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Cost

This document outlines the objectives and units of study for a course in cost accounting. The objective is to familiarize students with cost concepts, elements of cost, and cost accounting systems. The course is divided into 5 units that cover material cost control, labor cost control, overhead cost control, and reconciliation of cost and financial accounts. Key areas of study include inventory control techniques, labor remuneration methods, allocation and distribution of overheads, and preparing reconciliation statements. The skills developed include classifying costs, identifying service sector cost elements, estimating product costs, and documenting materials handling processes.

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0% found this document useful (0 votes)
2K views1 page

Cost

This document outlines the objectives and units of study for a course in cost accounting. The objective is to familiarize students with cost concepts, elements of cost, and cost accounting systems. The course is divided into 5 units that cover material cost control, labor cost control, overhead cost control, and reconciliation of cost and financial accounts. Key areas of study include inventory control techniques, labor remuneration methods, allocation and distribution of overheads, and preparing reconciliation statements. The skills developed include classifying costs, identifying service sector cost elements, estimating product costs, and documenting materials handling processes.

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vishwanath c
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4.

4 COST ACCOUNTING OBJECTIVE The objective of this subject is to familiarize


students with the various concepts and element of cost
. Unit 1: INTRODUCTION TO COST ACCOUNTING 10 Hrs Introduction Meaning &
Definition of Cost, Costing and Cost Accounting Objectives of Costing - Comparison
between Financial Accounting and Cost Accounting Designing and Installing a Cost
Accounting System Cost Concepts - Classification of Costs Cost Unit Cost
Center Elements of Cost Preparation of Cost Sheet Tenders and Quotations.
Unit 2: MATERIAL COST CONTROL 15 Hrs Meaning Types: Direct Material, Indirect
Material. Material Control Purchasing Procedure Store Keeping Techniques of
Inventory Control Setting of Stock Levels EOQ ABC Analysis VED Analysis
Just In-Time Perpetual Inventory System Documents used in Material Accounting
- Methods of Pricing Material Issues: FIFO, LIFO, Weighted Average Price Method and
Simple Average Price Method - Problems.
Unit 3: LABOUR COST CONTROL 10 Hrs Meaning Types: Direct Labour, Indirect
Labour - Timekeeping Time booking Idle Time Overtime Labour Turn Over.
Methods of Labour Remuneration: Time Rate System, Piece Rate System, Incentive
Systems (Halsey plan, Rowan Plan & Taylors differential Piece Rate System)
Problems
Unit 4: OVERHEAD COST CONTROL 15 Hrs Meaning and Definition Classification of
Overheads Procedure for Accounting and Control of Overheads Allocation of
Overheads Apportionment of Overheads Primary Overhead Distribution
Summary Secondary Overhead Distribution Summary Repeated Distribution
Method and Simultaneous Equations Method Absorption of Factory Overheads
Methods of Absorption Machine Hour Rate Problems.
Unit 5: RECONCILIATION OF COST AND FINANCIAL ACCOUNTS 10 Hrs Need for
Reconciliation Reasons for differences in Profit or Loss shown by Cost Accounts and
Profit or Loss shown by Financial Accounts Preparation of Reconciliation Statement
and Memorandum Reconciliation Account. SKILL DEVELOPMENT Classification of
costs incurred in the making of a product. Identification of elements of cost in
services sector. Cost estimation for the making of a proposed product.
Documentation relating to materials handling in a company. Collection and
Classification of overheads in an organization. Developing a case for
reconciliation.
BOOKS FOR REFERENCE 1. N.K. Prasad: Cost Accounting 2. Nigam & Sharma: Cost
Accounting 3. Khanna Pandey & Ahuja Practical Costing 4. M.L. Agarwal: Cost
Accounting 5. Jain & Narang: Cost Accounting 6. Palaniappan and Hariharan : Cost
Accounting I.K. International Publishers

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