Advanced Costing - I - 311 (B)

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The landscape of modern commerce is evolving rapidly, demanding a sophisticated understanding of cost structures and strategic financial management. This textbook has been meticulously crafted to align with the 311B:...

Name : Advanced Costing - I - 311 (B)
Vendor : Prashant Publication
Type : T.Y.B.Com., Semester-V, Paper 311 (B)
Manufacturing : August 2026
Total Pages : 176 Pages

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The landscape of modern commerce is evolving rapidly, demanding a sophisticated understanding of cost structures and strategic financial management. This textbook has been meticulously crafted to align with the 311B: Advanced Costing-I syllabus prescribed by the Kavayitri Bahinabai Chaudhari North Maharashtra University, Jalgaon, for the B.Com (Honours/Research) programme, effective from the 2026-2027 academic year.
Our primary objective in authoring this volume is to provide students with a comprehensive resource that bridges the gap between theoretical frameworks and practical application. As educators, we rec-ognize that mastering cost accounting requires more than rote memorisation; it necessitates the abil-ity to analyse recent developments—such as Life Cycle Costing, Target Costing, and Value Chain Anal-ysis—and apply them to contemporary business environments.
This book is structured to guide the learner systematically through the course learning outcomes, covering the essential pillars of the discipline:
• Cost Element Analysis: A thorough examination of employee costs, including various incen-tive plans and labour turnover measurement, alongside an in-depth study of overhead allo-cation, apportionment, and absorption.
• Performance Measurement: Dedicated units on Standard Costing and Variance Analysis, de-signed to build technical proficiency in calculating and interpreting material and labour vari-ances.
• Strategic Planning: Comprehensive coverage of Budget and Budgetary Control, providing the tools necessary for flexible and fixed budgeting, as well as an exploration of the Price Leader-ship Method.
Throughout the text, we have integrated practical problems and conceptual theory to ensure stu-dents are prepared not only for examinations but for the real-world challenges of a professional ca-reer in accounting and management. By focusing on the cognitive levels defined in the curriculum, we aim to foster critical thinking regarding cost management systems and their strategic role in en-terprise resource planning.

Chapter 1. Recent Developments in Cost Accounting..........7
1.1 Life Cycle Costing – Meaning, Characteristics, Benefits, Elements of Life Cycle Cost, Purpose of Life Cycle Costing Analysis, Process, Phases,
1.2 Target Costing – Origin of Target Costing, Meaning, Features, Objectives, Advantages, Steps in Target Costing, Difference between Target Costing and Standard Costing, Cost, Accountant’s Role,
1.3 Value Chain Analysis (VCA) – Meaning, Porter’s Value Chain Model, Basic Concepts of VCA, Conducting VCA,
1.4 Enterprise Resource Planning (ERP) – Introduction, Meaning, Features, Benefits

Chapter 2. Employee Cost............................................26
2.1 Meaning, Definitions and Significance of Labour Cost,
2.2 Classification of Labour Cost,
2.3 Labour Cost – • Idle time-causes and accounting treatment, • Overtime premium-Accounting Treatment & its Control,
•
Treatment of special Labour Cost–Fringe benefits, Bonus, Employees Welfare Costs,
2.4 Labour Turnover – concept, causes, Measurement & Cost of Labour Turnover,
2.5 Study of CAS – 7 relating to Employees Cost Practical Problems on Calculation of labor cost with Time Rate, Piece Rate, Halsey Rowen, Halsey premium plan, Taylor’s Differential Piece Rate, Merrick’s Multiple Piece Rate, Gantt’s Task and Bonus Plan, Measurement & Cost of Labour Turnover

Chapter 3. Overheads..................................................83
3.1 Meaning and Significance of Overhead
3.2 Functional and Behavioral analysis of overhead
3.3 Distribution and apportionment of Overhead cost including machine hour rate
3.4 Allocation, Apportionment & reapportionment (Repeated distribution Methods & Simultaneous Equations Method) of Overheads
3.5 Absorption of Overheads-Methods, Over and under absorption of overheads CAS – 3 Overheads

Chapter 4. Standard Costing........................................104
4.1 Definition, Significance and Applications
4.2 Various Types of Standards.
4.3 Installation of Standard Costing System-for Material, Labour.
4.4 Variance Analysis for Materials, Labour.
4.5 Variance Reporting to Management
4.6 Practical problems on Variance Analysis for Materials, Labour.

Chapter 5. Budget and Budgetary Control......................123
5.1 Concepts and types of Budgets
5.2 Budgetary Control Vs Standard Costing
5.3 Advantages and Limitations of Budgetary Control
5.4 Practical Problems on Flexible Budget, Fixed Budget, Production Budgett, Purchase Budget, Sales Budget and Cash Budget

Chapter 6. Price Leadership Method.............................162
6.1 Concept and Meaning of Price Leadership Method.
6.2 Factors, Advantages, Disadvantages of Price Leadership Method.
6.3 Types of Price Leadership Method: Barometric, Collusive and Dominant.
6.4 Price Leadership Model.
6.5 Price Leadership Strategy.

References..................................................................175