Elements of Costing

19/11/2020 2 By indiafreenotes
Unit 1 Introduction to Cost Accounting {Book}
Introduction Meaning & Definition of Cost, Costing and Cost Accounting VIEW
Objectives of Costing VIEW
Comparison between Financial Accounting and Cost Accounting VIEW
Designing and Installing a Cost Accounting System VIEW
Cost Concepts, Classification of Costs Cost, Unit Cost, Center, Elements of Cost VIEW
Preparation of Cost Sheet Tenders and Quotations VIEW


Unit 2 Material Cost Control {Book}
Material Cost Control Meaning VIEW
Material Cost Control Types: Direct Material, Indirect Material VIEW
Material Control VIEW
Purchasing Procedure, Store Keeping VIEW
Techniques of Inventory Control, Level’s settings VIEW
ABC Analysis VIEW
VED Analysis VIEW
Just In-Time VIEW
Perpetual Inventory System VIEW
Documents used in Material accounting VIEW
Methods of Pricing Material Issues:
Weighted Average Price Method VIEW
Simple Average Price Method VIEW


Unit 3 Labour Cost Control {Book}
Labour Cost Control Meaning VIEW
Types: Direct Labour VIEW
Indirect Labour: Timekeeping, Time booking, Idle Time, Overtime VIEW
Labour Turn Over VIEW
Methods of Labour Remuneration: Time Rate System, Piece Rate System VIEW
Incentive Systems (Hasley Plan, Rowan Plan & Taylor’s differential Piece rate System) VIEW


Unit 4 Overhead Cost Control {Book}
Overhead Cost Control Meaning and Definition VIEW VIEW
Classification of Overheads VIEW
Procedure for Accounting and Control of Overheads VIEW
Allocation of Overheads VIEW
Apportionment of Overheads VIEW
Primary, Secondary Overhead Distribution Summary VIEW
Repeated Distribution Method and Simultaneous Equations Method VIEW
Absorption of Factory Overheads VIEW
Methods of Absorption, Machine Hour Rate VIEW


Unit 5 Reconciliation of Cost and Financial Accounts, Emerging Concepts in Costing {Book}
Need for Reconciliation VIEW
Reasons for differences in Profit or Loss shown by Cost Accounts and Profit or Loss shown by Financial Accounts VIEW
Preparation of Reconciliation Statement VIEW
Memorandum Reconciliation Account VIEW