Cost Accounting
Teacher
DR. RUPSA MAHAPATRA
Category
Core Courses
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Course Name : Cost Accounting
Code(Credit) : CUTM1950 (4+0+2)
Course Objectives
- The course aims to develop understanding among learners about contemporary cost concept and rational approach towards cost systems and cost ascertainment.
- The course also aims to provide knowledge about various methods of cost determination under specific situations and to acquire the ability to use information determined through cost accounting for decision making purpose.
Course Outcomes
- Determine various types of cost of production;
- Compute Module cost and total cost of production and prepare cost statement;
- Compute employee cost, employee productivity and employee turnover;
- Determine cost under job costing, batch costing, process costing, contract costing and apply activity-based costing for cost determination
- Prepare various budgets and help in decision making.
| COS | COURSE OUTCOMES | MAPPING COS WITH POS (High-3; Medium-2; Low-1) |
| CO1 | Students will be able to determine various types of cost of production;
|
PO1(2), PO2(3) |
| CO2 | Students will be able to Compute Module cost and total cost of production and prepare cost statement;
|
PO2(3), PO3(3) |
| CO3 | Students will be able to Compute employee cost, employee productivity and employee turnover | PO3(3), PO2(2)
|
| CO4 | Students will be able to Determine cost under job costing, batch costing, process costing, contract costing and apply activity-based costing for cost determination
|
PO3(3), PO2(2) |
| CO5 | Students will be able to Prepare various budgets and help in decision making.
|
PO3 (3), PO2 (2) |
Course Syllabus
Module I:
Introduction to cost Accounting
Introduction to cost accounting, Cost ascertainment: Element of Cost: Material costs, Employee costs, direct expenses, Overheads, Cost Accounting Standards (CAS 1 to CAs 24), Cost Book Keeping: Reconciliation of costing and Financial profit, Integrated Accounting System
Module II:
Methods of Costing
Cost concepts and cost sheet, Job costing, Batch costing, Contract costing, Process costing: Normal and abnormal losses, equivalent production, Inter-process profit, Operating costing (Transport, Hotel and Healthcare), Activity Based Costing (ABC), Application of ABC in manufacturing and service industry.
Module III:
Cost Accounting techniques-I
Accounting for Material: Methods of pricing of materials issues: FIFO, LIFO and average. Treatment of Material loss, Techniques of Material control: Level setting, EOQ, ABC Analysis, VED analysis, Perpetual analysis, Perpetual inventory system and just-in-time.
Accounting for Labour and Overheads: Labour cost, labour turnover, idle time, overtime, methods of wage payments and incentive schemes (Halsey, Rowan and Taylor’s differential piece wage plan)
Module IV:
Cost Accounting techniques: II
Accounting for Overheads: Classification, allocation and apportionment of production overheads, Methods of absorption, under absorption and over absorption of overheads.
Cost accounting for Cloud, digital tools for cost management.
Text Books:
- Jain and Narang, (2013), Cost Accounting, Kalyani Publishers
- CA Chhawchharia Ravi, CA Doctor Yash (2022), Cost & Management accounting, Taxmann Books
- Banarjee, B. (2014). Cost Accounting – Theory and Practice. New Delhi: PHI Learning Pvt. Ltd.
- Kishor, R. M. (2019). Taxman’s Cost Accounting. New Delhi: Taxmann Publication Pvt. Ltd.
- Lal, J., & Srivastava, S. (2013). Cost Accounting. New Delhi: McGraw Hill Publishing Co.
Reference Books:
- Mowen, M. M., & Hansen, D. R. (2005). Cost Management. Stanford: Thomson.
- Study Material of CA Course (New) Intermediate Level Paper 3: Cost and Management Accounting
Session Plan
Session 1
Concept of cost and costing, Importance and features of costing
file:///C:/Users/CUTM/Desktop/Courseware%20data%20Cost%20Accounting/Module%201/1.pdf
Session Plan
Session 2
Session Plan
Session 3
Concept of cost unit, cost center, meaning of ‘unit’ from the view point of producer, Establishment of an ideal cost accounting system,
link: 3.pdf
Session Plan
Session 4
Session Plan
Session 5
Session Plan
Session 6
Session Plan
Session 7
Meaning and Definition of Materials, Material cost and Valuation of Materials
Link: 7.pdf
Session Plan
Session 8
Material Control
Link: 8.pdf
Session 9
Inventory Control and EOQ
Link: 9.pdf
Session 10
Session 11
Waste, Scrap, Spoilage etc.
Link: 11.pdf
UNIT II
Session 12
Meaning and classification of employee cost, Requisite of a good wage and incentive system
Link: 1.pdf
Session 13
Wage and Incentive System, Time and Piece Rate Plans, Profit Sharing, Employee
Productivity and Cost
Link: 2.pdf
Session 14
Session 15
Session 16
Overheads: Meaning, Classification, Function
Link: 5.pdf
Session 17
Overhead Distribution, Basis Of
Apportionment
Link: 6.pdf
Session 18
Session 19
Treatment of Research and Development cost in Cost Accounting
Link: 8.pdf
UNIT III
Session 20 and 21
Session 24 and 25
Process Costing
Link: file:///C:/Users/WINDOWS10/Desktop/Module%203/Process%20Costing.pdf
Session 26, 27 and 28
Difference between process and job costing
Normal and abnormal Loss
Link: file:///C:/Users/WINDOWS10/Desktop/Module%203/Normal%20and%20Abnormal%20Loss.pdf
Session 29 and 30
Unit : IV
Contract Costing
Types of Contract Costing
Link: file:///C:/Users/WINDOWS10/Desktop/Module%204/contract%20costing.pdf
file:///C:/Users/WINDOWS10/Desktop/Module%204/Types%20of%20contract%20costing.pdf
Session 31 and 32
Composite Cost Unit
Link: file:///C:/Users/WINDOWS10/Desktop/Module%204/composit%20cost%20unit.pdf
Session 33 and 34
Service costing
Link: file:///C:/Users/WINDOWS10/Desktop/Module%204/service%20costing.pdf
Session 35
Costing of Hospitals
Link: file:///C:/Users/WINDOWS10/Desktop/Module%204/costing%20of%20hospitals.pdf
Session 36
Costing of Hotels
Link: file:///C:/Users/WINDOWS10/Desktop/Module%204/costing%20of%20hotels.pdf
Session 38
Components of ABC
Link: file:///C:/Users/WINDOWS10/Desktop/Module%205/Cost%20allocation%20under%20ABC.pd
Session 39 and 40
Cost allocation under ABC
Link: file:///C:/Users/WINDOWS10/Desktop/Module%205/Cost%20allocation%20under%20ABC.pdf
Projects:
Preparation of Cost Sheet
Our Main Teachers
Dr. Mahapatra is working as an Assistant Professor (Finance) at Centurion University of Technology & Management. She holds a master’s degree in finance from Ravenshaw university. After that she did her Master in Philosophy degree (M.Phil. in Management) from Ravenshaw University. She has also completed her Ph.D. in Commerce from Ravenshaw University. She has more […]