FACULTY OF SCIENCE AND HUMANITIES
SRM INSTITUTE OF SCIENCE AND TECHNOLOGY
Semester III
L T P C
Course
Course Code UCM24301J Basics of Cost Accounting Category C Core
Title 3 0 3 4
Course Offering Pre-requisite Co-requisite Progressive Data Book /
Commerce Nil Nil Nil Nil
Department Courses Courses Courses Codes/Standards
PLO
CLR Depth Attainment
The purpose of learning this course is to:
CLR-1 Understand fundamental principles of Costing and Cost Accounting
1 2 3 4 1 2 3 1 2 3 4 5 6 7 8 9 10
CLR-2 To know about the material control and material cost
Communication Skills, Collaborating
Problem Solving, Critical Thinking,
Environmental Action, Community
Independent Thinking, Analytical
Bloom’s Level of Thinking
CLR-3 Determine about the importance of Labour
Value Inculcation, Multicultural
Expected Proficiency (%)
Expected Attainment (%)
Entrepreneurial Risk Taking
Digital Technology Skills
CLR-4 .To develop understanding and skills to apply the various methods of costing.
Leadership Qualities,
Implement
Conceive
Operate
Design
CLR-5 To enable students to understand the importance of costing in manufacturing UNITs and reconciliate the cost and financial
Creativity
PSO-1
PSO-2
Skills
accounts.
CLO At the end of this course, learners will be able to:
CLO-1 To enable the students acquire an understanding of the concept and meaning of cost, the classification of cost and various
- - 2 85 75 2 1 1 1 3 - 1 1 3 3
statements of cost and profit.
CLO-2 Analyze the various elements of costing - 2 85 75 3 2 1 1 3 1 1 1 3 3
CLO-3 Explain the labour wage payment system and Overheads 3 85 75 3 3 2 1 3 1 2 1 3 3
CLO-4 Outline the cost under process costing and Job Costing System 3 85 75 3 3 2 1 3 2 2 2 3 3
CLO-5 Illustrate Contract costing and Operating methods 3 85 75 3 3 2 1 3 2 2 2 3 3
Bachelor’s Programme, Regulations 2024
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FACULTY OF SCIENCE AND HUMANITIES
SRM INSTITUTE OF SCIENCE AND TECHNOLOGY
CLO – 1 CLO – 2 CLO – 1 CLO – 1 CLO – 1
Introduction to Cost Accounting Tender and Quotation &
Sessions Material Cost Labour Cost Overhead Cost
& Cost Sheet Reconciliation Statement
18 18 18 18 18
Cost Accounting – Meaning and Tender and Quotation
Material Control – Meaning and Labour Cost – Meaning & Meaning and definition of
SLO-1 Definition of Cost, Costing, Cost
Concepts, objectives Definition Overhead
Accountancy-
Measurement of Labour Turnover, Importance of Overheads,
Nature and objectives, Significance Difference between Tender Essentials & Techniques of material
SLO-2 Causes &Effects of Labour Classification of overhead cost
of Cost Accounting and Quotation control
turnover
Scope of Cost Accounting, Cost Practice Problems of Cost Purchase control- Purchase Calculation of Labour turn over
Allocation and apportionment of
SLO-3 centre, Profit centre and Cost unit , Sheet with Tender and department , Purchase department under Separation and Replacement
overhead costs
Function of Cost Accounting Quotation and its functions Methods
Practice Problems of Cost EOQ-meaning and determination,
Essentials of a Good Cost Computation of Labour turnover Simple Problems on allocation of
SLO-4 Sheet with Tender and Determination of various stock
Accounting System under Flux Method overheads
Quotation levels
Cost ledger accounting-
meaning-advantages of cost Practice of Problems on EOQ and Treatment of Idle time and Over Bases of Apportionment-principles
SLO-5 Advantages of Cost Accounting &
ledger stock levels time of apportionment
Limitation of Cost Accounting
Financial accounting Vs Cost Cost control accounts- Practice Problems on EOQ
SLO-6 Accounting, Cost accounting vs. problems Calculation with frequency of Payroll Procedure Problems on Primary Distribution
Management accounting purchase
Reconciliation of cost and
Techniques of costing & Methods Allocation of overhead on Primary
SLO-7 financial accounts-need for Computation of Stock Levels Remuneration and Incentives
of costing distribution method
reconciliation
Reasons for disagreement in Time & Piece Rate Method – Straight
Stock level computation for two Allocation of overhead on Primary
SLO-8 profit Piece Rate System and Time Rate
components distribution method
Classification of cost System
Method of reconciliation
Stores control-meaning, Re – apportionment of service
Problem on differential Piece Rate
SLO-9 Simplification and standardization, department costs to Production
Cost sheet – Introduction & under Taylor’s Method
storekeeping departments-methods
Definition, Specimen of Cost sheet
Simple Cost Sheet – Practice Issue control-Pricing of material Calculation of Straight piece rate Problems in Re – apportionment-
SLO-10 Procedure of reconciliation
Problems issues and Differential Piece Rate Methods Direct re-distribution method
Cost Sheet Preparation with Practice Problems in Practice Problem of Differential Practice problems on Repeated
SLO-11 Reconciliation Statement Types of Pricing of Material Issues
overheads Piece Rate Methods Distribution Method
Cost Sheet with Raw Material- Cost Practice Problems in Problem on Merricks Differential
SLO-12 Problems on FIFO Step Ladder Method
Sheet with Raw Material and Scrap Reconciliation Statement Piece Rate Method
Bachelor’s Programme, Regulations 2024
72
FACULTY OF SCIENCE AND HUMANITIES
SRM INSTITUTE OF SCIENCE AND TECHNOLOGY
Cost Sheet with Raw Material- Cost Memorandum Reconciliation Practice problems on FIFO with a Practice Problem of Merricks Methods of Absorption of
SLO-13
Sheet with Raw Material and Scrap Account shortage of material Differential Piece Rate Method Overheads
Circumstances in which
Cost Sheet with Work-in-Progress, reconciliation can be avoided Preparation of stores ledger under Problem on Gantt Task Plan Advantages of Absorption of
SLO-14
Cost sheet with stock and LIFO Method Method Overheads
inventories
Integrated cost accounting -
Cost Sheet with Finished Goods, Principles of integrated cost Practice problems on LIFO with a Computation of Premium and
SLO-15
Cost Sheet with Closing Stock Machine Hour Rate
accounting system (Only shortage of material Bonus plan
Valuation Theory)
Cost sheet with overheads, Practice Principles of integrated cost
Adopting FIFO and LIFO for Comparison between the Halsey
SLO-16 of Cost Sheet with Profit on Cost accounting system Format of Machine Hour Rate
Material Pricing plan
Calculation
Practice problems in the Pricing of Material under Average Comparison between the Halsey
SLO-17 Calculation of Machine Hour Rate
Practice of Cost Sheet with Profit on preparation of Reconciliation Pricing Methods plan and Rowan plan
Sales Calculation statement
Practice problems in the
preparation of Reconciliation Simple average method-Problems, Practice problems on Machine Hour
SLO-18 Halsey Waiver Plan
Practice of Cost sheet with statement Weighted average method-Problems Rate
adjustments
Resources
4 Cost Accounting - R.S.N.Pillai and Bhagavathi 4 Cost Accounting - S.N. Maheswari
2 Cost Accounting - T.S. Reddy and Y.Hair Prasad Reddy 5 Cost Accounting - S.P. Iyengar.
3 Advanced Cost Accounting - S.P.Jain&K.L.Narang 6 Cost Accounting - B.K. Ghosh
Bachelor’s Programme, Regulations 2024
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