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Parent Programme
Bachelor of Business (Level 7 NFQ)
NFQ Level & Reference
Level 6 / Ref: M2.1
Duration
12 weeks X 2.5 Hours per week
MODULE TITLE
Management and Cost Accounting
STAGE
2
Module Credit Unit
ECTS: 5

Management & Cost Accounting Module

The role of Management and Cost Accounting

A key objective is to assess business performance using Management and Cost Accounting models and interpret the results to identify areas for improvement. Learners will apply management accounting principles to emphasise the importance of costs and cost drivers in producing, analysing, and using information for decision-making in organisations.

The module will provide competencies in analysing information on costs, volumes, and prices. Learners will be equipped to make informed short-term decisions on products and services, utilizing their ability to evaluate cost-related data effectively. This comprehensive understanding will enable them to contribute to strategic and operational decision-making processes within a business.

Indicative Syllabus Content

Cost classification, Behaviour and Purpose

  • For planning, control and decision making
  • Classification of costs – production, non-production, direct and indirect
  • Cost behaviour patterns – fixed, variable, semi-variable, stepped costs
  • Techniques for identifying fixed / variable elements in costs, High-Low Method

Materials and Inventory Control

  • Inventory – valuation, pricing methods, First in First Out (FIFO),
  • Last in First Out (LIFO), Average Cost Method (AVCO), inventory control

Labour Costs

  • Labour – direct and indirect

Overhead Apportionment and Allocation

  • Overheads – direct and indirect expenses, overhead cost analysis, overhead apportionment, absorption rates, product and job costing

Marginal and Absorption Costing

  • Concept and importance of contribution
  • Inventory valuation under both methods
  • Profit determination under both methods
  • Reconciliation of profits under both methods

Budgeting

  • Concept, construction and understanding of Cash Budgeting

Minimum Intended Learning Outcomes (MIMLOs)

Upon successful completion of this module, the learner should be able to:
MIMLO1
Describe and discuss the role of the management accountant and their contribution to the achievement of changing organisational objectives
MIMLO2
Identify and explain cost and revenue classifications and cost behaviour patterns.
MIMLO3
Explain the differences between Management and Financial Accounting.
MIMLO4
Apply the theories of cost accounting to the modern business environment
MIMLO5
Identify the elements of cost for job costing purposes
MIMLO6
Explain the cost structures of businesses.

Assessment

MIMLOs
Assessment
Percentage
1, 2, 3, 4, 5, 6
Proctored practical examination
Total 100%
Final Written Examination
All Assessments

Reassessment Opportunity

Where the combined marks of the assessment and examination do not reach the pass mark the learner will be required to repeat the element of assessment that they failed. Reassessment materials will be published on Moodle after the Examination Board Meeting and will be aligned to the MIMLOs and learners will be capped at 40% unless there are personal mitigating circumstances.

Aims & Objectives

The aim of this Management and Cost Accounting module is for learners to understand how the key costs of any business (materials, labour and overheads) interact at different levels of activity in the business.

  • Conduct an assessment of business’s performance using Management & Cost Accounting models.
  • Interpret the results of Management & Cost Accounting models to help identify areas for business improvement.
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