COST AND MANAGEMENT ACCOUNTING
Unit I :
Introduction : Meaning, Objectives and Advantages of Cost Accounting, Difference between Financial, Cost and Management Accounting and Cost Concepts and Classifications, Role of a Cost Accountant in an Organization.
Unit II :
Elements of Cost
(a) Materials : Material/Inventory Control-Concept and Techniques, Accounting and Control of Purchases, Storage and Issue of Materials, Method of Pricing of Materials Issues—FIFO, LIFO, Simple Average, Weighted Average.
(b) Labour : Accounting and Control of Labour Cost, Time Keeping and Time Booking, Concept and Treatment of Ideal Time, Over Time, Labour Turnover and Fringe Benefits.
(c) Overhead : Classification, Allocation, Capacity Cost, Treatment of Certain Items in Costing Machine Hour Rate.
Unit III :
Methods of Costing Unit Costing, Job Costing, Contract Costing, Process Costing (Process Losses, Valuation of Work in Progress, Joint and by-Products) Service Costing (Only Transport), Reconciliation of Cost and Financial Accounts.
Unit IV :
Budgeting and Budgetary Control : Concept of Budget and Budgetary Control, Objectives, Merits and Limitations, Types of Budgets.
Unit V :
Absorption Versus Variable Costing : Distinctive Features and Income Determination. Cost-Volume Profit Analysis : Break-even Analysis-Algebraic and Graphic methods. Contribution/Sales Ratio, Key Factor. Margin of Safety. Angle of Incidence. Introduction of Fund Flow and Cash Flow Analysis.
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