Cost Accounting

The Cost Accounting book has been published according to the latest syllabus of Lucknow University for B.Com. Semester IV.

In this revised edition, several New Illustrations (solved) of real worth have been added and questions graded. All the chapters have been closely screened and revised to make the book utility-oriented in a larger measure. Latest Examination Questions papers of Lucknow University (with an answer to numerical questions) have been incorporated in the book.

At the end of the book Cost Accounting Standards have been incorporated in the book. The Illustrations and Practical Questions have been given Topic-wise, graded from easy to difficult. The students of elementary studies may select easy questions Topic-wise and leave difficult ones.

A companion book ‘Practice Manual of Cost Accounting’ prepared by the same authors has been published for the benefits of the students. The book contains solutions to the unsolved problems given at the end of each chapter of this book under the heading `Numerical Questions’.

Cost Accounting Syllabus For B.Com. Semester IV of Lucknow University, Lucknow

Unit-I: Definition, Nature, Scope, Significance, and function of Cost Accounting, Cost Centre, Costs and its elements, System of ascertainment of cost, Control of Materials, Labour and Overhead, Allocation, Apportionment and Absorption of Overheads.

Unit-II: Output or Unit Costing, (Calculation of Tender, quotation and estimated price), Contract and Job Costing, Process Cost Accounting.

Unit-III: Reconciliation of Cost and Financial Accounts, Service costing Budgetary Control.

Unit-IV: Marginal Costing, Standard Costing.

Cost Accounting Book Contents

1. Cost Accounting: An Introduction
2. Cost: Elements, Concepts, and Classification (as Per CAS-1)
3. Material Cost Accounting (Including Material Purchase and Issue Pricing)
4. Material/Inventory Cost Control: Concept and Techniques (Including Treatment of Material Losses) 
5. Labour Cost Accounting Labour Turnover, Idle Time and Overtime (in the context of CAS-7)
6. Methods of Wage Payment: Time Rates, Piece Rates, and Incentive Schemes
7. Accounting For Overheads: Classification and Treatment
8. Overheads: Allocation, Apportionment (Departmentalisation) and Absorption (in the context of CAS-3)
9. Machine Hour Rate Method
10. Unit or Output Costing-I (Cost Sheet, Cost Statement, and Production Account)
11. Unit or Output Costing-II (Calculation of Estimates, Tender and Quotation Price)
12. Contract Costing (Including AS-7)
13. Job and Batch Costing
14. Process Costing (Including Joint Products and By-Products)
15. Process Costing: Inter-Process Profits
16. Process Costing: Equivalent Production
17. Reconciliation of Cost and Financial Accounts
18. Service Costing (Operating Costing)
19. Budgeting and Budgetary Control
20. Absorption Costing and Marginal Costing: Concept and Computation
21. Marginal Costing: as a tool for Decision-Making
22. Standard Costing