Cost Accounting

                                                                                                       Syllabus

                                                                                         5T2: Cost Accounting

Unit - I

Cost Accounting

Meaning, Importance, Element of Cost, Cost-Absorption, Allocation of Overheads and Methods of costing, Difference between Cost Accounting and Financial Accounting. Simple Problems on Cost Sheet, Tender and Quotations.  (Theory & Numericals)

Unit - II

Reconciliation of Profit /Loss shown by Cost and Financial Accounts

Need for reconciliation of profit, reason for the difference between cost accounts and financial accounts, objectives of reconciliation Statement, methods of preparation of reconciliation statement. (Theory & Numericals)

Unit - III

Process Cost Accounting

Methods of costing, advantages and limitations of process costing, difference between job costing and process costing, Normal loss, Abnormal loss and Abnormal effectives,  (Theory & Numericals)

Unit - IV

Contract Costing

Features of contract costing, Types of contracts, Elements of contract cost, Nature of contract- completed contract, incomplete contract (Theory & Numericals)