Contents. Chapter 1 Conceptual Foundation
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1 Contents Chapter 1 Conceptual Foundation Meaning of Accounting... 2 Need for Accounting Information... 3 Areas of Accounting... 4 Financial Accounting... 4 Meaning... 4 Objectives... 4 Limitations... 5 Cost Accounting... 6 Meaning... 6 Objectives... 6 Advantages / Importance... 7 Limitations... 7 Management Accounting... 8 Meaning... 8 Objectives... 9 Advantages / Importance... 9 Limitations Differences between Cost Accounting and Management Accounting Concept of Cost Cost Object, Cost Unit and Cost Centre Cost Classification Classification by Elements Classification by Functions Classification by Behaviour/Variability Classification for Decision Making Cost Segregation and Cost Estimation Method of Cost Segregation and Estimation Two Points Method or High Low Method or Range Method. 20 Least Squares Method List of Formula Theoretical Questions Practical Exercises... 35
2 Chapter 2 Accounting for Materials Concept of Material/Inventory Nature and Form Objectives or Motives of Holding Inventory Inventory Control Purchase Procedure and Control Purchase Order Receiving and Handling of Material Economic Order Quantity Stock Levels Re Order Level Maximum Level Minimum Level or Safety Stock Level Danger Level Inventory Control Systems Perpetual Inventory System ABC Analysis Just In Time Inventory System List of Formula Theoretical Questions Practical Exercises Chapter 3 Accounting for Labour Cost Meaning of Labour and Labour Cost Types of Wages or Labour Cost Direct Wages or Labour Cost Indirect Wages or Labour Cost Meaning of Labour Cost Control Need for Labour Cost Control Wage System Accounting of Payroll Preparation of Payroll/Wage Sheet Wage Payment Systems of Wage Payment Choice of a Wage System Time Rate or Time Wage System Piece Wage or Piece Rate System Incentive Wage Systems and Bonus Plans Halsey Premium Plan... 95
3 Rowan Premium Plan Taylor System or the Taylor Differential Piece Rate Gantt Task and Bonus System Group Bonus Systems Priest man Plan Scanlon Plan Profit Sharing Scheme Idle Time Preventive Measures to Check Idle Time Labour Turnover Causes of Labour Turnover Labour Turnover Ratios Cost of Labour Turnover Preventive Costs Replacement Cost Effects of Labour Turnover Remedial Measures to Minimize Labour Turnover Labour Turnover Report List of Formula Theoretical Questions Practical Exercises Chapter 4 Accounting for Overhead Cost Meaning of Overheads Classification of Overheads Element Function/Activity Behaviour/Variability Controllability Overhead Allocation Overhead Apportionment Primary Distribution Secondary Distribution (Re-apportionment of Service Departments Cost) Absorption of Overhead Methods of Absorption of Overhead Theoretical Questions Practical Exercises
4 Chapter 5 Activity Based Costing Meaning of Activity-Based Costing Limitation of Traditional Costing System Procedures of Activity-Based Costing System Advantages of Activity-Based Costing Limitations of Activity Based Accounting Theoretical Questions Practical Exercises Chapter 6 Service Costing Meaning of Service Costing Features of Service Costing Types of Services/Scope of Service costing Limitations of Service Costing Transport Services Accounting of Expenses Cost Collection and Control Establishment of Cost Centres (Unit) Hotel and Restaurant Costing Canteen Costing Hospital Costing Theoretical Questions Practical Exercises Chapter 7 Job Order Costing Meaning of Job Order Costing Dissimilarities between Job and Contract Costing Objectives of Job Order Costing Advantages of Job Order Cost Accounting Disadvantages of Job Order Cost Accounting Accounting of the Costs for a Job Order Cost of Goods Manufactured and Cost of Goods Sold Job Order Costing in Service Companies Theoretical Questions Practical Exercises
