Course Outline (Cost Accounting)

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Course Title: (Cost Accounting) B.Com (Term System) Term-III Paper-IV . Course Objectives: State and evaluate choices between alternative product costing systems ...
Course Outline

Course Title: (Cost Accounting) B.Com (Term System) Term- III Paper-IV

Course Objectives: 1. State and evaluate choices between alternative product costing systems and methods in a cost-benefit context. 2. To develop an understanding of students to utilize cost data in planning and control.

Course Contents: |Topic |Source |Sections | |Concept and Scope of Cost Accounting: |Ch 2, Book 1 |A | |Definition and cocept of cost. Cost object, Cost |Ch 1, Book 4 | | |elements. Definition, concept and scope of cost | | | |accounting. Objectives of cost accounting. Cost | | | |Accounting Vs Financial Accounting. Use of cost data. | | | |Chart of accounts and coding for costing | | | |Cost Classification and Flow: |Ch 1, Book 2 |A | |Product and period cost, direct and indirect cost, |Ch 2, Book 1 | | |Differential cost and revenue, Opportunity and Sunk | | | |cost, fixed and variable cost, mixed cost, statement of| | | |cost of goods manufactured and sold statement. | | | |Material Costing, Planning and Control: |Ch 7,8, Book 1|A | |Procedure for material procurement and use | | | |Material costing methods | | | |Costing Procedure for spoiled, scrap and defective work| | | | | | | |Planning materials requirement (EOQ , Inventory levels | | | |and reserve stocks) | | | |Materials control (Principles and Methods) | | | |Labour Costing, Control and Accounting: |Ch 9,10, Book |A | |Productivity and efficieny of labour. |1 | | |Remuneration Methods (Straight piece rate, differential| | | |piece rate, Incentive wage plans) | | | |Learning curve theory | | | |Organisation for labour cost accounting and control | | | |Accounting for labor related costs (Overtime, Bonus | | | |payments, vacation pay, guaranteed annual wage plans , | | | |apprenticeship and training programs, pension | | | |Labor related deductions | | | | Factory Overhead Costing and Control: |Ch 12,13,Book |B | |Nature of factory overhead. |1 | | |Procedure of factory overheads including allocation, | | | |apportionment, reapportinment and absorption. | | | |Repeated distribution and algebric method for | | | |reciprocal, service department costs. | | | |Calculation and use of Predetermined factory overhead | | | |rate. | | | |Applied and actual FOH, under /overapplied FOH. | | | |Types of Costing Systems: |Ch 2,3,4Book 3|B | |Establishment of Cost Accounting system |Ch 4,5,6, Book| | |Principles of double entry system of costing, |1 | | |integrated and interlocking cost accounts.. | | | |Job costing and batch costing. | | | |Process Costing – Cost of Production Report | | | |Process Costing – Average and FIFO method | | | |Joint product and by-product. | | | |Service Costing | | |

Recommended Text

1. Matz, Hammer Usry (1985) 9th edition Cost Accounting South- western Publishing Co 2. Garrison H. Ray, Noreen W. Eric (2004) 10th edition Managerial Accounting, Irwin publishers

Further Readings

3. Hilton W. Ronald (2005) Managerial Accounting 6th edition McGraw- Hill Irwin 4. Jain S.P, Narang .K.L 2000 Advanced Cost Accounting, Kalyani Publishers

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