15CP61T: Elements of Cost Accounting CP 6th Sem Syllabus for Diploma DTE Karnataka C15 Scheme

Elements of Cost Accounting detail DTE Kar Diploma syllabus for Commercial Practice (CP), C15 scheme is extracted from DTE Karnataka official website and presented for diploma students. The course code (15CP61T), and for exam duration, Teaching Hr/week, Practical Hr/week, Total Marks, internal marks, theory marks, duration and credits do visit complete sem subjects post given below. The syllabus PDFs can be downloaded from official website.

For all other cp 6th sem syllabus for diploma c15 scheme dte karnataka you can visit CP 6th Sem Syllabus for Diploma C15 Scheme DTE Karnataka Subjects. The detail syllabus for elements of cost accounting is as follows.

Pre-requisites:

Knowledge of Accounting Concepts-Business and Economics Concepts.

Course Objectives:

The students shall be able to:

1. Understand the Basic concepts Cost Accounting
2. Prepare Cost Sheet-Quotations and Tenders.
3. Calculate Wages under different labour remuneration system
4. Apportion Cost of Service department to Production department
5. Reconcile Profit as per Cost books and Financial Books

Course Outcomes:

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Unit 1: INTRODUCTION AND OVERVIEW OF COST ACCOUNTING:

Meaning – Objectives – Advantages – Limitations of Cost Accounting – Cost Accounting versus Financial Accounting- Essentials of a Good Costing System – Installation of Costing System.

Unit 2 : CONCEPT OF COST AND IT’S ASCERTAINMENT:

Meaning of Cost -Elements of Cost -Non-Cost Expenses -Meaning of Cost Sheet -Purposes of Cost Sheet – Specimen/Format of Cost Sheet – Simple Problems on Preparation of Cost Sheet -Meaning of Tenders or Quotations – Details to be analyzed in the Preparation of Tenders or Quotations – Estimation of Different Elements of Cost – Development of Estimated Costs by giving due regard to likely changes in Costs – Simple Problems on Preparations of Tenders or Quotations.

Unit 3 : MATERIAL COST:

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Unit 4: LABOUR COST:

Direct and Indirect Methods of Remunerating the Labour – Problems on Calculation of the Earnings of Workers under Time Wage System, Piece Wage System, Bonus Systems (Halsey Premium Plan, Rowan Premium Plan, Taylor’s Differential Piece Rate System only) -Meaning of Labour Turnover – Methods of Measurement of Labour Turnover – Problems on Calculation of Labour Turnover and Labour Turnover Rate under Separation Method, Replacement Method and Flux Method only.

Unit 5: OVERHEAD COST:

Meaning of Allocation and Apportionment of Cost -Primary distribution and Secondary distribution- Simple Problems on Apportionment of Service Department Costs to Production Departments under Repeated Distribution Method and Simultaneous Equation Method only .

Unit 6: RECONCILIATION OF COST AND FINANCIAL ACCOUNTS:

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Resources:

BOOKS FOR REFERECE:

• Cost Accounting-1 by Dr. BB Kalatippi & Team
• Cost Accounting by MN Arora
• Fundamentals of Cost Accounting by : William N Lanen & Team Publisher-TATA McGRAWhill
• Cost Accounting by Jain & Narang

SUGGESTED STUDENT ACTIVITIES:

1. Draft the Specimen of a Cost sheet showing different Item of Cost.
2. Draw the chart showing Element wise classification of cost
3. Draw the Specimen of a Bin Card
4. Draw the Specimen of a Stores ledger
5. Draw the Specimen of a Purchase order.
6. Write the Formula for Calculating Labour Turnover ratio under Separate/Flux/Replacement Method
7. Draft the specimen of a Material Indent.
8. Draw the Specimen of Goods Received note.
9. Draw the Specimen of Material Requisition note.
10. Draw the Specimen of a Material Inspection note.

MODEL QP FOR CIE(TESTS.

1. (According to unit and CO1)
2. (According to unit and CO1)
3. (According to unit and CO2)
4. (According to unit and CO2)

Note: 5 marks choice should be given to each CO

Model Question Paper:

Part-A

Answer any six questions: 6X5=30

1. Explain the Objectives of Cost Accounting.
2. Describe the limitations of Cost Accounting.
3. Briefly explain the various Elements of Cost.
4. Calculate the Cost of Raw Materials consumed / used from the given details:
1. Opening cost ofRaw material Rs.48,000
2. Purchase of Raw materials during the year Rs.2,40,000
3. Freight, carriage paid on purchase of Materials Rs.4,000
4. Defective Materials returned to suppliers Rs.6,800
5. Closing stock of Raw Materials Rs.1,60,000
6. Materials sold (costing Rs.4,000) Rs.4,800
5. List out the functions of Stores Department.
6. Calculate the Maximum Stock level , Minimum Stock level from the following data:
1. Re Order Quantity: 1200 Units
2. Re Order Period: 4-6 weeks
3. Maximum Consumption: 300 Units per week
4. Minimum Consumption: 200 Units per week
7. Distinguish between Time Rate System and Piece Rate System of Wage Payment.
8. Mr. Chandru completes his job in 15 hours for which Time Allotted is 20 hours. His Hourly Rate of pay is Rs.
9. Calculate the wages of the worker under the following Methods:
1. Halsey Premium Plan
2. Rowan Premium Plan
10. Write the need for preparation of Reconciliation statement.

