15MM41T: Elements of Cost Accounting Office Mgmt 4th Sem Syllabus for Diploma DTE Karnataka C15 Scheme

Elements of Cost Accounting detail DTE Kar Diploma syllabus for Modern Office Management (MM), C15 scheme is extracted from DTE Karnataka official website and presented for diploma students. The course code (15MM41T), 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 office mgmt 4th sem syllabus for diploma c15 scheme dte karnataka you can visit Office Mgmt 4th 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.

Course Objectives:

The students shall be able to:

1. Discover the utility and scope of Cost Accounting
2. Illustrate the Method of Ascertainment of Cost and Profitability.
3. Show the Pricing of Issue of Materials by applying various Methods.
4. Calculate the Total Earnings of Workers by making use of various Methods of Remunerating the Labour.
5. Demonstrate the Absorption of Overheads by making use of various Methods of Absorption.
6. Prepare the Reconciliation Statement of Cost and Financial Accounts in Statement Form.

Course Outcomes:

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UNIT 1: AN INTRODUCTION TO COST ACCOUNTING

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

UNIT 2: CONCEPT OF COST AND ITS ASCERTAINMENT

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

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 Total Earnings of Workers under Time Wage System, Piece Wage System, Bonus Systems (Halsey Premium Plan, Rowan Premium Plan, Taylors 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 Methods.

UNIT 5: OVERHEAD COST

Meaning of Allocation and Apportionment of Cost – Absorption of Overhead Cost -Problems on Methods of Absorption of Overhead Costs (Percentage on Direct Material Cost, Percentage on Direct Labor Cost, Percentage on Prime Cost, Direct Labour Hour Rate, Machine Hour Rate Only)

UNIT 6: RECONCILIATION OF COST AND FINANCIAL ACCOUNTS

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Text Books:

1. Cost Accounting by Az.har Basheer – PHI Learning.
2. Cost Accounting by R.S.N.Pillai and Bagavathi.V. – S Chand & Company Ltd.
3. Introduction to Cost Accounting by Dr.P.C.Tulsian – S Chand & Company Ltd
4. Cost Accounting by M.N.Arora – Himalaya Publishers.
5. Cost Accounting by Jain and Narang – Kalyani Publishers, New Delhi.
6. Cost Accounting by S.N.Maheswari – Sultan Chand and Sons, New Delhi.
7. Cost Accounting by Dr.Paramashivaiah
8. Cost Accounting by V.Prabhu Dev – Himalaya Publishers.

Model Question Paper:

(CIE)

1. What is Cost Sheet? Write down the purposes of Cost Sheet.
2. Mr. Reddy completes his job in 15 hours for which time allotted is 20 hours. His hourly rate of pay is Rs. 20 Calculate the wages of the worker under
1. Halsey Premium Plan
2. Rowan Premium Plan

OR A factory requires 1,500 units of an item per month, each costing Rs. 27 The cost per Order is Rs. 150 and the inventory carrying charges work out to 20 per cent of the Average Inventory. Find out the Economic Order Quantity

3. From the following particulars, prepare a Cost Sheet for the given period:
1. Cost of Raw Materials Consumed Rs. 80,000
2. Direct Wages Rs. 50,000
3. Machine Hours Worked 10000 Hours
4. Machine Hour Rate Rs. 2 per Hour
5. Office and Administrative Overheads 20% on Works Cost
6. Selling & Distribution Overheads Rs. 2 per unit Sold
7. Units produced 10000 Units
8. Units Sold 9000 Units
9. Selling Price Rs. 25 per unit
4. Distinguish between Cost Accounting and Financial Accounting. OR Distinguish between Time Rate System and Piece Rate System of Wage Payment

Note to IA verifier:

The following documents to be verified by CIE verifier at the end of semester

1. Blue books ( 20 marks)
2. Student suggested activities report for 5 marks and should be assessed
3. Student feedback on course regarding Effectiveness of Delivery of instructions & Assessment Methods.

Model Question Paper:

1. Distinguish between Cost Accounting and Financial Accounting.
2. What are the Advantages of Cost Accounting?
3. What is Cost Sheet? Write down the purposes of Cost Sheet.
4. Distinguish between Time Rate System and Piece Rate System of Wage Payment.
5. Mr. Reddy completes his job in 15 hours for which time allotted is 20 hours. His hourly rate of pay is Rs. 20 Calculate the wages of the worker under
1. Halsey Premium Plan
2. Rowan Premium Plan
6. A factory requires 1,500 units of an item per month, each costing Rs.
7. The cost per Order is Rs. 150 and the inventory carrying charges work out to 20 per cent of the Average Inventory. Find out the Economic Order Quantity
8. From the following particulars, prepare a Cost Sheet for the given period:
1. Cost of Raw Materials Consumed Rs. 80,000
2. Direct Wages Rs. 50,000
3. Machine Hours Worked 10000 Hours
4. Machine Hour Rate Rs. 2 per Hour
5. Office and Administrative Overheads 20% on Works Cost
6. Selling & Distribution Overheads Rs. 2 per unit Sold
7. Units produced 10000 Units
8. Units Sold 9000 Units
9. Selling Price Rs. 25 per unit
9. From the following particulars supplied by the Personnel Department of a Firm, Calculate the Labour Turnover by using Separation Method, Replacement Method and Flux Method.
• Total Number of Employees at the Beginning of the September 2015: 2010
• Number of Employees who are recruited during the September 2015: 30
• Number of Employees who left during the September 2015 : 50
• Total Number of Employees at the end of September 2015: 1990
10. From the following information prepare a stores ledger account by adopting the Base Stock Method of issue and ascertain the value of Closing Stock under FIFO method. Base Stock 200 Units:

