Costing

ABC Analysis and FSN (Fast–Slow–Non-moving) Inventory Classification

ABC Analysis — Inventory Classification by Value

Activity Based Costing (ABC)

Average Price Methods of Material Issue Valuation

Batch Costing — Meaning & Application

Budgets, Budgetary Control, Zero Base Budgeting, and Fixed vs Flexible Budget

Capacity Levels — Maximum, Practical, Normal, Actual

Classification of Costs

Cost Accounting Systems — Non-Integrated and Integrated

Cost Classification — Special and Decision-Relevant Costs

Cost Driver

Cost Objects and Cost Units

Cost Sheet — Structure, Components & Treatment of Items

Detection and Control of Slow-Moving and Non-Moving Materials

Digital Costing System

Economic Batch Quantity (EBQ) & Job vs Batch Costing

Economic Order Quantity (EOQ)

FIFO and LIFO Methods of Material Issue Valuation

Installing a Costing System — Practical Difficulties

Inventory Classification Techniques — HML, VED, FSN, GOLF, SOS

Inventory Control Ratios — Input-Output Ratio and Inventory Turnover Ratio

Inventory Control — Stock Levels (ROL, Minimum, Maximum, Average, Danger)

Job Costing — Accumulation of Labour & Overheads and Treatment of Defective/Spoiled Work

Joint Products, By-Products, and Co-Products

Just-In-Time (JIT) Inventory Management

Marginal Costing — Basic Concepts and CVP Analysis

Market Price and Notional Price Methods — Replacement, Standard, Inflated, Re-use

Material Cost — Meaning & Valuation of Material Receipts (Treatment of Invoice Items)

Material Storage and the Duties of a Store Keeper

Methods of Costing

Methods of Segregating Semi-Variable Costs

Methods of Valuing Material Issues (FIFO, LIFO, Averages, Base Stock, Replacement Price)

Overhead Absorption Rates — AOR vs POR and Blanket vs Departmental

Periodic vs Perpetual Inventory System and Continuous Stock Verification

Process Costing

Purchasing of Materials — The Four Key Questions (When, How Much, Where, At What Price)

Receipt and Inspection of Materials — GRN and Material Returned Note

Reconciliation of Cost and Financial Accounts

Relevant Costs

Responsibility Centres

Selection of Quotation and the Purchase Order Process

Standard Costing — Advantages, Criticisms and Types of Variances

Standard Costing — Fundamentals, Definitions and Comparison with Budgetary Control

Supplier Selection — Indifference Point Analysis

Techniques of Costing

Techniques of Costing and Marginal vs. Differential Costing

Treatment of Administrative Overheads

Treatment of Specific Items in Cost Accounting

Treatment of Waste and Scrap in Cost Accounts

Two Bin System and Budgetary Control for Inventory

Types of Store Records — Bin Card, Stock Control Card and Stores Ledger

Under-absorbed and Over-absorbed Overheads — Causes and Treatment

VED Analysis (Vital, Essential, Desirable)