Advanced Cost Accounting – IV

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Welcome to the advanced Accountancy paper at the Post Graduate Level, where our focus lies on fostering conceptual understanding and practical applicability of key accounting principles. This course builds upon the foundational...

Name : Advanced Cost Accounting – IV
Vendor : Prashant Publication
Type : M.Com Sem II Paper - 421B
Barcode : 978-93-48040-59-6

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Welcome to the advanced Accountancy paper at the Post Graduate Level, where our focus lies on fostering conceptual understanding and practical applicability of key accounting principles. This course builds upon the foundational knowledge acquired during undergraduate studies, aiming to equip students with the skills necessary for realworld application. The significance of this subject is continually magnified by factors such as economic liberalization, globalization, the free flow of capital, and the pursuit of enhanced corporate governance practices.
In this book, we delve into the crucial aspects of Cost Accounting from a corporate standpoint and introduce emerging methodologies tailored to address the evolving business landscape. It is written in accordance with the New Education Policy (NEP).
The book comprises six units, each focusing on a different aspect of accounting. Unit 1 begins with Non-Integrated Cost Accounts, providing an elementary study and disclosure requirements of select Accounting Standards. The subsequent unit navigates through Integrated Accounts / Integral Accounts. Unit 3 unfolds the complexities of Reconciliation of Profits under Cost Accounts and under Financial Account, followed by Unit 4’s exploration of Cost Information Systems and Reporting. The fifth unit illuminates Uniform Costing and Inter-firm Comparison, while the final unit acquaints students with an Introduction to Cost Accounting Record Rules and Cost Audit, specifically the Companies (Cost Records and Audit) Rules, 2014. We trust that both students and educators will find this book immensely beneficial. While every effort has been made to ensure accuracy and clarity, we acknowledge the possibility of inadvertent errors. We extend our heartfelt gratitude to our families for their unwavering support and encouragement throughout this endeavor. Special thanks to Prashant Publications, Director Rangrao Patil, and the entire team for their expedited and meticulous publication process. We invite readers to share their valuable views, suggestions, and feedback with us.

1. Non-Integrated Cost Accounts …………………………………………………………………7
1.1 Books of Accounts in Cost Accounting.
1.2 Books of Original Entry.
1.3 Various Subsidiary Ledgers.
1.4 Purpose of Control Accounts – their nature and procedures of posting from subsidiary
ledgers to control accounts.
1.5 Double-entry Accounting System as used in cost accounts.
1.6 Passing journal of entries, and preparation of ledger control accounts from a given set of transactions.
2. Integrated Accounts / Integral Accounts…………………………………………………….57
2.1 Meaning and Nature of Integrated accounts.
2.2 Necessity of Preparing Integrated accounts.
2.3 Process followed in preparation of Integral accounts.
2.4 Double-entry Accounting System as used in integrated accounts.
2.5 Passing journal of entries and preparation of ledger control accounts from a given set of transactions.
3. Reconciliation of Profits under Cost Accounts and
under Financial Account…………………………………………………………………………93
3.1 Introduction.
3.2 Need for Reconciliation.
3.3 Procedure of Preparing Reconciliation.
3.4 Proforma Reconciliation Statement.
3.5 Memorandum Reconciliation Account.
3.6 Reasons for disagreement between Profits as per financial accounting and Profits as per cost accounting.
3.7 Problems with Solution.
4. Accounting Standards…………………………………………………………………………..138
4.1 Cost Information Needs at Different Levels of Management.
4.2 Requisites of An Effective Information System.
4.3 Forms of Presentation – various reports – graphs, charts, tables and diagrams.
5. Uniform Costing and Inter-firm Comparison………………………………………..187
5.1 Meaning of Uniform Costing.
5.2 Reasons for Differences in Costs and Costing.
5.3 Practices from firm to firm, Application of Uniform Costing System.
5.4 Objectives, Advantages and Limitations of Uniform Costing System.
5.5 Essentials for success of Uniform Costing System, Fields for Uniformity, Uniform Cost Manual.
5.6 Inter-firm Comparison – Meaning, Objectives.
5.7 Advantages and Limitations of Inter-firm Comparison – is it the same as that of comparative statements.
6. Introduction to Cost Accounting Record Rules and Cost Audit
Companies (Cost Records and Audit) Rules, 2014………………………………….214
6.1 Concepts of Cost Accountant in practice, Cost auditor, Cost Audit Report, Cost Records.
6.2 Application of Cost Records – Provisions pertaining to inclusion of cost records in the books of accounts.
6.3 Categories of Companies Required to Maintain Cost Records.
6.4 Provisions Pertaining to Manner of Maintenance of Cost Records.
6.5 Applicability for Cost Audit – Provisions Pertaining to Getting the Cost Records Audited.