Meaning – CostVs Financial Accounting -Cost Vs ManagementAccounting -Installation of costing system – Classification of cost – Costing Techniques and Methods - Elements of Cost -PreparationofCost Sheet.

Material Control:Levels of material Control–Techniques of fixing level of stocks -Minimum,Maximum,Re-Order point,Safety stock–Economic Order Quantity–ABC analysis–Perpetual inventory – Purchase and stores Control: Purchasing of Materials – Procedure and documentation involved in purchasing – Requisition for stores – Stores Control – Methods of valuing material issue – FIFO,LIFO,Simple average,weighted average and base stock method.

Labour: System of wage payment – Idle time – Control over idle time –Labour turnover.Overhead –Elements-Classification of overhead–allocation and absorption of overhead

Job costing–Batch Costing-Contract Costing-Unit/Output Costing–Service(Operating)Costing

Concepts - Types of Budgets- Budgetary Control Vs Standard Costing -Advantages and limitations-Preparation of Budgets-Zero Based Budgeting(ZBB).