BUSINESS COST ACCOUNTING

Unit

Contents

Hours

1

Introduction

1.1 Origin of Costing

1.2 Concept of Cost, Costing, Cost Accounting, Cost   Accountancy       and Management Accounting

1.3 Cost Accounting Standard: Meaning, Definition and Introduction

1.4 Objectives of Cost Accounting

1.5 Advantages and Limitations of Cost Accounting

1.6 Cost Units and Cost Centers

1.7 Role of a Cost Accountant in Business

08

2

Elements of Cost, Cost Sheet and Material Accounting

2.1 Elements of Cost: Material, Labour and Expenses

2.2 Classification of Cost

2.3 Preparation of Cost Sheet (With Adjustments and Problems)

2.4 Estimate, Tender and Quotation: Meaning Significance and       Difference between Estimate - Tender - Quotation

2.5 Material Accounting - Store Location and Layout

2.6 Bin Card and Store Ledger

2.7 Issue of Material and Pricing Methods for Issue of Material       (With Problem)

4.6.1- First in First Out (FIFO)

4.6.2- Last in First Out (LIFO)

4.6.3- Simple Average Method

2.8 Use of Software in Material Accounting

12

3

Purchase Procedure and Inventory Control

3.1 Need and Essentials of Material Control

3.2 Role of Purchase Department in Business

3.3 Purchase Procedure and Documentation

3.4 Meaning of Inventory

3.5 Methods of Inventory Control

3.6 Stock Levels

3.7 Economic Order Quantity (EOQ)

3.8 ABC Analysis

3.9 Physical Verification of Inventory

3.10 Inventory Turnover Ratio

Unit

Contents

Hours

1

Introduction

1.1 Origin of Costing

1.2 Concept of Cost, Costing, Cost Accounting, Cost Accountancy        and Management Accounting

1.3 Cost Accounting Standard: Meaning, Definition and Introduction

1.4 Objectives of Cost Accounting

1.5 Advantages and Limitations of Cost Accounting

1.6 Difference between Financial Accounting and Cost Accounting

1.7 Cost Units and Cost Centers

1.8 Role of a Cost Accountant in Business

15

2

Elements of Cost and Cost Sheet

2.1 Elements of Cost: Material, Labour and Expenses

2.2 Classification of Cost

2.3 Segregation of Cost into Elements

2.4 Proforma of Cost Sheet

2.5 Preparation of Cost Sheet (With Adjustments and Problems)

2.6 Estimate, Tender and Quotation: Meaning Significance and         Difference between Estimate - Tender - Quotation

15

3

Purchase Procedure and Inventory Control

3.1 Need and Essentials of Material Control

3.2 Role of Purchase Department in Business

3.3 Purchase Procedure and Documentation

3.4 Meaning of Inventory

3.5 Methods of Inventory Control

3.6 Stock Levels

3.7 Economic Order Quantity (EOQ)

3.8 ABC Analysis

3.9 Physical Verification of Inventory

3.10 Inventory Turnover Ratio

15

4

Material Accounting

4.1 Material as an Element of Cost

4.2 Store Location and Layout

4.3 Classification and Codification of Material

4.4 Store and Material Records

4.5 Bin Card and Store Ledger

4.6 Issue of Material and Pricing Methods for Issue of Material        (With Problem)

4.6.1- First in First Out (FIFO)

4.6.2- Last in First Out (LIFO)

4.6.3- Simple Average Method

4.6.4- Weighted Average Method

4.7 Use of Software in Material Accounting

15