Course Outline (Cost Accounting)



Course Outline

Course Title: (Cost Accounting) (Term System) Term-III Paper-IV

Course Objectives:

1. State and evaluate choices between alternative product costing systems and methods in a cost-benefit context.

2. To develop an understanding of students to utilize cost data in planning and control.

Course Contents:

|Topic |Source |Sections |

|Concept and Scope of Cost Accounting: |Ch 2, Book 1 |A |

|Definition and cocept of cost. Cost object, Cost elements. Definition, concept and scope of cost |Ch 1, Book 4 | |

|accounting. Objectives of cost accounting. Cost Accounting Vs Financial Accounting. Use of cost data. | | |

|Chart of accounts and coding for costing | | |

|Cost Classification and Flow: |Ch 1, Book 2 |A |

|Product and period cost, direct and indirect cost, Differential cost and revenue, Opportunity and Sunk |Ch 2, Book 1 | |

|cost, fixed and variable cost, mixed cost, statement of cost of goods manufactured and sold statement. | | |

|Material Costing, Planning and Control: |Ch 7,8, Book 1 |A |

|Procedure for material procurement and use | | |

|Material costing methods | | |

|Costing Procedure for spoiled, scrap and defective work | | |

|Planning materials requirement (EOQ , Inventory levels and reserve stocks) | | |

|Materials control (Principles and Methods) | | |

|Labour Costing, Control and Accounting: |Ch 9,10, Book 1 |A |

|Productivity and efficieny of labour. | | |

|Remuneration Methods (Straight piece rate, differential piece rate, Incentive wage plans) | | |

|Learning curve theory | | |

|Organisation for labour cost accounting and control | | |

|Accounting for labor related costs (Overtime, Bonus payments, vacation pay, guaranteed annual wage plans | | |

|, apprenticeship and training programs, pension | | |

|Labor related deductions | | |

| Factory Overhead Costing and Control: |Ch 12,13,Book 1 |B |

|Nature of factory overhead. | | |

|Procedure of factory overheads including allocation, apportionment, reapportinment and absorption. | | |

|Repeated distribution and algebric method for reciprocal, service department costs. | | |

|Calculation and use of Predetermined factory overhead rate. | | |

|Applied and actual FOH, under /overapplied FOH. | | |

|Types of Costing Systems: |Ch 2,3,4Book 3 |B |

|Establishment of Cost Accounting system |Ch 4,5,6, Book 1 | |

|Principles of double entry system of costing, integrated and interlocking cost accounts.. | | |

|Job costing and batch costing. | | |

|Process Costing – Cost of Production Report | | |

|Process Costing – Average and FIFO method | | |

|Joint product and by-product. | | |

|Service Costing | | |

Recommended Text

1. Matz, Hammer Usry (1985) 9th edition Cost Accounting South-western Publishing Co

2. Garrison H. Ray, Noreen W. Eric (2004) 10th edition Managerial Accounting, Irwin publishers

Further Readings

3. Hilton W. Ronald (2005) Managerial Accounting 6th edition McGraw-Hill Irwin

4. Jain S.P, Narang .K.L 2000 Advanced Cost Accounting, Kalyani Publishers

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