COURSE OUTLINE- PRODUCT COSING

1. Basic Cost Concepts and Management

1.1 Meaning of cost
1.2 Elements of cost
1.3 Computation of the cost/ value of raw material consumed
1.4 statement of cost
1.5 Classification of costs
1.6 Practical problems

2. Process Costing:
2.1 Essentials Of Process Costing
2.2 Comparison Between Process costing and Job costing
2.3 Procedure of Process costing
2.4 Valuation of Normal And Abnormal Losses
2.5 Valuation Of Abnormal Gains
2.6 Practical problems

3. Marginal Costing
3.1 Define marginal costing
3.2 Break-even analysis:
 Break-even point
 Cost break-even point
 Break even sales
3.3 Profit-volume Ratio (P/V Ratio) contribution
3.4 Margin of safety
3.5 Practical problems

4. Budgeting Process
4.1 Concept of budgeting
4.2 Objectives and function of budgeting
4.3 Fixed budget & flexible budgeting

5. Cash Budget
5.1 Introduction of management of cash
5.2 Motives for holding cash
5.3 Transaction motive
5.4 Precautionary motive
5.5 Speculative motive
5.6 Cash Budget
5.7 Minimum operating cash
5.8 Practical problems
6. Labor Cost
6.1 Definition of labor cost
6.2 Direct and indirect labor
6.3 Organization for labor control
6.4 Labor turnover
6.5 Practical problems