Cost accounting – Definition – Meaning – Scope – Objectives, Advantages and Limitations – Difference between Cost accounting and financial 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 Taking.

Labour Control: Productive and Idle labour – Methods of wage payment: Time rate and Piece 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 by product). Job Costing –contract costing- Operating costing: Transport Reconciliation of cost and financial accounts.