{"id":5557,"date":"2022-05-19T17:58:36","date_gmt":"2022-05-19T17:58:36","guid":{"rendered":"https:\/\/commerceiets.com\/?page_id=5557"},"modified":"2023-06-09T14:46:53","modified_gmt":"2023-06-09T14:46:53","slug":"cost-accounting-notes","status":"publish","type":"page","link":"https:\/\/commerceiets.com\/bcom-gndu-notes\/cost-accounting-notes\/","title":{"rendered":"COST ACCOUNTING NOTES &#8211; SCORE BEST IN YOUR EXAMS!!!"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/bcom-gndu-notes\/cost-accounting-notes\/#COST_ACCOUNTING_NOTES\" title=\"COST ACCOUNTING NOTES\">COST ACCOUNTING NOTES<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/bcom-gndu-notes\/cost-accounting-notes\/#NATURE_AND_SCOPE_OF_COST_ACCOUNTING\" title=\"NATURE AND SCOPE OF COST ACCOUNTING\">NATURE AND SCOPE OF COST ACCOUNTING<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/bcom-gndu-notes\/cost-accounting-notes\/#CONTRACT_COSTING\" title=\"CONTRACT COSTING\">CONTRACT COSTING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/bcom-gndu-notes\/cost-accounting-notes\/#PROCESS_COSTING\" title=\"PROCESS COSTING\">PROCESS COSTING<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"cost-accounting-notes\"><span class=\"ez-toc-section\" id=\"COST_ACCOUNTING_NOTES\"><\/span>COST ACCOUNTING NOTES<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"318\" height=\"159\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/05\/download-44.jpg\" alt=\"COST ACCOUNTING NOTES\" class=\"wp-image-5559\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/05\/download-44.jpg 318w, https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/05\/download-44-300x150.jpg 300w\" sizes=\"(max-width: 318px) 100vw, 318px\" \/><figcaption class=\"wp-element-caption\">COST ACCOUNTING NOTES<\/figcaption><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The syllabus covered is as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NATURE_AND_SCOPE_OF_COST_ACCOUNTING\"><\/span><strong>NATURE AND SCOPE OF COST ACCOUNTING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/meaning-and-scope-of-cost-accountancy-pdf\/\" target=\"_blank\" rel=\"noreferrer noopener\">Briefly explain the scope of cost accountancy?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/cost-accounting-is-an-indispensable-tool-of-modern-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">&#8216;Cost Accounting is an indispensable tool of modern management.&#8217; Discuss this statement and bring out the nature and scope of cost accounting?<\/a><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/commerceiets.com\/nature-and-advantages-of-cost-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Discuss the nature of cost accounting along with its advantages.<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/commerceiets.com\/while-financial-accounting-is-external-cost-accounting-is-internal-to-the-business-discuss\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>&#8220;While Financial Accounting is external, Cost Accounting is internal to the business.&#8221; Explain.<\/strong><\/a><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/cost-accounting-is-becoming-more-and-more-relevant-in-emerging-scenario-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;Cost accounting is becoming more and more relevant in the emerging scenario in India&#8221; Explain.<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/objectives-of-cost-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">What are the objectives and advantages of cost accounting?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/difference-between-cost-accounting-and-financial-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">What is the difference between financial accounting and cost accounting?<\/a><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/commerceiets.com\/why-cost-accounting-is-necessary\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Why cost accounting is necessary?<\/strong><\/a><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/essentials-of-a-good-costing-system\/\" target=\"_blank\" rel=\"noreferrer noopener\">What are the essentials of good costing system?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/methods-of-cost-accounting-and-their-adaptability-in-different-industries\/\" target=\"_blank\" rel=\"noreferrer noopener\">What are the different methods of cost accounting? Explain their adaptability in different industries.<\/a><\/strong><\/p>\n\n\n\n<p><strong>BUDGETARY CONTROL<\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/budgetary-control-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">BUDGETARY CONTROL<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CONTRACT_COSTING\"><\/span><strong>CONTRACT COSTING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/commerceiets.com\/meaning-of-escalation-clause-in-contract-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Escalation Clause in contract costing<\/strong><\/a><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/job-costing-vs-contract-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">What are the differences between Job Costing and Contract Costing?