Cost Accounting
Unit 1
Cost Accounting: Definition, Features, and Objectives
Definition of Cost Accounting Cost Accounting is an advanced field of accounting that focuses on ...
Scope, Functions, and Advantages
Scope of Cost Accounting 🎯 Cost accounting encompasses a broad range of activities designed to as...
Limitations of Cost Accounting
Objections and Limitations of Cost Accounting ⚠️ Cost Accounting, despite its numerous benefits, ...
Differences between Cost Accounting, Financial Accounting, and Management Accounting
Comparison: Financial vs. Cost vs. Management Accounting Basis of Distinction Financial Accoun...
Cost Classification
Classification of Costs 🗂️ Understanding the classification of costs is essential for effective m...
Elements of Cost
Elements of Cost 🧱 Costs in manufacturing and service industries are categorized into three prima...
Cost Sheet
The Cost Sheet 📄 A cost sheet is a financial document that provides a detailed breakdown of all c...
UNIT 2
Material and labour costing
Direct and Indirect material cost, Material purchase procedure, Inventory control (Stock levels, EOQ)
Here's an explanation of direct and indirect material costs, material purchase procedures, and in...
Issue of materials to production.
Purpose of Issuing Materials Facilitate Production: Provides the necessary inputs for manufactu...
Direct and indirect Labour cost, methods of payment of wages including Incentive schemes (Halsey, Rowan, Taylor).
Direct and Indirect Labor Cost Direct labor costs are the wages paid to employees who are directl...
UNIT 3
Overhead Costing
Features, Classification
Features of Overhead Costing Overhead costs have several distinct features that differentiate the...
methods of allocation
1. Traditional Allocation Methods (Plantwide and Departmental Rates) 🏭 These methods rely on a si...
apportionment, absorption
Overhead costing involves a series of steps to ensure that indirect costs are accurately assigned...
Primary and secondary distribution (Repeated distribution method)
Primary Distribution of Overheads 🧾 Primary distribution is the initial process of allocating and...