1. Cost Accounting—Meaning, Importance and Evaluation, 2. Elements of Cost and their Classification, 3. Materials Control and Valuation, 4. Labour Cost Control, 5. Contract Costing, 6. Operating Costing.

SYLLABUS

Unit I:Introduction : Meaning, Objectives and Advantages of Cost Accounting, Difference between Cost Accounting and Financial Accounting, Cost Concepts and Classifications, Methods and Techniques, Elements of Cost, Installation of a Costing System, Role of a Cost Accountant in an Organization.

Unit II:Elements of Cost, Installation of a Costing System, Role of a Cost Accountant in an Organization.

Unit III:Accounting for Material : Material/Inventory Control-Concept and Techniques, Accounting and Control of Purchases, Storage and Issue of Materials, Methods of Pricing of Materials Issues-FIFO, LIFO, Simple Average, Weighted Average, Replacement, Standard, Treatment of Material Losses.

Unit IV:Accounting for Labour : Accounting and Control of Labour Cost, Time Keeping and Time Booking, Concept and Treatment of Idle Time, Over Time, Labour Turnover and Fringe Benefits.

Unit V:Contract Costing, Operating Costing.