Notes of cost accounting under gndu

SYLLABUS 

BCG 406: Cost Accounting

B.com. ( Pass and Hons. ) Semester lV

Guru Nanak Dev University

Time 3: hours                      Max. Marks : 50

Instructions for the Paper Setters :

Equal marks of eight questions will be settled in four sections as ( A to D ). Questions may be subdivided into subparts, however not exceeding four parts. Candidates are required to attempt five questions. Selecting at least one question from each section. The fifth question may be attempted from any section.

SECTION-A

introduction : Concept of cost, Costing, Cost Accounting & Cost Accountancy, Limitations of Financial Accounting, Origin and Objective of Cost Accounting, Advantages and Limitations of Cost Accounting, Difference between Financial and Cost Accounting, Cost unit & Cost Centre, Elements of Cost, Material, Labour and Other Expenses Classification of Cost, Types of Costs, and Preparation of Cost Sheet.

SECTION-B

Contract Costing – Meaning, Features and Rules regarding and the calculation of Profits in case of Complete and Incomplete contracts along with the treatment of work-in-progress.

Process Costing – Meaning, Features, Normal and Abnormal Loss/gains, Inter Process profits and equivalent production.

SECTION-C

Reconciliation of Cost and Financial Accounts

Marginal Costing – Meaning and various concepts – Fixed Cost variable Cost, Contribution, P/V Ratio, Break Even Point, Margin of Safety, Managerial Applications.

SECTION-D

Standard Costing – Definition and Meaning of various Concepts Advantages and Limitations of Standard Costing

Variance Analysis – Material, Labour and Overheads Variances only.

Budget and Budgetary Control – Definition, Meaning and objectives of Budgetary Control Advantages and Disadvantages of Budgetary Control, Types of Budget.

Notes of cost accounting under gndu

Here are some chapter of cost accounting

1. Cost accounting : Concept, Objective, Advantages and Limitations
2. Elements and Components of Cost and Cost Classification
3. Materials-I : Purchase, Storage and Control
4. Material-ll : Pricing, Issues and Evaluation
5. Labour : Meaning, Components, Idle Time, Overtime and Incentive Plans
6. Cost Sheet
7. Contract Costing : Meaning, Ascertainment of Profits of Complete and Incomplete Contracts
8. Process Costing -l : Meaning, Normal and Abnormal Loss/Gains, interprocess Profits
9. Process Costing-ll : Equivalent Production 
10. Reconciliation of Cost and Financial Accounts
11. Marginal Costing-l : Meaning, Concepts and Techniques
12. Marginal Costing-ll : Managerial Applications
13. Standard Costing-l : Meaning, Advantages and Limitations
14. Standard Costing-ll : Variance Analysis : Material, Labour and Overhead
15. Budget and Budgetary Control : Definitions, Objectives, Advantages, Disadvantage and Types
16. Notes of cost accounting under gndu

COST ACCOUNTING

Notes of cost accounting under gndu

CONTENTS

SECTION-A

Cost Accounting: Concept, objectives, Advantages and Limitations

Elements and Components of Cost and Cost Classification

Material–I: Purchase, Storage and Control

Material– ll : Pricing, Issues and Evaluation

Labour : Meaning, Components, idle Time, Overtime and Incentive Plans

Cost Sheet

SECTION-B

Contract Costing: Meaning, Ascertainment of Profits of Complete and Incomplete Contracts

Process Costing – l: Meaning, Normal and Abnormal Loss/Gains,  Inter– Process Profits

Process Costing – ll: Equivalent Production

SECTION-C

Reconciliation of Cost and Financial Accounts

Marginal Costing – l: Meaning, Concepts and Techniques

Marginal Costing – ll: Managerial Applications

SECTION-D

Standard Costing –l: Meaning, Advantages and Limitations

Standard Costing –ll: Variance Analysis : Material, Labour and Overhead

Budget and Budgetary Control : Definitions, Objectives, Advantages, Disadvantages and Types

What do you mean by cost accounting?

1. Explain the Difference between Financial Accounting and Cost Accounting. Why is cost accounting necessary? What are the essentials of a good costing system?

1. Describe the routine for control of purchases and receipt of material from suppliers.

1. How will you treat defects and scraps in cost accounts?

1. How the profit is determined in case of uncompleted contracts?

1. Describe the cost plus contract from the point of view of manufacturing and a buyer.

1. What are different types of standards? How can standards be established?

1. How do sales forecasts different from a sales budget? Elucidate the importance of accurate sales forecasts for effective budgeting.

1. What are different methods of cost accounting? Explain their adaptability in different industries. (2019).

1. Describe the main features of activity based costing. Do you agree that activity based costing is a more refined system of charging overhead cost to the product than traditional methods? Explain. (2019)

1. What is a master budget? How does it help in planning and control? (2019)

1. How is the standard costs useful in a manufacturing firm? What are their limitations? ( 2019 )

1. What is the need of cost accounting? State its objective.(2021)

1. Explain normal wastage, Abnormal wastage and Abnormal gain. Discuss their treatment in process accounts. ( 2021)

1. What is the need for reconciliation? What are the causes of disagreement of results shown by cost accounts and Financial Accounts? ( 2021 )

1. What are the objectives of budgetary control? Give its advantages and disadvantages. (2021) Notes of cost accounting under gndu

1. Discuss Classification of Costs. (2022)

1. Ascertainment of profits on Completed contracts.(2022).

1. Ascertainment of profits on contracts nearing completion.(2022)

1. Give managerial application of managerial costing. Support your answer with practical illustrations.(2022)

1. What is budgetary control? Explain different types of budgets.(2022)

Notes of cost accounting under gndu

However you can visit on gndu.ac.in official website for the purpose of syllabus of cost accounting. Notes of cost accounting under gndu