Course Outcome
- Identify and define key concepts and systems of cost bookkeeping, including integrated and non-integrated systems, reconciliation of cost and financial accounts, and the basics of product pricing, cost control, and cost reduction.
- Explain the concepts, mechanisms, and methodologies of cost control and cost reduction, such as inventory control (ABC, VED, FNSD Analysis, EOQ), labour cost control, overhead cost control, and the learning curve. Articulate the role of costs in pricing and understand various pricing methods and strategies.
- Apply cost control, cost reduction, and cost accounting methods, including inventory control techniques, labour productivity measures, and overhead treatment, to practical business scenarios. Implement activity-based costing (ABC) for cost allocation and product pricing decisions.
- Analyze cost information from cost and financial accounts to identify cost drivers and areas for cost reduction. Assess the effectiveness of pricing methods, pricing strategies, and the impact of inflation, target pricing, and pricing for new and established products.
- Critically evaluate the effectiveness of cost control mechanisms, activity-based costing, and pricing strategies for decision-making. Assess the role of different pricing methods and the impact of pricing decisions on profitability and market competitiveness.
