Cost Accounting (B.Com)

Elements of cost, material, labour and overhead control, unit, job, contract and process costing.

6 MonthsDuration 5Chapters25Topics

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Syllabus · पाठ्यक्रम

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01Unit 1: Introduction and Cost Sheet 5 topics

Meaning, objectives and advantages of cost accounting
Cost accounting and financial accounting
Cost unit and cost centre
Elements and classification of cost
Cost sheet: prime cost to cost of sales

02Unit 2: Material Control 5 topics

Purchase and stores procedure
Economic order quantity
Re-order, maximum and minimum levels
ABC analysis
Pricing of material issues: FIFO, LIFO, weighted average

03Unit 3: Labour Cost 5 topics

Time keeping and time booking
Idle time and overtime
Labour turnover
Time rate and piece rate systems
Incentive plans: Halsey and Rowan

04Unit 4: Overheads 5 topics

Classification of overheads
Allocation and apportionment
Primary and secondary distribution
Absorption and machine hour rate
Under and over absorption

05Unit 5: Methods of Costing 5 topics

Unit costing
Job and batch costing
Contract costing and notional profit
Process costing: normal and abnormal loss
Reconciliation of cost and financial accounts

About

You will be able to

Classify costs, identify elements of cost and prepare a cost sheet
Apply material control techniques: EOQ, stock levels, ABC analysis and pricing of issues
Calculate labour cost under time rate, piece rate and incentive plans and measure labour turnover
Allocate, apportion and absorb overheads, including machine hour rates
Apply job, contract and process costing and treat normal and abnormal losses

Who it is for

B.Com students (General and Accounting & Taxation streams) of Semester 4 under the UP State Universities NEP 2020 syllabus
Students preparing for cost-based numericals in B.Com and CA / CMA foundation levels

What you need

Financial Accounting basics
A simple calculator

Questions

Is Cost Accounting mostly numericals?

Yes, about 70-80% of the paper is numerical. Each format (cost sheet, stock levels, process account) is practised many times.

Will it help in CA / CMA?

Yes. The same concepts form the base of costing papers in CA and CMA foundation and intermediate levels.

Which syllabus does the course follow?

It follows the UP State Universities NEP 2020 common minimum syllabus for B.Com. Where your own university's syllabus differs, the centre teaches as per your university syllabus and papers.