Prepare for cost Accounting exams Part 1
Intoduction to cost accounting, Accounting for materials, Accounting for Labour
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What You Will Learn!
- Classify costs for cost accounting purposes
- Ascertain costs of product or service
- Explain techniques for controlling product or service costs
- Discuss the main costing techniques
- Calculate product/service costs using different costing techniques.
Description
This course Evaluates students understanding of concepts, principles and accounting for costs relating to materials, labour.
Main areas of focus
(a) Introduction to cost accounting:
Understanding the differences between financial accounting and management accounting
Understanding the basic concepts of cost accounting
Classification of costs in various categories
Separation of mixed costs into fixed and variable components
Application of cost behavior in cost estimation
(b) Accounting and control of material costs:
Materials are categorized into raw materials, work in progress, finished goods for resale and consumable suppliers. in this course we have assess students understanding in terms of
Ability to maintain inventory records
Preparation of inventory valuation sheets
Understanding principles and techniques of material control
(c) Accounting and control of labour costs:
Labor cost is the second important cost element for any company after the raw materials. A rise in labour cost will directly drag profit down significantly and the right approach on the labour cost management contributes directly to the value added a company can generate. Therefore, labor cost is second major concern of the management. A cost accountant of a manufacturing company devotes her/his energy watching at the labour cost after the raw material consumption. This course assesses students in the following labor areas
Ability to maintain labour records
Calculation of labour costs
Who Should Attend!
- Those pursuing any undergraduate commerce programs from level 1-2