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Managerial Level-1: Part - Aweightage 20%

This document provides an overview of cost and management accounting concepts. It covers topics such as the nature and purpose of management information, sources of data, cost classification, cost behavior, cost accounting systems including materials, labor and overhead accounting, cost accounting techniques like absorption and marginal costing, job, batch and process costing, joint and by-products accounting, and standard costing and variance analysis. The goal is to introduce fundamental cost and management accounting principles.

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fawad aslam
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94 views6 pages

Managerial Level-1: Part - Aweightage 20%

This document provides an overview of cost and management accounting concepts. It covers topics such as the nature and purpose of management information, sources of data, cost classification, cost behavior, cost accounting systems including materials, labor and overhead accounting, cost accounting techniques like absorption and marginal costing, job, batch and process costing, joint and by-products accounting, and standard costing and variance analysis. The goal is to introduce fundamental cost and management accounting principles.

Uploaded by

fawad aslam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Managerial Level-1

(M1)FUNDAMENTALS OF COST & MANAGEMENT


ACCOUNTING
PART - AWEIGHTAGE 20%
The Nature, Source and Purpose of Management Information

1. Introduction to costing and performance measurement

• Financial, Cost and Management Accounting Concepts

• The Concepts of Cost

• Cost Classification

• Cost Classification for Inventory Valuation and Profit Measurement

• Cost Classification for Control

• Performance Measurement

• Shareholder Value and Environmental and Social Concerns

2. Introduction to Management Accounting

• What is management accounting

• Definitions

• The changing role of management accounting

• Data and information

• The purpose of management information


• Sources and categories of information

• ICMA and its role in management accounting

3. Sources of data

• Types of Data

• Sources of Data

• Secondary Data

• Sampling

• Sampling Method

4. Cost classification

• Total Product/Service costs

• Direct Costs and Indirect Costs

• Functional Costs

• Fixed Costs and Variable Costs

• Production and Non-Production Costs

• Cost Codes

• Cost Units, Cost Objectives and Responsibility Centres

5. Cost Behavior

• Cost behavior and levels of activity

• Cost behaviors patterns

• Determining the fixed and variable elements of semi-variable costs

• Linear Equations and Graphs


PART - BWEIGHTAGE 20%
Cost Accounting Systems

6. Accounting for Materials

• What is inventory control

• Ordering, Receipt and Issue of Raw Materials

• Storage of Raw Materials

• Inventory Control Levels

• Accounting for Material Costs

• Inventory Valuation

• FIFO (First in First out)

• LIFP (Last in First out)

• AVCO (Average Cost)

7. Accounting for Labour

• Measuring labour activity

• Remuneration methods

• Recording labour costs

• Labour turnover

• Accounting for labour costs

8. Accounting for Overheads

• Overheads

• Overhead allocation

• Overhead apportionment
• Overhead absorption

• Blanket absorption rates and departmental absorption rates

• Over and under absorption of overheads


PART - CWEIGHTAGE 40%
Cost Accounting Techniques and Methods

9 Absorption and Marginal costing

• Absorption Cost

• Marginal Cost and Marginal Costing

• Principle of Marginal Costing

• Marginal Costing and Absorption Costing and the calculation of profit

• Reconciling Profit

• Marginal Costing versus Absorption Costing

10 Job, Batch and Service costing

• Costing Method

• Job Costing

• Batch Costing

• Service Costingv

11 Process costing

• The basics of process costing

• Losses in process costing

• Losses with scrap value

• Losses with a disposal cost


• Valuing closing work in progress

• Valuing opening work in process: FIFO method

• Valuing opening work in progress weighted average cost method

12 Process costing, joint products and by-products

• Joint products and by- products

• Dealing with common costs

• Joint products in process accounts

• Accounting for by products


PART - DWEIGHTAGE 20%
Standard Costing

13 Standard costing

• Standard costing

• Preparation of standards

• Uses of standard costing

• Other aspects of standard costing

14 Variance analysis

• Variances

• Direct material variances

• Direct labor variances

• Variable overhead variances

• Fixed overhead variances

• Reasons for cost variances


• Sales variances

• Operating statements

• Deriving actual data from standard cost details and variances

• Inter-relationships between variances

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