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Edited by:Manpreet Kaur

COST AND MANAGEMENTACCOUNTINGEdited ByManpreet Kaur

Printed byEXCEL BOOKS PRIVATE LIMITEDA-45, Naraina, Phase-I,New Delhi-110028forLovely Professional UniversityPhagwara

SYLLABUSCost and Management AccountingObjectives: To familiarise the students with the various cost concepts, elements of cost, methods and techniques of cost controland also to expose the students to the tools and techniques used in financial statement analysis.S. No.Description1.Introduction to Cost Accounting: Meaning & Definition, Scope and use of cost accounting, Relationship betweenFinancial Accounting and Cost Accounting , Role of Cost accounting in Decision-Making, Cost concepts, Elementof cost, classification of costs, Preparation of cost sheet and unit or output costing.2.Accounting for Material: Material Control, Pricing of material issues, Labour: labour turnover, methods of wagepayment and incentive plans, Overhead: classification; absorption of Overhead; under and over absorption ofOverhead.3.Marginal costing & Absorption Costing: CVP Analysis; P/V ratio, break even point, margin of safety4.Variance Analysis: Meaning & importance, Kinds of variance5.Budgetary control: Meaning, objectives, Types of budgets6.Introduction to Management Accounting: Meaning, nature, scope and limitations, Relationship of financial, costand management accounting7.Analysis of financial statements: Tools, Comparative statements, common size statements and trend analysis.8.Ratio Analysis: liquidity ratios, activity ratios, solvency ratios and profitability ratios9.Fund Flow Analysis: meaning, preparation of statement of changes in working capital & Fund Flow statement,Cash Flow analysis (as per AS-3): Cash from operating, investing & financing activities, preparation of cash flowstatement.10.Introduction to recent development in cost management: Human Resource Accounting, Activity Based Costing,Social Accounting.

CONTENTUnit 1:Introduction to Cost Accounting1Manpreet Kaur, Lovely Professional UniversityUnit 2:Unit and Output Costing22Manpreet Kaur, Lovely Professional UniversityUnit 3:Material Control39Manpreet Kaur, Lovely Professional UniversityUnit 4:Costing and Control of Labour57Manpreet Kaur, Lovely Professional UniversityUnit 5:Overheads70Manpreet Kaur, Lovely Professional UniversityUnit 6:Marginal Costing and Absorption Costing84Pooja, Lovely Professional UniversityUnit 7:Variance Analysis114Pooja, Lovely Professional UniversityUnit 8:Budgetary Control140Pooja, Lovely Professional UniversityUnit 9:Introduction to Management Accounting160Pooja, Lovely Professional UniversityUnit 10:Analysis of Financial Statements168Pooja, Lovely Professional UniversityUnit 11:Ratio Analysis185Sukhpreet Kaur, Lovely Professional UniversityUnit 12:Fund Flow Analysis207Sukhpreet Kaur, Lovely Professional UniversityUnit 13:Cash Flow Analysis (As Per AS-3)226Sukhpreet Kaur, Lovely Professional UniversityUnit 14:Introduction to Recent Development in Cost ManagementSukhpreet Kaur, Lovely Professional University247

Manpreet Kaur, Lovely Professional UniversityUnit 1: Introduction to Cost AccountingUnit 1: Introduction to Cost aning and Definition of Cost Accounting1.2Scope and Use of Cost Accounting1.3Relationship between Financial Accounting and Cost Accounting1.4Role of Cost Accounting in Decision Making1.5Cost Concepts1.5.1 Cost Unit1.5.2 Cost Centre1.6Elements of Cost1.7Classification of Costs1.7.1 General Classification1.7.2 Technical Classification1.8Cost Accounting System1.9Summary1.10 Keywords1.11 Review Questions1.12 Further ReadingsObjectivesAfter studying this unit, you will be able to:Explain the meaning and definition of cost accountingDiscuss the scope and uses of cost accountingDescribe the relationship between financial accounting and cost accountingState the role of cost accounting in decision makingList the elements of costMake classification of costDescribe costing systemIntroductionCost accounting is a branch of accounting and has been developed due to limitations of financialaccounting. The financial accounting is primarily concerned with record keeping directedtowards the preparation of gross profit account, profit and loss account and balance sheet.It provides information regarding the gross profit, profit and loss that the business or enterpriseLOVELY PROFESSIONAL UNIVERSITY1

