Course: Cost Accounting
Course Code: ACCT6002
Credit Hours: 3
Managers use standardised methods to control cost in order to meet the desired level of profitability. This course aims to provide students with the requisite tools and capabilities to carry out performance analysis to determine the overall success of an organisation based on predetermined objectives. Students will be provided with the skills and knowledge that will allow them to analyse, interpret, and communicate cost information in a credible and efficient manner. It is therefore important that future administrators, managers and accountants complete an academic programme focusing on cost accounting topics.
Cost accounting is primarily used as a decision-making tool for individuals in charge of business operations. It is one of the methods used by management to plan, organise, and control the outcome of business operations. It does so by, among other things, looking at the cost, budget, and profitability of numerous types of products, services, and activities. Cost accounting can be used to identify possible inefficiencies or areas of necessary improvements to control costs. This can take the form of budgetary controls, standard costing, or inventory management, which are some of the areas covered in this course.