2. Cost Concepts – cost, costing and cost accounting types and classification of costs-
Fixed, Variable, Direct costs -Elements of Cost - Preparation of Cost Sheet. -
Valuation of inventory – as per the relevant accounting standard- FIFO, Weighted
Average. - Overheads.
4. Budgetary Control –types of budgets – functional, budgets, Flexible Budgets, cash
5. Standard Costing - Materials Cost and Labor Cost Variances only