Cost Accounting – Meaning – Definition - Scope – Objectives , Advantages and Limitations – Difference between Financial and Cost Accounting – Elements of Cost – Preparation of Cost Sheet and Tender.

Material Control: Purchasing Procedure - Need for Material Control – Essential Features of Material Control – Materials Control Techniques – Stock Levels – Economic Order Quantity - ABC analysis. Stores Control: Stores Ledger Vs Bin Card - Pricing Materials Issues: FIFO, LIFO, Simple and Weighted Average Method – Perpetual Inventory System Vs Continuous Stock .

Labour Control: Productive and Idle Labour – Methods of Wage Payment: Time Rate and Piece Rate System – Incentives Schemes: Halsey, Rowan, Taylor and Merrick – Calculation of Wages - Labour Turnover: Causes – Methods of Labour Turnover

Overhead: Meaning – Classification: Elements, Functions, Behaviour – Sources of Overhead - Allocation, Apportionment – Primary Distribution Method – Secondary Distribution Method - Absorption of Overheads – Methods – Under Absorption and Over Absorption.

Process Costing – Features – Process Losses - Wastage, Scrap, Normal Loss – Abnormal Loss, Abnormal Gain (Excluding Inter Process Profits and Equivalent Production, Joint and By-Product). – Reconciliation of Cost and Financial Accounts.