Description

Introduction to Cost Accounting

SYBMS Semester III

Syllabus

1 Introduction (15 Lec.)
♦ Meaning, Nature and scope – Objective of Cost Accounting – Financial Accounting v/s Cost Accounting – Advantages and Disadvantages of Cost Accounting – Elements of Costs – Cost classification (concept only) – Installation of Cost Accounting System, Process (Simple and Inter process) and Job Costing (Practical Problems)

2 Elements of Cost (20 Lec.)
♦ Material Costing – Stock valuation (FIFO & weighted average method), EOQ, EOQ with discounts, Calculation of Stock levels (Practical Problems)
♦ Labour Costing – (Bonus and Incentive Plans) (Practical Problems)
♦ Overhead Costing (Primary and Secondary Distribution)

3 Cost Projection (15 Lec.)
♦ Cost Sheet (Current and Estimated) (Practical Problems)
♦ Reconciliation of financial accounts and cost accounting (Practical Problems)

4 Emerging Cost Concepts (10 Lec.)
Uniform Costing and Interfirm Comparison, Emerging Concepts – Target Costing, Benchmarking, JIT, The Balanced Scorecard; Strategic Based Control; Concept, Process, Implementation of Balanced Scorecard, Challenges in implementation of Balanced Scorecard