Introduction to cost accounting – Meaning and definition – Difference between financial and cost accounting – Nature and significance of cost accounting – Methods of costing – Elements of costing – Cost concepts fixed cost and variable costs – Preparation of cost sheet.

Material: classification and coding of materials fixation of maximum, minimum and reorder levels – Economic order quantity – Purchase procedure – Storage of materials, issue of materials pricing of material issues and returns – Inventory control physical verification – Periodical and perpetual Inventory. LABOUR: Classification of labour – Time keeping – Preparation of pay roll – Wage payment and incentive system – idle time, overtime.

Overhead: Meaning and classification of overheads – Classification according to function – Variability and elements – Steps in overhead accounting – Absorption of overhead cost, difference between cost allocation and apportionment and reapportionment – Predetermined overhead recovery rates – ABC.

Process Costing – features - Comparison between Joint Costing and Process Costing – Process losses – Inter Process Profit - Equivalent Production – Joint products and By-products

Reconciliation of Cost and Financial Accounts – Cost Ledger - Integrated Accounts – Cost Audit under Companies Act – Benefits of Cost Audit – Programmes and Procedures.