Elements of Cost Accounting Bangalore University BBA 3rd Semester NEP Notes

Unit 1 introduction to Cost Accounting [Book]
Introduction, Meaning and Definitions of Cost, Costing and Cost Accounting		VIEW
Need and Objective of Cost Accounting		VIEW
Distinctions between Financial Accounting and Cost Accounting		VIEW
Advantages and Limitations of Cost Accounting		VIEW
Classification of Cost		VIEW
Material Cost, Labor Cost		VIEW
Overhead	VIEW	VIEW
Important terminologies: Cost Unit, Cost Center		VIEW
Direct Cost, Indirect Cost, Prime Cost, Production Cost, Administration Cost, Selling and Distribution Cost, Fixed Cost, Variable Cost, Semi-variable Cost, Period Cost, Product Cost, Explicit Cost, Implicit Cost, Historical Cost, Current Cost, Future or Predetermined Cost, Opportunity Cost		VIEW
Installation of Cost Accounting System		VIEW
Features of good cost accounting system		VIEW
Precautions for installing effective cost accounting system		VIEW
Challenges in installing effective cost accounting system		VIEW

Unit 2 Cost Sheet, Tenders & Quotations [Book]
Introduction, Meaning, Objectives and Contents of Cost Sheet	VIEW
Problem on Preparation of Cost Sheet	VIEW
Meaning of Tender & Quotation	VIEW
Bases for preparation of Tenders & Quotations	VIEW
Problems on preparation of Statement of Tender & Quotations, E-Tenders

Unit 3 Material Costing [Book]
Introduction, Meaning of Material Cost			VIEW
Types of Materials: Direct Materials, Indirect Materials			VIEW
Material Cost Control: Meaning, Objectives and Benefits			VIEW
Scope of Material Cost Control		VIEW	VIEW
Procurement, Storage and Management of Issues	VIEW	VIEW	VIEW
Make or Buy Decision			VIEW
Purchase Process			VIEW
Vendor Selection
Economic Order Quantity. Problems on EOQ			VIEW
Methods of Stores or Inventory Control:			VIEW
ABC Method			VIEW
VED Method			VIEW
FSN Method			VIEW
Determination of Stock Levels: Reorder Level, Minimum Level, Maximum Level, Average Level and Danger Level			VIEW
Duties and Responsibilities of Stores Manager			VIEW
Pricing of Material Issues:
Specific Price Method			VIEW
First-In- First-Out Method (FIFO)			VIEW
Last-In-Last-Out Method (LIFO)			VIEW
Highest-In-First-Out Method (HIFO)			VIEW
Simple Average Method			VIEW
Weighted Average Method			VIEW
Base Stock Method			VIEW
Replacement Cost Method			VIEW
Realizable Price Method, Standard Price Method, Inflated Price Method			VIEW
Problems under First-In-First-Out Method (FIFO), Last-In-Last-Out Method (LIFO)
Simple Average Method			VIEW
Weighted Average Method			VIEW

Unit 4 Labour Costing [Book]
Introduction, Meaning of Labour Cost		VIEW
Types of Labour: Direct Labour		VIEW
Indirect Labour		VIEW
Labour Cost Control: Meaning, Objectives and Benefits		VIEW
Scope of Labour Cost Control:
Departments involved		VIEW
Time Analysis or Work Study	VIEW	VIEW
Time Keeping and Time Booking, Payroll Procedure, Idle Time, Over Time		VIEW
Labour Turnover		VIEW
Wage and Incentive Systems:		VIEW
Simple Time Rate System, Straight Piece Rate System		VIEW
Taylor’s, Merrick’s, Halsey, Rowan Differential Piece Rate System		VIEW
Job Evaluation		VIEW
Merit Rating		VIEW
Labour Productivity		VIEW
Problems on calculation of Labor Cost
Overtime Wages and Wage and Incentive Systems		VIEW

Unit 5 Overhead Costing [Book]
Introduction, Meaning of Overhead	VIEW
	VIEW
Classification of Overhead: Factory Overhead, Administrative Overhead, Selling Overhead, Distribution Overhead, Research and Development Overhead	VIEW
Accounting and Control of Overheads	VIEW
Cost Allocation	VIEW
Cost Apportionment	VIEW
Methods of Cost Re-apportionment: Direct Method, Step-ladder Method, Repeated Distribution Method, Simultaneous Equation Method	VIEW
Problems on Apportionment of production overheads	VIEW
Problems on Re-apportionment of production overheads under Direct Method and Simultaneous Method	VIEW

Other Notes

Meaning of reconciliation	VIEW
Reasons for differences in Profits under Financial and Cost Accounts	VIEW
Procedure for Reconciliation:
Ascertainment of Profits as per Financial Accounts and Cost Accounts	VIEW
Reconciliation of Profits of both sets of Accounts	VIEW
Preparation of Reconciliation Statement	VIEW

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