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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