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Syllabus GRID:
Here is the grid for Syllabus of M1 Fundamentals of Cost and Management Accounting.
| GRID | WEIGHTAGE |
| THE NATURE, SOURCE AND PURPOSE OF MANAGEMENT INFORMATION 1 Introduction to costing and performance measurement 2 Introduction to management accounting 3 Sources of data 4 Cost classification 5 Cost behaviour | 20% |
| COST ACCOUNTING SYSTEM 6 Accounting for Materials 7 Accounting for Labour 8 Accounting for Overheads | 20% |
| COST ACCOUNTING TECHNIQUES AND METHODS 9 Absorption and marginal costing 10 Job, Batch and Service costing 11 Process costing 12 Process costing, joint products and by-products | 40% |
| STANDARD COSTING 13 Standard costing 14 Variance analysis | 20% |
| Total | 100% |
Detailed Syllabus Contents:
The detailed Syllabus of Fundamentals of Cost & Management Accounting for upcoming attempt is given below.
PART – A
THE NATURE, SOURCE AND PURPOSE OF MANAGEMENT INFORMATION
1. Introduction to costing and performance measurement
- Financial, Cost and Management Accounting Concepts
- The Concepts of Cost
- Cost Classification
- Cost Classification for Inventory Valuation and Profit Measurement
- Cost Classification for Control
- Performance Measurement
- Shareholder Value and Environmental and Social Concerns
2. Introduction to Management Accounting
- What is management accounting
- Definitions
- The changing role of management accounting
- Data and information
- The purpose of management information
- Sources and categories of information
- ICMA and its role in management accounting
3. Sources of data
- Types of Data
- Sources of Data
- Secondary Data
- Sampling
- Sampling Method
4. Cost classification
- Total Product/Service costs
- Direct Costs and Indirect Costs
- Functional Costs
- Fixed Costs, Variable Costs, semi-variable & Step fixed Cost
- Production and Non-Production Costs
- Cost Codes
- Cost Units, Cost Objectives and Responsibility Centres
5. Cost Behavior
- Cost behavior and levels of activity
- Graphical representation of different types of costs
- Cost behaviors patterns
- Determining the fixed and variable elements of semi-variable costs and High and Low point method
- Linear Equations and Graphs
PART – B
Cost Accounting Systems
6. Accounting for Materials
- What is inventory control
- Ordering, Receipt and Issue of Raw Materials(Re-Order Level, Maximum level, minimum level danger level)
- Storage of Raw Materials
- Inventory Control Levels
- Economic Order Quantity Model
- ABC Controls for inventory)
- Accounting for Material Costs
- Inventory Valuation
- FIFO (First in First out)
- LIFO(Last in First out)
- AVCO (Average Cost)
7. Accounting for Labour
- Classification of Labor Direct and indirect labor
- Measuring labour activity
- Remuneration methods(time-based systems, piecework systems and individual and group incentive schemes)
- Treatment and calculation of Overtime and idle time
- Recording labour costs
- Labour turnover
- Accounting for labour costs
8. Accounting for Overheads
- Classification and collection of Overheads
- Overhead absorption rates and basis of absorption
- Overhead allocation
- Overhead apportionment and reapportionment
- Overhead absorption
- Blanket absorption rates and departmental absorption rates
- Over and under absorption of overheads
PART – C
Cost Accounting Techniques and Methods
9. Absorption and Marginal costing
- Absorption Cost
- Marginal Cost and Marginal Costing
- Difference between marginal and absorption costing
- Principle of Marginal Costing
- Marginal Costing and Absorption Costing and the calculation of profit and inventory under both the methods
- Reconciling Profit
- Marginal Costing versus Absorption Costing
10. Job, Batch and Service costing
- Costing Method
- Job Costing
- Batch Costing
- Service Costing
11. Process costing
- The basics of process costing
- Losses in process costing
- Losses with scrap value
- Losses with a disposal cost
- Valuing closing work in progress
- Valuing opening work in process: FIFO method
- Valuing opening work in progress weighted average cost method
12. Process costing, joint products and by- products
- Joint products and by- products
- Dealing with common costs
- Joint products in process accounts
- Accounting for by products
- Methods of Allocation of joint cost
PART – D
Standard Costing
13. Standard costing
- Standard costing(Explain standard costing using examples)
- Preparation of standards
- Uses of standard costing
- Other aspects of standard costing(Purpose and Limitations of standard costing)
14. Variance analysis
- Variances
- Direct material variances(Total, Price and usage variance)
- Direct labor variances(total, rate and efficiency variance)
- Variable overhead variances(total, expenditure and efficiency variance)
- Fixed overhead variances (total, expenditure, volume, capacity and efficiency variance)
- Reasons for cost variances
- Sales variances(Price and Volume Variances)
- Operating statements
- Deriving actual data from standard cost details and variances
- Inter-relationships between variances
Focus:
syllabus of M1 Fundamentals of Cost and Management Accounting syllabus of M1 Fundamentals of Cost and Management Accounting syllabus of M1 Fundamentals of Cost and Management Accounting syllabus of M1 Fundamentals of Cost and Management Accounting syllabus of M1 Fundamentals of Cost and Management Accounting syllabus of M1 Fundamentals of Cost and Management Accounting
