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Syllabus - ICWAI Intermediate Course
Posted Date: 24 Mar 2008 Resource Type: Articles/Knowledge Sharing Category: General
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Posted By: Praveen Kumaar Member Level: Gold
Rating:  Points: 5
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Stage - I
Paper 5: Cost and Management Accounting (One Paper: 3 hours: 100 marks)
(i)Basics of cost and management accounting: Evolution of cost accounting and management accounting, cost concepts and cost object, cost classification, cost organisation and its relationship with other departments. Elements of cost and cost determination: Material cost – purchase procedure, store keeping and stock control, pricing issue of material and accounting thereof, perpetual inventory and physical stock taking, identification of slow, non-moving and fast moving items, ABC analysis, JIT system, level of inventories and economic order quantity, analysis, investigation and corrective steps for treatment of stock discrepancies – control through other means.
Labour costs — remuneration methods, monetary and non-monetary incentive schemes, payroll procedures, labour analysis and idle time, measurement of labour efficiency and productivity, analysis of non-productive time and its cost, labour turnover and remedial measures, treatment of idle time and overtime.
Direct expenses — nature, collection, classification and treatment of direct expenses.
(ii) Overheads — nature, collection and classification.
Production overheads — collection, apportionment, absorption, use of predetermined recovery rates, treatment of under and over absorption, fixed, variable and semi variable overhead, report for control of overhead cost.
Administration, selling and distribution overheads — analysis, accounting and control, treatment of miscellaneous items in cost accounting.
Preparation of Cost Sheet
(iii) Methods of costing
Specific order costing — job, batch and contract, determination of cost accounting in job, batch and contract, valuation of work-in-progress in job costing, features of contract costing, certification of work done, profit on incomplete contracts, cost plus contracts.
Process costing — treatment of normal and abnormal losses and gains, valuation of work-in-progress using first-in – first-out and average methods (equivalent production), inter-process transfer and pricing, concepts and accounting for joint products, by-products, waste, scrap, spoilage and defectives, research and development expenses.
Service or operating costing — unit costing and multiple costing, application, identification of cost unit and cost determination and control.
Cost accounting records — cost ledgers, reconciliation of cost and financial accounts; integrated accounts, basis of computerisation of accounts.
(iv) Marginal costing and break-even analysis — basic concepts, marginal costing and absorption costing, cost-volume-profit analysis, break-even analysis, limitations of break-even analysis, differential cost analysis and relevant cost analysis, applications for management decision making (simple types).
(v) Budgetary control — basic concepts, functional budgets and master budgets, flexible budgets.
(vi)Standard costing — concepts/uses and setting of standard cost accounting methods, computation of simple cost variances; relationship of standard costing and budgetary control, possible reasons for variation in costs.
(vii)Uniform costing, Interfirm comparison, cost reduction, value analysis/engineering including value management.
(viii)Cash Flow and Fund Flow Analysis
(ix) Financial Analysis and Control
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