amp MANAGEMENT ACCOUNTING BOOKS COST MANAGEMENT JAWAHAR LAL COST MANAGEMENT RAVI K KISHORE Session Schedule Total Session 12 Sessions Total marks 100 marks Written Examination ID: 393678
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Slide1
COST
&
MANAGEMENT
ACCOUNTINGSlide2
BOOKS:
COST MANAGEMENT:- JAWAHAR LAL
COST MANAGEMENT:- RAVI K. KISHORESlide3
Session Schedule
Total Session
: 12
Sessions
Total marks
: 100
marks
Written Examination
: 60
marks
Internal Assessment
: 40
marks
Test – 10 marks
Presentations - 20 Marks
Participation/ Attendance-10 marksSlide4
COST
Cost is the amount of expenditure incurred on or attributable to a
given thing.
Fixed Cost
Variable costSlide5
ELEMENTS OF COST
DIRECT COST
DIRECT MATERIAL
DIRECT LABOUR
DIRECT EXPENSES
INDIRECT COST (OVERHEADS)
INDIRECT MATERIAL
INDIRECT LABOUR
INDIRECT EXPENSESSlide6
FUNCTIONAL CLASSIFICATION
PRIME COST
FACTORY COST
COST OF SALES
TOTAL COST OF PRODUCTIONSlide7
COST FOR DECISION MAKING
OPPORTUNITY COST-
An opportunity cost is the benefit given up or sacrificed when one alternative is chosen over another. They are not recorded in the accounting system as they are not based on the past payment or commitments to pay in future.Slide8
SUNK COST
:
A cost that has already been incurred. It is a past or committed cost which is gone for forever. It’s a historical cost.Slide9
RELEVANT COST: Cost which differs between alternatives. Cost which may also be defined as the costs which are affected and changed by the decision.Slide10
DIFFRENTIAL COST: It is the difference in total cost between any two alternatives. It is the only difference in amount of two cost.Slide11
SHUT DOWN COST:
Cost which have to be incurred under all situations in the case of stopping manufacture of a product or closing down a department or a division.Slide12
CONTROLLABLE &NON CONTROLLABLE COST: A cost which can be influenced by the action of a specified member of an undertaking ( Controllable cost) A cost which cannot be influenced by the action of a specified member of an undertaking ( Non controllable)Slide13
MARGINAL COSTING
According to Institute of Cost &Management Accountants London Marginal Cost represents “the amount of any given volume of output by which aggregate costs are changed if the volume of output is increased by one unit”Slide14
For example:
Cost of production of 1000 units =Rs.200,000
Cost of production for 1001 units=Rs.200,150
difference= Rs. 150 (Marginal Cost)Slide15Slide16
Decipher this one:
7 I of I
Hint
There are also seven books in the set.Slide17
Answer
7 Incarnations of ImmortalitySlide18
Every now and then you cut my head
Yet I don't complain but obey instead
I am a way for your thoughts and feelings to be spread
Despite the fact that I am totally dead
A double edged weapon that is easily lead
So don't always believe me: use your headSlide19
Answer
The pencil.
Cut my head: by sharpening
Obey instead: write whatever you want
Way for your thoughts and feelings to be spread: by expressing them through writingSlide20
Can you decipher this phrase?
ch
poorri
Slide21
Hint
Think Robin Hood.Slide22
Answer
Take from the rich and give to the poor.Slide23
What phrase is shown below?
The Hamburgler Horse Rustlers
Bonnie & Clyde Honor Ali Baba
The Great Train Robbers Billy the KidSlide24
Answer
Honour
amongst thieves