- Cover
- Title Page
- Brief Contents
- Contents
- About the Author
- Dedication
- Preface
- 1. Overview of Cost Accounting
- 2. Basic Concepts of Cost
- 3. Cost Sheet/Statement of Cost
- 4. Material Control/Inventory Control
- 4.1 Introduction
- 4.2 Objectives of Material Control
- 4.3 Requirements of Material Control
- 4.4 Duties of a Storekeeper
- 4.5 Levels of Stock
- 4.6 Economic Order Quantity
- 4.7 ABC Analysis
- 4.8 Just-in-Time Analysis—the Origin
- 4.9 VED Analysis
- 4.10 Perpetual Inventory System
- 4.11 Periodic Inventory System
- 4.12 Stock/Material Turnover Ratio
- 4.13 Advanced-Type Solved Problems
- Chapter Summary
- Key Formulae
- Exercise for Your Practice
- Discussion Questions
- Problems
- Examination Problems
- 5. Pricing of Materials
- 6. Labour
- 6.1 Introduction
- 6.2 Labour Cost
- 6.3 Important Factors For Controlling Labour Cost
- 6.4 Distinction between Direct and Indirect Labour Costs
- 6.5 Labour Turnover
- 6.6 Time and Motion Study
- 6.7 Time Wage System
- 6.8 Piece Wage System
- 6.9 Straight Piece-Rate System
- 6.10 Differential Piece-Rate System (or Taylor's Plan)
- 6.11 Merrick's Multiple Piece-Rate Plan
- 6.12 Gantt's Task and Bonus Wage Plan
- 6.13 Halsey's Premium Plan
- 6.14 Rowan's Plan
- 6.15 Emerson's Efficiency Plan
- 6.16 Advanced-Type Solved Problems
- Chapter Summary
- Key Formulae
- Exercise for Your Practice
- Discussion Questions
- Problems
- Examination Problems
- 7. Overheads Analysis
- 7.1 Introduction
- 7.2 Overhead Costs
- 7.3 Classification of Overheads
- 7.4 Allocation of Overheads
- 7.5 Apportionment of Overheads
- 7.6 Allocation Versus Apportionment
- 7.7 Bases for Apportionment
- 7.8 Primary Distribution of Overheads
- 7.9 Secondary Distribution of Overheads
- 7.10 Step Method
- 7.11 Reciprocal Method
- 7.12 Advanced-Type Solved Problems
- Chapter Summary
- Key Formulae
- Exercise for Your Practice
- Discussion Questions
- Problems
- Examination Problems
- 8. Overhead Rates
- 9. Reconciliation of Cost and Financial Accounts
- 10. Contract Costing
- 11. Service Costing/Operating Costing
- 12. Process Costing
- 12.1 Introduction
- 12.2 Advantages and Disadvantages of Process Costing
- 12.3 Industries where Process Costing is Applied
- 12.4 Characteristic Features of Process Costing
- 12.5 Accounting Procedure of Process Costing
- 12.6 Normal Loss
- 12.7 Abnormal Loss
- 12.8 Abnormal Gain
- 12.9 Treatment of Normal Process Loss, Abnormal Process Loss and Abnormal Gain
- 12.10 Job Costing Versus Process Costing
- 12.11 Interprocess Profits and their Accounting Procedure
- 12.12 Equivalent Production
- 12.13 Joint Products and By-Products
- 12.14 Split-Off Point/Separation Point
- 12.15 Joint Costs
- 12.16 Separation Costs
- 12.17 Difficulties in Costing Posed By-products and Joint Products
- Physical Units Method
- Reverse Cost/Net Realizable Value Method
- Chapter Summary
- Exercise for Your Practice
- Discussion Questions
- Problems
- Joint Products and By-products
- 13. Marginal Costing
- 13.1 Introduction
- 13.2 Features of Marginal Costing
- 13.3 Limitations of Marginal Costing
- 13.4 Two Underlying Principles in Marginal Costing
- 13.5 Basic Terms Used in Marginal Costing
- 13.6 Important Formulae Used in Marginal Costing
- Contribution
- Break-Even Analysis
- 13.7 Applications of Marginal Costing
- Make or Buy Decision
- Plant Merger Decision
- Product Mix or Sales Mix
- Elimination of a Product or Department
- Fixation of Selling Price
- Profit Planning
- Introduction of a New Product
- Alternative Method of Production
- Advanced Sums with Answer
- Chapter Summary
- Key Formulae
- Exercise for Your Practice
- Additional Exercises
- Discussion Questions
- 14. Budgetary Control
- 14.1 Introduction
- 14.2 Meaning of Budget
- 14.3 Purposes of Budgeting
- 14.4 Salient Features of the Budgetary Control System
- 14.5 Different Types of Budgets
- 14.6 Budget Ratios
- 14.7 Zero-Base Budgeting
- Chapter Summary
- Key Formulae
- Exercise for Your Practice
- Discussion Questions
- Problems
- Examination Problems
- 15. Standard Costing
- 15.1 Introduction
- 15.2 Advantages of Standard Costing
- 15.3 Limitations of Standard Costing
- 15.4 Material Variance
- 15.5 Labour Variance
- 15.6 Wages Revision Variance
- 15.7 Overhead Cost Variance
- 15.8 Sales Variance
- 15.9 Material Variances
- Chapter Summary
- Key Formulae
- Exercise for Your Practice
- Discussion Questions
- Problems
- Acknowledgments
- Copyright
Acknowledgements
I am grateful to Pearson Education, particularly to A. Maran for helping me to bring out this book in a most professional way. I am also thankful to the Jesuits who have been a big source of inspiration in my entire academic endeavour.
K. Alex
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