Description

Cost Accounting – I

1. Classification of Costs and Cost Sheet and Reconciliation of Cost and Financial Accounts

♦ Classify and Ascertain Cost on the Basis of Function

♦ Difference Between Financial and Cost Accounting

♦ Prepare Cost Sheet / Statement for Production of Goods and Providing of Services

♦ Practical Problems Based on Reconciliation of Cost and Financial Accounts

2. Material Cost and Employee Cost

Material Cost

♦ Meaning, Need For and Importance of Materials, Procedures, Documentations and Inventory Control Techniques

♦ Compute Economic Order Quantity and Determination of Various Stock Levels

♦ Methods of Inventory Accounting and Prepare Stock Ledger / Account

Employee Cost and Direct Expenses

♦ Attendance and Payroll Procedures, Overview of Statutory Requirements of Idle Time and Overtime Incentives

♦ Calculation of Labour Turnover

♦ Utilisation of Labour, Direct and Indirect Labour, Charging of Labour Cost

♦ Identifying Labour Hours with Work Orders or Batches or Capital Jobs

♦ Efficiency Rating Procedures

♦ Remuneration Systems and Incentive Schemes

♦ Preparation of Labour Cost Statement including Incentives

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