Cost and Management AccountingNotesis making and also its financial position on a particular period. The information concerning thebusiness or enterprise is helpful to the management to control on business.The management of every business enterprise is interested to know much more than the usualinformation supplied to outsiders. In order to carry out its functions of planning, decision-makingand control, it requires additional cost data. The financial accounts fail, to some extent, to providerequired cost data to management and hence a new system of accounting which could provideinternal report to management was conceived of.1.1 Meaning and Definition of Cost AccountingCost accounting, which is a branch of accounting, has been developed due to limitations offinancial accounts. “Cost accounting is an analytical system of accounting that discloses the costper unit of different articles manufactured or jobs done and also the cost at various stages ofcompletion”.!Caution The cost accounting system is not independent of the financial accounts. It merelyrepresents an elaboration of the basic financial accounting system.Cost accounting is concerned with the classification, accumulation, control and assignment ofcosts. Cost accountant classifies, costs according to patterns of behaviour, activities or processesto which they relate products to which they attach and other categories, dependent on the typesof measurement desired costs may be accumulated by accounts, jobs processes products or otherbusiness segments. The cost accounting system is directly concerned with control of inventories,plant assets and funds expanded on functional activities.NoteS.No.Cost Accounting vs. Management AccountingPoint of DifferenceCost AccountingManagement Accounting1.ObjectivesIts main purpose is toascertain the cost andcontrolIts major objective is to take decisionsthrough supplement presentation ofaccounting information2.ScopeIt deals only with the costand related aspectsIt not only deals with the cost butalso revenue. It is wider than the costaccounting3.Utilization of DataIt uses only quantitativeinformation pertaining tothe transactionsIt uses both qualitative andquantitative information for decisionmaking4.UtilityIt ends only at thepresentation ofinformationBut it starts from where the costaccounting ends; means that the costinformation are major inputs fordecision making5.NatureIt deals with the past andpresent dataBut it deals with future policies andcourse of actionsThe following are the important definitions of cost accounting:“Cost accounting is the provision of such analysis and classifications of expenditure as willenable the total cost of any particular unit of production to be ascertained with reasonable degreeof accuracy and at the same time to disclose exactly how such total cost is constituted”.—Walter W. Bigg2LOVELY PROFESSIONAL UNIVERSITY

Unit 1: Introduction to Cost Accounting“Costing is the proper allocation of expenditure whereby reliable cost may be ascertained andsuitably presented to affford guidance to the producers in control of their business”.Notes—Harold James“Costing is the classifying, recording and appropriate allocation of expenditure for thedetermination of the cost of products or services, and for the presentation of suitably arrangeddata for purposes of control and guidance of the management. It includes the ascertainment ofthe cost of every order, job, contract, process, service, or unit at as may be appropriate. It dealswith the costs of production, selling and distribution”.—Harold J. Wheldon“Cost accounting means the application of principles of accounting in such a manner that themanagement is always assured of a detailed recording and analysis of expenditures incurredin connection with the operation of any business so that it is able to measure performance andcontrol activities”.—Jeremiah Lock WoodSelf AssessmentState whether the following statements are true or false:1.Financial accounting is concerned with the classification, accumulation, control andassignment of costs.2.The cost accounting system is directly concerned with control of inventories, plant assetsand funds expanded on functional activities.3.The cost accounting system is independent of the financial accounts.1.2 Scope and Use of Cost AccountingThe scope of any subject refers to the various areas of study included in that subject. As regards,the scope of cost accounting is very wide and includes the following:1.Technique and Process of Costing: The technique of costing involves two distinct steps,namely, (a) classification of costs according to various elements, and (b) allocation andapportionment of the expenses which cannot be directly charged to production. As aprocess, costing is concerned with the routine ascertainment of cost with a formal andselected procedure.2.Cost Control: Cost control is the guidance and regulation by executive action of the costsof operating and undertaking. This guidance and regulation is done by the executive whois responsible for causing the deviation. This process will become clear by enumeratingthe steps involved in any technique of cost control. Cost control is exercised through avariety of techniques such as inventory control, product control, quality control, budgetarycontrol, standard costing, etc.3.Ascertainment of Cost: It deals with the collection and analysis of expenses, the measurementof production at different stages and linking up of production with the expenses. To achievethe first step, costing has developed different systems such as Historical or Actual Cost,Estimated Cost and Standard Cost. For achieving the second step, costing has developeddifferent methods such as single or output costing, job costing, contract costing, etc. Finally,for achieving the last step costing has developed important techniques such as, MarginalCosting, Standard Costing, Budgetary Control, Total Absorption Costing and UniformCosting.LOVELY PROFESSIONAL UNIVERSITY3

