Cost Accounting – Part I: Fundamentals and Foundations

The course Cost Accounting – Fundamentals and Foundations – I provides a comprehensive introduction to the concepts, objectives, and techniques of cost accounting. It focuses on understanding how costs are classified, recorded, analysed, and controlled for effective business decision-making. Learners will explore the elements of cost-materials, labour, and overheads-and gain practical skills in cost sheet preparation, cost allocation, and cost control methods. The course also emphasizes the role of cost accounting in Material cost control, labour cost control, Overheads. In additions to this the topics on inventory valuation, stock levels, Incentive plans, etc. The course also introduces modern costing approaches such as Activity-Based Costing (ABC) to improve cost accuracy and managerial decision-making. Designed for commerce, management, and professional students, it lays a strong foundation for advanced studies in management and financial accounting. By the end of this course, learners will be able to apply cost accounting principles in real-world business scenarios and enhance their analytical and decision-making abilities.