ADVANCED COST ACCOUNTING

TOTAL HOURS: 90 SUB CODE: 20UCOCT6018

CREDITS: 3 L-T-P : 5-1-6

COURSE OBJECTIVES

1. To give a comprehensive understanding of the system of cost

accounting
2. To develop in-depth knowledge about cost accounting.
3. To understand Job costing and explain how it varies from contract
costing.
4. To get a clear view of process costing and preparation of process
account.
5. To gain knowledge about joint products.

COURSE OUTCOMES
On successful completion of the course the students will be able to

CO No. CO Statement
CO 1 Understand with various methods and techniques of costing.
CO 2 Evaluate the knowledge in calculation of unit costing.

CO 3 Imparted knowledge on process costing.

Explore in depth knowledge on costing procedure process losses.

CO 4

CO 5 Develop an understanding about joint products and by products.

COURSE OUTLINE

UNIT - I (15 Hrs)

Job Costing – Features of job costing – Advantages and limitation of

job costing used in job costing – Preparation of job cost sheet.
 UNIT - II (20 Hrs)
Contract Costing – Distinction between Job Costing and Contract Costing
- Recording of cost of a contract – Profit or Loss on contracts – Two or more
Contracts.
UNIT III (15 Hrs)
Process Costing – Meaning and definition – Characteristic Features –
Types of industries using Costing – Advantages and Disadvantages of
Process Costing.
UNIT IV (20 Hrs)
Process Costing- Simple process Accounts Problems – Costing
Procedure – Important aspects of Process Costing – Process Losses –
Normal loss – Abnormal loss/gain–Loss in weight scrap –Vegetable
oil refining - Partial sale of output from each process.

UNIT V (20 Hrs )

Joint Products Costing – Methods of Apportionment of Joint Costs
among Joint Products using Average Unit Cost Method and Physical Units
Method. Net realisable value method— Apportionment of joint cost
among main product and by product.

RECOMMENDED TEXTBOOKS
1. Jawahar Lal.,2012 Cost accounting, Tata McGraw Hill,
2. Nigam & Jai., 2010, Cost Accounting Principles and Practices,
Prentice Hall of India Publishers
3. Blocher, I. & Lin., 2007, Cost Management: A Managerial
Emphasis, Pearson education, Mumbai

REFERENCE BOOKS
 1. Reddy.T.S. and Hari Prasad Reddy.Y,2012, Cost Accounting
2. Jain And Narang,2008, Cost Accounting
3. Iyengar .S.P,2009, Cost Accounting
4. Maheswari S.N,2016, Advanced Problems and Solutions in cost
accounting .

E-LEARNING RESOURCES

1. https://www.accountingtools.com
2. www.accountingnotes.net
3. https://accountlearning.com
4. https://cleartax.in
5. https://www.accaglobal.com

Mapping of CO with PSO

CO/PSO PSO1 PSO2 PSO3 PSO4 PSO5

CO1 2 2 2 2 1

CO2 3 3 3 1 3

CO3 2 2 3 1 3

CO4 2 3 2 2 3

CO5 2 3 2 1 3

AVERAGE 2.2 2.8 2.4 1.4 2.6

3 – Significant 2 – Moderate 1 – Low 0 – Nil

GUIDELINES FOR QUESTION PAPER SETTING

UNITS SECTION A SECTION B SECTION C

THEORY PROBLEM THEORY PROBLEM THEORY PROBLEM
I 1 1 - 1 - 1
II - 2 - 1 - 1
III 2 - 1 - - -
IV 1 2 - 2 - 1
V 1 2 - 2 - 1
TOTAL 5 7 1 6 0 4