Cost and Management AccountingNotes4.Cost Audit: The terminology of ICMA, London, defines cost audit, as “the verification of thecorrectness of cost accounts and of the adherence to the cost accounting plan”. Cost audithas a much wider role to play in an industry or organisation than people could imagine.The aim of cost audit is to highlight the shortcomings inherent in the cost accountingsystem.5.Budgetary Control: According to Heiser, budgetary control can be defined as “an overallblue print of a comprehensive plan of operations and actions expressed in financial terms”.According to him, budgeting process involves the preparation of a budget, comparison ofbudgeted and actual expenditure and income, planning and coordinating for control, etc.Self AssessmentFill in the blanks:4. is the guidance and regulation by executive action of the costs of operatingand undertaking.5.The aim of . is to highlight the shortcomings inherent in the cost accountingsystem.6. process involves the preparation of a budget, comparison of budgeted andactual expenditure and income, planning and coordinating for control, etc.1.3 Relationship between Financial Accounting and Cost AccountingIn a modern system of industrial accounting, there is no independent cost ledger or financialledger, but the complete accounting system is amalgamated into one set of double-entry accounts.In other cases, the figures posted to the cost ledger are reconciled at regular intervals, probablymonthly, with the figures shown in the revenue accounts of the financial ledger.Whichever system is adopted, the expenditure accounts and the cost accounts are interdependent.The application of financial and cost accounting to the service of management should be plannedas one coordinated service, and for this purpose should be under common control. Integrationdoes not, therefore, imply only the amalgamation of two systems or accounts, but it also entails theamalgamation of the accounting sections, including the cost office, into one unified department.It is, furthermore, desirable in the interests of the efficiency of the financial division that clerksshall be given the opportunity of obtaining experience in both financial accounting and costaccounting; in other words, in records of total expense heading and of breakdowns or analyses.Differences between Cost Accounts and Financial Accounts41.Financial accounts deal with all the items of expenses, losses, income and gains in total butthe cost accounts deal with items of cost alone.2.In financial accounts, items of cost that are dealt with are expressed in totals. Therefore,such accounts cannot disclose the cost per unit whereas in cost accounts all expenses areanalyzed very carefully and apportioned accordingly. Hence, cost per unit can be veryeasily determined.3.Financial accounts deal with facts alone whereas cost accounts deal with estimates as wellas facts. Therefore, the result of cost accounts does not always tally with financial accounts.4.Financial accounts cover a long period usually a year, but cost accounts cover comparativelya short period say a week, fortnight or a month.5.Cost accounts do not form part of the ordinary process of double entry systems. Whereasthe financial account must be invariably maintained according to double entry system.LOVELY PROFESSIONAL UNIVERSITY

