This course is about Basics of Cost Accounting. 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.
In this course, students will learn about
a) What is Costing?
b) What is Costing, Cost Accounting and Cost Accountancy?
c) What are the objectives of Cost Accounting?
d) What are the difference between Financial Accounting, Cost Accounting and Management Accounting?
e) What are the classifications of Cost?
f) What is Cost Sheet?
This course uses basic terminologies. Video lectures in virtual teaching model is used to have feel of attending class rooms.
This course is structured in self learning style. Take this course to understand the Basic Concepts of Cost Accounting.
- 22 Videos
Course Content :
Section 1: Introduction to Costing
- Introduction to Basic Cost Concepts
- Costing, Cost Accounting and Accountancy
- Objectives of Cost Accounting
- Difference between Cost Accounting and Financial Accounting.
- Difference between Managment Accounting and Cost Accounting
Section 2: Cost Classifications
- Cost Classifications
- Cost classification based on Time Period
- Cost classifications based on Behaviour
- Committed Fixed Cost and Discretionary Fixed Cost
- Cost classification on the basis of element
- Cost classification based on Relationship
- Cost classification based on controllability
- Cost classification based on Normality
- Cost classification based on attributability
- Cost classification based on relevance to decision making
- Cost classification on the basis of cause and effect relationship
- Cost classification on the basis of payment
- Cost classification on the basis of function
Section 3: Cost Sheet
- Cost sheet intro
- Cost classifcation for cost sheet
- Simple cost sheet
- Comprehensive cost sheet
Language of instruction: English