Coming soon
Cost Accounting
This course will enable the students to develop an understanding of cost accounting concepts and procedures.
Course Outcomes (COs):
|
Course |
Learning Outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
|
|
Course Code |
Course title |
|||
|
24CATG401
|
Cost Accounting (Theory) |
CO91: Examine and compute the items of expenditure to identify the different types of cost in a manufacturing unit specifically material cost. CO92: Evaluate the labour cost and justify the use of various wage rate system CO93: Analyze the overheads for its proper apportionment, allocation and absorption CO94: Create cost sheet for effectively ascertaining the cost of products using Unit costing method. CO95: Analyse different types of cost related to contracts and be able to compute the Cost of construction contracts CO96: Contribute effectively in course-specific interaction |
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
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,
● 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
● Job Costing: Meaning, definition and Job Cost Sheet
● Contract accounting,
● Methods of determining contract price,
● Escalation clause,
● Profit on uncompleted contracts
● Different types of problems related to contract
● Cost Accounting: Jain, Khandelwal & Pareek, (Ajmera Book Company, Jaipur)
● Cost Accounting: Agarwal, Jain, Sharma, Shah & Mangal, (Ramesh Book Depot, Jaipur )
● Cost Accounting Principles and Practice: M.N. Arora, (Vikas Publication, New Delhi)
● Cost Accounting: Ravi M Kishore (Taxmann’s-New Delhi)
● Cost Accounting: B.M Lall Nigam, I.C. Jain, PHI, New Delhi
● Cost Accounting Theory and Practice: (Bhabatosh Banerjee, PHI, New Delhi)
● Cost Accounting-S.N. Maheshwari, (Mahavir Publication)
● Cost Accounting: Jawahar Lal, (Tata Mcgraw Hill, New Delhi)
● Cost Accounting: J. Madegowda (Himalaya Publishing House)
Suggested Readings:
● Cost Accounting: B.M Lall Nigam, I.C. Jain (PHI), New Delhi
● Cost Accounting Theory and Practice: Bhabatosh Banerjee (PHI), New Delhi
● Cost Accounting: Agarwal, Jain, Sharma, Shah and Mangal (Ramesh Book Depot), Jaipur
● Cost Accounting Principles and Practice: M.N. Arora (Vikas Publication), New Delhi
e-Resources
● https://devlibrary.in/managerial-and-cost-accounting/
● https://www.icsi.edu/media/website/CostAndManagementAccounting.pdf
Reference Journals:
● The Indian Journal of Commerce
● FIIB Business Review
● Vikalpa: Journal for Decision Makers
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.
