Vskills certification for Cost Accountant assesses the candidate as per the company’s need for costing or cost accounting. The certification tests the candidates on various areas in cost concepts and classification, materials, labour costs, overheads analysis, job order costing, single costing, marginal costing and cost-volume-profit analysis

1. Certified Cost Accountant
VS-1125

2. Certified Cost Accountant
www.vskills.in
CCCCertifiedertifiedertifiedertified Cost AccountantCost AccountantCost AccountantCost Accountant
Certification CodeCertification CodeCertification CodeCertification Code VS-1125
Vskills certification for Cost Accountant assesses the candidate as per the company’s need
for costing or cost accounting. The certification tests the candidates on various areas in cost
concepts and classification, materials, labour costs, overheads analysis, job order costing,
single costing, marginal costing and cost-volume-profit analysis.
Why should one take this certification?Why should one take this certification?Why should one take this certification?Why should one take this certification?
This Course is intended for professionals and graduates wanting to excel in their chosen
areas. It is also well suited for those who are already working and would like to take
certification for further career progression.
Earning Vskills Cost Accountant Certification can help candidate differentiate in today's
competitive job market, broaden their employment opportunities by displaying their
advanced skills, and result in higher earning potential.
Who will benefit from taking this certification?Who will benefit from taking this certification?Who will benefit from taking this certification?Who will benefit from taking this certification?
Job seekers looking to find employment in finance, costing or taxation departments of
various companies, students generally wanting to improve their skill set and make their CV
stronger and existing employees looking for a better role can prove their employers the
value of their skills through this certification.
Test DetailsTest DetailsTest DetailsTest Details
• Duration:Duration:Duration:Duration: 60 minutes
• No. of questions:No. of questions:No. of questions:No. of questions: 50
• Maximum marks:Maximum marks:Maximum marks:Maximum marks: 50, Passing marks: 25 (50%)
There is no negative marking in this module.
Fee StructureFee StructureFee StructureFee Structure
Rs. 4,500/- (Includes all taxes)
Companies that hire VskillsCompanies that hire VskillsCompanies that hire VskillsCompanies that hire Vskills Cost AccountantCost AccountantCost AccountantCost Accountant
Cost Accountants are in great demand. Companies specializing in finance or manufacturing
are constantly hiring skilled cost accountants. Various public and private companies also
need cost accountant for their finance, costing or taxation departments.

3. Certified Cost Accountant
www.vskills.in
Table oTable oTable oTable of Contentsf Contentsf Contentsf Contents
1.1.1.1. Introduction to Cost and Management AccountingIntroduction to Cost and Management AccountingIntroduction to Cost and Management AccountingIntroduction to Cost and Management Accounting
1.1 Concepts of Cost
1.2 Costing, Cost Accounting and Cost Accountancy
1.3 Objectives of Cost Accounting
1.4 Importance of Cost Accounting
1.5 Scope of Cost Accounting
1.6 Classification of Costs
1.7 Cost Centre and Cost Unit
1.8 Methods of Costing
1.9 Techniques of Costing
1.10 Installation of a Costing System
1.11 Difference between Financial Accounting and Cost Accounting
1.12 Difference between Financial Accounting and Management Accounting
2.2.2.2. Material CostMaterial CostMaterial CostMaterial Cost
2.1 Inventory Control (Material Control)
2.2 Objectives of Inventory Control
2.3 Techniques of Inventory Control
2.4 Store-Keeping
2.5 Functions of Store-Keeping
2.6 Method of Pricing of Material Issues
2.7 Accounting of Material Losses
2.8 Control of Material Losses
2.9 Inventory Management
3.3.3.3. Labour CostLabour CostLabour CostLabour Cost
3.1 Introduction to Labour Cost
3.2 Classification of Labour Cost
3.3 Accounting and Control of Labour Cost
3.4 Time Recording
3.5 Time-Keeping
3.6 Time Keeping
3.7 Overtime
3.8 Idle Time
3.9 Labour Turnover
3.10 Labour Remuneration System
3.11 Basic Methods of Remuneration System
3.12 Incentive schemes
4.4.4.4. Direct Expenses and OverheaDirect Expenses and OverheaDirect Expenses and OverheaDirect Expenses and Overheadsdsdsds
4.1 Direct expenses
4.2 Indirect expenses
4.3 Overheads

4. Certified Cost Accountant
www.vskills.in
4.4 Collection of Overheads
4.5 Classification of Overheads
4.6 Allocation and apportionment of overheads (depart-metallization of overheads)
4.7 Allocation of Overheads
4.8 Apportionment of Overheads
4.9 Absorption of overheads
4.10 Methods of Absorbing Production Overheads
4.11 Over or Under Absorption Of Overheads
4.12 Treatment of Factory Overheads
4.13 Treatment of Administrative Overheads
4.14 Treatment of Selling And Distribution Overheads
4.15 Control of Overheads
4.16 Preparation of Cost Sheet
5.5.5.5. Activity BasedActivity BasedActivity BasedActivity Based CostingCostingCostingCosting
5.1 Introduction
5.2 Meaning of Activity Based Costing
5.3 Basics of Activity Based Costing
5.4 Distinction Between Traditional Absorption Costing and Activity Based Costing
5.5 Objectives of Activity Based Costing
5.6 Terminology of Activity Based Costing
5.7 Stages in Developing Activity Based Costing System
5.8 Different Types of Activities
6.6.6.6. Cost RecordsCost RecordsCost RecordsCost Records
6.1 Introduction
6.2 Non-Integrated Accounting System
6.3 Advantages of Non-Integrated Accounting
6.4 Limitations of Non-Integrated Accounting
6.5 Integrated (Integral) Accounting System
6.6 Need For Reconciliation
6.7 Causes of Differences
6.8 Preparation of Reconciliation Statement or Memorandum Reconciliation Account
7.7.7.7. Costing SystemsCosting SystemsCosting SystemsCosting Systems
7.1 Introduction
7.2 Single/Output/Unit Costing
7.3 Cost Sheet
7.4 Job Costing
7.5 Batch Costing
7.6 Contract Costing
7.7 Process Costing
7.8 Service Costing
8.8.8.8. Marginal CostingMarginal CostingMarginal CostingMarginal Costing
8.1 Features of Marginal Costing

5. Certified Cost Accountant
www.vskills.in
8.2 Advantages of Marginal Costing
8.3 Limitations of Marginal Costing
8.4 Break-Even Analysis/Cost-Volume Profit Analysis
8.5 Uses of Cost-Volume-Profit Analysis
8.6 Contribution
8.7 Marginal Cost Equation
8.8 Profit-Volume Ratio
8.9 Margin of Safety
8.10 Methods For Determining Break Even Points
8.11 Applications of Marginal Costing
8.12 Composite Break Even Point
8.13 Absorption Costing
8.14 System of Profit Reporting
9.9.9.9. Standard CStandard CStandard CStandard Costingostingostingosting
9.1 Introduction
9.2 Definition and Meaning
9.3 Applications of Standard Costing
9.4 Various Types of Standards
9.5 Standard Costing System
9.6 Variance Analysis
9.7 Material Cost Variances
9.8 Material Usage Variance
9.9 Material Mix Variance
9.10 Materials Yield Variance
9.11 Overhead Cost Variances
9.12 Variable Overhead Variance
9.13 Fixed Overhead Variance
10.10.10.10. Budget, Budgeting and BudBudget, Budgeting and BudBudget, Budgeting and BudBudget, Budgeting and Budgetary Controlgetary Controlgetary Controlgetary Control
10.1 Budget
10.2 Budgeting
10.3 Budgetary Control
10.4 Forecast and Budget
10.5 Zero Base Budgeting
11.11.11.11. Cost Accounting Records and Cost AuditCost Accounting Records and Cost AuditCost Accounting Records and Cost AuditCost Accounting Records and Cost Audit
11.1 Cost Audit
11.2 Purpose of Cost Audit
11.3 Advantages of Cost Audit
11.4 Appointment of Cost Auditor
11.5 Rights and Responsibilities of Cost Auditor
11.6 Implementing Authorities of Cost Audit
11.7 Cost Audit Techniques
11.8 Cost Audit Programme
11.9 Cost Audit Report

6. Certified Cost Accountant
www.vskills.in
12.12.12.12. Analysis and Interpretation of Financial StatementsAnalysis and Interpretation of Financial StatementsAnalysis and Interpretation of Financial StatementsAnalysis and Interpretation of Financial Statements
12.1 Financial Statements
12.2 Importance of Financial Statements
12.3 Analysis of Financial Statements
12.4 Types of Financial Statement Analysis
12.5 Methods of Analyzing Financial Statements
12.6 Ratio Analysis
12.7 Uses of Ratio Analysis
12.8 Classification of Ratios

7. Certified Cost Accountant
www.vskills.in
Sample QuestionsSample QuestionsSample QuestionsSample Questions
1.1.1.1. A job order costing system would probably be appropriate for a firmA job order costing system would probably be appropriate for a firmA job order costing system would probably be appropriate for a firmA job order costing system would probably be appropriate for a firm thatthatthatthat
produces:produces:produces:produces:
A. Automobiles.
B. Stained glass windows.
C. Video cassettes.
D. Microcomputers
2222.... Suppose your accounting textbook is the cost object of concern. The paper usedSuppose your accounting textbook is the cost object of concern. The paper usedSuppose your accounting textbook is the cost object of concern. The paper usedSuppose your accounting textbook is the cost object of concern. The paper used
to print the textbook is a(n):to print the textbook is a(n):to print the textbook is a(n):to print the textbook is a(n):
A. Fixed cost.
B. Labor cost.
C. Direct cost.
D. Indirect cost.
3333.... An example of a period cost is:An example of a period cost is:An example of a period cost is:An example of a period cost is:
A. Salary of a production supervisor.
B. Raw materials used in production.
C. Property taxes on a factory building.
D. Advertising and promotion expenditures.
4444.... An example of a product cost is:An example of a product cost is:An example of a product cost is:An example of a product cost is:
A. Advertising expense for the product.
B. A portion of the president's travel expense.
C. Interest expense on a loan to finance inventory.
D. Production line maintenance costs.
5555.... Costs may be allocated to a product or activity for many purposes, but careCosts may be allocated to a product or activity for many purposes, but careCosts may be allocated to a product or activity for many purposes, but careCosts may be allocated to a product or activity for many purposes, but care mustmustmustmust
be exercised when using allocated costs because:be exercised when using allocated costs because:be exercised when using allocated costs because:be exercised when using allocated costs because:
A. Direct costs identified with the product or activity may not be accurately assigned.
B. Fixed costs will change in total if the volume of activity changes.
C. All costs may not have been allocated to the product or activity.
D. Arbitrarily allocated costs may not behave in the way assumed in the allocation method.
Answers: 1 (B), 2 (B), 3 (D), 4 (D), 5 (D)