Unit 1: Introduction to Cost Accounting6.Financial accounts display results in total profits whereas cost accounts give the results ofeach operation.7.All expenses such as interest on capital, depreciation, etc., are normally charged infinancial accounts, which reveals the true and fair affairs of business in general and cost ofproduction in particular. In case of cost accounting, where certain expenses are eliminatedor deleted the cost per unit will be generally unfair.8.Financial accounting will generally present a better picture to the public who cannot understand the intricacies of the maintenance of accounting. Cost accounting, inparticular, is always beneficial from the point of management, rather than from the publicundertaking.NoteNotesDifferences between Financial Accounting and Cost AccountingBasis of DifferencesFinancial AccountingCost AccountingPurpose andObjectiveThe purpose and objective offinancial accounting is externalreporting mainly to owners,creditors, tax authorities,government and investors.The purpose and objective of costaccounting is internal reporting tomanagement.Maintenance ofAccountsThis is to be maintainedcompulsorily by forms of businessorganisations. The preparation ofaccounts must be in accordancewith the statutory provisions ofCompanies Act and Income TaxAct.Cost accounting is maintainedvoluntarily. In some casesgovernment has directed somecompanies to maintain cost accountsto improve efficiency of business orindustry.Profit AnalysisFinancial accounting discloses profitfor the entire business as a whole.Cost accounting shows the profit foreach product, process or operation.RecordingIt classifies, records and analysesthe transactions in a subjectivemanner, i.e., according to the natureof expenses.Cost accounting records theexpenditure in an objective manner,i.e., according to purpose for whichcosts are incurred.Use of ControlTechniquesIt does not make use of any type ofcontrol techniques.It makes use of some importantcontrol techniques such a MarginalCosting, Historical Costing,Budgetary Control, StandardCosting, etc., in order to control cost.Stock ValuationStock is valued at cost or marketprice whichever is less.Stock is always valued of cost price.Pricing PolicyIt fails to guide the formulation ofpricing policy.It provides adequate data forformulating of pricing policy.Facts and FiguresFinancial accounting deals mainlywith actual facts and figures.Cost accounting deals partly withfacts and figures and partly withestimates.Duration ofInformationReportingGenerally, financial accountingprovides financial information oncea year.Cost accounting furnishes cost dataat frequent intervals i.e., reports aredaily, weekly and monthly.Evaluation ofEfficiencyThe information provided byfinancial accounting is not sufficientto evaluate the efficiency of thebusiness activities.The cost data helps in evaluating theefficiency of the business activities.LOVELY PROFESSIONAL UNIVERSITY5

Cost and Management AccountingNotesSelf AssessmentState whether the following statements are true or false:7.Financial accounts deal with all the items of expenses, losses, income and gains in total butthe cost accounts deal with items of cost alone.8.Financial accounts cover a short period usually a week.9.Cost accounting will generally present a better picture to the public who can not understandthe intricacies of the maintenance of accounting.1.4 Role of Cost Accounting in Decision MakingThe cost accounting plays an important role in the following decisions making:61.Determination and Analysis of Cost: The main object of cost accountant is to determinecost per unit or per job or per contract. Thereby the constituents such as prime cost andoverheads that may be fixed, variable, semi-variable can be disclosed, which in turnevaluate the operating efficiency of each departments.2.Cost Control and Cost Reduction: Cost control and cost reduction is an important factorto be considered to know the best result obtained by each department. For this purpose,the standards are fixed and in case the efficiency of each department is more than theanticipated standard, the result will be considered as favourable and vice-versa.3.Planning and Decision-making: This is possible when policies that are framed are properlyimplemented. The technique of cost accounting which produces the best result dependsupon the best tools which are in operation by the management, stock holders, consumersand government.4.A good system of costing will be of varied benefits to the management:(a)Profitable and unprofitable activities can be disclosed by taking necessary stepsperiodically.(b)Costing enables a concern to measure the efficiency maintained and prove it.(c)Costing provides such information upon which estimates and tenders are based.(d)Costing guides future production policies.(e)An efficient check is provided on stores and materials.(f)An efficient check on labour and machines is also possible by providing incentives toworkers.(g)It helps increase profits.(h)It enables a periodical determination of profits or losses without resort to stocktaking.(i)It furnishes reliable data for comparing costs in different periods for differentvolumes of output.(j)The fixation of price cannot be properly done unless proper figures of costs areavailable.(k)The exact cause of increase or decrease in profit or loss can be detected.LOVELY PROFESSIONAL UNIVERSITY

