Preview

Cost Accounting

Good Essays
Open Document
Open Document
1759 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Cost Accounting
Biyani's Think Tank
Concept based notes

Cost Accounting
[ B.Com. Part-II]

B.N. Gaur
MBA, PGDBM,

Lecturer Deptt. of Commerce & Management Biyani Girls College, Jaipur

Fore more detail:- http://www.gurukpo.com

Published by :

Think Tanks Biyani Group of Colleges

Concept & Copyright :

©Biyani Shikshan Samiti
Sector-3, Vidhyadhar Nagar, Jaipur-302 023 (Rajasthan) Ph : 0141-2338371, 2338591-95 • Fax : 0141-2338007 E-mail : acad@biyanicolleges.org Website :www.gurukpo.com; www.biyanicolleges.org

First Edition : 2009

While every effort is taken to avoid errors or omissions in this Publication, any mistake or omission that may have crept in is not intentional. It may be taken note of that neither the publisher nor the author will be responsible for any damage or loss of any kind arising to anyone in any manner on account of such errors and omissions.

Leaser Type Setted by : Biyani College Printing Department

Fore more detail:- http://www.gurukpo.com

Preface

am glad to present this book, especially designed to serve the needs of the students. The book has been written keeping in mind the general weakness in understanding the fundamental concept of the topic. The book is self-explanatory and adopts the “Teach Yourself” style. It is based on question-answer pattern. The language of book is quite easy and understandable based on scientific approach. In this book I have tried to cover all the basic topics of Software Engineering like Analysis, Project Management, Quality Testing and Designing. Any further improvement in the contents of the book by making corrections, omission and inclusion is keen to be achieved based on suggestions from the reader for which the author shall be obliged. I acknowledge special thanks to Mr. Rajeev Biyani, Chiarman & Dr. Sanjay Biyani, Director (Acad.) Biyani Group of Colleges, who is the backbone and main concept provider and also have been constant source of motivation throughout this endeavour, who

You May Also Find These Documents Helpful

  • Good Essays

    Cost Accounting Cc2 Unit 2

    • 2988 Words
    • 12 Pages

    Sales have increased over the years, but the rate of this increase is not steady. The highest sales point was in 2006. Cost of sales and expenses with the exception of other expenses have increased at a steady rate. Other operating expenses have fluctuated over the years; the lowest point was in the first year with the highest being in 2006. Finance cost seems to have reached a peak in 2006 and the fallen by 2008. Net Profit after Tax follows a similar pattern to sales. CC3 CONSOLIDATED BALANCE SHEET…

    • 2988 Words
    • 12 Pages
    Good Essays
  • Good Essays

    Cost Accounting

    • 594 Words
    • 3 Pages

    Schreiner, a cotton farmer, agreed over the telephone to sell one hundred and fifty bales of cotton to Loeb & Co. Schreiner had sold cotton to Loeb & Co. for the past five years. Written confirmation of the date, parties, price, and conditions was mailed to Schreiner, who did not respond to the confirmation in any way. Four months later, when the price of cotton had doubled, Loeb & Co. sought to enforce the contract. Schreiner argues that he is not a merchant. Is the contract enforceable?…

    • 594 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    When cost relationships are linear, total variable prime costs will vary in proportion to changes in…

    • 8846 Words
    • 36 Pages
    Satisfactory Essays
  • Good Essays

    Accounting Costs

    • 690 Words
    • 3 Pages

    Sunk Cost-cost that has already been incurred and cannot be avoided no matter what a manager decides to do.…

    • 690 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Cost Accounting Questions

    • 306 Words
    • 2 Pages

    Below is a free essay on "Acct505 Midterm Exam" from Anti Essays, your source for free research papers, essays, and term paper examples.…

    • 306 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Cost Accounting

    • 2321 Words
    • 10 Pages

    Would factory security and assembly activities be best classified at an appliance manufacturing plant as unit-level, batch-level, product-level, or organization-sustaining?…

