Cost Accounting Bangalore University 4th Semester NEP Notes

05/10/2022 1 By indiafreenotes
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
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]
Overhead Costing Introduction VIEW VIEW
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