COSTAND MANAGEMENT ACCOUNTING

FULLY SOLVED BOOK LASY 5 YEARS PAPERS SOLVED PLUS GUESS

COSTAND MANAGEMENT ACCOUNTING

UNIT-I: Cost and Management Accounting: Meaning of costing, cost accounting and management accounting-Nature and Scope of Cost Accounting and Management Accounting – Importance ofcost centre and cost unit - Cost Accounting vs. Management Accounting vs. Financial Accounting - Significance of Cost Accounting and Management Accounting.

UNIT-II: Elements of Different Costs: Direct and Indirect - Material Cost- Issue of Materials- Pricing Methods (LIFO, FIFO, Simple and Weighted Average) - Labour costDirect and Indirect Labour Cost- Systems of Payment of Wages(Halsey & Rowan Plans) - Overheads-Classification, Allocation and Apportionment of Overheads.(NP)


UNIT-III: Preparation of Cost Sheet: Classification of costs – prime cost – works cost – cost of production – cost of sales – Profit Margin - Preparation of Cost sheet for special work orders (NP)

UNIT-IV: Managerial Applications of Cost-Volume-Profit and Break Even Analysis: Analysis and Classification of different Costs- Fixed Cost- Variable Costincremental Cost- Differential Costs- Opportunity Cost and Cost-Volume-Profit
Analysis- Margin of Sales and Break Even Point- Decisions involving alternative choices – Make or Buy Decision- determination of sales mix – addition or deletion of a product (NP)

UNIT-V: Budgeting: Meaning of a Budget- Budget, Budgeting and Budgetary control – Essentials of a Budgetary Control- Master Budget- Flexible Budget- Production and Sales Budget- Zero Based Budgeting. (NP)