SYLLABUS

Introduction to Cost Accounting

• Objectives, advantages, limitations

• Types of cost: fixed, variable, direct, indirect

• Cost sheet and classification of expenses

Material Cost

• Purchase procedures, storage, inventory control

• FIFO, LIFO, Weighted Average methods

Labour Cost

• Time-based labour systems, overtime, idle time, incentive schemes

Overheads

• Types of overheads (factory, administration, selling)

• Absorption techniques and allocation bases

Cost Accounting Methods

• Unit cost, job cost, batch cost, contract costing

Marginal & Absorption Costing Techniques

• Contribution, P/V ratio, break-even analysis, & decision making

Budgeting and Budgetary Control

• Types of budgets: fixed vs flexible, cash, production

• Standard Costing and Variance Analysis

Reconciliation of Cost and Financial Accounts