Skip to content

COMMERCEIETS

STUDY TO ENLIGHTEN YOURSELF

  • BCOM GNDU NOTES – SCORE BEST IN YOUR EXAMS!!!
  • MANAGEMENT ACCOUNTING NOTES
  • BUSINESS ORGANISATION
  • DIRECT TAX LAWS
  • INTERNATIONAL BUSINESS
  • INDUSTRIAL AND LABOUR LAWS
  • OPERATIONS RESEARCH
  • RISK MANAGEMENT AND INSURANCE
  • BUSINESS STATISTICS
  • PARTNERSHIP ACCOUNTS
  • CORPORATE ACCOUNTING
  • COMMERCIAL LAW
  • MANAGERIAL ECONOMICS
  • BUSINESS MANAGEMENT
  • 11 ACCOUNTANCY
  • GOODS AND SERVICE TAX
  • MICRO ECONOMICS
  • 12 ACCOUNTANCY
  • KEY DIFFERENCES
  • COST ACCOUNTING
  • FINANCIAL ACCOUNTING
  • FINANCIAL MANAGEMENT
  • CONSUMER BEHAVIOR
  • PARTNERSHIP ACCOUNTS
  • FINANCIAL MARKET OPERATIONS
  • CORPORATE OR COMPANY LAW
  • LANGUAGE ACROSS CURRICULUM
  • INSURANCE SERVICE MANAGEMENT
  • Toggle search form
COST ACCOUNTING NOTES

COST ACCOUNTING NOTES – SCORE BEST IN YOUR EXAMS!!!

Table of Contents

Toggle
  • COST ACCOUNTING NOTES
      • NATURE AND SCOPE OF COST ACCOUNTING
  • CONTRACT COSTING
  • PROCESS COSTING

COST ACCOUNTING NOTES

COST ACCOUNTING NOTES
COST ACCOUNTING NOTES

Here you will get the notes on cost accounting. All the previous year questions covered in the examinations are provided here. Get the best use of it. Also provide your feedback for the same.

The syllabus covered is as follows:

NATURE AND SCOPE OF COST ACCOUNTING

Briefly explain the scope of cost accountancy?

‘Cost Accounting is an indispensable tool of modern management.’ Discuss this statement and bring out the nature and scope of cost accounting?

Discuss the nature of cost accounting along with its advantages.

“While Financial Accounting is external, Cost Accounting is internal to the business.” Explain.

“Cost accounting is becoming more and more relevant in the emerging scenario in India” Explain.

What are the objectives and advantages of cost accounting?

What is the difference between financial accounting and cost accounting?

Why cost accounting is necessary?

What are the essentials of good costing system?

What are the different methods of cost accounting? Explain their adaptability in different industries.

BUDGETARY CONTROL

BUDGETARY CONTROL

CONTRACT COSTING

Escalation Clause in contract costing

What are the differences between Job Costing and Contract Costing?

How profits are determined in case of completed contracts?

Ascertainment of profits on incompleted contracts

Ascertainment of profits on contracts nearing completion.

Explain cost plus contracts from viewpoint of buyer and manufacturer

PROCESS COSTING

What do you mean by Equivalent Production? Discuss its importance in valuing work in progress?

By-Products

Joint Products

Explain the treatment of normal loss, abnormal loss and abnormal gain in process costing?

What are the features of process costing?

Explain the applications of process costing in different industries?

Differentiate between process costing and job costing?

Introduction: – Concept of Cost, Costing, Cost Accounting & Cost Accountancy, Limitations of
Financial Accounting, Origin and Objectives 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.

Contract Costing- Meaning, Features and Rules regarding the calculation of Profits in case of
complete and incomplete contracts alongwith the treatment of Work-in-progress.
Process Costing – Meaning, Features, Normal and Abnormal Loss/ Gains, Inter process profits
and equivalent production.

Reconciliation of Cost & Financial accounts
Marginal Costing – Meaning and various concepts – Fixed Cost Variable Cost, Contribution, P/V
Ratio, Break Event Point, Margin of Safety, Managerial Applications.

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.

CONNECT ON LINKEDIN
COST ACCOUNTING NOTES
COST ACCOUNTING NOTES

Copyright © 2025 COMMERCEIETS.

Powered by PressBook WordPress theme