5 Chapter 8 Process Costing Meaning of Process Costing Users of Process Costing Distinctive Features Advantages of Process Costing Disadvantages of Process Costing Costing Procedures under Process Costing Aspects Requiring Incorporation in Process Account Process Loss Inter-Process Profit Equivalent Production: Meaning Theoretical Questions Practical Exercises Chapter 9 Joint Product and By-Product Meaning of Joint Products Objectives of Joint Cost Analysis Methods of Apportioning Joint Costs to Joint Products Average Unit Cost Method Physical Unit Method Contribution Margin Method Market Value Method Meaning of By-Product Accounting of By-Product Non-Cost or Sales Value Methods Cost Methods Theoretical Questions Practical Questions Chapter 10 Absorption and Variable Costing Introduction Concept of Product Costs and Period Costs Product Costs Period Cost Concept of Absorption Costing Importance/ Advantages of Absorption Costing Limitation of Absorption Costing Income Statement under Absorption Costing
6 Normal Capacity Determination of Fixed Overhead Rate Over- and Under-Absorption of Fixed Manufacturing Overheads (Capacity Variance) Treatment of Opening and Closing Inventory/Stock Concept of Variable Costing Importance/ Advantages of Variable Costing Limitations of Variable Costing Income Statement of Variable Costing Differences Between Variable Costing and Absorption Valuation of Finished Goods Inventory Reconciling the Differences in Net Operating Income Variances in Variable Manufacturing Costs Which Costing Method Shows Higher Profits? List of Formulas Theoretical Questions Practical Questions Chapter 11 Cost Volume Profit Analysis Meaning Costs-volume Relationship Assumptions of Cost-Volume-Profit Analysis Importance of Cost-Volume-Profit Analysis Limitation of Break-Even Analysis Contribution Margin Analysis Contribution Margin Ratio (C/M Ratio) Cost Volume Ratio Approaches to Cost Volume Profit Analysis Equation (Formula) Approach Contribution Margin Statement Approach The Graphical Approach Break-Even Analysis: Under Constant Situation Break Even Ratio Determination of Selling Price for Realizing Desired Profit Effect of Income Tax The Margin of Safety (M/S) Step (Moving) Fixed Cost in CVP Analysis Break Even Analysis under Multiple Products CVP Analysis under Changing Situations (Sensitivity Analysis)
7 Determination of Selling Price Cash Break-Even Point List of Formula Theoretical Questions Practical Exercises Chapter 12 Standard Costing Meaning of Standard Costing Standard Costing Standard Costs Distinction between Standard Cost and Estimated Cost Standard Costing and Budgetary Control Preliminaries to Establish the Standard Costing System Advantages of Standard Costing Limitations of Standard Costing Variance analysis Concept Material Variances Labour Variances Overhead Cost Concept Overhead Variances Disposal of Variances and Preparation of Income Statement based on Standard Cost List of Formula Theoretical Questions Practical Exercises Chapter 13 Flexible Budgeting Meaning of Flexible Budget Characteristics Flexible Budget Limitations of Planning (Static Budget) Steps to be followed for Preparing a Flexible Budget Importance of Flexible Budget Flexible Budgeting for Overhead Control Cost Behaviour Levels of Activity
8 Preparation of a Flexible Budget Theoretical Questions Practical Questions Chapter 14 Budgeting for Planning Meaning of Budgeting and Budget Advantages of Budgeting Limitations of Budgeting Objectives of a Budget Functions of a Budget Types of Budget Sales Budget Production Budget Material Consumption and Purchase Budget Material Consumption Budget Material Purchases Budget Direct Labour Cost Budget Manufacturing Overhead Budget Cost of Goods Manufactured Budget Selling & Distribution Expenses Budget Administrative Expenses Budget Cost of Goods Sold Budget Theoretical Questions Practical Exercises Chapter 15 Cost Reduction Meaning of Cost Reduction and Cost Control Cost Reduction Areas/Pre-requisites of Cost Reduction Techniques of Cost Reduction Value Engineering (Value Analysis) Concept of Value Steps of Cost Reduction Limitations of Cost Reduction Responsibility of Cost Reductions Value Engineering Process of Value Engineering Areas of Value Engineering
9 Measurement of Value Advantages of Value Engineering The Concept of Value Analysis Advantage/Importance of Value Analysis Technique of Value Analysis Theoretical Questions Practical Question Model Questions TU 2072 Exam Question References
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