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CA Inter Cost and Management Accounting

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CA Inter Cost and Management Accounting Video Lectures By CA.Pankaj Sarawagi in Pen Drive / Google Drive Mode. These Lectures are beneficial for May 21, Nov 21, and onward attempts. Study Material will be provided with the same.

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Course Info

Buy CA Inter Cost and Management Accounting Full Course By CA Rakesh Kalra. Soft Copy study materials will be provided with the same.

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  • Video Lectures
Batch Recording
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  • Hindi Eng Mix
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  • Google Drive
  • Pendrive
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Course Content

Paper 3 – Cost and Management Accounting

  1. Overview of Cost and Management Accounting

  2. Introduction to Cost and Management Accounting

  • Objectives and Scope of Cost and Management Accounting,

  • The users of Cost and Management accounting information, Functions of management accounting.

  • Role of the cost accounting department in an organisation and its relation with other departments.

  • Installation of Costing System

  • Relationship of Cost Accounting, Financial Accounting, Management Accounting and Financial Management.

  • Cost terms and Concepts

  • Cost Reduction and Cost Control

  • Elements of Costs

  • Cost behaviour pattern, Separating the components of fixed, variable, semi-variable and step costs.

  • Methods of Costing, Techniques of Costing.

  • Cost Accounting with the use of Information Technology

  1. Elements of Cost and preparation of Cost Sheets

  • Functional classification and ascertainment of cost

  • Preparation of Cost Sheets for the Manufacturing sector and the Service sector

  1. Ascertainment of Cost and Cost Accounting System

  1. Material Cost

  • Procurement procedures- Stored procedures and documentation in respect of receipts and issue of stock, Stock verification,

  • Valuation of material receipts,

  • Inventory control

Techniques of fixing the level of stocks- minimum, maximum, reorder point, safety stock, determination of optimum stock level,

Determination of Optimum Order quantity- Economic Order Quantity

Techniques of Inventory control- ABC Analysis, Fast, Slow-moving and Non-moving (FSN), High, Medium, Low (HML), Vital, Essential, Desirable (VED), Just-in-Time (JIT)- Stocktaking and perpetual inventory system, use of control ratios,

  • Inventory Accounting

  1. Employee Cost

  • Attendance and Payroll procedures

  • Employee Cost Control

  • Employee Turnover- Methods of calculating employee turnover, causes of employee turnover, effects of employee turnover

  • Utilization of Human Resource, Direct and indirect employee Cost, charging of employee cost, Identifying employee hours with work orders or batches or capital jobs.

  • Remuneration systems and incentive schemes- Premium Bonus Method (Halsey Plan and Rowan Plan)

  1. Overheads

  • Functional analysis- Factory, Administration, Selling, Distribution, Research and Development

  • Behavioral analysis- Fixed, Variable and Semi-Variable

  • Allocation and Apportionment of overheads using Absorption Costing Method

  • Factory Overheads- Primary and secondary distribution,

  • Administration Overheads- Method of allocation to cost centres or products,

  • Selling & Distribution Overheads- Analysis and absorption of the expenses in products/ customers, the impact of marketing strategies, the cost-effectiveness of various methods of sales promotion.

  • Treatment of Research and development cost in cost accounting

  1. Concepts of Activity Based Costing (ABC)

  2. Recording and Accounting of Costs

  • Non-integrated Cost Accounting system- Ledger under the non-integral system

  • Integrated (Cost and Financial) Accounting system – Ledgers under an integral system

  • Difference between the Non- integrated and Integrated Accounting system

  • Reconciliation of profit as per Cost and Financial Accounts (under Non- Integrated Accounting System)

  1. Methods of Costing

  1. Single Output/ Unit Costing

  2. Job Costing: Job cost cards and databases, collecting direct costs of each job, attributing overheads to jobs, Application of job costing

  3. Batch Costing: Determination of optimum batch quantity, Ascertainment of cost for a batch, Preparation of batch cost sheet, Treatment of spoiled and defective work.

  4. Contract Costing

  • Ascertainment of cost of a contract, Progress payment, Retention money Escalation clause, Cost-plus contract, Value of work certified, Cost of Work not certified.

  • Determination Value of work certified, Cost of work not certified, Notional or Estimated profit from a contact

  1. Process/ Operation Costing

  • Process cost recording, Process loss, Abnormal gains and losses, Equivalent units of production, Inter-process profit, Valuation of work in process.

  • Joint Products- Apportionment of joint costs, Methods of apportioning joint cost over joint products,

  • By-Products- Methods of apportioning joint costs over by-products, treatment of By-product cost

  1. Costing of Service Sectors

  • Determination of Costs and Prices of services

  1. Cost Control and Analysis

  1. Standard Costing

  • Setting up of Standards, Types of Standards, Standard Costing as a method of performance measurement.

  • Calculation and Reconciliation of Cost Variances-Material Cost Variance, employee Cost Variance, Variable Overheads Variance, Fixed Overhead Variance

  1. Marginal Costing

  • Basic concepts of marginal costing, Contribution margin, Break-even analysis, Break –even and profit volume charts, Contribution to sales ratio, Margin of Safety, Angle of Incidence, Cost-Volume-Profit Analysis (CVP), Multi-product break-even analysis, Consideration of Limiting factor (key factor),

  • Determination of Cost of a product/ service under marginal costing method, determination of cost of finished goods, work-in-progress,

  • Comparison of Marginal costing with absorption costing method- Reconciliation of profit under both methods,

  • Short term decision making using the above concepts (basic/fundamental level).

  1. Budget and Budgetary Control

  • Meaning of Budget, Essentials of Budget, Budget Manual, Budget setting process, Preparation of Budget and monitoring procedures.

  • The use of budget in planning and control

  • Flexible budget, Preparation of Functional budget for operating and non-operating functions, Cash budget, Master budget,

  • Introduction to Principal/ Key budget factor, Zero-Based Budgeting (ZBB), Performance budget, Control ratios and Budget variances.

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