Monday, October 22, 2012

ICWAI Intermediate Syllabus - Cost and Management Accounting

1. Basic aspects of Cost Accounting 15 %
a)      Cost Concepts and Classification of costs
b)      Materials: accounting and control systems procedures and techniques
c)       Labour: accounting, incentive schemes and control systems and procedures
d)      Direct Expenses
e)      Indirect expenses: allocation, apportionment, re-apportionment and absorption of overhead costs
f)       Cost Accounting Standards

2. Cost Accounting Methods and systems 20%
a)      Job, batch, contract and process costing
b)      Cost accounting for service sector
c)       Accounting entries for an integrated accounting system – cost ledgers
d)      Reconciliation between cost and Financial profit and loss account
e)      Interlocking accounting

3. Decision Making Tools 20%
a)      Marginal costing, break even analysis and its applications in decision making
b)      Absorption costing as a system of profit reporting and stock valuation
c)       Throughput accounting as a system of profit reporting and stock valuation
d)      Activity-based costing for profit reporting and stock valuation
e)      Integration of standard costing with marginal cost accounting, absorption cost accounting and throughput accounting
f)       Process costing including establishment of equivalent units in stock, work-in-progress and abnormal loss accounts and use of various methods like first-in-first-out, average cost and standard cost methods of stock valuation.

4.       Budgeting 15%
a)      Budget Concepts and Preparation
b)      Fixed and Flexible Budgets
c)       Time series analysis including moving totals and averages, treatment of seasonality, trend analysis using regression analysis and the application of these techniques in forecasting product and service volumes.
d)      Fixed, variable, semi-variable and activity-based categorizations of cost and their application in projecting financial results.
e)      Zero base budgeting

5.       Standard Costing 15%
a)      Manufacturing standards for material, labour, and overhead.
b)      Price/rate and usage/efficiency variances for materials, labour and overhead. Further subdivision of total usage/efficiency variances into mix and yield components.
c)       Fixed overhead variances.
d)      Planning and operational variances.
e)      Sales price and sales revenue/margin volume variances (calculation of the latter on a unit basis related to revenue, gross margin and contribution margin). Application of these variances to all sectors, including professional services and retail analysis.
f)       Interpretation of variances: interrelationship, significance.
g)      Benchmarking for setting standards

6.       Costing and performance management 10%
Business performance measurement for performance improvement

7.       Recent trends in cost and Management Accounting 5%

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