting.

Summative Assessment Task Attendance Poll Questioning during Lecture Discussion

(Use of) Knowledge on preparation, analysis and interpretation of job order cost sheet and cost of production report for product costing, and various cost accounting methods such as activitybased, back-flush, standard costing, etc.

Oral Exercises

Understanding of the cost management concepts in materials, labor and factory overhead.

Summative Examinations

Portfolio Journal for work exercises Formative Examinations

Competence in preparing, analyzing and interpreting job order cost sheet and cost of production report, materials, labor and overhead accounting, planning and control, and favorable or unfavorable variances under given circumstances.

Form No.: TSU-VPA-SF-55

Revision No.: 00

Details Attendance is measured by the registration or signing -in of the students to the online class. To measure the attentiveness of the students while listening to the discussion of the teacher online, poll questions will be flashed to the screen. The questions shall be answered by the students to know if they are actually listening or not. This can be done usually under synchronous learning. Oral Exercises can be done on a scheduled basis or by surprise relating to topic at hand or topic to be discussed as diagnostic assessment for student before discussion. Portfolio journal will be used for the work exercises assigned to the students, either synchronous or asynchronous, which include but not limited to problem solving, theoretical applications and organization or business scenarios or case studies. This is effective in assessing the deeper understanding of the students on the topic. Patterned to the Licensure Examination of Certified Public Accountants (LECPA), the traditional way of assessing students earned knowledge is through the conduct of the formative and summative examinations. Formative examinations will be conducted per topic or group of related topics. While summative examinations are divided into two, midterm examination and final term examination. It can be done either through the traditional proctored pen and paper test (if permitted by Effectivity Date: May 19, 2020

Page 4 of 15

OBTL Plan

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

circumstances) or automated examinations with the use of technology or electronic media websites and various application for test measurements (if face to face is not allowed). To achieve the outcomes expected from the accounting graduates, the formative and summative assessments can be done in multiple choice questions, true or false, essay, problem solving, creating financial statements, working papers or reports, and the likes.

LEARNING PLAN

Desired Learning Outcomes (DLOs) Explain the role of the students, the faculty and the TSU administration in the conduct of blended/ flexible learning.

Course Content/Subject Matter Introduction to Blended/ Flexible Learning as applied to Tertiary Education. i. Students Role ii. Instructors Role TSU Administration Role

concepts 1. Define and explain the 1. Cost and cost term cost object and give behavior examples of cost objects relevant to different types of a) Management, the decisions Form No.: TSU-VPA-SF-55

Revision No.: 00

Textbook/ References TSU Code Student Manual College Code Various TSU Memo and Guidelines in the conduct of blended / flexible learning. Carter, Cost Accounting 14th edition. Thomson Asian Edition

Flexible Teaching and Learning Activities (FTLAs) Online Discussion of the pertinent preliminaries in the conduct of blended/flexible learning as applied to Tertiary Education.

Assessme nt of Tasks (ATs) Poll Questionin g (Optional - Bonus Points)

Use of online Attendanc lecture (Slides, e Videos and Online Poll discussion) Questionin Effectivity Date: May 19, 2020

Tim e Tabl e LMS and other Wee educational k1 platforms (MS Teams, Zoom, Facebook, etc.)

Resource Materials

Internet connection

Wee k1

Electronic device Page 5 of 15

OBTL Plan

2. Describe several degrees of cost traceability implied by the terms direct cost and indirect cost. 3. Classify an expenditure as fixed, variable, or semivariable. 4. List reasons for separating fixed and variable costs.

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

controller and Guerrero cost accounting b) Cost concept and classification of costs

Use of scheduled Oral and unannounced Exercises oral exercises Portfolio Use of case study Journal for and related articles work exercises Use of work exercises such as Formative Examinatio theoretical application and ns problem solving Summativ e Examinatio ns

c) Classifying costs d) Separating fixed and variable costs

5. Compute the fixed and variable components of costs by the use of high-low and least squares method.

1. Define activity-based 2. Activity-based costing and activity-based and variable management and costing distinguish them from traditional analysis of costs. a. Levels of costs and drivers 2. Identify the circumstances in which activity-based b. Comparison of ABC and costing gives more credible traditional results than traditional costing product costing. 3. Identify different levels of Form No.: TSU-VPA-SF-55

c. Strategic Revision No.: 00

Use of poll g during questioning during Lecture Discussion lecture discussion

Carter, Cost Accounting 14th edition. Thomson Asian Edition

Use of online Attendanc lecture (Slides, e Videos and Online Poll discussion) Questionin Use of poll g during Rodelio S. questioning during Lecture Roque, Discussion lecture discussion Management Advisory Use of scheduled Oral Services and unannounced Exercises oral exercises Portfolio Guerrero, Effectivity Date: May 19, 2020

LMS and other educational platform (MS Teams, Zoom, Facebook, etc.) Portfolio Journal Printed Module Video Links Slides Case Study and related articles Internet Wee connection k 2-3 Electronic device LMS and other educational platform (MS Teams, Zoom, Facebook, etc.) Page 6 of 15

OBTL Plan

costs and drivers in activitybased costing and give examples of each. 4. Calculate product costs using activity-based costing and reconcile them with a traditional system’s product cost. 5. Know the difference and salient features of variable costing. 6. Understand the difference between variable costing and absorption or conventional costing methods.

