CMA Intermediate Cost Accounting Classes
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CMA Intermediate Paper 8 — Cost Accounting
Cost Accounting is the defining paper of the CMA curriculum — it is the subject that distinguishes a Cost and Management Accountant from any other financial professional. While CA and CS professionals learn cost accounting as one subject among many, CMAs study it as their core professional competency. This 100-mark paper covers every major costing method used in Indian industry.
Elements of Cost
- Material — Procurement process, EOQ, reorder level, ABC analysis, VED analysis, FIFO/LIFO/Weighted Average valuation, material losses (waste, scrap, spoilage, defectives)
- Labour — Time rate vs piece rate, Halsey and Rowan premium plans, idle time, overtime, labour turnover measurement and cost
- Overheads — Classification (factory, administration, selling, distribution), absorption costing, overhead absorption rate (OAR) methods, over/under-absorption and treatment, activity-based costing (ABC) introduction
Methods of Costing
- Job and Batch Costing — Cost sheets, tender pricing, batch cost per unit
- Contract Costing — Profit recognition on long-term contracts (AS 7/Ind AS 11 basis), notional profit, retention money, work-in-progress valuation
- Process Costing — Normal loss, abnormal loss, abnormal gain, inter-process profit, equivalent production under FIFO and Weighted Average methods, joint products and by-products (treatment at split-off point)
- Service/Operating Costing — Transport costing (cost per passenger-km, cost per tonne-km), hotel costing, hospital costing
Standard Costing and Variance Analysis
- Setting standards — Ideal vs attainable vs basic standards
- Variances — Material (Price, Usage, Mix, Yield), Labour (Rate, Efficiency, Mix, Idle Time), Overhead (Expenditure, Efficiency, Capacity, Calendar, Volume, Activity)
- Sales Variances — Price, Volume, Mix, Quantity variances
- Reconciliation statement — Budgeted profit to actual profit via variance analysis
Marginal Costing
- Marginal costing vs absorption costing — Profit reconciliation
- P/V ratio, break-even point (units and revenue), margin of safety
- Management decisions — Optimal product mix under key factor constraints, make-or-buy, accept-or-reject special order, shut-down decisions
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