Cost Accounting – Meaning - Definition – Scope – Objectives - Advantages and Limitations - Difference between Financial and Cost Accounting – Elements of Costing – Preparation of cost sheet and tender.
Material Control: Purchasing procedure – Need for Material Control – Essential Features of Material Control – Material 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 – Method 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.
Overheads: Meaning – Classification - Classification Elements, Function, Behaviour – Sources of overheads – Allocation, Apportionment – Primary Distribution Method – Secondary Distribution Method – Absorption of Overheads – Methods – Under Absorption and Over Absorption .
Process Costing: Features – Process Costing – 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.
Reference Book:
1. Pillai, Bagawathi – Cost Accounting – S.Chand& Co – 2018 - ISBN 13: 9788121904933 2. Maheswari SN and Mittal – Elements of Cost Accounting – Sultan Chand & sons 2016- ISBN-13: 978-9381580332
Text Book:
1. Jain and Narang – Cost Accounting Kalyani Publishers - 2017 -ISBN 13: 9789327218374