Description

The course is intended to make candidates acquainted with the concepts of cost accounting, which is the area of business that develops the financial and non-financial information necessary to effectively manage the firm or organization. Cost accounting is in transition, moving from a procedural focus on financial accounting reports to a strategic focus on the use of accounting to facilitate the business success of the enterprise. The concepts of cost accounting are used in both manufacturing and service firms, and are increasingly applied to government and not-for-profit organizations, to help them succeed in their service missions. The course will be focusing on the changing role of cost accounting driven by changes in business processes in response to increased competition, both global and domestic. These changes include a renewed focus on the customer, aggressive cost reduction, outsourcing, downsizing and reengineering, total quality management, advanced manufacturing technologies, and increased use of information technologies, among others. As such, the cost accountant plays a strategic role in the business, developing and presenting the information that is critical for the firm’s success. Therefore, it’s essential to understand the role of cost accounting systems in providing information that is critical to running a business or organization successfully through supporting managerial planning, decision making, and both operational and managerial control by modern organizations today.

Program

MBA

Objectives

• This course aims to enable students to understand the basic knowledge about cost management; thus objectives of this course are: • Understand the basic concepts of cost management, theories and literature as a means of analysis and resolving problems. • Understand the fundamentals of cost accounting, including the strategic focus, basic cost terms and concepts, the accountant’s ethical responsibility, and determining product costs. • Use costs and other critical success factors in management planning and decision making. • Use costs and other critical success factors in operational control. • Create the ability to analyze and comprehend appropriate theories, concepts and principles from a range of scientific disciplines using appropriate formal analysis methods. • Create ability to critically analyze information, synthesis and summarize the analytical outcomes to apply knowledge to address familiar problems. • Create ability to integrate costing concepts and theories with practice, into an operational environment. • Create ability to apply costing techniques to help in planning,controlling, and decision making. • Create ability to make effective use of cost accounting information and to prepare internal reports and analysis. • Create ability to deal with different costing systems within different organizations.