Part-B

Answer any four questions & each question carries Ten marks: 4X10=40

1. Distinguish between Cost Accounting and Financial accounting.
2. A manufacturing company manufacturers Magic Toys and its costing data and selling price for the half yearly ending 30thJune 2016 were as follows:
1. Raw materials consumed Rs.60,000
2. Direct labour 1,000 hours at Rs.30 per hour
3. Labour Hour rate of overhead Rs.10 per hour
4. Administration Overheads: 20% on Works Cost
5. Selling cost Rs.2 per magic toy
6. No. of magic toys produced: 15,000 Nos
7. No. of magic toys sold 14,000No’s at Rs.15 each.

Prepare statement of cost and profit

3. The following information related to the consumption of chemical fora month of 4 weeks in shilpa industry:
1. Maximum usage -200 kgs.
2. Minimum usage -160 kgs
3. Reorder quantity -200 kgs
4. Delivery period -1-3 weeks
5. Calculate various levels of stocks.
4. In an engineering works the standard time for a job is 16hrs and basic wage is Re 1 hr. A bonus scheme instituted so that the worker is to receive his normal rate for hours actually worked and for the hours saved under rowan’s plan. Calculate the wages and effective rate of earning per hour. If job is completed
1. In 10 hours
2. In 14 hours
5. Discuss the reason for difference in profit or loss between Cost accounting and financial accounting.
6. Explain the concept of Apportionment of Overheads and list out the various bases of Apportionment of Overheads with examples.

Part -C

Answer any two questions: 2X15=30

1. The following is the summary of receipts and issues of a material in factory for the month of February 2015.
1. 1-2-15 Balance of 5000 kg at Rs 25 per kg.
2. 3- 2-15 issued on (job number 300) -700 kgs
3. 4- 2-15 issued on (job number 301) -1000 kgs
4. 10-2-15 received from supplier 2000 kgs at 24.50 per kg
5. 12-2-15 issued on (job number 302) -800 kgs.
6. 14-2-15 returned surplus material from job number 300 -150 kgs
7. 16-2-15 issued on job number 303 -1800 kgs.
8. 20-2-15 received from supplier 2400 kgs at 24.75 per kg
9. 24- 2-15 issued on job number 304 -3040 kgs
10. 25- 2-15 received from supplier 3200 kgs at 24.50 per kg
11. 26- 2-15 issued on job number 305-1120 kgs
12. 27- 2-15 returned 120 kg of defective material to the vendor from the supplies on 20-2
13. 28- 2-15 received from supplier 100 kg at Rs25 per kgs

The store verifier of the factory noted that on 15-2-15 there was a shortage of 50 kg and another 80 kgs on 27-2-15 Issues to be priced on the principal of LIFO. Prepare stores ledger from the above transaction.

2. The popular company Ltd. has 3 production dept. A, B, C and 1 service department D.

The actual costs for a period are as follows:
[Rent and rates Rs 10000 Supervision Rs 10000]

1. Repairs to plants 6000 Fire insurance on stock 5000
2. Depreciation of plant 4500 Power 9000
3. Employees liability for insurance 1500 Lighting 1200

The following information is available in respect o f four departments.
[Dept. A Dept. B Dept. C Dept. D]

4. Area occupied (sq mts. 1500 1100 900 500
5. Number of employees 20 15 10 5
6. Direct wages 60000 40000 30000 20000
7. Value of plant 24000 18000 12000 6000
8. Value of stock 15000 9000 6000 –
9. HP of plant 24 18 12 6

Apportion the costs to the various departments on the most equitable basis. Find out the
overhead recovery rates for each of the production department assuming that over heads are recovered as a percentage of direct wages. Allocate service department D’s costs to production department in the ratio of 1:1:3.

3. From the following figures, prepare a Reconciliation Statement of Cost and Financial Accounts:

[PARTICULARS Rs.]

1. Net Profit as Per Financial Accounting Books 63,780
2. Net Profit as Per Cost Accounting Books 66,760
3. Factory Overhead Under-recovered in Cost Accounting Books 5,700
4. Administration Overhead Recovered in Excess 4,250
5. Depreciation Charged in Financial Accounting Books 3,660
6. Depreciation Recovered in Cost Accounting Books 3,950
7. Interest Received but not included in Cost Accounting Books 450
8. Income-tax provided in Financial Accounting Books 600
9. Bank Interest Credited in Financial Accounting Books 230
10. Stores Adjustment (Credited in Financial Accounting Books. 420
11. Depreciation of Stock charged in Financial Accounting Books 860
12. Dividend Appeared in Financial Accounting Books 1,200
13. Loss due to theft and pilferage provided only in Financial Accounting Books 260

For detail syllabus of all other subjects of BE Cp, C15 scheme do visit Cp 6th Sem syllabus for C15 scheme.

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