Costing

Section 1: what is costing; the framework of cost accounting; classification and coding; materials - purchasing, reception and storage; materials - stock recording and inventory control; materials - pricing issues and stocks. Assessment. Section 2: labour -remuneration methods; labour - recording, costing and allied procedures; overheads. Assessment. Section 3: costing methods: introduction; costing methods - Job and batch costing; costing methods - contract costing; costing methods - operation and service costing; costing methods - process costing; costing methods - joint product and by-product costing. Assessment. Section 4: planning, control and decision making; cost behaviour; marginal and absorption costing; short run decision making; break even analysis; capital investment appraisal. Assessment. Section 5: budgets; standard costing -introduction; standard costing - variance analysis (material, labour and overheads); standard costing - variance analysis (sales and standard marginal costs); uniform costing; costing and computers. Assessment. Case exercises. Tables: present value factors; present value annuity factors. Examination technique. solutions to exercises and examination questions set at end chapters.