COST ACCOUNTING AND CONTROL
Paper code: 302 exam duration: 3 HOURS
PPW:5 max marks: 80+20 IA
Objective: To familiarize and acquaint the student with application of Cost Accounting techniques
UNIT- I: INTRODUCTION:
Cost Accounting - Objectives - Importance - Limitations - Installation of Cost Accounting System - Cost Concepts _ Cost Classification - Cost Accounting Department and its relationship with other Departments. Books of Accounts - Non-integrated and Integrated Accounting - Ledger Accounts (including problems)
UNIT- II: PROCESS COSTING AND ACTIVITY-BASED COSTING:
Process Costing - Features - Process Costing Vs. Job Costing - Treatment of losses, waste, scrap, spoilage, defectives - By-products and Joint Products - Inter-process profits - Work-in-progress (including problems)
Activity-Based Costing – Introduction – Inadequacies of traditional methods of Overhead Absorption – Concept of ABC – Characteristics of ABC- Steps in ABC System– Cost per unit under ABC System – Analysis of Profit under ABC System (Including problems)
UNIT- III: MARGINAL COSTING
Absorption Costing and Variable Costing - Comparison - Preparation of income statements - CVP analysis - Multi product BEP - Differential Costing - Decision making under Marginal and Differential Costing (including problems)
UNIT- IV: BUDGETARY CONTROL:
Traditional Budgeting and Control - Preliminaries for adoption - Organization - Different types of Budgets Limitations (including problems) Zero Based Budgeting - Features - Traditional Budgeting vs. ZBB - Advantages - Criticism (theory only)
UNIT- V: STANDARD COSTING:
Limitations of Historical Costing - Standard Costing Vs. Budgetary Control- Establishment of standards for Material, Labor and Overheads - Computation of Variances - Control and Efficiency Ratios (including problems)
SUGGESTED READINGS:
1.Arora M.N. "Cost Accounting –Principles & Practice" Vikas Publishing House
Private Limited, New Delhi, 2006.
2.Jain S.P & Narang K.L. "Advanced Cost Accounting" Kalyani Publishers, New Delhi, 2005.
3.Vander. "Principles of Cost Accounting 13e,", Thomson New Delhi, 2007.
4.Khan M.Y & Jain P.K. "Theory and Problems in Cost Accounting" Tata
McGraw-Hill Publishing Company Limited, New Delhi, 2001.
5.Ravi M. Kishore, "Cost Management", Taxmann Allied Services Private Limited,
New Delhi, 2005.
6.Manish Dutta " Cost Accounting – Principles & Practice", Pearson Education
Limited, New Delhi, 2004.
7.Saxena V.K & Vashist C,D. "Advanced Cost & Management Accounting" Sultan Chand & Sons,New Delhi, 2002.
8.Colin Drury "Management & Cost Accounting" Thomson, New Delhi, 2006.
9.Hansen & Mowen: Cost Management, 4e, Thomson, 2005
10.Asish K. Bhattacharyya " Principles and Practice of Cost Accounting". Prentice
Hall of India Limited, New Delhi, 2004.
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