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Unit 1: |
Concept and Nature of Cost AccountingConcept of cost and costing, Importance and features of costing, Cost classification, Concept of cost unit, cost center, meaning of ‘unit’ from the view point of producer, Establishment of an ideal cost accounting system, Cost Reduction, Cost Control, Installation of Costing System, Application of IT in Cost Accounting. Preparation of Cost Sheet for manufacturing and service sector. Material CostDirect and indirect material, Valuation of materials, Principles of valuation of material as per AS- 2/ Ind AS- 2; CAS- VI, Material control, purchases, Objectives and functions of purchase department, Inventory control: Meaning and techniques including latest techniques like Just in Time (JIT) Inventory Management, Kanban, Kaizen, Determination of Economic Order Quantity (EOQ). Inventories Valuation: Meaning. Significance of inventory valuation. Methods of computing inventory: FIFO, LIFO and Weighted Average. Treatment of waste, scrap, spoilage, defective and obsolesce. |
Unit 2: |
Employee Cost and OverheadsMeaning and classification of employee cost, Requisite of a good wage and incentive system, Time and piece rate plans, Profit sharing, Employee productivity and cost. Labor cost control – techniques, Employee turnover, Remuneration and Incentive schemes (Rowan & Halsey Plan only). Overheads: Definition and classification, Production overheads – allocation and apportionment of cost, Meaning and Methods of cost absorption, Treatment of over- absorption& under-absorption of overheads, Administration and selling & distribution overheads – methods of ascertainment, Treatment of Research & Development cost in Cost Accounting.
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Unit 3: | Methods of Costing: Job Costing, Batch Costing and Process Costing
Meaning of Job Cost, its application and accounting, Preparation of Job cost sheet. Meaning of Batch Cost and its application in today’s industry. Meaning and application of process costing, Methods of determination of cost in process costing, Normal and abnormal loss and gain, Inter process costing and profit ascertainment. Choice between process and job costing. |
Unit 4: |
Methods of Costing: Contract Costing, Service CostingMeaning, features and types of contract, Methods of cost determination in contract costing, Escalation clause and cost-plus contract. Meaning and scope of service costing, Factors in ascertaining service cost, Ascertainment of service cost of following services: Transport, Hospital, Canteen, Hotel.
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Unit 5: |
Activity Based Costing (ABC)Concept, significance and salient features; Stages and flow of costs in ABC; Basic components of ABC - resource drivers and cost drivers; Application of ABC in a manufacturing organisation and service industry.
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Books Recommended:
Concept of cost and costing, Importance and features of costing
file:///C:/Users/CUTM/Desktop/Courseware%20data%20Cost%20Accounting/Module%201/1.pdf
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
Meaning and Definition of Materials, Material cost and Valuation of Materials
Link: 7.pdf
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
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 […]