Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA Lecture 03

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA


102.03 Costing and control of Materials
Learning objects: Introduction, Classification of Material, Purchase procedures,
purchase of material, Accounting for materials, costing by periodic inventory
system and perpetual inventory system, Inventory Planning, Journalizing materials
cost, inventory planning, EOQ, Safety stock, Re-order point JIT, Other Inventory
Control etc.

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA Lecture 04

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA


102.04 Costing and control of Labor
Learning objects: Productivity and labor cost, Direct and indirect labor costs, Cycle of
Labor Costs, Methods or remuneration, Journalizing Labor Costs, Labor Turnover, Labor
Cost Control etc.
PRODUCTIVITY

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA Lecture 05

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA

102.05 Costing and control of manufacturing
Overhead
Learning objects: Factory overhead cost, Classification of Manufacturing Overhead,
Costing of Factory Overhead, Actual versus Normal Costing of Factory overhead,
Determination of predetermined Factory overhead, Variable and fixed FOH application rate,
Applied Factory overhead Cost, Actual Factory overhead Cost, Journalizing of Factory
overhead and accounting for the difference between applied and actual factory overhead

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA Lecture 02

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA Lecture 02

102.02 Cost Concepts, Classifications and Statement
Contents:
Cost Object; Cost, Expenses & Loss, classification of cost; cost data and uses, table of Costs of Goods
Manufactured and Sold etc.
Cost Object

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA Lecture 01

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA

Professional Level-1 102.01 Introduction of Cost Accounting
Section: B (Evening)
Page 1
102.01 Introduction of Cost Accounting
Contents:
Costs Vs Expenses; Definition of Cost Accounting; Objectives of Costing System ;distinction between
financial accounting and cost accounting ; Cost data for Management purposes; role, method and
techniques of Cost accounting; Installation of Cost accounting System ; Characteristics of an ideal cost
accounting System etc.
Cost Vs Expenses
Cost: An amount that has to be paid or given up in order to get something.
Expenses: Costs that are matched with revenues on the income statement. For example, Cost of
Goods Sold is an expense caused by Sales. Insurance Expense, Wages Expense, Advertising Expense
A cost might be an expense or it might be an asset. An expense is a cost that has expired or was
necessary in order to earn revenues.
a. Cost is used on something that has returns, while expenses are expenditures used on things
that depreciate.
b. Cost is reported in the balance sheet because it means more funds will come to the balance
sheet after the expenditure. Expense on the other hand, is reported on the income sheet
because it will be taking away funds from the income sheet in making the expenditures.
c. Cost is used when one is buying assets while expense is used on buying things that eventually
expire.

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1. What is software ? Classification of  software ?

Ans: Computer software, or simply software is any set of machine-readable instructions that directs a computer's processor to perform specific operations. Computer software contrasts with computer hardware, which is the physical component of computers. Computer hardware and software require each other and neither can be realistically used without the other.

Computer software includes computer programs, libraries and their associated documentation. The word software is also sometimes used in a more narrow sense, meaning application software only. Software is stored in computer memory and cannot be touched i.e. it is intangible.

Types of Software :

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CHAPTER 1