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Opportunity cost is the cost of opportunity lost It is the cost of selecting one course of action in terms of opportunity which are given up to carry out that course of action Opportunity cost is the benefit lost by rejecting the best competing alternative to one chose
13 Drury Colin : Management and Cost Accounting; International Thomson Business Press, London 14 K S Thakur : Cost Accounting – Theory & Practice; Excel Books, A-45, Naraina, Phase-I, New Delhi-110028 15 B M Lall Nigam and I C Jain Cost Accounting Principles and Practice - PHI Learning Private Limited
Although cost sheets are prepared as per the requirements of the management, the information to be incorporated in a cost sheet should comprise of cost per unit and the total cost for the current period along with the cost per unit and the total cost of preceding period Data of financial statement is used for preparation of cost sheet
Basic Cost Concepts Elementary Cost Accounting 114 3 Cost Relation to Cost Centre basis (a) Direct and (b) Indirect costs 1 Cost behavior basis (a) Fixed Cost A cost that remains constant within a given period of time and range of activity in spite of fluctuations in production Per unit fixed cost varies with the change in the volume of
1 Accounting Basics 2 Accounting for Special Transactions 3 Preparation of Final Accounts SECTION B: Fundamentals of Cost & Management Accounting [20 MARKS] 4 Fundamentals of Cost Accounting Section A : Fundamentals of Financial Accounting [80 marks] 1 Accounting Process (a) Accounting Principles, Concepts and Conventions
COST ACCOUNTING – INTRODUCTION TO COST ACCOUNTING [40 MARKS] 1 INTRODUCTION TO COST ACCOUNTING: (a) Definition, Scope, objectives and significance of cost accounting, its relationship with financial accounting and management accounting (b) Cost Objects, Cost centers and Cost Units (c) Elements of cost (d) Classification of costs 2