Business Cost Accounting

1. Introduction
1.1 Origin of Costing
1.2 Concept of Cost, Costing, Cost Accounting, Cost Accountancy and Management Accounting
1.3 Cost Accounting Standard: Meaning, Definition and Introduction
1.4 Objectives of Cost Accounting
1.5 Advantages and Limitations of Cost Accounting
1.6 Cost Units and Cost Centers
1.7 Role of a Cost Accountant in Business

2. Elements of Cost, Cost Sheet and Material Accounting
2.1 Elements of Cost: Material, Labour and Expenses
2.2 Classification of Cost
2.3 Preparation of Cost Sheet
2.4 Estimate, Tender and Quotation: Meaning Significance and Difference between Estimate - Tender - Quotation
2.5 Material Accounting - Store Location and Layout
2.6 Bin Card and Store Ledger
2.7 Issue of Material and Pricing Methods for Issue of Material
2.7.1 First in First Out (FIFO)
2.7.2 Last in First Out (LIFO)
2.7.3 Simple Average Method
2.8 Use of Software in Material Accounting

3. Purchase Procedure and Inventory Control
3.1 Need and Essentials of Material Control
3.2 Role of Purchase Department in Business
3.3 Purchase Procedure and Documentation
3.4 Meaning of Inventory
3.5 Methods of Inventory Control
3.6 Stock Levels
3.7 Economic Order Quantity (EOQ)
3.8 ABC Analysis
3.9 Physical Verification of Inventory
3.10 Inventory Turnover Ratio