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

advantage of ABC d. Strengths weaknesses ABC

Cost accounting

and of

Use of case study and related articles Use of work exercises such as theoretical application and problem solving

e. Conventional and variable costing income statement

Journal for work exercises Formative Examinatio ns

Printed Module Video Links

Summativ e Examinatio ns

f. Arguments for and against the use of variable costing

Portfolio Journal

Slides Case Study and related articles

7. Prepare income statements using variable and absorption costing. 8. Reconcile absorption costing income with variable costing income. Order 1. Define and explain purpose, 3. Job Costing nature, characteristics of a job order cost system. a) Overview of 2. Perform job order cost Job order accumulation costing 3. Identify and prepare the eight basic cost accounting

b) Elements

Form No.: TSU-VPA-SF-55

Revision No.: 00

of

Carter, Cost Accounting 14th edition. Thomson Asian Edition Guerrero

Use of online Attendanc lecture (Slides, e Videos and Online Poll discussion) Questionin Use of poll g during questioning during Lecture Discussion lecture discussion

Effectivity Date: May 19, 2020

Internet connection

Wee k 4-5

Electronic device LMS and other educational platform Page 7 of 15

OBTL Plan

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

entries involved in job order costing.

Use of scheduled Oral and unannounced Exercises oral exercises Portfolio Use of case study Journal for and related articles work exercises Use of work exercises such as Formative Examinatio theoretical application and ns problem solving Summativ e Examinatio ns

product costs c) Product flow

4. Prepare a job order cost sheet. 5. Use a predetermined overhead rate in job order costing.

d) Job order cost sheet e) Production losses

6. Recognize job order cost sheets in a variety of forms.

for 1. Describe a system of 4. Accounting materials ( with materials procurement and JIT and use. Backflush costing) 2. Identify components of the cost of acquiring materials. a) Materials procurement and 3. Define and calculate use economic order quantity, order point and safety b) Quantitative stock. models 4. Describe JIT production c) Materials system and contrast it with control traditional production. 5. State

the

Form No.: TSU-VPA-SF-55

relationship

d) Just-in-time Revision No.: 00

Carter, Cost Accounting 14th edition. Thomson Asian Edition

Use of online Attendanc lecture (Slides, e Videos and Online Poll discussion) Questionin Use of poll g during questioning during Lecture lecture discussion Discussion Use of scheduled Oral and unannounced Exercises oral exercises Portfolio Use of case study Journal for and related articles work exercises Use of work Effectivity Date: May 19, 2020

(MS Teams, Zoom, Facebook, etc.) Portfolio Journal Printed Module Video Links Slides Case Study and related articles Internet Wee connection k6 Electronic device LMS and other educational platform (MS Teams, Zoom, Facebook, etc.) Portfolio Journal Page 8 of 15

OBTL Plan

between JIT backflushing.

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

exercises such as theoretical application and problem solving

and e) Backflushing

6. Prepare journal entries and T accounts for backflush accounting.

4. State the necessary organization for labor cost accounting and control. 5. Account for fringe benefits, payroll taxes, and other labor-related deductions.

Form No.: TSU-VPA-SF-55

c) Time standards and learning curve theory d) Organization for labor cost accounting and control e) Accounting for personnel-related costs

Revision No.: 00

Carter, Cost Accounting 14th edition. Thomson Asian Edition

Use of online Attendanc lecture (Slides, e Videos and Online Poll discussion) Questionin Use of poll g during questioning during Lecture Discussion lecture discussion Use of scheduled Oral and unannounced Exercises oral exercises Portfolio Use of case study Journal for and related articles work exercises Use of work exercises such as Formative Examinatio theoretical application and ns problem solving Summativ e Examinatio ns Effectivity Date: May 19, 2020

Printed Module Video Links

Summativ e Examinatio ns

1. Discuss the importance 5. Accounting for and nature of productivity, labor and productivity’s relationship to labor costs. a) Productivity and labor costs 2. Explain the design and application of incentive b) Incentive wage wage plans. plans 3. Explain and apply learning curve theory.

Formative Examinatio ns

Slides Case Study and related articles Wee Internet k7 connection Electronic device LMS (MS Teams, Zoom, Facebook, etc.) Portfolio Journal Printed Module Video Links Slides Case Study and related articles Page 9 of 15

OBTL Plan

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

for 1. Describe the concept of 6. Accounting Factory departmentalization. Overhead 2. Distinguish between service and producing a) departments. Departmentalizati 3. Define direct and indirect on departmental costs and give examples of each. b) Producing and 4. Compute and use service departmental overhead departments rates. 5. Accumulate actual c) Direct departmental overhead costs. departmental costs

Carter, Cost Accounting 14th edition. Thomson Asian Edition

Use of online Attendanc lecture (Slides, e Videos and Online discussion) Poll Questionin Use of poll g during questioning during Lecture lecture discussion Discussion Use of scheduled Oral and unannounced Exercises oral exercises Portfolio Use of case study Journal for and related articles work exercises Use of work exercises such as Formative theoretical Examinatio application and ns problem solving Summativ e Examinatio ns

d) Indirect departmental costs e) Establishing and using departmental overhead rates

f) Actual factory overhead departmentalized MIDTERM EXAMINATION 1. Know and understand the 7. Standard nature, concept, uses, and Costing development of standards Variance and standard costs. Analysis Form No.: TSU-VPA-SF-55

Revision No.: 00

and

Rodelio S. Roque, Management Advisory Services

Use of online Attendanc lecture (Slides, e Videos and Online Poll discussion) Questionin Effectivity Date: May 19, 2020

Internet connection

Wee k8

Electronic device LMS and other educational platform (MS Teams, Zoom, Facebook, etc.) Portfolio Journal Printed Module Video Links Slides Case Study and related articles

Internet connection

Wee k9 Wee k 10 - 11

Electronic device Page 10 of 15

OBTL Plan

2. Compute standard variances.

AFAR 1 – Cost Accounting and Control and Strategic Cost Management

actual costs

costs, and

3. Analyze and interpret variances so that management may be guided in making the right economic decision. 4. Understand the concep...