Syllabus of CAF3: COST AND MANAGEMENT ACCOUNTING

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Costs Associated with Production

Production Cost

• Identify elements of cost of product, job or services.
• Account for elements of cost to accumulate the cost of product, job or services using absorption, marginal and activity-based costing.
• Account for over or under-absorbed overheads.
• Apply inventory valuation techniques for finished goods inventory in the absorption costing system.

Raw Material

• Apply inventory valuation and measurement techniques for raw material inventory.

Manufacturing Overhead

• Analyze costs of production and service departments for allocation and apportionment of production costs.
• Calculate predetermined factory overheads rate.

Labour

• Discuss productivity and efficiency measurement in relation to controlling labor costs.
• Explain the concept of remuneration systems, incentive wage plans and types therein.
• Compute the impact of a learning curve on the productivity of employees.

Cost Flow

Process Costing

• Analyze and account for the flow of cost in the process costing system.
• Analyze and account for normal and abnormal loss, abnormal gain and cost of rework in process costing.
• Apply inventory valuation techniques on work in process and finished goods in process costing system.
• Analyze and account for the cost of joint and by-product.

Target Costing

• Apply the target costing tools to given scenarios.

Variance Analysis

• Compute standard rates of material, labour and factory overhead.
• Analyze different variances.

Cost Management Planning and Decisions

Cost-Volume-Profit

• Analyze cost-volume-profit to support decision making

Special Orders

• Analyze incremental cost-benefit and contribution margin for a special order.

Make or Buy Decisions

• Analyze incremental cost-benefit and contribution margin to take product mix, make or buy decision.

Further Processing Decisions

• Analyze incremental cost-benefit for further processing decision.

Shut Down and Product Discontinuation Decisions

• Analyze cost-benefit to take shut down and product continuation or discontinuation decisions.

Economic Order Quantity (EOQ)

• Calculate EOQ

Safety Stock and Re-order level

• Calculate safety stock and re-order levels.

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