UBMSFSII.5 : INTRODUCTION TO COST ACCOUNTING

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[50 lectures: 3 Credit]

 

 

 

Objectives of the Course:

  1. To enable the students to understand the principles and procedure of cost accounting and to apply them to different practical situations.
  1. The primary objective of the course is to familiarize the students with the basic cost concepts, allocation and control of various costs and methods of costing.

 

 

Units Name of the topic   No. of
      lectures
       
Unit I Introduction to Cost Accounting:   10
  a) Meaning, Nature and scope    
  b) Objective of Cost Accounting    
  c) Financial Accounting v/s Cost Accounting    
  d) Advantages and disadvantages of Cost Accounting    
  e) Cost classification (concept only)    
  f) Types of costing- Job, process, batch and contract    
  (concept only)    
  g) Installation of Cost Accounting System.    
       
Unit II Elements of Cost:   20
  a) Material- Introduction, motives of holding stock, stock    
  valuation (FIFO & weighted average method), maintenance of  
  stock levels.    
  b) Labour- Introduction, labour remuneration    
  (Time rate & Price rate), labour turnover    
  c) Overheads- Introduction, classification of overheads,    
  Distribution/Appointment of overheads    
  d) Introduction to concept  of  absorption  costing- Under  
  absorption/over absorption of overheads (concept only)    
  e) Determination of total cost/ composition of selling price/    
  cost sheets /translation, valuation of closing stock    
  /Estimated/Tender/Offer (Basic numericals)    
Unit III Reconciliation between Cost and Financial records:   10
  Meaning and Definition, Need for Reconciliation, causes of    
  disagreement, procedure and preparation of Statement of    
  Reconciliation.    
       
Unit IV Elementary principles and techniques of Marginal Costing   10
  1)Elementary principles of Marginal Costing- Meaning, features of  
  Marginal Costing, Advantages of Marginal Costing, Limitations of  
       

 

Marginal Costing and Concept of Profit.

  • Techniques of Marginal Costing – Contribution, Profit-volume Ratio, Breakeven point, Margin of Safety, Cost-volume-profit Analysis.
  • Basic problems on managerial decision making (Buy or Sell)
  • Budgetary Control: Basic: Budget, Purchase and Sell Budget.

 

 Reference Books:

  1. Management Accounting I.M. Pandey Vikas Publishing
  2. Cost Accounting C.S. Rayudu Tata McGraw Hill and Co. Ltd, Mumbai
  3. Cost Accounting Theory and Practice M.N. Aurora S. Chand & Co. (P) Ltd., New Delhi
  1. Cost Accounting A Managerial Emphasis Horngren, Charles, Foster and Datar, Prentice Hall of India
  1. Advanced Problems and Solutions in Cost Accounting, Maheshwari S.N., S.Chand and Co.

(P) Ltd., New Delhi

  1. Cost Accounting Jain S.P., Narange K.L. Kalyani, New Delhi
  2. Cost Accounting and Financial Management Ravi M. Kishore Taxman’s
  1. Principles of Cost Accounting Vanderbeck Thomson learning
  2. Cost Accounting –Tulsian P.C. –Tata McGraw Hills.
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1 Comment
  1. Manish 3 years ago

    Can I get online lectures of BMS

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