Unit 1: Introduction to Cost AccountingSelf AssessmentNotesFill in the blanks:10.Cost control and . is an important factor to be considered to know the bestresult obtained by each department.11.The technique of . which produces the best result depends upon the best toolswhich are in operation by the management, stock holders, consumers and government.1.5 Cost ConceptsThere are some important cost concepts that we must be aware of:1.5.1 Cost UnitCost unit is defined by the ICMA as “a quantitative unit of product or service in relation to whichcosts are ascertained”. A cost unit is a device used for the purpose of splitting total cost into smallersub-divisions attributable to products or service. A cost unit simply stated is a unit of finishedproduct, service of these in relation to which cost is ascertained and expressed. The following aresome of the examples of cost units selected from different industries or organisation:Table 1.1: Cost Units selected from Different IndustriesName of the Industry or OrganisationBrick IndustryProductCost UnitBricksPer 1,000 bricksPower IndustryElectricityPer kilo-watt hourCement IndustryCementPer tonnePharmaceutical IndustryTabletsPer 1,000 tabletsSugar IndustrySugarPer tonneFurniture IndustryTablePer tableHardware IndustryBolts and nutsPer 1,000 piecesCotton Textile IndustryYarnPer KgConstruction CompanyHousePer contractTransport CompaniesServicePer passenger mileHospitalServicePer bed-dayCanteenServicePer meal1.5.2 Cost CentreA cost centre refers to a part of a factory for which costs are accumulated separately. In orderto facilitate charging of costs to cost units, it is necessary to divide the factory or industry intovarious parts which can be used to accumulate costs for subsequent distribution. Each such partof a factory or industry is known as cost centre.Did u know? What is responsibility centre?Cost centre facilitates fixation of responsibility for every officer-in-charge of part ofdepartment or section. Hence cost centre is also known as responsibility centre.Cost centre has been defined by ICMA as “a location, person or item of equipment or group ofthese in respect of which costs may be ascertained and related to cost units”.LOVELY PROFESSIONAL UNIVERSITY7

Cost and Management AccountingNotesThe main kinds of cost centre are given below:Operation and process cost centre,Production and service cost centre, andPersonal and impersonal cost centreThese kinds of cost centre have been shown in the figure given as:Figure 1.1: Cost CentresCost CentresOperation and processcost centre1.Production and servicecost centrePersonal andimpersonal cost centreOperation and Process Cost Centre: Operation cost centre consist of those machines whichcarry out the same operation.A process cost centre is a cost centre in which a specific process or a continuous process ofoperation is carried out.2.Production and Service Cost Centre: A production cost centre is one where actualproduction process is carried out. The manufacturing and non-manufacturing costs arecharged to production cost centre.A service cost centre is one which provides services to other cost centre. Onlynon-manufacturing costs are charged to service cost centre.3.Personal and Impersonal Cost Centre: Personal cost centre consists of a person or group ofpersons. Personal cost centre follows the organisational structure of a factory or organisation.Under this type of cost centre, costs are analysed and accumulated according to; say, factorymanager, sales manager, store keeper, etc. Impersonal cost centre consists of a location ofequipment. A cost centre relating to location may represent an area of sales, warehouse.Cost centre relating to an item of equipment could be a machine or group of machines.Whatever may be the kinds of cost centre, it is determined by taking into consideration thefollowing factors:Responsibilities and accountabilities to be identified,Volume of work to be performed,Uses of cost centres, andCost control activities exercised.Self AssessmentFill in the blanks:812.A . refers to a part of a factory for which costs are accumulated separately.13.A . is a cost centre in which a specific process or a continuous process ofoperation is carried out.14.The manufacturing and non-manufacturing costs are charged to . cost centre.LOVELY PROFESSIONAL UNIVERSITY

Unit 1: Introduction to Cost Accounting1.6 Elements of CostNotesThe correct of interpretation of the term ‘cost’ may also be understood by having knowledgeabout basic elements of cost. These elements have been shown in the following figure.Figure 1.2: Elements of CostElements of rect LabourIndirect adsFactory or WorksOverheadsOffice and n OverheadsThe following is the brief description of these elements of cost:1.Direct Material: Direct material is material that can be directly identified with each unitof the product. Direct material can be conveniently measured and directly charged to theproduct.For example, raw cotton in textile manufactures, sugarcane in sugar industry and leatherfor shoe-making industry.The cost of direct material includes the following:2.3.(a)All type of raw materials issued from the store,(b)Raw materials specifically purchased for the specific job or project,(c)Raw materials transferred from one cost centre to another cost centre.(d)Primary packing material, like cartons, cardboard boxes, etc.Indirect Material: They are those materials which do not normally form a part of thefinished product. It has been defined as “materials which cannot be allocated but whichcan be apportioned to or absorbed by cost centres or cost units”. These are:(a)Stores used in maintenance of machinery, buildings, etc., like lubricants, cottonwaste, bricks and cements.(b)Stores used by the service departments, i.e., non-productive departments like Powerhouse, Boiler house and Canteen, etc.(c)Materials which due to their cost being small, are not considered worth while to betreated as direct materials.Direct Labour: Direct labour is labour that can be identified directly with a unit of finishedproduct. All the labour charges expended in altering the construction, composition,confirmation or condition of the product is included in it. It includes the payment of directwages made to the following groups of direct labour:(a)Direct labour engaged on the actual production of the product.LOVELY PROFESSIONAL UNIVERSITY9

