Cost and Management

Accounting
Unit 1:
Cost Accounting
 Objectives
 Advantages
 Methods
Unit 2:
Elements of cost
 Material cost
 Labour cost
 Other expenses
 Overheads
Cost Sheet or Statement of cost
 Advantages
Material Control
 Meaning
 Levels of Material Control
 Need/Objectives
 Essentials
 Main Techniques
 Pricing of materials Issued
  Cost price methods
 FIFO
 LIFO
 HIFO
 Standard price methods
 Market Price methods
Labour cost
 Control over labour costs
 Personnel Department
 Engineering Department
 Time keeping Department
 Payroll Department
 Cost accounting Department
 Idle time
 Overtime
 Methods of wage payment
 Time wage rate system
 Piece wage rate system
 Incentive wage rate system
Overheads
 Objectives
 Classification
 Functional classification
 Behavioural classification
 Element-wise classification
 According to controllability
  Absorption of overhead
 Under-absorption and over-absorption of
overheads
 Reason
 Accounting treatment

Unit 3:
Unit or output costing
 Objectives
 Methods of ascertaining cost per unit
 By preparing cost sheet
 Cost sheet
 By preparing cost statement
 Cost statement
 By preparing production account
 Production account

Operating(Service) Costing
 Scope
 Special terminology
 Standing cost or fixed cost
 Maintenance cost
 Running cost or operating charges
Job costing
 Objectives
 Advantages
 Disadvantages
 Batch costing
Contract costing
 Features
 D/b Job costing and contract costing
 Types of Contracts
 Special points in contract costing
 Material cost
 Cost of labour
 Site expenses
 Indirect expenses
 Plant and Machinery
…
Process costing system
 Characteristics
 Application
 Objects
 Elements
 D/b Job costing and process costing
 Advantages
Reconciliation of cost accounts and financial
accounts
 Need for reconciliation

Unit 4:
Budgeting and budgetary control
 Objectives
 Advantages
 Limitations
 D/b budget and forecast
 Kinds of budgets
 Cash flow statement
 Objectives
 Uses/Importance/significance
 Limitations
 D/b cash budget and cash flow statement

Unit 5:
Standard costing and variance analysis
 Meaning
 Characteristics
 Applicability
 Standard costing Vs Budgetary control
 Advantages
  Limitations
 Variance analysis
 Uses
Unit 6:
Marginal Costing and Break even analysis
 Meaning
 Characteristics
 Assumptions
 Absorption costing / Total costing
 D/b marginal costing and absorption costing
 Advantages of marginal costing
 Limitation of marginal costing
 Cost-Volume-Profit(CVP) Analysis or Break even
analysis
 Break-even point
 Break-even chart
 Angle of incidence