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The document outlines various aspects of cost accounting, including Cost Volume Profit Analysis, Variable and Absorption Costing, Standard Costing, and relevant costs for decision making. It covers techniques, definitions, objectives, and methods for budgeting and capital budgeting, as well as variance analysis and joint product accounting. Each chapter provides detailed insights into the principles and applications of cost management in business.

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Vipin Vincent
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9 views4 pages

TOC

The document outlines various aspects of cost accounting, including Cost Volume Profit Analysis, Variable and Absorption Costing, Standard Costing, and relevant costs for decision making. It covers techniques, definitions, objectives, and methods for budgeting and capital budgeting, as well as variance analysis and joint product accounting. Each chapter provides detailed insights into the principles and applications of cost management in business.

Uploaded by

Vipin Vincent
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Preface

Chapter 1 – Cost Volume Profit Analysis


1.1.1 Definition 1
1.1.1 Objectives 1
1.1.3 Techniques of CVP 2
1.1.3.1 Contribution Margin Analysis 2
1.1.3.2 Break Even Analysis 3
1.1.3.4 Marginal Cost Statement 3
1.3 Assumptions underlying CP Analysis 3
1.3.1 Advantages 3
1.3.2 Limitations 4
1.4 Break Even Point 4
1.4.1 Algebraic Method 4
1.4.2 Margin of Safety 5
1.4.3 P/V Ratio 5
1.4.4 Break Even Chart 6
1.4.5 Calculation of Break Even Chart 6
1.4.6 Angle of Incidence 7
1.5 Types of Break Even Chart 7

Chapter 2 –Variable and Absorption Costing


2.1 Definition 9
2.1.1 Objectives of Absorption Costing 9
2.2 Difference between Marginal and Absorption Costing 10
2.2.1 Valuation of closing stock under absorption costing 11
2.2.2 Impact of fixed costs on cost of production per unit 11
2.2.3 Effect of opening and closing stock on profit 12
2.2.4 Limitations of Absorption Costing 14
2.3 Presentation of Data 15
Chapter 3 – Standard Costing
3.1 Definitions 16
3.1.1 Standard 16
3.1.2 Standard Costing 17
3.1.3 Standard Cost 17
3.2 Budgetary Control and Standard Costing 17
3.3 Standard Costing as a Control Technique 18
3.4 Setting the Standard 19
3.4.1 Determination of Standard Costs 19
3.4.2 Revision of Standards 20
3.5 Budgetary Control and Standard Costing 21
3.5.1 Difference between Budgeting and Standard Costing 21
3.5.2 Features of Standard Costing 22
3.6 Variance Analysis 22
3.6.1 Managerial uses of Variance Analysis 22
3.6.2 Computation of Variances 23
3.6.3 Material variances 23
3.6.4 Labour Variances 25
3.6.5 Overhead Variances 26

Chapter 4 – Relevant Cost for Decision Making


4.1 Definition 29
4.1.1 Relevant Costs are future cash flows 30
4.2 Management Decisions involving Alternatives 31
4.2.1 Make or Buy Decision 31
4.2.2 Sell or Process Further Decision 32
4.2.3 Decision to Add or Drop Product Line 34
4.2.4 Scarce Resource Utilization Decision 34

Chapter 5 – Accounting For Joint and By Products


5.1 Definitions 36
5.2 Apportionment of Joint Costs 37
5.3 Method of Apportioning Joint Cost Over Joint Products 37
5.3.1 Method of Apportioning Joint Cost over B- Products 39
5.4 Treatment of By Product Cost in Cost Accounting 40
Chapter 6 – Introduction to Budgeting
6.1 Definition 41
6.2 Features of Budget 42
6.2.1 Meaning of Budgeting 42
6.2.2 Definition of Budgetary Control 42
6.2.3 Elements of Budgetary Control 42
6.2.4 Objectives 43
6.2.5 Installation of Budgetary Control 43
6.3 Purpose of Budgets 45
6.4 Classifications of Budgets 45
6.4.1 Classification According to Time Factor 45
6.4.2 Classification According to Function 45
6.4.3 Classification According to Flexibility 46
6.5 Limitations or Problems associated with Budgeting 47
6.6 Factors for Determining the Budget Period 48
6.7 Master Budget 48
6.7.1 Components of Master Budget 48
6.7.1.1 Operational Budget 48
6.7.1.2 Financial Budget 50
6.8 Order of Components of Master Budget 50

Chapter 7 – Capital Budgeting


7.1 Capital is a Limited Resource 52
7.2 Definitions 53
7.2.2 Need for Capital Investment 53
7.2.3 Capital Budgeting Significance 54
7.2.4 Capital Budgeting Process 54
7.3 Factors influencing Investment Decisions 55
7.4 Kinds of Capital Budgeting Decisions 56
7.5 Evaluation of Capital Projects 56
7.5.1 Investment Evaluation Criteria 57
7.5.2 Features 57
7.5.3 Techniques of Investment Appraisal 57

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