Cost & Management Accounting

Introduction: Concept of Cost, Costing, Cost Accounting, and Cost Accountancy, Cost Concepts, Distinction between Financial and Cost Accounting. Elements of Cost.
Cost Statements: An Introduction

Material: Material Cost Management, Need for Efficient Purchasing, Storing of Materials, Methods of Inventory Control, Some Specific Techniques Related to Operating Control System, ABC Analysis, ED Analysis, JIT, FSN, Inventory Cost and its Components
Inventory Control Methods: Economic Order Quantity, Inventory Levels i.e. Reorder Level, Maximum Stock Level, Minimum Stock Level, Average Stock Level
Methods of Issue Pricing: LIFO, FIFO, Simple Average, Weighted Average

Labour: Recruitment, Recording of time and wages, Time Keeping and Time booking, Job Evaluation and Merit rating
Labour Turnover: Meaning and nature, Methods of calculating Labour Turnover
Methods of remunerating Labour: Incentive Plans, Allocation of wages, Idle Time: meaning and causes, Treatment of idle time, Over time

Overhead : Meaning, Collection, Classifications, Apportionment, Allocation and Absorption of overheads
Treatment of some specific overheads: Interest on capital, Research and development expenses, Losses on account of depreciation, waste, obsolescence and defecties
Treatment of Under and Over absorption of Overheads.
Single output or unit costing: Cost sheet, Adjustments in cost sheet, Treatment of Scrap, defecties in Cost Sheet, Absorption of overheads and calculation of Tender price
Job Costing: An Introduction

Financial Ratio Analysis: Liquidity, Actiity, Profitability, Leverage and Investment analysis Ratios and Interpretation
Capital Budgeting: Techniques of Capital budgeting, Pay-back Period method, Average Rate of Returns, Net Present alue method, Internal rate of return