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/calculation-of-profits-in-contract-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">How profits are determined in case of completed contracts?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/calculation-of-profits-in-contract-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ascertainment of profits on incompleted contracts<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/calculation-of-profits-in-contract-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ascertainment of profits on contracts nearing completion.<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/cost-plus-contracts-in-contract-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Explain cost plus contracts from viewpoint of buyer and manufacturer<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PROCESS_COSTING\"><\/span><strong>PROCESS COSTING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/importance-of-equivalent-production-in-valuing-work-in-progress\/\" target=\"_blank\" rel=\"noreferrer noopener\">What do you mean by Equivalent Production? Discuss its importance in valuing work in progress?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/by-products\/\" target=\"_blank\" rel=\"noreferrer noopener\">By-Products<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/joint-products\/\" target=\"_blank\" rel=\"noreferrer noopener\">Joint Products<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/treatment-of-normal-loss-and-abnormal-loss-in-process-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Explain the treatment of normal loss, abnormal loss and abnormal gain in process costing?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/features-of-process-costing-top-15-points\/\" target=\"_blank\" rel=\"noreferrer noopener\">What are the features of process costing?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/applications-of-process-costing-in-different-industries\/\" target=\"_blank\" rel=\"noreferrer noopener\">Explain the applications of process costing in different industries?<\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/commerceiets.com\/process-costing-vs-job-costing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Differentiate between process costing and job costing?<\/a><\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Introduction: &#8211; Concept of Cost, Costing, Cost Accounting &amp; Cost Accountancy, Limitations of<br>Financial Accounting, Origin and Objectives of Cost Accounting, Advantages and Limitations of<br>Cost Accounting, Difference between Financial and Cost Accounting, Cost Unit &amp; Cost Centre,<br>Elements of Cost, Material, Labour and other Expenses Classification of Cost, Types of Costs<br>and Preparation of Cost Sheet.<\/p>\n\n\n\n<p>Contract Costing- Meaning, Features and Rules regarding the calculation of Profits in case of<br>complete and incomplete contracts alongwith the treatment of Work-in-progress.<br>Process Costing &#8211; Meaning, Features, Normal and Abnormal Loss\/ Gains, Inter process profits<br>and equivalent production.<\/p>\n\n\n\n<p>Reconciliation of Cost &amp; Financial accounts<br>Marginal Costing \u2013 Meaning and various concepts &#8211; Fixed Cost Variable Cost, Contribution, P\/V<br>Ratio, Break Event Point, Margin of Safety, Managerial Applications.<\/p>\n\n\n\n<p>Standard Costing- Definition and Meaning of Various Concepts Advantages and Limitations of<br>Standard Costing<br>Variance Analysis \u2013 Material, Labour and Overheads Variances only.<br>Budget and Budgetary Control- Definition, Meaning and objectives of Budgetary control<br>Advantages and disadvantages of Budgetary Control, Types of Budget.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/commerceiets.com\/#gsc.tab=0\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg\" alt=\"COST ACCOUNTING NOTES\" class=\"wp-image-4836\" width=\"512\" height=\"152\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg 512w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1-300x89.jpg 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/a><figcaption class=\"wp-element-caption\">COST ACCOUNTING NOTES<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/bcom-gndu-notes\/cost-accounting-notes\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;COST ACCOUNTING NOTES &#8211; SCORE BEST IN YOUR EXAMS!!!&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":5559,"parent":5472,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/pages\/5557"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=5557"}],"version-history":[{"count":20,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/pages\/5557\/revisions"}],"predecessor-version":[{"id":7299,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/pages\/5557\/revisions\/7299"}],"up":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/pages\/5472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/5559"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=5557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}