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Cost Accounting - A Comprehensive Study for CA/CMA/CS /ACCA/

Name: Cost Accounting - A Comprehensive Study for CA/CMA/CS /ACCA/
Rating: 4.7 (503 reviews)

Learn basic to advanced concepts in Cost Accounting comprehensively

Created byRaja Natarajan, B.Com., PGDBA, FCA

Last updated 6/2021

English

English [Auto],French [Auto],

What you'll learn

Understand Basics of Cost Accounting
Understand Material Costing
Understand Labour Costing
Understand Overheads Costing
Understand Standard Costing Techniques
Understand Standard Costing Variances
Understand Operating Costing
Understand Marginal Costing

Course content

16 sections • 366 lectures • 37h 57m total length

Welcome Lecture0:56
Introduction to Basic Cost Concepts2:30
Costing, Cost Accounting and Accountancy7:32
Objectives of Cost Accounting7:48
Difference between Cost Control and Cost Reduction1:55
Scope of Cost Accounting2:49
Difference between Managment Accounting and Cost Accounting1:45
Roles and Functions of Cost and Management Accounting2:14
Users of Cost and Management Accounting Information3:12
Essentials of good cost accounting system2:26
Difference between Cost Accounting and Financial Accounting.2:58
Installation of Cost Accounting System6:21
Impact of Information Technology on Cost Accounting5:18
What are Cost Objects?1:39
What are Cost Drivers?1:24
Responsibility Centres6:04
What are Cost Units?3:42
Limitations of Cost Accounting1:23
Classification of cost based on Nature or Element7:31
Functional Classification of Cost1:49
Cost classification based on Variability / Behaviour1:34
Cost classifcation based on Controllability1:36
Cost classification based on Normality1:06
Cost Classifications2:21
Cost classification based on Time Period2:31
Cost classifications based on Behaviour2:52
Committed Fixed Cost and Discretionary Fixed Cost4:07
Cost classification on the basis of element2:23
Cost classification based on Relationship1:31
cost classification based on controllability2:03
Cost classification based on Normality2:01
cost classification based on attributability1:13
Cost classification based on relevance to decision making5:21
cost classification on the basis of cause and effect relationship2:04
cost classification on the basis of payment3:19
cost classification on the basis of function5:00
What is Opportunity Cost?0:53
cost sheet introduction2:33
cost classifcation for cost sheet2:22
Simple cost sheet4:05
Comprehensive cost sheet6:53
Cost Sheet Case Study 112:40
Cost Sheet Case Study 219:39
Cost Sheet Case Study 314:21
Cost Sheet Case Study 49:15
Cost Sheet Case Study 512:39
Cost Sheet Case Study 6 Simultaneous Equation22:04
Cost Sheet Case Study 7 Find Selling Price per unit16:29
Practice Problems - Cost Sheet - Case study5:36
Practice Problems Cost Sheet - Case study3:56

Introduction to Material Costing4:12
objectives of material cost controlling2:21
Requirements of Material cost control5:57
elements of material cost control1:22
techniques of material cost control1:56
Decision making in material purchases1:24
Material purchase procedure3:15
supplier selection procedure2:45
Supplier payment procedure1:58
Just in Time Purchases4:01
ABC Analysis4:25
ABC Analysis Case Study 15:22
ABC Analysis Case Study 214:18
Valuation of Material Receipts7:26
Valuation of Material Case Study 18:04
Valuation of Material Case Study 23:14
Why Storeage of Materials are important and what are Duties of Store Keeper?2:51
What are Bin Cards?2:45
What are Stock Control Cards?1:36
What are Stores Ledgers?1:58
Difference between Bin Card and Stores Ledger0:59
Inventory Control1:18
Settting of Various Stock Levels0:45
Re-Order Quantity3:33
Re-Order Level1:25
Calculation of EOQ Case Study 34:11
Calculation of EOQ and Total Variable Cost Case Study 412:40
Evaluation of Exisiting Policy and EOQ Case Study 510:19
Evaluation of Discount Offer and EOQ Case Study 611:49
Calculation of EOQ Case Study 75:35
Calculation of Stock Levels Case Study 811:02
Calculation of Stock Levels Case Study 918:18
Evaluation of Discount Offer and EOQ Case Study 1011:00
Calculation of Stock Levels and Danger Level Case Study 1110:01
Techniques of Inventory Control0:39
ABC Analysis6:40
Two Bin System1:34
Estabishment of System of Budgets0:52
Other Techniques of Inventory Control7:58
Application of ABC Inventory Control System Case Study 123:21
Application of ABC Inventory Control System Case Study 1320:00
Case Study - Calculate Sales, SP/Unit and Margin of Safety Sales7:37
Case Study - Calculate Sales Volume and Margin of Safety5:11
Case Study - Computation of Break Even Point2:58
Case Study - Calculate Sales Revenue required to achieve Quarterly Profit2:40
Case Study - Break Even Point in Units3:50
Case Study PV Ratio, Fixed Cost and Sales required to earn a given profit6:11
Case Study Break Even Sales, PV Ratio , Units to be sold for achieving given EBI8:52
What if First in First Out Method?1:05
Practice Problems - EOQ- Case Study1:42
Practice Problems -EOQ Using Wilson's Formula1:55
Practice Problems Evalution of Material cost of Two Sources3:27

