Cost Accounting 2024

Unit I
Cost accounting – Definition – Meaning and Scope – Concept and Classification – Costing an aid to Management – Types and Methods of Cost – Elements of Cost– Preparation of Cost Sheet and Tender
Unit II
Material Control: Levels of material Control – Need for Material Control – Economic Order Quantity – ABC analysis – Perpetual inventory – Stock Levels– Purchase and stores Control: Purchasing of Materials – Procedure and documentation involved in purchasing
– Requisition for stores – Stores Control – Methods of valuing material issue.
Unit III
Labour: System of wage payment – Idle time – Control over idle time – Labour turnover. Overhead – classification of overhead – allocation and apportionment of overhead – Primary and secondary distribution of overhead – absorption of overhead – overhead absorption rate – under or over absorption of overhead.
Unit IV
Process costing – Features of process costing – process losses, wastage, scrap, normal process loss – abnormal loss, abnormal gain (Excluding inter process profits and equivalent production)
Unit V
Operating Costing – Transport costing – Contract costing – Reconciliation of Cost and Financial accounts