    • 2321 Words
    • 10 Pages
    Better Essays
  • Powerful Essays

    cost Accounting 1 Syllabus

    • 1151 Words
    • 10 Pages

    Textbook & Material: Cost Accounting. 15th edition, Horngren, Datar and Raja, Pearson (Main textbook, required)…

    • 1151 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Cost Accounting

    • 2082 Words
    • 9 Pages

    Prime costs of a company are $3,000,000, manufacturing overhead is $1,500,000 and direct labor is $750,000. What is the amount of direct materials?…

    • 2082 Words
    • 9 Pages
    Good Essays
  • Satisfactory Essays

    Cost Accounting

    • 4228 Words
    • 17 Pages

    When cost relationships are linear, total variable prime costs will vary in proportion to changes in…

    • 4228 Words
    • 17 Pages
    Satisfactory Essays
  • Better Essays

    cost accounting

    • 3277 Words
    • 15 Pages

    Variance analysis: Reason for variance: 1.Price/rate/spending variances: Standard is out of date; Standard set without due care; Efficient or inefficient buying (e.g., discounts); Buying different quality material from standard; Buying materials from a non‑usual source due to urgency; Utilising different labour from standard; Price changes due to economic conditions; scarcity of supplies; Choosing to incur additional discretionary fixed costs; More (or less) overtime hours used than budgeted. 2. Efficiency/usage/quantity variances: Standard is out of date, set without due care; Inefficient use of material/labour, deliberate or otherwise; Poor supervision/equipment/maintenance.Changes in the production process.Learning period associated with process changes.Efficiencies from different quality of material or labour from standard; More efficient manufacturing than expected in the standard; Materials not being available causing idle time; Poor production scheduling; Industrial disputes; Materials not properly recorded in and out of storeroom. 3.Fixed overhead volume: Standard is out of date; Standard set without due care, i.e. poor estimation of denominator activity; Any occurrence causing the firm to produce a number of units different from budgeted production.…

    • 3277 Words
    • 15 Pages
    Better Essays
  • Good Essays

    Historical cost is a traditional method of recording assets and liabilities at their original or nominal value without making adjustments for inflation. It first came in evidence in Jun 1979 in a French project after numerous debates. The historical cost principle states that the asset should include all cost necessary to get the asset in place and ready for use. The principle of historical cost is based upon two fundamental principles: the principle of monetary standardization and principle of prudence. The principle of monetary standardization ignores the fluctuations in monetary values of asset and liability. The principle of prudence accounts only the losses but ignores potential profit. Assets are evaluated based on acquiring cost, stock is evaluated based on net realizable value or lower cost and debt according to nominal value not present value. Under U.S GAAP ( Generally Accepted Accounting Principles) most assets are recorded at historical cost except for certain financial instruments like trading securities, available for sale securities, derivatives. Under IFRS (International financial Reporting Standards) historical cost is acceptable but not required for property plant and equipment but intangible assets, property, plant and equipment, and investment property may be revalued to fair value. But revaluation will have to be applied to all assets of particular class and they have to make sure this done with regularity so that there is not that large difference between carrying value and market value. Even though in historical cost there is no routine adjustments for inflation but for calculating book value calculations like depreciation, amortization, depletion are done.…

    • 879 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    2-19 A. D/F B. I/F C. D/V D. D/F E. I/F F. I/V G. I/F…

    • 4335 Words
    • 23 Pages
    Satisfactory Essays
  • Powerful Essays

    Sector-3, Vidhyadhar Nagar, Jaipur-302 023 (Rajasthan) Ph : 0141-2338371, 2338591-95 • Fax : 0141-2338007 E-mail : acad@biyanicolleges.org Website :www.gurukpo.com; www.biyanicolleges.org…

    • 11612 Words
    • 47 Pages
    Powerful Essays
  • Good Essays

    Although the utmost care has been taken with this publication, errors and omissions cannot be entirely…

    • 12287 Words
    • 87 Pages
    Good Essays
  • Good Essays

    Cost accounting refers to a process of accumulating, recording, classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price, suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a financial statement. It includes tangible as well as the intangible expenses.…

    • 523 Words
    • 3 Pages
    Good Essays