Concept of Cost-Cost Accounting – Meaning - Definition -Objectives – Fundamental Principles-Relationship of Cost Accounting with Financial Accounting-Advantages and Limitations –Classification of Cost- Methods and Techniques of Costing – Preparation of Cost Sheet and Tender.
Meaning-Objectives of Material Control-Advantages of Material Control –Scope of Material Control –Essential Features of Material Control – Material Control Techniques – Stock Levels - Economic Order Quantity – ABC Analysis. Stores Control: Stores Ledger Vs Bin Card – Pricing Materials Issues: FIFO, LIFO, Simple and Weighted Average Method.
Introduction-Types of Labour Cost- Methods of Time Keeping-Methods of Time Booking-Normal Idle Time-Abnormal Idle Time – Methods of Labour Turnover Method of Labour Remuneration: Time Rate and Piece Rate System - Incentives Schemes: Halsey, Rowan, Taylor and Merrick –Calculation of Wages –Diffential Piece Rates
Meaning – Classification of Overheads - Classification Elements, Function, Behavior –Allocation of Overheads- Apportionment –Re-apportionment-Primary Distribution Method – Secondary Distribution Method – Absorption of Overheads – Methods – Under Absorption and Over Absorption.
Introduction-Features of Process Costing-Distinction between Process Costing and Job Costing – Process Loss – Wastage, Scrap, Normal Loss – Abnormal Loss, Abnormal Gain (Excluding Inter Process Profits and Equivalent Production, Joint and By-Product) - Reconciliation of Cost and Financial Accounts: Need-Reason for differences-Preparation of Reconciliation Statement
Reference Book:
1. R.S.N. Pillai, V.Bhagavathi,”Cost Accounting” S.Chand & Co.Ltd., New Delhi , 2016.ISBN:978812190493 2. S.P. Jain & K.L. Narang ,”Cost Accounting”,Kalayani Publishers New Delhi ,Twenty Fifth Revised Edition, 2015.ISBN-978-93-272-4101-3
Text Book:
TEXT(S) 1. A.Murthy S.Gurusamy”Cost Acconting”Vijay Nicole Imprints Private Limited.,Chennai,2014,ISBN:978-81-8209-200-6