Cost & Management Accounting – I Dr. Umesh Maiya & Sowmya Shetty
COST AND MANAGEMENT ACCOUNTING – I
CHAPTER – I : BASIC CONCEPTS
Meaning and Definition: Cost, Costing, Cost Accounting, Cost Accountancy and Management Accounting – Objectives of Cost Accounting – Limitations of Financial Accounting – Relationship between Cost Accounting and Financial Accounting – Advantages of Cost Accounting – Systems, Methods and Techniques of Cost Accounting.
CHAPTER – II : INTRODUCTION OF COSTING SYSTEM
Cost Unit and Cost Centre – Classification of costs on the basis of Elements, Functions and Behaviour.
CHAPTER – III : COST SHEET
Preparation of Cost Sheet as per Cost Accounting Standards – Tenders and Quotations.
CHAPTER – IV : MATERIAL CONTROL
Material Control: Meaning and Objectives – Purchase of Materials: Types of Purchasing: Centralised and decentralised purchasing – Purchase procedure – Pricing of material purchases. Stores control – Meaning – Types of stores. Inventory control – Meaning and techniques. Fixation of stock levels – Periodic Inventory System – Perpetual inventory
system – Economic order quantity – ABC Analysis – Just In Time (JIT). Problems with Stock Levels, EOQ, and Bin cards.
CHAPTER – V : PRICING OF MATERIAL ISSUES
Methods of pricing the material issues – Theory and Problems on FIFO and Weighted Average Methods.
CHAPTER – VI : LABOUR
Labour: Direct and Indirect labour – Time keeping and Time booking – Meaning, Objectives and Methods – Idle time and Overtime: Causes and Control – Labour Turnover: Meaning, Causes and Measurement of labour turnover – Systems of wage payment – Theory and problems on Time wage, Piece rate system, Taylor’s differential piece rate system, Halsey’s Incentive plan, Rowan’s Incentive Plan.