Apportionment and absorption of overheads: possible to charge the overheads to a particular cost center or cost unit, they are to be apportioned to various departments on some suitable basis in cost accounting.

Concept and Classification of Cost Accounting: Classification of costs implies the process of grouping costs according to their common characteristics. A proper classification of costs is absolutely necessary to mention the costs with cost centers.

Concept and techniques of Inventory Control: The term inventory control is used to cover functions which are quite different and are related to one another only in that they both require the maintenance of adequate records of inventory as well as receipt and issue corresponding to these two functions. cost accounting

Methods and techniques of Cost Accounting: It primarily depends on the manufacturing process and also on the methods of measuring the departmental output and finished products.(i) Specific Order Costing (or Job/Terminal Costing) (ii) Operation Costing (or Process or Period Costing.)

Planning, Purchasing and Pricing of Material: The material requirements valuated with the latest purchase prices are reviewed by the buyers to compare with the current standards. The buyers update the spreadsheet with the prices considered to be the new standard. The new standards are then uploaded as the new planned prices. These planned prices are used by product costing run to valuate the semi-finished and fished goods to come up with the standard cost of goods sold for the final products.

Methods of Wage payment- time and piece rate: Piece rate system pays the workers according to the units of output produced. Time rate system emphasis on better quality of output.

Standard Costing and variance analysis: Variance analysis involves the measurement of the deviation of actual performance form the intended performances. Also known as negative or debit variance. It is the difference between the standard cost of direct materials specified for the output achieved and the actual cost of direct materials used.

Procedure of Labour cost control:  Labor cost control includes the process of developing various forms, studying and recording the activities and performance of workers, calculating the correct amount of wages and making payment in time.

Standard Costing and variance analysis: Idle time refers to the labour time paid for but not utilized on production. Whereas, overtime refers to the labour time paid for working beyond normal working hours as specified by Factories Act or by mutual agreement.

Cost Audit: A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan.

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