Cost and Management AccountingNotes(b)Direct labour engaged in adding this manufacture by way of supervision, maintenanceand tool setting, etc.(c)Inspectors, analysts, etc. specially required for such production.4.Indirect Labour: The wages of that labour which cannot be allocated but which can beapportioned to or absorbed by, cost centres or cost units is known as indirect labour. Inother words, wages paid to labour which are employed other than or production constituteindirect labour costs. Examples of indirect labour are: charge hands and supervisors,maintenance workers, labour employed in service departments, material handling andinternal transport, apprentices, trainees and instructors, factory clerical staff and labouremployed in time and security office, etc.5.Direct or Chargeable Expenses: They include all expenditures other than direct material anddirect labour that are specifically incurred for a particular product or job. Such expensesare charged directly to the particular cost account concerned as part of the prime cost.Examples of direct expenses are: excise duty, royalty, surveyor’s fees, cost of rectifyingdefective work, travelling expenses to the job, experimental expenses of projects, expensesof designing or drawings, repairs and maintenance of plant obtained on hire and hire ofspecial equipment obtained for a contract.6.Indirect Expenses: Indirect expenses are expenses which can not be allocated but which canbe apportioned to or absorbed by cost centres or cost units as rent, insurance, municipaltaxes, salary of manager, canteen and welfare expenses, power and fuel, cost of training fornew employees, lighting and heating, telephone expenses, etc.7.Overheads: Overheads may be defined as the cost of indirect materials, indirect labour andsuch other expenses including services as cannot conveniently be charged direct to specificcost units. Thus, overheads are all expenses other than direct expenses. Overheads may bedivided into following categories:(a)Factory or works overheads cover all indirect expenditure incurred by theundertaking from the receipt of the order until its completion is ready for dispatcheither to the customer or to the finished goods store. The overheads also include:depreciation on plant and machinery, buildings and equipments, insurance chargeson fixed assets, repairs and maintenance of fixed assets, electricity charges, coal andother fuel charges, rent, rates and taxes of works, etc.(b)Office and administrative overhead consists of all expenses incurred in the direction,control and administration of a factory. Examples are the expenses in runningthe general office e.g., office rent, light, heat, salaries, salary to secretaries andaccountants, general managers, directors, executives, investigations and experimentsand miscellaneous fixed charges.(c)Selling overheads comprise the cost of products or distributors of soliciting andrecurring orders for the articles of commodities dealt in and of efforts to find andretain customers.It includes sales office expenses, salesmen’s salaries and commission, showroomexpenses, advertisement charges, fancy packing, samples and free gifts, after salesservice expenses and demonstration and technical advice to potential customers.(d)10Distribution overheads comprise all expenditure incurred from the time the productis completed in the work until it reaches its destination. It includes warehouse rent,warehouse staff salaries, insurance, expenses on delivery vans and trucks, expenseson special packing for bulk transport, losses in warehouse stocks and finished goodsdamaged in transit and cost of repairing, etc.LOVELY PROFESSIONAL UNIVERSITY

Unit 1: Introduction to Cost AccountingSelf AssessmentNotesState whether the following statements are true or false:15.The wages of that labour which cannot be allocated but which can be apportioned to orabsorbed by, cost centres or cost units is known as direct labour.16.Overheads may be defined as the cost of indirect materials, indirect labour and such otherexpenses including services as ca

Unit 1: Introduction to Cost Accounting Notes LOVELY PROFESSIONAL UNIVERSITY 1 Unit 1: Introduction to Cost Accounting CONTENTS Objectives Introduction 1.1 Meaning and Defi nition of Cost Accounting 1.2 Scope and Use of Cost Accounting 1.3 Relationship between Financial Accounting and Cost Accounting 1.4 Role of Cost Accounting in Decision Making

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