The objective of this course to understand costing procedure involved in cost ascertainment system.
COURSE OUTCOMES (COs):
Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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ATG 217 |
Advanced Cost Accounting |
CO 73:Analyse the cost ascertain, reduce and control cost in service industries and processing sectors. CO 74: Evaluate the profits disclosed by financial and cost accounting to facilitate reconciliation. CO 75: Investigate how cost-volume-profit are related and use CVP analysis as a planning and decision making aid CO 76: Analyze and evaluate information for cost ascertainment, planning, control and decision making CO 77: Evaluate the appropriate method of costing and apply it in real life situations with the help of simple case studies. |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, assignments.
Learning activities for the students: Self learning assignments, Effective questions, Giving tasks, Solving numerical problems
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Individual projects |
Meaning of Service Cost, Service costing in case of Transporters, Boiler house, Hospitals, Canteens and Hotels.
Reconciliation of Cost & Financial Statements: Causes of differences, Procedure of Reconciliation of the results of Cost and Financial Accounts, Reconciliation Statement and Memorandum Reconciliation Account.
Meaning ofProcess costing, Procedure Treatment of Normal and Abnormal Loss and Abnormal Gains, Valuation and Accounting of Completed Process Stocks,
Inter process profit
Joint and By Product Costing: Methods of treatment of By- product, Methods of apportionment of Joint Cost
Treatment of W.I.P. on FIFO and Weighted Average Method.
Cost Control Accounts: Costing Books, Advantages and disadvantages, Ledgers to be maintained, Journal Entries.
Integrated accounts: Integrated Accounting, Procedure, Integrated accounts vs. Cost and Financial accounts.
Marginal cost, Stock valuation under marginal costing versus differential costing and absorption costing .Cost Volume Profit Analysis: break even analysis, Break even chart, Cost indifference point
Decisions based on Marginal Costing like Make or Buy, Retain or Replace Asset, Own or Lease, Shut down or Continue, Capturing foreign market, Dropping or adding a product, Determining the most beneficial product mix, Selection of Equipments.
Note- The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless