Lesson Plan

 

Week

Topics

     1

Management. Organization and cost accounting.

2.

Concepts and Scope of Cost Accounting

Definition and concept of cost, Cost object, Cost elements, Sources and uses of cost data, Cost accounting v / s financial accounting, Costing department and its relationship with other departments, Role of cost accounting in a management information system, Uses of cost data.

3.

Cost Classification and Flows

Direct and indirect cost, Product and period cost, Controllable and uncontrollable cost, Fixed and variable cost, Semi-variable and step fixed cost,

4.

Cost flow, Statement of cost of goods manufactured and sold.

5.

Types of Costing Systems Establishment of cost accounting system, Integrated and interlocking cost accounts, Chart of account and coding for costing,

6.

Job order costing, Operation I service costing.

7.

Introduction to process costing, Incomplete process and concept of equivalent units, Format of process account and cost of production report

8.

Material Costing and Control Procedure of material procurement, application of IAS-2. Two-bin system, The use of FIFO, LIFO and weighted average for material, valuation and the pricing for material issue, Stock taking periodic and perpetual inventory, Treatment of differences between physical and book stock

 

                                                 Mid term exam

10.

Economic order quantity, Effect of quantity discount on EOQ, Reorder level, safety stock and maximum stock, ABC Control.

11.

Labour Costing and Control

Objectives of payroll accounting. Calculations and recording of payroll, payroll taxes and deductions.

12.

Direct and indirect labour, Productivity and efficiency, Remuneration methods, Straight piece rate and differential piece rate, Incentive wage plan, Group bonus, Time sheet and job cards, Overtime and idle time; Labour turnover rate.

13.

Factory Overhead Costing and Control

Classification and collection of overhead, Predetermined overhead applied rate

14.

Factory overhead cost: planned, applied and actual, Over and under applied factory overhead' and its disposal,

15.

Departmentalization of overhead, Allocation, apportionment and reapportionment of overhead costs, Repeated distribution and algebraic method for reciprocal, service department costs.

16.

Activity Base costing system of overhead allocation.