This power point presentation related to process costing. which is useful to students who studying B.com, BBA,M.COM MBA etc.
It involves short notes on definition of process costing,its features,applications,difference between process costing and job costing, advantages and disadvantageous of process costing, procedure of process costing,format of process account, process losses and abnormal gain.
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
This power point presentation related to process costing. which is useful to students who studying B.com, BBA,M.COM MBA etc.
It involves short notes on definition of process costing,its features,applications,difference between process costing and job costing, advantages and disadvantageous of process costing, procedure of process costing,format of process account, process losses and abnormal gain.
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
This is one of the hardest topic in Accounting. To make it easier I have prepared this one. It is according to AS 7. These are some of the basics of Contract Accounting. How to account Contact?
Like if it proves to be useful for you.
1.1 identify the type of accounting
1.2 difference between Cost Accounting , Cost Accountancy and Costing
1.3 understand the Management information needs
1.4 identify the objectives of cost accounting
1.5 difference between Cost Accounting Vs. Financial Accounting
1.6 identify the role of cost accountant
Cost Accounting-
-Meaning of Cost Accounting
-Scope of Cost Accounting
-Nature of Cost Accounting
-Relationship b/w Financial Accounting & Cost Accounting
-Cost Accounting v/s Management Accounting
-Objectives of cost accounting
-Function of cost accountant
-Essentials of cost accounting
-Advantages of cost accounting
-Limitations of cost accounting
-Role of cost in cost accounting
-Cost Unit & Cost Centre
-Cost Techniques
-Costing Systems
-Costing Methods
-Cost Classification
-Components of total cost
-Cost Sheet.
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
This is one of the hardest topic in Accounting. To make it easier I have prepared this one. It is according to AS 7. These are some of the basics of Contract Accounting. How to account Contact?
Like if it proves to be useful for you.
1.1 identify the type of accounting
1.2 difference between Cost Accounting , Cost Accountancy and Costing
1.3 understand the Management information needs
1.4 identify the objectives of cost accounting
1.5 difference between Cost Accounting Vs. Financial Accounting
1.6 identify the role of cost accountant
Cost Accounting-
-Meaning of Cost Accounting
-Scope of Cost Accounting
-Nature of Cost Accounting
-Relationship b/w Financial Accounting & Cost Accounting
-Cost Accounting v/s Management Accounting
-Objectives of cost accounting
-Function of cost accountant
-Essentials of cost accounting
-Advantages of cost accounting
-Limitations of cost accounting
-Role of cost in cost accounting
-Cost Unit & Cost Centre
-Cost Techniques
-Costing Systems
-Costing Methods
-Cost Classification
-Components of total cost
-Cost Sheet.
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
Introduction and Accounting for Buy-back of Shares in India as per the Companies Act 2013 and other rules.
It will be useful for the students of B. Com., B.Com.(H), CA, CS and other professional courses, studying Corporate Accounting.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
1. Cost Accounting
Integrated and Non-integrated Accounting (Part – I)
Introduction and Overview
(For B. Com. (H), B. Com. And other Professional Courses, like BBA,CA, CS, CMA, etc.)
By
Mahesh Chandra Sharma
Associate Professor, Department of Commerce
Shaheed Bhagat Singh Evening College
(University of Delhi)
3. Non-Integral Accounts
• Separate set of books for Financial Accounts and Cost
Accounts are maintained.
• Cost accounting books can also be maintained on the basis of
double entry system to help in checking the accuracy.
• There are three types of accounts – Personal, Real and
Nominal. In cost accounts, we are mainly concerned with
nominal accounts and few real accounts.
• Rules of Debit and Credit are the same.
• This also facilitates reconciliation of cost and financial accounts.
4. Financial Books
There are three important financial ledgers in Financial Books:
1. General Ledger: It contains
a) all real, nominal and personal accounts (except those of trade debtors
and trade creditors),
b) Debtors Ledger control A/c (Total Debtors A/c)
c) Creditors ledger control A/c (Total Creditors A/c)
d) Cost Ledger Control account: This is a memorandum account only. It
records all items of expenditure and income relating to cost accounts. This
account is just a reverse or contra of General Ledger Adjustment A/c,
maintained in the Cost Ledger.
2. Debtors Ledger: It contains personal accounts of all debtors.
3. Creditors Ledger: It contains personal accounts of all creditors.
5. Cost Books
I. Subsidiary Ledgers:
• Stores ledger: In this ledger a separate account is opened for
each item of Store. (refer to Materials Chapter)
• Work-in-progress or Job ledger: In this ledger a separate
account is opened for each job and product in process.
Production and costs incurred are recorded.
• Finished goods or Stock Ledger: A separate a/c is opened for
each item of finished goods. (Refer to Process A/c)
(Continued)
6. Cost Books
II. Cost Ledger:
Cost Control Accounts:
• Control accounts are the Summary (or Total) Accounts which
are maintained for the subsidiary ledger in the cost books under
non integral system.
• These accounts are prepared on the basis of periodic summary
or total of transactions in the respective subsidiary ledger.
• These accounts are maintained in the cost ledger to complete
the double entry so that the accuracy can be checked.
(Continued)
7. Cost Control Accounts
(a) Stores Ledger Control A/c
• In Stores Ledger, a separate account is opened for each item of Material and
Store.
• In cost ledger stores ledger control account is opened pertaining to the subsidiary
ledger—Stores Ledger.
• In this account, total materials/stores received in the Store (Purchases Journal) is
recorded on the debit side and total materials/stores issued out of the
Store (Materials Abstracts) is recorded on the credit side.
• The balance of this account must be tallied with the total of the balances of
individual stores account in the stores ledger.
• If two separate ledgers are maintained for materials and stores respectively, then
two separate control accounts : Materials Ledger Control Account and Stores
Ledger Control Account shall be maintained in cost ledger.
8. Cost Control Accounts:
(a) Stores Ledger Control A/c - Examples
Stores Ledger – Individual Accounts of
RM and Stores
Stores Ledger Control A/c
1. Purchase of Materials A – Rs. 20,000
Purchase of Materials B – Rs. 27,000
Purchase of Materials C – Rs. 33,000
To General Ledger Adjustment A/c
(Purchase of Materials) - Rs. 80,000
2. Issue of Materials A – Rs. 10,000
Issue of Materials B – Rs. 15,000
Issue of Materials C – Rs. 12,000
By General Ledger Adjustment A/c (Issue
of Materials - Rs. 37,000
3. Materials A - Returned to Store – Rs. 2,100
Materials C - Returned to Store – Rs. 2,900
To General Ledger Adjustment A/c
(Materials Returned from Production to
Store) – Rs. 5,000
9. Cost Control Accounts:
(b) Work-progress Ledger Control A/c
• In Work-in-progress Ledger, a separate account is opened for each
job and product and cost of materials, labour and factory expenses
incurred are recorded.
• In cost ledger, work-in-progress ledger control account is opened
pertaining to the subsidiary ledger—Work-in-progress Ledger.
• In this account, total cost of materials, labour and factory overheads
incurred is recorded on the debit side and total cost of completed
jobs is recorded on the credit side.
• The balance of this account must be tallied with the total of the
balances of individual jobs or production or process accounts in the
work-in-progress ledger.
10. Cost Control Accounts:
(c) Finished Goods Ledger Control A/c
• In Finished Goods Ledger, a separate account is opened for
quantity and cost of each item of Finished Goods.
• In cost ledger, Finished Goods ledger control account is opened
pertaining to the subsidiary ledger—Finished Goods Ledger.
• In this account, total cost of finished goods is recorded on the
debit side and total cost/price of finished goods sold is recorded
on the credit side.
• The balance of this account must be tallied with the total of the
balances of individual stock accounts in the Finished Goods
ledger.
11. Cost Ledger: Cost Control Accounts
(d) General Ledger Adjustment A/c or Cost Ledger Control A/c
• In this account, we record all items of income and expenditures. It is
revers of Cost Ledger Control Account in financial books.
• Personal accounts are shown in financial books and not in cost
books.
• All expenditures are shown on the credit side of this account.
• Sales or incomes are shown on the debit side of this account.
• The balance of this account represents value of stores, stock in hand
and the amount of work in progress.
• The general ledger adjustment account completes double entry in
the cost ledger and hence all such accounts which pertain to fixed
assets or cash or outsiders are posted to this account.
12. Cost Books
Cost Control Accounts: (Continued)
e) Wages Control A/c
f) Production Overheads (or Manufacturing Overheads or factory Overheads)
Control A/c
g) Office & Administrative Overheads Control A/c
h) Selling & Distribution Overheads Control A/c
i) Capital WIP Control A/c: This account is to record each item of capital work to be
performed in the factory itself for example producing tools and equipments within the
factory.
13. Cost Ledger: Cost Control Accounts
(d) General Ledger Adjustment A/c or Cost Ledger Control A/c
• In this account, we record all items of income and expenditures. It is
revers of Cost Ledger Control Account in financial books.
• Personal accounts are shown in financial books and not in cost
books.
• All expenditures are shown on the credit side of this account.
• Sales or incomes are shown on the debit side of this account.
• The balance of this account represents value of stores, stock in hand
and the amount of work in progress.
• The general ledger adjustment account completes double entry in
the cost ledger and hence all such accounts which pertain to fixed
assets or cash or outsiders are posted to this account.
14. Cost Ledger
Other Accounts:
h) Overhead Suspense/Adjustment A/c: It is a summary of all under
absorbed and over absorbed overheads. Under-absorbed overheads
are debited to this A/c and Over-absorbed overheads are debited to
this A/c
i) Cost of Sales A/c: When finished goods are sold they are transferred
to cost of sales account.
j) Costing P & L A/c
Note: Since Direct expenses are directly charged to work in progress
account, so no separate account is maintained for direct expenses.