Introduction to Labour Costing2:46
Difference between Direct and Indirect Labour Cost2:23
Labour Cost Control2:00
Roles of Departments in Controlling Labour Cost4:01
Factors Controlling Labour Cost5:38
Collection of Labour Cost2:34
Time Keeping4:02
Traditional Methods of Time Keeping5:14
Mechanical Time Keeping8:03
Requisites of Good Time Keeping System2:52
Time Booking7:04
Reconciliation Gate Card and Job Card2:38
Objectives of Time Keeping2:02
Payroll Procedure3:27
Idle Time7:05
Case study 1 on Idle Time & Effective Working Hours5:27
Case Study 2 on Idle Time & Effective Working Hours8:42
Overtime Premium5:39
Effects of OT on Productivity2:20
Steps for Controlling Overtime3:10
Labour Turnover4:30
Labour turnover due to new recruitment4:45
Causes of Labour Turnover6:27
Effects of Labour Turnover3:57
Steps available for minimising labour turnover2:54
Pratice problem -Treatmnet of Idle Time Cost & Overtime Premium18:15
Pratice Problem - Treatmnet of Overtime Premium16:31
Labour Costing Practice Problem 313:42
Labour Costing Practice Problem 411:37
Labour Costing Practice Problem 516:54

Introduction to Overheads Costing3:56
What are Overheads?1:57
Overheads Classification2:58
Overhead by Functions6:33
Overheads by Nature4:47
Overheads by Element4:52
Overheads by Controllability2:14
Advantages of classification of fixed and variable expenses9:02
Accounting and Cotnrol of Manufacturing Overheads3:52
Steps in estimating and absorbing overheads10:53
Allocation and Apportionment2:25
Apportionment Methods of Common Expenses10:33
Bases of Apportioning Overheads7:11
Reapportionment of Service Department Overheads7:04
Case Study on Direct Distribution Method13:54
Case Study Step Method6:34
Case Study Simultaneous Equation Method11:32
Case Study Repeated Distribution Method21:35
Case Study Trial and Error Method19:38
Case Study Re-apportionment of Cost under Repeated Distribution Method29:03
Case Study Re-apportionment of Cost under Step Method or Step Ladder Method16:50
Step Method or Non Reciprocal Method1:41
Reciprocal Services Method2:34
Methods of Absorbing Overheads to various products or jobs2:10
Percentage of Direct Materials and Prime Cost Method4:46
Percentage of Direct Labour Cost Method1:06
Labour Hour Rate Method0:55
Machine Hour Rate Method5:07
Types of Overhead Rates3:03
Case Study on Predetermined Overhead Rate & Performance Report30:19
Case Study on Machine Hour Rate5:13
Treatment of Under absorbed & Over absorbed Overheads3:40
Case Study Under Absorbed Overheads8:29
Direct Redistribution Method - Case Study6:32
Non Reciprocal Method - Case Study5:28
Practice Problems Overhead - Trial and Error Method Case Study8:10

