Registry
Module Specifications
Current Academic Year 2012 - 2013
Please note that this information is subject to change.
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| Description | |||||||||||||||||||||||||||||||||||||||||
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To introduce and develop students understanding of the role and functions of management accounting. Their understanding of issues pertaining to the elements of cost and costs systems will be enhanced. Students will also have the ability to prepare, analyse and interpret accounting information relevant to cost elements and cost systems. Their understanding of the interplay of management accounting and organisational management within dynamic settings will be developed. | |||||||||||||||||||||||||||||||||||||||||
| Learning Outcomes | |||||||||||||||||||||||||||||||||||||||||
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1. Describe the purpose of management accounting in organisations, with regards to the role of the management accountant, the users of accounting information and the operating environment. 2. Identify the nature of the various costs that arise within the business entity and the implications of such costs for the business 3. Distinguish between job costing, process costing and contract costing. 4. Calculate the cost of jobs using either a job costing system, a process costing system or a contract costing system. 5. Compute and record the costs of joint and by-products using methods such as physical measure, sales value at split-off and net realisable value. 6. Differentiate between an absorption costing system and a variable costing system. 7. Prepare profit statements based on variable costing systems and absorption costing systems. | |||||||||||||||||||||||||||||||||||||||||
All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml |
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| Indicative Content and Learning Activities | |||||||||||||||||||||||||||||||||||||||||
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The nature of management accounting. The nature, purpose and scope of management accounting, desirable characteristics of accounting information, users of accounting information, financial accounting v management accounting, the function of management accounting, traditional role of the management accountant, the current operating environment of management accounting, international convergence of management accounting.. Cost classification and behaviour. Nature of cost, reasons for identifying and measuring costs, cost objects and cost collection, cost classification (direct and indirect, product and period, relevant and irrelevant, avoidable and unavoidable, sunk, opportunity, incremental, marginal), cost behaviour (fixed, variable, semi fixed, stepped), total cost.. Cost Elements. Material cost: Nature of stock, stock holding, stock purchasing models (EOQ, JIT and ERP), control of materials, methods for pricing materials.. Labour cost. Changing significance of labour cost and labour cost accounting; identify, classify, record and charge labour costs.. Overhead cost. The nature of manufacturing overhead, allocation of overheads to products/services, traditional costing methods - including apportionment and absorption of overheads and re-allocation of service department overhead.. Cost Systems. Job and contract costing systems: Calculation of costs for jobs and contracts. Recording costs and revenue information using an integrated accounting system. An appreciation of throughput accounting and Back-flush costing.. Process costing systems. The nature of process costing. Recording information within a process costing system. Recording information within a process costing system cognisant of equivalent units of production, FIFO and Weighted average approaches, losses and gains in processes.. Joint and By-Products. Methods of allocating and recording costs to joint and by-products using methods such as physical measure, sales value at split-off and net realisable value.. Absorption and variable costing. Differences between absorption and variable costing systems. Choosing between systems. Preparing profit statements using both systems and reconciliation of profits from both systems.. | |||||||||||||||||||||||||||||||||||||||||
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| Indicative Reading List | |||||||||||||||||||||||||||||||||||||||||
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| Other Resources | |||||||||||||||||||||||||||||||||||||||||
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| Programme or List of Programmes | |||||||||||||||||||||||||||||||||||||||||
| PBSSA | PG Exchange(Business School) | ||||||||||||||||||||||||||||||||||||||||
| PDA | Professional Diploma in Accounting | ||||||||||||||||||||||||||||||||||||||||
| Timetable this semester: Timetable for AC541 | |||||||||||||||||||||||||||||||||||||||||
| Date of Last Revision | 27-NOV-09 | ||||||||||||||||||||||||||||||||||||||||
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