Course Overview
This course covers the fundamental principles and techniques of cost and management accounting, including cost classification, cost behavior, and cost management. Students learn how to analyze and interpret financial data to inform business decisions.
Key Concepts
1. Cost Classification: Direct materials, direct labor, overhead costs, and period costs.
2. Cost Behavior: Fixed, variable, and mixed costs.
3. Cost Systems: Job-order costing, process costing, and activity-based costing.
4. Cost Allocation: Allocating overhead costs to products or departments.
Management Accounting
1. Management Accounting Objectives: Providing relevant information for decision-making, planning, and control.
2. Budgeting: Preparing and using budgets for planning and control.
3. Performance Measurement: Using financial and non-financial metrics to evaluate performance.
4. Decision-Making: Using cost and financial data to inform business decisions.
Cost Accounting Techniques
1. Job-Order Costing: Assigning costs to specific jobs or projects.
2. Process Costing: Assigning costs to specific processes or departments.
3. Activity-Based Costing: Assigning costs to specific activities or tasks.
4. Standard Costing: Establishing standard costs for materials, labor, and overhead.
Management Accounting Tools
1. Break-Even Analysis: Determining the point at which revenue equals total fixed and variable costs.
2. Cost-Volume-Profit (CVP) Analysis: Analyzing the relationship between costs, volume, and profit.
3. Budgetary Control: Using budgets to control and evaluate performance.
4. Responsibility Accounting: Assigning responsibility for costs and performance to specific individuals or departments.
Case Studies and Applications
1. Cost Analysis: Analyzing costs in different industries and companies.
2. Budgeting and Forecasting: Preparing and using budgets and forecasts in different business contexts.
3. Performance Evaluation: Evaluating performance using financial and non-financial metrics.
4. Decision-Making: Using cost and financial data to inform business decisions.
Course Objectives
1. Understand cost accounting concepts and techniques.
2. Apply management accounting principles and tools.
3. Analyze and interpret financial data for decision-making.
4. Evaluate performance using financial and non-financial metrics.
Assessment
1. Quizzes and exams: Testing understanding of cost accounting and management accounting concepts.
2. Case studies and assignments: Applying cost accounting and management accounting techniques to real-world scenarios.
3. Group projects: Collaborating on cost accounting and management accounting projects.
4. Final exam: Comprehensive assessment of course objectives.
- Teacher: JIMLA K V