Introduction to Standard Costing Techniques2:55
Standardd Cost Definition2:55
Setting up of Standard Cost4:12
Standard Costing Definition2:23
Physical Standards3:23
Material Quantity Standards3:55
Labour Time Standards4:05
Overhead Standards1:21
Problems in setting physical standards6:15
Types of Standards6:00
Need for Standard Costing3:25
Advantages of Standard Costing5:35
Process of Setting Standards1:57
Types of Variances4:41

Introduction to Standard Costing Variances2:06
Material Cost Variance4:19
Material Price Variance3:41
Material Usage Variance9:16
CS Material Cost Variance5:57
Comprehensive Case Study on Material Cost Variance11:04
MCV more than one material15:20
Comprehensive Case Study MCV28:58
Labour Cost Variance5:33
Labour Rate Variance1:40
Labour Efficiency Variance9:13
Case Study Labour Cost Variance6:20
Comprehensive Case Study LCV28:23
Overhead Cost Variance3:22
Production Volume Variance8:16
Overhead Expenses Variances1:32
Variable Overhead Cost Variance4:01
Variable Overhead Cost Variance - Case Study10:45
Fixed Overhead Cost Variance - Part 19:04
Fixed Overhead Cost Variance - Part 21:08
Fixed Overhead Cost Variance - Part 36:05
Case Study - Fixed Overhead Cost Variances10:46
Case Study 2 - Fixed Overhead Cost Variances9:36
Comprehensive Case Study - Fixed & Variable Overhead Variance13:47

What is Process Costing?2:06
Basic features of Process Costing1:19
Process Costing Procedure1:57
Operation Costing1:19
Case 1 Process Costing10:38
Treatment of Normal Process Loss1:46
Treatment of AbNormal Process Loss1:00
Treatment of AbNormal Process Gain0:57
Case 2 Process costing with Normal Loss, Abnormal Loss & Gain15:17
WIP Valuation & Equivalent Producton2:06
Equivalent Producton & Computation Steps3:39
Equivalent Producton- Case study8:25
Equivalent Producton- Case study-28:06
Equivalent Producton Units Computation1:28
Equivalent Producton (Subsequent Process - FIFO)8:44
Equivalent Producton (First Process - FIFO)7:32
Average Cost Method1:31
Equivalent Producton - Average Cost Case study5:51

Budget and Budgetary Control5:57
Characteristics of Budget2:59
Objectives of Budgeting5:30
Meaning of Budgetary Control and its Salient Features7:02
Objectives of Budgetary Control System4:33
Working of Budgetary Control System and responsibilities of Budget Officer2:40
Advantages and Limitations of Budgetary Control3:30
Components of Budgetary Control System1:46
Preparation of Budgets5:23
Different Types of Budgets1:04
Fixed Budgets2:49
Flexible Budget, features, merits and demerits2:59
Suitability for Flexible Budget0:52
Difference bettwen Fixed and Flexible Budget1:53
Case 1 Flexible Budget Recovery Rate per Hour7:28
Case 2 Flexible Budget (Total Cost Budget)7:38
Case 3 Flexible Budget and Deviation from Planned Budget15:23
Case 4 Flexible Budget under Incremental Price26:45

Introduction to Marginal Costing1:16
Direct Costing0:59
Difference between Marginal Costing and Direct Costing1:58
Differential Cost1:01
Difference between Marginal and Differential Costing2:29
Difference between Variable and Fixed Cost4:21
Semi Variable Cost2:19
Marginal Cost Sheet Format2:54
Marginal Cost Equation0:50
Absorption Costing Format1:10
Difference between Marginal Costing and Absorption Costing3:31
Contribution0:57
Profit or loss and Contribution1:41
Decision making Indicators of Marginal Costing0:29
PV Ratio3:18
Indifference Point3:47
Difference between Indifference Point and Break Even Point1:30
Shut Down Point2:50
Case Study on Segregation of Fixed and Variable Cost6:12
Case Study Break Even Point7:40
Case Study on Computation of Sales for Desired Profits5:00
Case Study on Profit Volume Ratio and Break Even Point11:30
Computation of Price Volume Ratio and BEP12:13
Case Study Marginal Costing Basic Computations16:46
Case Study Profit Volume Ratio and BEP12:04
Finding Fixed Cost, PVR and Sales10:17
Marginal Cost Sheet and VC Interpretation13:26
Practice Problems Break Even Point Case Study7:30
Practice Problems Evaluation of Material cost of Two Sources3:27
Practice Problems Marginal Costing Case Study3:34

Requirements

Basics of Accounting

Description

Who should take this course?

