• Article

• Prepositions

• Parts of Speech

• Transformation of Sentences

• Active & Passive Voice

• Synonyms & Antonyms

• Phrasal Verbs

• Collective Nouns

• Idioms

• One Word Substitution

• Measures of Central Tendency

• Measures of Dispersion

• Correlation & Regression

• Index Number

• Interpolation

• Ratio & Proportions

• AP, GP & HP

• Permutations & Combinations

• Logarithm

• Compound Interest

• Annuities

• Set Theory

• Analogy

• Series

• Coding & Decoding

• Letter Series

• Relationships

  Accounts  

  Cost Accounting  

1. Introduction : Nature and scope of Cost Accounting- Concept of Cost- Classification of Cost – Cost Accounting Vs. Financial Accounting – Cost Accounting Vs. Management Accounting – methods of Costing – Installation of Costing System. Cost concepts, terms and classification of costs: Cost, Cost object, Cost units and Cost Centres. Types of costs, classification of costs, cost sheet (introduction only), total cost and unit costs, Costing Methods and Techniques – Activity Based Costing.

2. Material Cost : Definition of Material Cost – Classification of Material Cost – Materials purchase procedures – Different types of Stock Levels – Economic Order Quantity – Methods of Pricing of Issues of Materials (FIFO, LIFO and Weighted Average).

3. Labour Costs : Definition of Labour Costs – Classification of Labour Costs – Methods of Time Keeping and Time Booking – Idle time and Overtime (Causes) – Methods of Wage Payment – Time and Piece Rates – Halsay and Rowan System of Wage Payment – Incentive Plans.

4. Overhead : Definition – Classification – Departmentalization of Overhead Costs-Absorption of Overhead Costs- Determination of Overhead Absorption Rates- Application of Different Methods of Absorption of Overhead Costs-Treatment of under/over absorption overhead.

5. Job Costing (Job cost cards and databases, Collecting direct costs of each job, Attributing overhead costs to jobs, Application of job costing). Batch Costing. Contract Costing : Features of Contract Costing – Progress payment, Retention money, Escalation clause, Contract accounts, Accounting for material, Accounting for plant used in a contract, Contract Profit and balance sheet entries. Service Costing and Output Costing- Introduction : Motor Transport Costing, Hotel Costing (Staff Canteen Costing, Hospital Costing, Boiler House Costing- brief idea only). Single or Output costing.

6. Process Costing : Meaning, Features, Process Vs. Job Costing, Principles of cost ascertainment for Materials, Labour & Overhead, Normal Loss, Abnormal loss and gain and preparation of process accounts. Need for valuation of WIP, Equivalent Production (units) and preparation of process and other relevant accounts valuing WIP under average method and FIFO method (simple cases). Inter-process profit (simple cases)- Meaning. Advantages and disadvantages and determination of stock value for the purpose of balance sheet – By-products & Joint products (Meaning and Distinction).

7. CVP Analysis : Introduction; CVP Assumption and uses; Break-Even Analysis; BE Point and Margin of Safety, Graphical presentation of CVP Relationship; Profit Graph. Marginal Costing and Management Decision- Marginal Costing vis-à-vis Absorption Costing; Marginal costing techniques; Marginal Cost and Product Pricing; Product Mix and Make or Buy Decision, Shut Down Decision (with simple type problems on different areas of decision making).

8. Budgetary Control : Budget and Budgetary Control : the Budget manual. Principal budge factor, preparation and monitoring procedures, preparation of functional budgets (Production, Sales, materials). Cash Budget (idea of master budget), flexible budget, Zero-Based-Budgeting (ZBB). 

9. Standard Costing : Standard Costs and Standard Costing; Uses & Importance; Differences with Budgetary Control, Preliminary Steps. Classification of Standards. Analysis and computation of materials, Labour and Overhead Costs Variances (elementary level).