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Table of Content
Cost Accounting Syllabus
Nature and Scope of Cost accounting: meaning, importance & limitations of cost accounting, Costing- An Aid to management, distinction between Cost and Financial accounting, Costing system- characteristics of an ideal costing system, steps for installation, difficulties while installation and how to overcome these difficulties, role of cost accountant.
Cost: Analysis, Concepts, Cost Classification, cost sheet and One unit costing.
Material Control: techniques of material control i.e. Level Setting, Economic Order Quantity, JIT Inventory System, ABC Analysis, VED Analysis, Perpetual Inventory System and FNSD Analysis. Material Purchase and Storage.
Methods of valuing Material Issues: Cost Price Methods- FIFO, LIFO, Average Cost, Inflated Price, Specific Price, Base Stock and HIFO. Market Price Method- Replacement Price, Realisable Value. Standard Price Methods- Current Standard Price and Base Standard Price.
Labour Cost: meaning, labour turnover, Job Analysis, Job Evaluation, Merit Rating, Time Keeping, Idle Time and Overtime.
Remuneration and Incentives: methods of wage payment and incentives plan- Time Wage System, Piece Rate System, Taylor’s Differential Piece Rate System, Merrick’s Multiple Piece Rate System, Gant’s Task and Bonus Plan, Halsey Premium Plan and Rowan Plan.
Overhead: Classifications, Overhead Accounting- allocation, apportionment, re-apportionment and absorption of Overheads. Job, Batch & Contract costing.
Process Costing: features, application of process costing, process losses-normal loss, abnormal loss and abnormal gain, inter-process profits and evaluation of different processes through practical problems.
Equivalent production in Process Costing: meaning, calculation of Equivalent production and evaluation of Equivalent production through practical problems, Joint Product and By- Product Costing.
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Cost Accounting Notes
What is Cost Accounting?
Cost accounting is a form of managerial accounting that aims to capture a company’s total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.
Cost Accounting Question and Answer
- Briefly explain the concept and scope of cost accounting. Differentiate between: a) Cost and Financial Accounting. b) Cost and Management Accounting.
- Explain material control. Describe any two basic problems which arise in connection with material control system.
- Define Overheads and write short notes on Allocation, Apportionment and Absorption of Overheads.
- Explain Contract Costing, Marginal Costing and Standard Costing.
- Explain the concept of Budget and differentiate between Fixed and Flexible Budgets.
- What are cost plus contracts ? What are the advantages available with it?
- Describe the managerial use of Standard Costing.
- What do you mean by abnormal effectiveness? How it is calculated in Process accounts?
- Describe the various functional budgets prepared by a business organization.
- Give any four methods of reallocating service department overhead to production departments.
Cost Accounting Question Paper
Cost Accounting Books
Below is the list of cost accounting book recommended by the top university in India.
- Cost Accounting – Theory and Problems, Maheshwari, S.N and Mittal, S. N. (2009)
- Cost Accounting, Rajasekaran, (2010), 1st ed, Pearson Education.
- Cost Accounting Principles and Practice, Jain, I. C & Nigam, B.M.L
- Cost Accounting Text and Problems by M. C. Shukla, T. S .Grewal and M. P. Gupta – S Chand
Below is the top cost accounting book that can be bought from Amazon.
Cost Accounting – Theory & Problems
- Author: Dr. S.N. Maheshwari, Dr. S.N. Mittal
- Publisher: Mahavir Publications; 26th Ed.
- Amazon Bestsellers Rank: #23 in Cost Accounting.
Cost Accounting: Principles and Practice
- Publisher: Pearson; 1 ed.
- Author: B.M Lall, Nigam
- Amazon Bestsellers Rank: #60 in Cost Accounting #46 in Managerial
- Customer Rating: 4.2 out of 5
Cost Accounting: Texts and Problems
- Publisher: S Chand & Company
- Author: Shukla M.C, Grewal T.S, Gupta M.P
- Amazon Bestsellers Rank: #11 in Cost Accounting #6 in Managerial
- Customer Rating: 4.2 out of 5
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