Year after year, this book has immensely helped students in their comprehension of the subject and scoring good marks in examinations.
It has been written specifically for the prescribed syllabus of Cost Accounting Paper of BCom (Hons), Semester IV, of University of Delhi, School of Open Learning and other central universities. Its basic features are the same as the mother book Cost Accounting: Principles and Practice, which is a UGC-recommended text for the last many years. The book is bundled with all the teaching tools like learning objectives, summary of the chapter, key terms, and a large number of questions for practice. The fourth edition is the updated version of the book and is as per the latest CBCS syllabus.
• Ideal for self-study, making learning a painless exercise.
• Examination-oriented approach.
• A total of 258 solved problems and illustrations accompanied by working notes, 156 theoretical questions, and 202 practical questions.
• Recent question papers with answers included in Appendix.
•; It has been prepared strictly as per the latest syllabus.
•; Introduction to Cost Accounting Standards & Cost Accounting Records and Audit Rules have been added in Chapter 1.
•; Text matter has been improved.
•; Latest question papers have been appended.
Limitations of Financial Accounting 3; Meaning of Costing and Cost Accounting 4; Objectives and Functions of Cost Accounting 6; Cost Accounting and Financial Accounting— Comparison 6; Meaning of Cost 11; Cost Centre 12; Cost Unit 13; Methods of Costing 14; Techniques of Costing 16; Cost Ascertainment and Cost Estimation 17; Classifications of Cost 18; Special Costs for Management Decision-Making 25; Installation of a Costing System 34; Advantages of Cost Accounting 36; Limitations or Objections Against Cost Accounting 37; Essentials of a Good Cost Accounting System 38; Introduction to Cost Accounting Standards (CAS) 39
2. MATERIAL COST
Meaning of Material 1; Direct and Indirect Materials 1; Material Control (Inventory Control) 2; Techniques of Inventory Control 3; ABC Technique (Selective Control) 4; Stock Levels 5; Inventory Turnover 12; Slow, Non-Moving and Obsolete Materials 13; Purchase of Materials 14; Purchase Procedure 15; Purchase Price 20; Storekeeping 21; Materials Codes 23; Stores Records 23; Documents Authorizing Movements of Materials 26; Inventory Systems 31; Methods of Pricing Material Issues 32; Average Price Methods 38; Material Losses 43; Waste, Scrap, Spoilage and Defectives 44
3. LABOUR COST (Employee Cost)
Introduction 1; Personnel Department 2; Labour Turnover 3; Time-Keeping Department 7; Payroll Department 13; Idle Time 17; Overtime 19; Methods of Wage Payment (Labour Remuneration) 21; Treatment of Special Items 28
4. OVERHEAD COST
Meaning Of Overhead Cost 1; Classifications of Overhead Costs 2; Segregation of Semi-Variable Costs 4; Standing Order Numbers (Codification of Overheads) 7; Overheads Distribution 8; Collection of Overheads 8; Allocation and Apportionment of Overheads (Primary Distribution) 8; Re-Apportionment of Service Department Costs (Secondary Distribution) 13; Absorption of Overheads 22; Types of Overhead Rates 33; Capacity Utilization and Overheads 37; Administration Overheads (Office or General Overheads) 40; Selling and Distribution Overheads 41; Under-Absorption and Over-Absorption of Overheads 44; Treatment of Special Items Of Overheads 48; Activity Based Cost Allocation 53; Activity Based Costing Approach 55
5. OUTPUT OR UNIT COSTING (Cost Sheet)
Costing Procedure 1; Cost Sheet 1; Treatment of Stocks 2; Treatment of Administrative Overheads 3; Items Excluded From Cost 4; Treatment of Scrap 4; Production Account 8; Price Quotations and Estimated Cost Sheet 9; Problems and Solutions 10; Summary and Key Terms 35; Examination Questions 36; Answers 43
6. JOB COSTING
Introduction 1; Objectives of Job Costing 1; Job Costing Procedure 2; Completion of Jobs 4
7. CONTRACT COSTING
Contract Costing and Job Costing-Distinction 1; Features of Contract Costing 2; Contract Costing Procedure 2; Special Points in Contract Costing 3; Cost of Materials 3; Cost of Labour 3; Plant 3; Sub-Contracts 4; Payment Based on Architect's Certificate 4; Work Certified and Work Uncertified 4; Retention Money and Cash Ratio 4; Extra Work 5; Profit on Uncompleted Contracts 5; Notional Profit 5; Estimated Profit 5; Portion of Notional Profit or Estimated Profit to be Transferred to Profit and Loss Account 6; Escalation Clause 9; Cost-Plus Contracts 9
8. PROCESS COSTING
Essential Characteristics of Process Costing 1; Process Costing and Job Costing—A Comparison 2; Process Costing Procedure 2; Process Losses and Wastages 4; Normal Process Loss 5; Abnormal Process Loss 5; Abnormal Gain or Effectiveness 7; When the Output of a Process is Partly Sold and Partly Transferred to the Next Process 10; Work-in-Progress (Equivalent Production) 13; When there is Opening as well as Closing stock of Work-in-progress 17; FIFO (First-in, First out) Method 18; Average Cost Method 21; FIFO Method vs Average Cost Method 23; Joint Products and By-products 26; Joint Costs and Subsequent Costs 27; Accounting for Joint Products 27; Distinction between Joint Products and By-products 31; By-products, Scrap and Waste 32; Accounting for By-products 32; Decision Regarding Further Processing of Joint and By-products 34; Limitations of Joint Cost Analysis 34
9. OPERATING COSTING (Service Costing)
Characteristics 1; Cost Unit 2; Transport Costing 2; Determination of Number of Cost Units 3; Absolute tonne-km and Commercial tonne-km 3; Log Sheet 3; Transport Costing Procedure 4; Price Quotations 6
10. INTEGRAL AND NON-INTEGRAL SYSTEMS
Non-integrated Accounts 1; Ledgers to be Maintained 2; Meaning of Control Accounts 2; Principal Accounts to be Maintained 3; Integrated Accounts 7; Meaning 7; Distinctive Features 7; Advantages 8; Disadvantages 8
11. RECONCILIATION OF COST AND FINANCIAL ACCOUNTS
Need for Reconciliation 1; Reasons for Disagreement in Profit/Loss 1; Method of Reconciliation 3; Memorandum Reconciliation Account 4; Appendix: PAST QUESTION PAPERS A.1-A.36
Priyanka Katyal received her MCom and MPhil from Delhi School of Economics, University of Delhi. She has more than fifteen years' experience of teaching BCom (Hons) classes in various colleges of University of Delhi.
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