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Techniques of Cost Accounting
Course Objectives:
This course will enable the students to-
The objective of this course is to provide comprehensive presentation of the service costing and process costing with decisionmaking analysis
Course Outcomes (COs):
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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ABF 301 |
Techniques of Cost Accounting
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CLO79 To apply service costing in determination of cost in service industries. CLO80 To reconcile the difference in profit revealed by cost and financial accounting CLO81 To apply process costing for determining the cost of product passing through different processes CLO82 To understand the concept and application of equivalent production
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Approach in teaching: Interactive Lectures, Discussion, Tutorials, assignments. Learning activities for the students: Self learning assignments, Effective questions, Giving tasks,
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Individual projects |
Service Costing (Operating Costing): Meaning of Service Cost, Service costing in case of Transporters, Boiler house, Hospitals, Canteens and Hotels
Reconciliation of Cost & Financial Statements: Causes of differences, Procedure of Reconciliation of the results of Cost and Financial Accounts, Reconciliation Statement and Memorandum Reconciliation Account
Process Costing: Meaning of Process costing, Procedure Treatment of Normal and Abnormal Loss and Abnormal Gains, Accounts for Normal and Abnormal loss and Abnormal Gain, Inter process Profit
Joint and By Product Costing
Equivalent Production, Treatment of W.I.P. on FIFO and Weighted Average Method
Marginal Costing: Meaning and objectives, Break – even Analysis, Cost – Volume – Profit Analysis
Decision Making: Relevant cost analysis, Differential cost analysis, Stock valuation under marginal costing versus absorption costing. Decisions based on Marginal Costing like Make or Buy, Own or Lease, Shut down or Continue
Production Decisions: Dropping or adding a product, Determining the most beneficial product mix, Production method to be adopted, Pricing decisions in special circumstances like sale below cost, export pricing, dumping and inflation
1. Advance Cost Accounting: Oswal, Maheshwari, Modi (Ramesh Book Depot)
2. Cost Accounting: Jawahar Lal (Tata Mcgraw Hill), New Delhi
3. Cost Accounting Principles and Practice: M.N. Arora (Vikas Publication), New Delhi
1. Advance Cost Accounting: Oswal, Maheshwari, Modi (Ramesh Book Depot)
2. Cost Accounting: Jawahar Lal (Tata Mcgraw Hill), New Delhi
3. Cost Accounting Principles and Practice: M.N. Arora (Vikas Publication), New Delhi
