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Unit 1: | Introduction
Meaning, objectives and advantages of cost accounting; Difference between cost accounting and financial accounting; Cost concepts and classifications; Elements of cost; Installation of a costing system; Role of a cost accountant in an organisation
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Unit 2: | Elements of Cost: Material and Labour
a. Materials: Material/inventory control techniques. Accounting and control of purchases, storage and issue of materials. Methods of pricing of materials issues — FIFO, LIFO, Simple Average, Weighted Average, Replacement, Standard Cost. Treatment of Material Losses b. Labour: Accounting and Control of labour cost. Time keeping and time booking. Concept and treatment of idle time, over time, labour turnover and fringe benefits. Methods of wage payment and the Incentive schemes- Halsey, Rowan, Taylor’s Differential piece wage.
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Unit 3: | Elements of Cost: Overheads
Classification, allocation, apportionment and absorption of overheads; Under- and overabsorption; Capacity Levels and Costs; Treatments of certain items in costing like interest on capital, packing expenses, bad debts, research and development expenses; Activity based cost allocation. |
Unit 4: | Methods of Costing
Unit costing, Job costing, Contract costing, Process costing (process losses, valuation of work in progress, joint and by-products), Service costing (only transport). |
Unit 5: | Book Keeping in Cost Accounting
Integral and non-integral systems; Reconciliation of cost and financial accounts |
Books Recommended:
Introduction to Cost Accounting, What is Cost Accounting? Objectives of Cost Accounting, Scope of Cost Accounting, Advantages of cost accounting
Difference between cost accounting and financial accounting
Cost concepts, Cost classifications, Elements of cost, Direct & Indirect Material, Direct & Indirect Labour, Direct & Indirect Expenses
Preparation of cost sheet, Installation of a costing system
Role of a cost accountant in an organization
Meaning and classification of materials
Meaning of Inventory or material control, Objectives of inventory control
Accounting and control of purchases, storage and issue of materials
Methods of pricing of materials issues — FIFO, LIFO,
Methods of pricing of materials issues- Simple Average, Weighted Average
Replacement, Standard Cost.
Treatment of Material Losses
Introduction and concept of Accounting and Control of Labour Cost
Time Keeping and Time Booking, Idle Time
overtime, labour turnover and fringe benefits.
Concepts of Methods of wage payment and the Incentive schemes
Halsey Plan, Rowan Plan, Taylor’s Differential Piece Wage
Case Study Analysis & Discussion
Classification of Overheads
allocation, apportionment of Overheads
absorption of overheads; Under- and overabsorption
Capacity Levels and Costs
Treatments of certain items in costing like interest on capital, packing expenses,
Treatments of certain items in costing like bad debts, research and development expenses
Activity-based cost allocation
Introduction to methods of costing
Introduction and concept of Unit costing and job costing
Introduction and concept of contract costing
Process costing (process losses, valuation of work in progress, joint and by-products)
Introduction and concept of Service costing
Book Keeping in Cost Accounting Integral and non-integral systems
Cont. Book Keeping in Cost Accounting Integral and non-integral systems
Reconciliation of cost and financial accounts
Cont. Reconciliation of cost and financial accounts
Ajitav Acharya is working as a faculty at at at Centurion University of Technology and Management, Bhubaneswar. He is having more than 10 years of experience in academics and industry. He is currently pursuing his Ph.D. at Utkal University. He has completed his MBA (Finance and Marketing) from Siksha ‘O’ Anusandhan University, MCom and Bcom […]
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