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    • MANAGERIAL ACCOUNTING NOTES Book
    • NOTES OF COAST ACCOUNTING Book

    • NATURE AND PURPOSE OF COST ACCOUNTING
      OBJECTIVES
      After studying this chapter, you should be able to: 
      •     Define cost accounting
      •     Distinguish between cost accounting and other accounting subjects such as financial 
      accounting and management accounting based on various aspects
      •     Define the various cost accounting terminologies
      •     Explain the role of a cost accounting department in an organization 
      •     Explain the design and operation of a Cost and Management Accounting system
      •     Explain the relationship between nature of business enterprise and cost accounting
      •     Distinguish between qualitative and quantitative information
      •     Explain the features of an effective cost center framework
      INTRODUCTION
      The purpose of this chapter is to introduce the basic concepts of cost accounting, terminologies 
      and distinguish cost accounting from financial accounting. It is aimed at making it clear on what 
      cost accounting is all about and introduce some of the terminologies used in the chapters that 
      follow.
      First, we will discuss the nature of cost accounting and budgeting and then introduce the key cost 
      accounting terminologies, which will act as the base for other discussions

    • COST CLASIFFICATION Page

      OBJECTIVES
      After studying this chapter, you should be able to:
      • Define cost classification and understand the basis of cost classification, especially the 
      cost objectives
      • Classify a specific cost as either manufacturing or non-manufacturing and whether 
      direct or indirect.
      • Understand the behavioral classification of costs and be able to classify various costs 
      according to their behavior, either variable or fixed, and draw cost graphs for the various 
      costs
      • Understand the controllable and non-controllable costs and their relevance in cost 
      decision making.
      • Classify costs according to their functions. 
      • Explain the difference between product and period costs

Available courses

FINANCIAL ACCOUNTING

PAPER NO 1: FINANCIAL ACCOUNTING 
GENERAL OBJECTIVE
This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable 
him/her to prepare financial statements for different entities 
LEARNING OUTCOMES
A candidate who passes this paper should be able to:
• Prepare books of original entry and basic ledger accounts under double entry system
• Prepare basic financial statements of sole traders. partnerships, companies and manufacturing 
entities and not for profit organisations
• Comply with the regulatory framework in the accounting field
• Account for assets and liabilities
• Analyse financial statements by use of ratios and statement of cash flows
CONTENT
1. Introduction to Accounting
- The nature and purpose of accounting
- Objectives of accounting
- Users of accounting information and their respective needs
- The accounting equation
- Reguratory framework of accounting (regulatory bodies such as ICPAK, IFAC, IASB,
IPSAB
- Accounting standards (IAS/IFRS), (Importance and limitations)
- Professional ethics
- Accounting concepts/principles
- Qualities of useful accounting information
2 Recording transactions
- Source documents (quotations_ purchases order, statement of account. remittance advice, 
receipts, petty cash vouchers_ sales arid purchase invoices, credit notes and debit notes, bank 
statements)
- Books of original entry: sales journal, purchases journal, returns inward, returns outward 
journal, cashbook, petty cashbook and general journal
- Double entry and the ledger; general ledger, sales ledger, purchases ledger 
- The trial balance
- Computerised accounting systems- Role of computers, application and accounting softwares 
in the accounting process, benefits and challenges of operating computerised accounting 
system

COAST ACCOUNTING

Acknowledgment......................................................................................................................iii
Table of Contents ......................................................................................................................v
CHAPTER ONE ..........................................................................................................................1
NATURE AND PURPOSE OF COST ACCOUNTING ................................................................3
CHAPTER TWO........................................................................................................................21
COST CLASSIFICATION..........................................................................................................23
CHAPTER THREE....................................................................................................................41
COST ESTIMATION..................................................................................................................43
CHAPTER FOUR......................................................................................................................65
MATERIAL COSTS...................................................................................................................67
CHAPTER FIVE ......................................................................................................................101
LABOUR COSTS....................................................................................................................103
CHAPTER SIX ........................................................................................................................129
OVERHEAD COSTS...............................................................................................................131
CHAPTER SEVEN..................................................................................................................165
COST BOOK KEEPING..........................................................................................................167
CHAPTER EIGHT ...................................................................................................................193
MARGINAL AND ABSORPTION COSTING ..........................................................................195
CHAPTER NINE......................................................................................................................253
COSTING SYSTEMS..............................................................................................................255
CHAPTER TEN.......................................................................................................................315
BUDGETING AND BUDGETARY CONTROL ........................................................................317
CHAPTER ELEVEN................................................................................................................355
STANDARD COSTING ...........................................................................................................357
CHAPTER TWELVE ...............................................................................................................373
VARIANCE ANALYSIS ...........................................................................................................375
CHAPTER THIRTEEN ............................................................................................................411
COST MANAGEMENT ...........................................................................................................413
ANSWERS TO EXAM & REVIEW QUESTIONS....................................................................433
REFERENCES........................................................................................................................483
GLOSSARY.............................................................................................................................487
INDEX......................................................................................................................................495
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v i
STUDY TEXT
COST ACCOUNTIN