Cost Accounting - Elements of Cost - Types of Costs - Preparation
of Cost Sheet – Standard Costing – Variance Analysis – Material Variances
– Labour Variances – Simple Problems Related to Material And Labour
Variances Only.
2
CHAPTER – I: Basics of Accounting
Lesson – 1.1 Accounting – An Introduction
1.1.1 Introduction
Accounting is aptly called the language of business. This designation
is applied to accounting because it is the method of communicating
business information. The basic function of any language is to serve as
a means of communication. Accounting duly serves this function. The
task of learning accounting is essentially the same as the task of learning
a new language. But the acceleration of change in business organization
has contributed to increase the complexities in this language. Like other
languages, it is undergoing continuous change in an attempt to discover
better means of communications. To enable the accounting language to
convey the same meaning to all stakeholders, it should be made standard.
To make it a standard language certain accounting principles, concepts
and standards have been developed over a period of time. This lesson
dwells upon the different dimensions of accounting, accounting concepts,
accounting principles and the accounting standards.
1.1.2
Know the Evolution of Accounting
Understand the Definition of Accounting
Comprehend the Scope and Function of Accounting
Ascertain the Users of Accounting Information
Know the Specialized Accounting Fields
Understand the Accounting Concepts and Conventions
Realize the Need for Accounting Standards
1.1.3 CONTENTS:
1.
Evolution of accounting
2.