-2015

1. Sept 1: Opening Stock 500 units at Rs. 20 each
2. 4: Purchased 400 units at Rs. 21 each
3. 6: Issued 600 units
4. 8: Purchased 800 units @ Rs. 24 each 9: Issued 900 units

PART-B

1. From the following particulars, prepare a Cost Sheet for the given period:
1. Purchase of Raw Materials Rs. 2, 95,000
2. Direct Wages Rs. 1, 98,000
3. Administrative Overheads Rs. 1, 05,000
4. Factory Overheads Rs. 1, 09,300
5. Selling & Distribution Overheads Rs. 88,750
6. Carriage on Purchase of Raw Materials. Rs. 4,500
7. Profit Rs. 1, 08,000

The Company wants to send a Tender for a Plant. The Costing Department estimates that the Material required would cost Rs. 50,000 and the Wages to workmen would cost. What would be the Price to be quoted for a Plant, if the Company intends to earn 20% profit on Selling Price, assuming that Factory Overheads have gone up by 12%, Selling and Distribution Overheads gone up by 5%.
The Company recovers Factory Overheads as percentage of Direct Wages, Administrative Overheads as a percentage of Works Cost and Selling and Distribution Overheads as a percentage of Works Cost.

2. The following is the Summary of the Receipts and Issues of Materials in a Factory during the Month of September 2015:
1. 1st September Opening Balance of Materials 400 units at Rs. 25 per unit.
2. 3rd September issued 60 units.
3. 4th September issued 100 units.
4. 6th September issued 80 units.
5. 10th September received from Supplier 300 units at Rs. 24.50 per unit.
6. 12th September returned to Stores 25 units at Rs. 24.75 per unit.
7. 16th September issued 120 units.
8. 20th September issued 300 units.
9. 25th September received from Supplier 320 units at Rs. 24.50 per unit.
10. 26th September issued 120 units.
11. 27th September returned to Stores 15 units at Rs. 24.50 per unit.
12. 28th September received from Supplier 150 units at Rs. 25 per unit.

The Store verifier of the Factory noted that on 14th September, he had found a Shortage of 15 units. Write out the complete Stores Ledger Account using FIFO Method in the Prescribed Format.

3. The Monthly Budget of a Department of a Concern is as under:
1. [Particulars Cost / Hours]
1. Direct Materials Rs. 45,000
2. Direct Wages Rs. 60,000
3. Overheads Rs. 90,000
4. Direct Labour Hours 15,000 Hours
5. Machine Hours 30,000 Hours
2. Find out the Overhead Recovery Rate Based on the following listed Methods:
1. Percentage on Direct Material Cost,
2. Percentage on Direct Labour Cost,
3. Percentage on Prime Cost,
4. Direct Labour Hour Rate and
5. Machine Hour Rate 10 Marks
4. Aras Kumar Enterprises Manufactures a Special Product VED. The following particulars were collected for the Current Year:
1. Monthly Demand of VED: 1,000 units
2. Cost of Placing an Order: Rs. 100.
3. Annual Carrying Cost per unit: Rs. 15
4. Normal usage: 50 units per week.
5. Minimum usage: 25 units per week.
6. Maximum usage: 75 units per week.
7. Reorder period: 4 to 6 weeks.
8. Emergency Supply Time: 3 weeks.
2. From the above, you are required to compute the following:
• Reorder Quantity
• Reorder Level
• Minimum Stock Level
• Maximum Stock Level and
• Average Stock Level.
• Danger Level
5. A Worker completed a job in 15 hours for which time allotted is 20 hours. His hourly rate of pay is Rs.20 Calculate the Total earnings of the worker under:
1. Time Rate System
2. Piece Rate System
3. Halsey Premium Plan
4. Rowan Premium Plan
5. Taylors Differential Piece Rate Plan (assume any other data as may be required) 10 Marks
6. List out the reasons for the disagreement of Profits as shown by Cost and Financial Accounts.
7. What is meant by Cost Accounting? List out the Essentials of a Good Costing System.
8. What is Labour Turnover Rate? Briefly describe the methods of calculation of Labour Turnover Rate.
9. Write down detailed notes on any two of the following:
1. Allocation of Overheads
2. Apportionment of Overheads
3. Absorption of Overheads.
10. 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

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