Welcome to this Cost Accounting Crash Course.
In this course, you will have overview of
a) Cost Accounting
b) Material Costing
c) Marginal Costing
Costing and Cost Accounting is very important subject for every learner who aspires career in Finance and Entrepreneurship.
Knowledge of Costing and Cost Accounting will equip the learner to find the areas where the cost of the business is going up and affecting the profits. It would enable the learner to understand the importance of Cost Control and Cost reduction to improve the profits of the business.
Material can be classified into two types. Direct Material and indirect Material. We should know how to value the Material Cost while arriving out the total cost of a product.
Marginal Costing is a technique of Decision Making adopted by Management of the Business Units.
Marginal Costing is practically applied in the following situations:
a) Performance Evaluation
b) Profit Planning
c) Fixation of Selling Price
d) Make or Purchase Decision
e) Optimizing Product Mix
f) Cost Controlg) Flexible Budget Preparation
Overheads are basically expenses incurred on
Indirect MaterialsIndirect Labour andIndirect Expenses
which are not directly identifiable or allocable to a cost object in an economically feasible way.
So, overheads is a total of all Indirect Costs.
This course is structured in self paced learning style.
All the best and welcome to the course.
I am a Chartered Accountant with tonnes of passion for teaching.
I teach Financial Management & Strategic Financial Management for Chartered Accountancy, Cost and Management Accountancy and Company Secretary students in Ernakulam, India. I also hold Post Graduate Diploma in Business Administration in Finance from Symbiosis, Pune and Bachelors in Commerce, from Loyola College, Chennai.
I worked in State Bank of India as Assistant Vice President - Credit for a period of four years after which i started my Chartered Accountancy Practice. During the stint in State Bank of India, I worked on credit proposals of Mid Corporate Units and gained good experience in Financial Analysis, Risk Assessment, Viability Study, Evaluating business models, Project Finance, Working Capital Management, etc.
I conduct work shops for Entrepreneurs, Chartered Accountancy / Cost and Management Accountancy Students on the topics like Project Finance, Credit Risk Assessment, Entrepreneurship Development, Finance for Non Finance Executives, etc.
I love teaching and i want fundamentals of accounting and finance to reach students and so i am here.