This document provides an overview of the course "Cost Accounting" (ACCT - 232). The course is divided into 6 units over 14 weeks. Unit 1 covers introductory topics like definitions of cost accounting, cost terminology, classification of costs, and calculation of various costs. Other units will cover topics like job costing, activity-based costing, process costing, and cost allocation. The document includes sample course content on cost accounting fundamentals to illustrate the type of material that will be covered.
Cost Accounting meaning and objective...kunusaini5556
Meaning, scope, objectives and advantages of cost accounting; Difference between financial and cost accounting. Cost concepts and classifications, Overview of elements of cost and preparation of Cost Sheet for manufacturing sector. Role of a cost accountant in an organisation.
Cost Accounting meaning and objective...kunusaini5556
Meaning, scope, objectives and advantages of cost accounting; Difference between financial and cost accounting. Cost concepts and classifications, Overview of elements of cost and preparation of Cost Sheet for manufacturing sector. Role of a cost accountant in an organisation.
This particular slide contains an introduction to the concepts of Cost Accounting which is unit 1. It provides for only the definitions of the concepts and theory.
Management accounting produces weekly or monthly reports that cover internal issues. These reports include various stats, available monetary fund, returns generated on sales, piled up orders, amount of payment to be generated, remaining debts, stats of raw materials.
This particular slide contains an introduction to the concepts of Cost Accounting which is unit 1. It provides for only the definitions of the concepts and theory.
Management accounting produces weekly or monthly reports that cover internal issues. These reports include various stats, available monetary fund, returns generated on sales, piled up orders, amount of payment to be generated, remaining debts, stats of raw materials.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
This assessment plan proposal is to outline a structured approach to evaluati...
cc.ppt
1.
2. COST ACCOUNTING
(ACCT – 232)
Contact
hours
No of
Weeks
Contents
9
3
Introduction : Definition & meaning of cost accounting, cost terminology,
classification of costs and calculation of various cost.
6
2
Job Costing: Concept, Job costing systems, Job costing in manufacturing,
actual v/s normal costing, job costing systems in manufacturing.
9
3
Activity Based Costing: Simple v/s Activity based costing system, cost
hierarchy, cost products or services using activity based costing, ABC v/s ABM
12
4
Process Costing: Process Costing methods, job order costing and spoilage,
job costing & rework and accounting for scrap.
6
2
Cost Allocation: Joint Products v/s By Products, approaches to allocating
joint costs and accounting for by-products.
42
14
Total
3. UNIT - 1
1. Definition & meaning of cost accounting
2. Cost terminology
3. Classification of costs and calculation of various cost.
4. Model Paper
5. Quiz
6. Home Assignment
5. COST ACCOUNTING - MEANING
Cost accounting is concerned with recording, classifying and
summarizing costs for determination of costs of products or
services, planning, controlling and reducing such costs and
furnishing of information to management for decision making
6. COST - MEANING
Cost means the amount of expenditure (
actual or notional) incurred on, or
attributable to, a given thing.
7. OBJECTIVES OF COST ACCOUNTING
Ascertainment of costs
Estimation of costs
Cost control
Cost reduction
Determining selling price
Facilitating preparation of financial and other
statement
Providing basis for operating policy
8. COST TERMINOLOGY:
COST: Cost means the amount of expenditure incurred on a particular thing.
COSTING: Costing means the process of ascertainment of costs.
COST ACCOUNTING: The application of cost control methods and the
ascertainment of the profitability of activities carried out or planned”.
COST CONTROL: Cost control means the control of costs by management. Following
are the aspects or stages of cost control.
JOB COSTING: It helps in finding out the cost of production of every order and thus
helps in ascertaining profit or loss made out on its execution. The management can judge
the profitability of each job and decide its future courses of action.
BATCH COSTING: Batch costing production is done in batches and each batch
consists of a number of units, the determination of optimum quantity to constitute an
economical batch is all the more important.
9. ELEMENTS OF COST
Element of cost
Materials Labour Expenses
Direct Indirect Direct Indirect Direct Indirect
10. MATERIAL: THE SUBSTANCE FROM WHICH
THE FINISHED PRODUCT IS MADE IS
KNOWN AS MATERIAL.
(A) DIRECT MATERIAL: IS ONE WHICH CAN
BE DIRECTLY OR EASILY IDENTIFIED IN THE
PRODUCT EG: TIMBER IN FURNITURE,
CLOTH IN DRESS, ETC.
(B) INDIRECT MATERIAL: ONE WHICH CANNOT
BE EASILY IDENTIFIED IN THE PRODUCT.
11. EXAMPLES OF INDIRECT MATERIAL
At factory level – lubricants, oil,
consumables, etc.
At office level – Printing & stationery,
Brooms, Dusters, etc.
At selling & dist. level – Packing
materials, printing & stationery, etc.
12. LABOUR: THE HUMAN EFFORT REQUIRED
TO CONVERT THE MATERIALS INTO
FINISHED PRODUCT IS CALLED
LABOUR.
(A) DIRECT LABOUR: IS ONE WHICH CAN BE
CONVENIENTLY IDENTIFIED OR ATTRIBUTED WHOLLY
TO A PARTICULAR JOB, PRODUCT OR PROCESS.
EG:WAGES PAID TO CARPENTER, FEES PAID TO
TAILOR,ETC.
(B) INDIRECT LABOUR: IS ONE WHICH CANNOT BE
CONVENIENTLY IDENTIFIED OR ATTRIBUTED WHOLLY
TO A PARTICULAR JOB, PRODUCT OR PROCESS.
13. EXAMPLES OF INDIRECT LABOUR
At factory level – foremen’s salary, works
manager’s salary, gate keeper’s
salary,etc
At office level – Accountant’s salary, GM’s
salary, Manager’s salary, etc.
At selling and dist.level – salesmen
salaries, Logistics manager salary, etc.
14. OTHER EXPENSES: ARE THOSE EXPENSES OTHER
THAN MATERIALS AND LABOUR.
DIRECT EXPENSES: ARE THOSE EXPENSES
WHICH CAN BE DIRECTLY ALLOCATED TO
PARTICULAR JOB, PROCESS OR PRODUCT. EG :
EXCISE DUTY, ROYALTY, SPECIAL HIRE
CHARGES,ETC.
INDIRECT EXPENSES: ARE THOSE EXPENSES
WHICH CANNOT BE DIRECTLY ALLOCATED TO
PARTICULAR JOB, PROCESS OR PRODUCT.
15. EXAMPLES OF OTHER EXPENSES
At factory level – factory rent, factory
insurance, lighting, etc.
At office level – office rent, office insurance,
office lighting, etc.
At sales & dist.level – advertising, show room
expenses like rent, insurance, etc.
16. COST SHEET
DIRECT MATERIAL
DIRECT LABOUR
DIRECT EXPENSES
PRIME COST
FACTORY OVERHEADS
FACTORY COST
OFFICE OVERHEADS
COST OF PRODUCTION
SELL & DIST OVERHEADS
COST OF SALES
PROFIT
SALES
17. COST SHEET - ADVANCED
OPENING STOCK OF RAW MATERIALS
+PURCHASES
+CARRIAGE INWARDS
-CLOSING STOCK OF RAW MATERIALS
VALUE OF MATERIALS CONSUMED
+DIRECT WAGES
+DIRECT EXPENSES
PRIME COST
+FACTORY OVERHEADS
+OPENING STOCK OF WIP
-CLOSING STOCK OF WIP
FACTORY COST
(CONT.)
18. FACTORY COST
+ADMINISTRATIVE OVERHEADS
COST OF PRODUCTION
+OPENING STOCK OF FINISHED GOODS
-CLOSING STOCK OF FINISHED GOODS
COST OF GOODS SOLD
+SELL. & DIST. OVERHEADS
COST OF SALES
+PROFIT
SALES
19. COST CLASSIFICATION – ON THE BASIS
OF
Nature
Function
Direct & indirect
Variability
Controllability
Normality
Financial accounting classification
Time
Planning and control
Managerial decision making
20. ON THE BASIS OF NATURE
Materials
Labour
Expenses
21. ON THE BASIS OF FUNCTION
Manufacturing costs
Commercial costs – ADM and S&D Costs
ON THE BASIS OF DIRECT AND INDIRECT
Direct costs
Indirect costs
22. ON THE BASIS OF VARIABILITY
Fixed costs
Variable costs
Semi variable costs
23. ON THE BASIS OF CONTROLLABILITY
Controllable costs
Uncontrollable costs
ON THE BASIS OF NORMALITY
Normal costs
Abnormal costs
24. ON THE BASIS OF FINANCIALACCOUNTS:
Capital costs
Revenue costs
Deferred revenue costs
25. ON THE BASIS OF TIME:
Historical costs
Pre determined costs
ON THE BASIS OF PLANNING AND CONTROL:
Budgeted costs
Standard costs
26. ON THE BASIS OF MANAGERIAL DECISION
MAKING
Marginal costs
Out of pocket costs
Sunk costs
Imputed costs
Opportunity costs
Replacement costs
Avoidable costs
Unavoidable costs
Relevant and irrelevant costs
Differential costs
27. TERMS IN COST ACCOUNTING
Cost unit
Cost centre
Cost estimation
Cost ascertainment
Cost allocation
Cost apportionment
Cost reduction
Cost control
28. METHODS OF COSTING
Job costing
Contract costing
Batch costing
Process costing
Unit costing
Operating costing
Operation costing
Multiple costing
29. TYPES OF COSTING
Uniform costing
Marginal costing
Standard costing
Historical costing
Direct costing
Absorption costing
30. CALCULATION OF VARIOUS
COST
Direct Materials
Opening stock of materials
Add Purchases of materials
Less Closing stock of materials
(a) Materials consumed
Direct Wages
Direct Expenses ------ ------
PRIME COST
Add Factory Overheads
Factory rent, rates, taxes Fuel-power and water Lighting and Heating Indirect wages Depreciation, Repairs
Salaries of Works Manager etc. Indirect Materials
Drawing office and works office expenses Depreciation on factory land and building Less Scrap value
Defective work
Add Work in progress (opening)
Less Work in progress (closing) ------
WORKS COST
Add Office/Administration overheads
Office rent, insurance, lighting, cleaning
Office salaries, telephone, law and audit expenses
General Manager’s salary
Printing and stationery
Maintenance, repairs, upkeep of office bldg
Bank charges and miscellaneous expenses ------
COST OF PRODUCTION
Add Opening stock of finished goods
Less Closing stock of finished goods ------
COST OF GOODS SOLD
Add Selling and Distribution Overheads
Showroom expenses, salesmen’s salaries
& commission, bad debts, discounts, warehouse rent, carriage outwards, advertising, delivery expenses, samples and free gifts etc.
COST OF SALES
Add Net Profit or deduct net loss: ------ SALES ------
31. HOME ASSIGNMENT
1. What is Cost Accounting? How it is different from Management
Accounting?
2. Explain the various types of Cost?
32. SAMPLE QUIZ -1
1) The basic types of cost accounting system are :
A)Job order cost systems, activity based cost systems and process cost systems.
(B) Direct cost system and indirect cost systems
(C) Complete job cost systems and work in process cost system.
(D) Fixed cost systems and variable cost systems
2 In ABC, only one cost driver should be used in applying overhead .
A) True (B) False
3 Elston's Metal Shop uses a job order cost system. It applies overhead to jobs at a rate of 150% of direct labor
costs. Job No.2617 required $500bin direct labor costs. The job was initially budgeted to require $550 in
direct labor costs. Overhead applied to No.2617 during the period amounted to :
A) $550 (B) $750 (C) $825 (D) some other amount .
4 If the manufacturing overhead account at month end has a remaining debit balance, this indicates that overhead
is under applied .
A) True (B) False
5 A predetermined overhead application rate :
A) Is used in a job order cost system but cannot be used in a process cost system
(B) Can be determined by dividing budgeted direct labor cost by the budgeted factory overhead costs.
(C) Is not generally accepted for financial reporting purpose.
(D) Tends to avoid wide variation in per-unit overhead cost because of short -run changes in volume .