Cost & Management Accounting
This One Week Series is Written in English Language in Question Answer Series According to Mention Syllabus.
Unit 1Introduction to Cost Accounting: Meaning and definition, scope and use of cost accounting, cost centre, cost centre, cost accounting and financial accounting, cost concepts, classification of costs. Elements of Cost: Material, labour and expenses, direct Material cost-Meaning, Purchase and stores routine, methods of Prancing Material issues, wastage, scrap spoilage and defectives, Inventory Control techniques, direct labor cost-Meaning, Remuneration methods, labour-turnover, treatments of idle time, overtime premium, Employees welfare costs and fringe benefits.
Unit II Overheads: Introduction, direct expenses, steps in accounting of overheads, classification of overheads, techniques for separation of fixed and variable costs, allocation and inproportion of overheads, absorption of overheads-methods of overheads, absorption, over absorption and under absorption of overheads. Costing methods: Output costing.
Unit III(a)Management Accounting: Meaning, Nature, Scope of Management Accounting, Tools and Techniques of Management Accounting, Functions of Management Accountant, Installation of Management Accounting System, Limitations of Management Accounting. (b)Application of Marginal Costing in Decision Making. Fixation of Selling Price, Make or Buy Decision. Dropping a line or product, Retain or Replace, own or lease, Selling in Foreign Market.
Unit IV. Cost Control Techniques: (a)Budgeting: Introduction, Comprehensive/Master Budget, Fixed and Flexible Budget. Cash Budget, Functional Budgets. (b)Standard Costing: Introduction, Cost Variance Analysis: Material Variance and Labour Variance.
Unit V. (a)Responsibility Accounting. (b)Activity Based Costing.