Cost Accounting of Banking and Insurance companies are decided on the basis of the following criteria:
1. Identifying Elements of Cost
a. Materials
b. Staff Cost
c. Overheads
a. Materials
b. Staff Cost
c. Overheads
2. Different Methods of Costing
a. Job order Costing
b. Process Costing
c. Service Costing
d. Operating Cost Statement
e. Contract Costing
f. Joint Products/By Products
g. Unit Costing
a. Job order Costing
b. Process Costing
c. Service Costing
d. Operating Cost Statement
e. Contract Costing
f. Joint Products/By Products
g. Unit Costing
3. Cost Accounts & Financial Accounts Compare, Contrast and Reconcile
4. Cost Classification by behavior with reference to Banking & Insurance Industries
5. Standard Costing
a. Criticisms of standard costing
b. Material prices and usage; labour rate and efficiency(including idle time); variable overhead efficiency and expenditure; fixed overhead expenditure, volume, Capacity and efficiency/productivity.
c. Total material mix and yield variances
d. Sales price and volume variances(Note: the volume variance will be calculated on a unit basis using sales revenue, contribution or gross profit).
e. Interpretation of variances: interrelationship, significance
f. Benchmarking
g. Behavioural implications of setting standard costs ( Note: Standard process costing is not included)
a. Criticisms of standard costing
b. Material prices and usage; labour rate and efficiency(including idle time); variable overhead efficiency and expenditure; fixed overhead expenditure, volume, Capacity and efficiency/productivity.
c. Total material mix and yield variances
d. Sales price and volume variances(Note: the volume variance will be calculated on a unit basis using sales revenue, contribution or gross profit).
e. Interpretation of variances: interrelationship, significance
f. Benchmarking
g. Behavioural implications of setting standard costs ( Note: Standard process costing is not included)
6. Budgeting
a. Planning
b. Time series and regression
c. ‘What-if’ analysis
d. Controllable and uncontrollable costs
e. Fixed and flexible budgeting
f. Incremental budgeting
g. Rolling budgets
h. Zero-based budgeting
i. Activity-based budgeting
j. Balanced scorecard
k. Behavioural implications
7. Costing Systems and Decision Making 45%
a. Value and functional cost analysis
b. Resource planning systems: MRPI, MRPII and ERP.
c. Just-in-time
d. Activity- based, absorption, marginal and process(eg FIFO AND Average Variable Cost Approach AVCO) costing and throughout accounting
e. Cost reduction programmes
f. Total quality management
g. Multi-products CVP analysis including break even, margin of safety, contribution/sales ratio, break even charts, contribution, profit/volume graphs.
h. Relevant costs and revenues for short term decision making.
i. Single limiting factor analysis where a company has restricted freedom of action.
j. Graphical linear programming ( including an explanation of shadow prices)
a. Planning
b. Time series and regression
c. ‘What-if’ analysis
d. Controllable and uncontrollable costs
e. Fixed and flexible budgeting
f. Incremental budgeting
g. Rolling budgets
h. Zero-based budgeting
i. Activity-based budgeting
j. Balanced scorecard
k. Behavioural implications
7. Costing Systems and Decision Making 45%
a. Value and functional cost analysis
b. Resource planning systems: MRPI, MRPII and ERP.
c. Just-in-time
d. Activity- based, absorption, marginal and process(eg FIFO AND Average Variable Cost Approach AVCO) costing and throughout accounting
e. Cost reduction programmes
f. Total quality management
g. Multi-products CVP analysis including break even, margin of safety, contribution/sales ratio, break even charts, contribution, profit/volume graphs.
h. Relevant costs and revenues for short term decision making.
i. Single limiting factor analysis where a company has restricted freedom of action.
j. Graphical linear programming ( including an explanation of shadow prices)
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Mobile: AirTel: 91-9940058497, BSNL: 9445437117
Landline: 91-44-2498-4149
Email: sugaemployment@gmail.com , sugaconsulting@gmail.com
Landline: 91-44-2498-4149
Email: sugaemployment@gmail.com , sugaconsulting@gmail.com
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