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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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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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