The objective of this course is to familiarize students with basic costing concepts and tools used in cost accounting
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/BSG/FSG /BSR/FSM/ HRG/IBG 112 |
Cost Accounting |
CO 6: Examine the items of expenditure to identify the different types of cost in a manufacturing unit. CO 7:Evaluate the material cost and labour cost and justify the use of various inventory control methods and wage rate system CO 8:Analyze the overheads for its proper apportionment, allocation and absorption CO 9: Create cost sheet for effectively ascertaining the cost of products using Unit costing method. CO 10:Analyse different types of cost related to contracts and be able to compute the Cost of construction contracts |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, Reading assignments & Solving Questions.
Learning activities for the students: Self learning assignments, Effective questions, Seminar presentation, Giving tasks. |
Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group Projects |
Meaning and definition of cost accountancy, Nature and Scope of Cost Accounting, Cost Concepts, Distinction between Financial and Cost Accounting. Elements of Cost, Cost Statements: An Introduction
Introduction to Cost accounting standards: Objectives and advantages of cost accounting standards
Material: Material Cost Management, Need for Efficient Purchasing, Storing of Materials, Methods of Inventory Control, Some Specific Techniques Related to Operating Control System viz. ABC Analysis, VED Analysis, JIT, FSN, Material Cost and its Components, Economic Order Quantity, Inventory Levels i.e. Reorder Level, Maximum Stock Level, Minimum Stock Level, Average Stock Level, Methods of Issue Pricing i.e. LIFO, FIFO, Simple Average, Weighted Average, HIFO, Standard Price And Base Stock Method.
Recruitment, Recording of time and wages, Time Keeping and Time booking, Job Evaluation and Merit rating, Labour Turnover: meaning and nature, Methods of calculating Labour Turnover, Methods of remunerating Labours, Incentive Plans, Allocation of wages, Idle Time: meaning and causes, Treatment of idle time, Over time.
Meaning, Collection, Classifications, Apportionment, Allocation and Absorption of overheads; Treatment of interest on capital, research and development expenses
Cost Sheet, adjustments in cost sheet, Treatment of Scrap, defectives, Absorption of overheads and calculation of Tender price, Job Costing.
Contract accounting, Methods of determining contract price, Escalation clause, Profit on uncompleted contracts and different Types of problems related to contract.