Are you struggling in understanding Costing concepts and techniques like Material Costing, Labour Costing, Overheads Costing, Standard Costing, Marginal Costing, Operating Costing, Contract Costing, Job Costing, Batch Costing, Process Costing, Joint Products & By-Products, Budget & Budgetary Control, Activity Based Costing?

Are you a student pursuing professional courses like CA / CMA / CS / CFA /CPA / ACCA / CIMA / MBA Finance or are you a Finance Professional / Banker aspiring to excel in Costing Techniques and rise to top in your career?

Then this course is for you - Cost Accounting A Comprehensive Study.

Why you should take this course?

By taking this course, you will be able to see practical side of Cost Accounting concepts with lot many case studies to solve. Approaching complex topics through case studies is the best way to understand them and you will find lot many in this course.
If you a Professional course student in the line of Finance or Accounting, then you would have Cost Accounting will be one of your major subject. This course will explain theory and practical concepts in Cost Accounting which will help you to excel in Academic Examinations.
If you are an Accounting or Finance or Cost Accounting Executive, this course will help you to brush up you basics in Cost Accounting and all the contents have immediate practical relevance and application.

What you will learn by taking this course?

This is a comprehensive course, covering each and every topic in detail. In this course,you will learn the Cost Accounting basic concepts, theories, and techniques which deals with conceptual frame work. You will be exposed to following concepts and Techniques:

Basics of Costing - 46+ Lectures
Material Costing - 47+ Lectures
Labour Costing - 24+ Lectures
Overheads Costing - 31+ Lectures
Standard Costing Techniques - 12+ Lectures
Standard Costing Variances - 16+ Lectures
Operating Costing - 5+ Lectures
Process Costing - 8+ Lectures
Budget and Budgetary Control - 17+ Lectures
Marginal Costing - 26+ Lectures
Contract Costing - 11+ Lectures
Joint Products & By Products - 14+ Lectures
Non Integrated Accounts - 19+ Lectures
Job Costing and Batch Costing - 19+ Lectures
ABC Costing -8+ Lectures

How this course is structured?

This course is structured in self paced learning style. Each and every section of this course is broken down as various micro lectures and then they are substantiated with examples and case studies. Several real world examples are used in this course through case studies. You'll gain authority on each and every topic as i take you through lectures one by one. This course is presented in simple language with examples. This course has video lectures (with writings on Black / Green Board / Note book / Talking head, etc). You would feel you are attending a real class.

What are the pre-requisites for taking this course?

You should have basic knowledge of Accounting. You would require good internet connection for interruption free learning process.

How this course will benefit you?

At the end of the course, you will be able to solve various case studies in Cost Accounting at ease with high level of confidence. This course will equip you for approaching above listed professional examinations with confidence as well hand real life problems with clarity.

Happy Learning and Best Wishes!

Who this course is for:

Cost Accounting Students and Executives
Accounting Students and Executives
Finance Students and Executives
MBA Finance Students
B.Com., BBA, CA, CMA, CS, CFA, CPA, CIMA Students

Cost Accounting - A Comprehensive Study for CA/CMA/CS /ACCA/

What you'll learn

Explore related topics

Course content

Basics of Costing50 lectures • 4hr 6min

Material Costing52 lectures • 4hr 31min

Labour Costing30 lectures • 3hr 7min

Overheads Costing36 lectures • 4hr 47min

Standard Costing Techniques14 lectures • 53min

Standard Costing Variances24 lectures • 3hr 30min

Operating Costing10 lectures • 1hr 30min

Process & Operating Costing18 lectures • 1hr 24min

Budget and Budgetary Control18 lectures • 1hr 46min

Marginal Costing30 lectures • 2hr 27min

Requirements

Description

Who this course is for: