Cost and Management Accounting

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Priyanka Singh & Raj Kumar Singh

According to the syllabus of ‘University of Rajasthan, Jaipur’
 
COST AND MANAGEMENT ACCOUNTING
 
Unit l
Introduction to Cost Accounting: Meaning and Definition, Scope and Use of Cost Accounting, Cost Centre, Cost Accounting and Financial Accounting, Cost Concepts, Classification of Costs.
 
Elements of Cost: Material, Labour and Expenses, Direct Material Cost-Meaning, Purchase and Stores Routine, Methods of Pricing Material Issues, Wastage, Scrap Spoilage and Defectives, Inventory Control techniques, Direct Labour Cost-Meaning, Remuneration Methods, Labour-turnover, Treatments of Idle Time, Overtime Premium, Employees Welfare Costs and Fringe Benefits.
 
Unit II
Overheads: Introduction, Direct Expenses, Steps in Accounting of Overheads, Classification of Overheads, Techniques for Separation of Fixed and Variable Costs, Allocation and in Proportion of Overheads, Absorption of Overheads-methods of Overheads, Absorption, Over Absorption and Under-absorption of Overheads.
 
Costing Methods: Output Costing.
 
Unit III
a) Management Accounting: Meaning, Nature, Scope of Management Accounting, Tools and Techniques of Management Accounting, Functions of Management Accountant, Installation of Management Accounting System, and Limitations of Management Accounting.
 
b) Application of Marginal Costing in Decision-Making, Fixation of Selling Price, Make or buy Decision. Dropping a Line or Product, Retain or Replace, Own or Lease, Selling in Foreign Market.
 
Unit IV
Cost Control Techniques:
a) Budgeting: Introduction, Comprehensive/Master Budget, Fixed and Flexible Budget, Cash Budget, Functional Budgets.
 
b) Standard Costing: Introduction, Cost Variance Analysis, Material Variance and Labour Variance.
 
Unit V
a) Responsibility Accounting.
b) Activity Based Costing.
UOR2018/BBA/III/01
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